N-Q 1 hennessy_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS
 

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, 2017

Date of reporting period:  July 31, 2017
 
 
Item 1. Schedule of Investments.

Hennessy Cornerstone Growth Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
                   
   
Number of Shares
    
Value
    
% of Net Assets
  
COMMON STOCKS - 96.16%
                  
Consumer Discretionary - 13.86%
                  
Adtalem Global Education, Inc.
    
119,400
    
$
3,880,500
      
1.91
%
Arcos Dorados Holdings, Inc., Class A (a)(b)
    
614,800
      
5,410,240
      
2.66
%
K12, Inc. (a)
    
211,400
      
3,743,894
      
1.84
%
Scientific Games Corp., Class A (a)
    
192,700
      
7,139,535
      
3.52
%
Thor Industries, Inc.
    
35,600
      
3,750,460
      
1.85
%
Winnebago Industries, Inc.
    
114,900
      
4,228,320
      
2.08
%
             
28,152,949
      
13.86
%
Consumer Staples - 1.82%
                        
Central Garden & Pet Co. (a)
    
115,400
      
3,692,800
      
1.82
%
                         
Energy - 3.16%
                        
Cosan Ltd., Class A (b)
    
432,300
      
3,164,436
      
1.56
%
McDermott International, Inc. (a)(b)
    
481,100
      
3,257,047
      
1.60
%
             
6,421,483
      
3.16
%
Financials - 3.94%
                        
Lincoln National Corp.
    
54,500
      
3,981,770
      
1.96
%
Unum Group
    
80,300
      
4,025,439
      
1.98
%
             
8,007,209
      
3.94
%
Industrials - 33.22%
                        
ACCO Brands Corp. (a)
    
300,300
      
3,498,495
      
1.72
%
Columbus McKinnon Corporation of New York
    
143,900
      
3,712,620
      
1.83
%
DXP Enterprises Inc. (a)
    
102,600
      
2,933,334
      
1.44
%
Meritor, Inc. (a)
    
243,900
      
4,214,592
      
2.07
%
Oshkosh Corp.
    
56,700
      
3,904,362
      
1.92
%
Patrick Industries, Inc. (a)
    
46,800
      
3,561,480
      
1.75
%
SkyWest, Inc.
    
108,900
      
3,974,850
      
1.96
%
SPX Corp. (a)
    
154,900
      
4,262,848
      
2.10
%
Sterling Construction Company, Inc. (a)
    
429,300
      
5,486,454
      
2.70
%
Supreme Industries, Inc.
    
203,800
      
3,065,152
      
1.51
%
Titan International, Inc.
    
291,200
      
3,712,800
      
1.83
%
TriNet Group, Inc. (a)
    
154,200
      
5,397,000
      
2.66
%
Tutor Perini Corp. (a)
    
128,700
      
3,423,420
      
1.69
%
Univar, Inc. (a)
    
130,900
      
4,063,136
      
2.00
%
Veritiv Corp. (a)
    
69,300
      
2,574,495
      
1.27
%
Willdan Group, Inc. (a)
    
143,400
      
4,819,674
      
2.37
%
XPO Logistics, Inc. (a)
    
81,000
      
4,868,910
      
2.40
%
             
67,473,622
      
33.22
%
Information Technology - 18.19%
                        
Extreme Networks, Inc. (a)
    
673,600
      
5,920,944
      
2.92
%
Hewlett Packard Enterprise Co.
    
160,600
      
2,812,106
      
1.38
%
Insight Enterprises, Inc. (a)
    
87,300
      
3,537,396
      
1.74
%
KEMET Corp. (a)
    
481,700
      
8,116,645
      
4.00
%
NCR Corp. (a)
    
85,100
      
3,221,035
      
1.59
%
PCM, Inc. (a)
    
141,600
      
1,752,300
      
0.86
%
Science Applications International Corp.
    
45,700
      
3,217,737
      
1.58
%
Sierra Wireless, Inc. (a)(b)
    
154,300
      
4,551,850
      
2.24
%
TTM Technologies, Inc. (a)
    
219,500
      
3,814,910
      
1.88
%
             
36,944,923
      
18.19
%
 
 
Materials - 20.25%
                        
AK Steel Holding Corp. (a)
    
442,200
      
2,502,852
      
1.23
%
Freeport-McMoRan, Inc. (a)
    
242,700
      
3,548,274
      
1.75
%
Greif, Inc., Class A
    
66,100
      
3,707,549
      
1.83
%
Kronos Worldwide, Inc.
    
285,200
      
6,080,464
      
2.99
%
Olympic Steel, Inc.
    
154,400
      
2,638,696
      
1.30
%
Platform Specialty Products Corp. (a)
    
301,600
      
4,225,416
      
2.08
%
Steel Dynamics, Inc.
    
102,700
      
3,636,607
      
1.79
%
The Chemours Co.
    
120,500
      
5,737,005
      
2.82
%
Trinseo S.A. (b)
    
55,200
      
3,880,560
      
1.91
%
Tronox Ltd., Class A (b)
    
267,800
      
5,189,964
      
2.55
%
             
41,147,387
      
20.25
%
Telecommunication Services - 1.72%
                        
Sprint Corp. (a)
    
438,100
      
3,496,038
      
1.72
%
Total Common Stocks (Cost $187,378,302)
            
195,336,411
      
96.16
%
                         
PARTNERSHIPS - 1.82%
                        
Energy - 1.82%
                        
Energy Transfer Equity, L.P.
    
208,500
      
3,684,195
      
1.82
%
Total Partnerships (Cost $3,901,035)
            
3,684,195
      
1.82
%
                         
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 - 2.20%
                        
Money Market Funds - 2.20%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (d)
    
4,471,153
      
4,471,153
      
2.20
%
Total Short-Term Investments (Cost $4,471,153)
            
4,471,153
      
2.20
%
                         
Total Investments (Cost $195,750,490) - 100.18%
            
203,492,034
      
100.18
%
Liabilities in Excess of Other Assets - (0.18)%
            
(359,424
)
    
(0.18
)%
TOTAL NET ASSETS - 100.00%
          
$
203,132,610
      
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, 2017.      
                   
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, 2017, was as follows*:
        
                   
Cost of investments
 $
   195,750,490
            
Gross unrealized appreciation
  
           20,727,866
            
Gross unrealized depreciation
  
         (12,986,322)
            
Net unrealized appreciation
 $
7,741,544
            
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.  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 annual report.
                 
Summary of Fair Value Exposure at July 31, 2017
              
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 curves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
 
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
28,152,949
    
$
–
    
$
–
    
$
28,152,949
  
Consumer Staples
    
3,692,800
      
–
      
–
      
3,692,800
  
Energy
    
6,421,483
      
–
      
–
      
6,421,483
  
Financials
    
8,007,209
      
–
      
–
      
8,007,209
  
Industrials
    
67,473,622
      
–
      
–
      
67,473,622
  
Information Technology
    
36,944,923
      
–
      
–
      
36,944,923
  
Materials
    
41,147,387
      
–
      
–
      
41,147,387
  
Telecommunication Services
    
3,496,038
      
–
      
–
      
3,496,038
  
Total Common Stocks
  
$
195,336,411
    
$
–
    
$
–
    
$
195,336,411
  
                                 
Partnerships
                                
Energy
  
$
3,684,195
    
$
–
    
$
–
    
$
3,684,195
  
Total Partnerships
  
$
3,684,195
    
$
–
    
$
–
    
$
3,684,195
  
                                 
Rights
                                
Health Care
  
$
–
    
$
–
    
$
275
*
  
$
275
  
Total Rights
  
$
–
    
$
–
    
$
275
    
$
275
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
4,471,153
    
$
–
    
$
–
    
$
4,471,153
  
Total Short-Term Investments
  
$
4,471,153
    
$
–
    
$
–
    
$
4,471,153
  
                                 
Total Investments
  
$
203,491,759
    
$
–
    
$
275
    
$
203,492,034
  
                                 
* Acquired in merger.
                                
                                 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, 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, 2016
  
$
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, 2017
  
$
275
                          
                                 
Change in unrealized appreciation/depreciation during the period for
                          
Level 3 investments held at July 31, 2017
  
$
-
                          
                                 
The Level 3 investments as of July 31, 2017, 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, 2017 (Unaudited)
                  
   
Number of
          
% of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 70.78%
                  
Consumer Discretionary - 22.50%
                  
CarMax, Inc. (a)
    
2,962,712
    
$
196,279,670
      
7.45
%
NVR, Inc. (a)
    
33,974
      
88,687,089
      
3.36
%
O’Reilly Automotive, Inc. (a)
    
842,815
      
172,187,104
      
6.53
%
Penn National Gaming, Inc. (a)
    
1,197,772
      
24,147,084
      
0.92
%
Twenty First Century Fox, Inc.
    
3,837,592
      
111,673,927
      
4.24
%
             
592,974,874
      
22.50
%
Energy - 1.90%
                        
World Fuel Services Corp.
    
1,547,585
      
50,048,899
      
1.90
%
                         
Financials - 26.65%
                        
Aon PLC (b)
    
1,179,036
      
162,907,404
      
6.18
%
Diamond Hill Investment Group, Inc.
    
94,729
      
18,708,977
      
0.71
%
Encore Capital Group, Inc. (a) (d)
    
2,258,784
      
90,577,238
      
3.44
%
Markel Corp. (a)
    
215,672
      
231,094,705
      
8.77
%
Marlin Business Services Corp. (d)
    
1,010,273
      
26,267,098
      
0.99
%
The Charles Schwab Corp.
    
4,029,065
      
172,846,889
      
6.56
%
             
702,402,311
      
26.65
%
Health Care - 1.93%
                        
Henry Schein, Inc. (a)
    
279,398
      
50,909,110
      
1.93
%
                         
Industrials - 11.51%
                        
American Woodmark Corp. (a) (d)
    
1,209,780
      
118,739,907
      
4.51
%
Ametek, Inc.
    
459,822
      
28,315,839
      
1.07
%
Hexcel Corp.
    
2,592,037
      
132,634,533
      
5.03
%
Mistras Group, Inc. (a)
    
1,171,870
      
23,613,181
      
0.90
%
             
303,303,460
      
11.51
%
Information Technology - 6.29%
                        
Alphabet, Inc., Class A (a)
    
68,984
      
65,224,372
      
2.48
%
Alphabet, Inc., Class C (a)
    
108,017
      
100,509,818
      
3.81
%
             
165,734,190
      
6.29
%
Total Common Stocks (Cost $978,656,029)
            
1,865,372,844
      
70.78
%
                         
REITS - 22.30%
                        
Financials - 22.30%
                        
American Tower Corp., Class A
    
2,145,080
      
292,438,756
      
11.10
%
Brookfield Asset Management, Inc. (b)
    
4,543,328
      
176,690,026
      
6.70
%
Gaming and Leisure Properties, Inc.
    
3,122,341
      
118,461,618
      
4.50
%
             
584,590,400
      
22.30
%
Total REITS (Cost $325,202,131)
            
587,590,400
      
22.30
%
                         
SHORT-TERM INVESTMENTS - 7.01%
                        
Money Market Funds - 7.01%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (c)
    
132,213,000
      
132,213,000
      
5.01
%
The Government & Agency Portfolio, Institutional Class, 0.93% (c)
    
52,621,090
      
52,621,090
      
2.00
%
             
184,834,090
      
7.01
%
Total Short-Term Investments (Cost $184,834,090)
            
184,834,090
      
7.01
%
                         
Total Investments (Cost $1,488,692,250) - 100.09%
            
2,637,797,334
      
100.09
%
Liabilities in Excess of Other Assets - (0.09)%
            
(2,265,535
)
    
(0.09
)%
TOTAL NET ASSETS - 100.00%
          
$
2,635,531,799
      
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, 2017.
                  
(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 nine-month period ended July 31, 2017. Details of transactions with these affiliated companies for the nine-month period ended July 31, 2017, are as follows:
  
 
Issuer
  
American Woodmark Corp.
    
Encore Capital Group, Inc.
    
Marlin Business Services Corp.
  
Beginning Cost
  
$
51,892,778
    
$
73,525,403
    
$
15,865,289
  
Purchase Cost
  
$
-
    
$
-
    
$
-
  
Sales Cost
  
$
-
    
$
-
    
$
-
  
Ending Cost
  
$
51,892,778
    
$
73,525,403
    
$
15,865,289
  
Dividend Income
  
$
-
    
$
-
    
$
424,315
  
Realized Gain/Loss
  
$
-
    
$
-
    
$
-
  
Shares
    
1,209,780
      
2,258,784
      
1,010,273
  
Market Value
  
$
118,739,907
    
$
90,577,238
    
$
26,267,098
  
 
 
 
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, 2017, was as follows*:
            
                   
Cost of investments
 $
   1,488,692,250
            
Gross unrealized appreciation
  
1,173,924,298
            
Gross unrealized depreciation
  
(24,819,214)
            
Net unrealized appreciation
 $
  1,149,105,084
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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 annual report.
        
 
Summary of Fair Value Exposure at July 31, 2017
          
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 curves, default rates, and similar data)).
             
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
             
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally 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 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 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 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, 2017, are as follows:
    
 
        
Level 1
    
Level 2
    
Level 3
    
Total
  
   
Common Stocks
                        
   
Consumer Discretionary
  
$
592,974,874
    
$
–
    
$
–
    
$
592,974,874
  
   
Energy
    
50,048,899
      
–
      
–
      
50,048,899
  
   
Financials
    
702,402,311
      
–
      
–
      
702,402,311
  
   
Health Care1
    
50,909,110
      
–
      
–
      
50,909,110
  
   
Industrials
    
303,303,460
      
–
      
–
      
303,303,460
  
   
Information Technology
    
165,734,190
      
–
      
–
      
165,734,190
  
   
Total Common Stocks
  
$
1,865,372,844
    
$
–
    
$
–
    
$
1,865,372,844
  
                                     
   
REITS
                                
   
Financials
  
$
587,590,400
    
$
–
    
$
–
    
$
587,590,400
  
   
Total REITS
  
$
587,590,400
    
$
–
    
$
–
    
$
587,590,400
  
                                     
   
Short-Term Investments
                                
   
Money Market Funds
  
$
184,834,090
    
$
–
    
$
–
    
$
184,834,090
  
   
Total Short-Term Investments
  
$
184,834,090
    
$
–
    
$
–
    
$
184,834,090
  
                                     
   
Total Investments
  
$
2,637,797,334
    
$
–
    
$
–
    
$
2,637,797,334
  
                                     
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.
    		  



Hennessy Cornerstone Mid Cap 30 Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
                   
   
Number of Shares
    
Value
    
% of Net Assets
  
COMMON STOCKS - 97.17%
                  
Consumer Discretionary - 18.89%
                  
Aramark
    
782,400
    
$
31,186,464
      
3.15
%
Brinker International, Inc.
    
591,600
      
20,984,052
      
2.12
%
Foot Locker, Inc.
    
436,200
      
20,584,278
      
2.08
%
PVH Corp.
    
272,300
      
32,482,667
      
3.28
%
The Cheesecake Factory, Inc.
    
547,600
      
26,054,808
      
2.63
%
Thor Industries, Inc.
    
367,300
      
38,695,055
      
3.91
%
Urban Outfitters, Inc. (a)
    
870,800
      
17,058,972
      
1.72
%
             
187,046,296
      
18.89
%
Financials - 4.17%
                        
Unum Group
    
822,800
      
41,246,964
      
4.17
%
                         
Health Care - 4.59%
                        
WellCare Health Plans, Inc. (a)
    
256,600
      
45,415,634
      
4.59
%
                         
Industrials - 23.67%
                        
Crane Co.
    
428,300
      
32,336,650
      
3.27
%
EMCOR Group, Inc.
    
481,800
      
32,521,500
      
3.28
%
Kennametal, Inc.
    
1,028,900
      
37,966,410
      
3.83
%
Navistar International Corp. (a)
    
1,306,168
      
40,190,789
      
4.06
%
The Brink’s Co.
    
736,465
      
57,554,740
      
5.81
%
UniFirst Corp.
    
237,831
      
33,831,460
      
3.42
%
             
234,401,549
      
23.67
%
Information Technology - 28.98%
                        
CACI International, Inc., Class A (a)
    
297,669
      
37,238,392
      
3.76
%
CDW Corp.
    
648,600
      
41,140,698
      
4.15
%
NCR Corp. (a)
    
831,000
      
31,453,350
      
3.18
%
ON Semiconductor Corp. (a)
    
2,496,000
      
37,315,200
      
3.77
%
Sanmina Corp. (a)
    
1,053,463
      
37,766,648
      
3.81
%
Science Applications International Corp.
    
422,700
      
29,762,307
      
3.01
%
SYNNEX Corp.
    
284,100
      
33,785,172
      
3.41
%
TTM Technologies, Inc. (a)
    
2,215,100
      
38,498,438
      
3.89
%
             
286,960,205
      
28.98
%
Materials - 13.91%
                        
Berry Plastics Group, Inc. (a)
    
665,800
      
37,338,064
      
3.77
%
Cabot Corp.
    
558,689
      
30,353,573
      
3.07
%
Packaging Corporation of America
    
353,100
      
38,657,388
      
3.90
%
Worthington Industries, Inc.
    
619,700
      
31,400,199
      
3.17
%
             
137,749,224
      
13.91
%
Utilities - 2.96%
                        
MDU Resources Group, Inc.
    
1,111,300
      
29,282,755
      
2.96
%
Total Common Stocks (Cost $848,108,891)
            
962,102,627
      
97.17
%
                         
SHORT-TERM INVESTMENTS - 3.04%
                        
Money Market Funds - 3.04%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (b)
    
30,132,044
      
30,132,044
      
3.04
%
Total Short-Term Investments (Cost $30,132,044)
            
30,132,044
      
3.04
%
                         
Total Investments (Cost $878,240,935) - 100.21%
            
992,234,671
      
100.21
%
Liabilities in Excess of Other Assets - (0.21)%
            
(2,048,493
)
    
(0.21
)%
TOTAL NET ASSETS - 100.00%
          
$
990,186,178
      
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, 2017.
            
 
 
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, 2017, was as follows*:
        
                   
Cost of investments
 $
  878,240,935
            
Gross unrealized appreciation
  
         156,168,664
            
Gross unrealized depreciation
  
         (42,174,928)
            
Net unrealized appreciation
 $
  113,993,736
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.  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 annual report.
                   
Summary of Fair Value Exposure at July 31, 2017
                
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 curves, default rates, and similar data)).
                   
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                   
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.
                   
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                   
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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 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, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
187,046,296
    
$
–
    
$
–
    
$
187,046,296
  
Financials
    
41,246,964
      
–
      
–
      
41,246,964
  
Health Care
    
45,415,634
      
–
      
–
      
45,415,634
  
Industrials
    
234,401,549
      
–
      
–
      
234,401,549
  
Information Technology
    
286,960,205
      
–
      
–
      
286,960,205
  
Materials
    
137,749,224
      
–
      
–
      
137,749,224
  
Utilities
    
29,282,755
      
–
      
–
      
29,282,755
  
Total Common Stocks
  
$
962,102,627
    
$
–
    
$
–
    
$
962,102,627
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
30,132,044
    
$
–
    
$
–
    
$
30,132,044
  
Total Short-Term Investments
  
$
30,132,044
    
$
–
    
$
–
    
$
30,132,044
  
                                 
Total Investments
  
$
992,234,671
    
$
–
    
$
–
    
$
992,234,671
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.
  



Hennessy Cornerstone Large Growth Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
                   
   
Number of Shares
    
Value
    
% of Net Assets
  
COMMON STOCKS - 95.73%
                  
Consumer Discretionary - 34.04%
                  
AutoZone, Inc. (a)
    
2,700
    
$
1,457,514
      
1.38
%
Best Buy Co., Inc.
    
45,100
      
2,631,134
      
2.49
%
CBS Corp., Class B
    
31,100
      
2,047,313
      
1.94
%
Coach, Inc.
    
52,800
      
2,488,992
      
2.36
%
Darden Restaurants, Inc.
    
26,900
      
2,256,372
      
2.14
%
Dollar General Corp.
    
26,400
      
1,984,224
      
1.88
%
Foot Locker, Inc.
    
28,400
      
1,340,196
      
1.27
%
Harley-Davidson, Inc.
    
34,800
      
1,693,716
      
1.61
%
L Brands, Inc.
    
33,700
      
1,563,343
      
1.48
%
Lear Corp.
    
14,200
      
2,104,298
      
1.99
%
Nordstrom, Inc.
    
44,400
      
2,156,508
      
2.04
%
Omnicom Group, Inc.
    
23,300
      
1,834,642
      
1.74
%
Target Corp.
    
30,500
      
1,728,435
      
1.64
%
The Gap, Inc.
    
84,900
      
2,023,167
      
1.92
%
The Interpublic Group of Companies, Inc.
    
85,800
      
1,854,138
      
1.76
%
The Walt Disney Co.
    
18,100
      
1,989,733
      
1.89
%
VF Corp.
    
40,300
      
2,506,257
      
2.38
%
Yum! Brands, Inc.
    
29,700
      
2,241,756
      
2.13
%
             
35,901,738
      
34.04
%
Consumer Staples - 1.40%
                        
The Kroger Co.
    
60,200
      
1,476,104
      
1.40
%
                         
Financials - 4.54%
                        
Ameriprise Financial, Inc.
    
16,300
      
2,361,544
      
2.24
%
T. Rowe Price Group, Inc.
    
29,300
      
2,423,696
      
2.30
%
             
4,785,240
      
4.54
%
Health Care - 16.39%
                        
AbbVie, Inc.
    
32,700
      
2,286,057
      
2.17
%
AmerisourceBergen Corp.
    
21,700
      
2,035,894
      
1.93
%
Biogen, Inc. (a)
    
7,400
      
2,142,966
      
2.03
%
Cardinal Health, Inc.
    
25,400
      
1,962,404
      
1.86
%
Gilead Sciences, Inc.
    
29,600
      
2,252,264
      
2.14
%
HCA Holdings, Inc. (a)
    
23,800
      
1,912,092
      
1.81
%
McKesson Corp.
    
14,000
      
2,266,180
      
2.15
%
Varian Medical Systems, Inc. (a)
    
25,000
      
2,428,000
      
2.30
%
             
17,285,857
      
16.39
%
Industrials - 23.60%
                        
Alaska Air Group, Inc.
    
20,400
      
1,738,692
      
1.65
%
American Airlines Group, Inc.
    
43,900
      
2,214,316
      
2.10
%
Cummins, Inc.
    
13,600
      
2,283,440
      
2.16
%
Deere & Co.
    
18,200
      
2,334,696
      
2.21
%
Delta Air Lines, Inc.
    
41,100
      
2,028,696
      
1.92
%
J.B. Hunt Transport Services, Inc.
    
20,100
      
1,823,271
      
1.73
%
Lockheed Martin Corp.
    
7,700
      
2,249,401
      
2.13
%
Rockwell Collins, Inc.
    
21,900
      
2,333,007
      
2.21
%
Southwest Airlines Co.
    
37,400
      
2,076,074
      
1.97
%
Union Pacific Corp.
    
18,400
      
1,894,464
      
1.80
%
United Continental Holdings, Inc. (a)
    
27,600
      
1,867,968
      
1.77
%
United Parcel Service, Inc., Class B
    
18,600
      
2,051,394
      
1.95
%
             
24,895,419
      
23.60
%
Information Technology - 11.96%
                        
Apple, Inc.
    
14,950
      
2,223,514
      
2.11
%
HP, Inc.
    
127,600
      
2,437,160
      
2.31
%
International Business Machines Corp.
    
11,200
      
1,620,304
      
1.53
%
KLA-Tencor Corp.
    
22,800
      
2,111,964
      
2.00
%
Skyworks Solutions, Inc.
    
21,600
      
2,265,192
      
2.15
%
The Western Union Co.
    
99,400
      
1,963,150
      
1.86
%
             
12,621,284
      
11.96
%
 
 
Materials - 1.93%
                        
Air Products and Chemicals, Inc.
    
14,300
      
2,032,745
      
1.93
%
                         
Telecommunication Services - 1.87%
                        
Verizon Communications, Inc.
    
40,900
      
1,979,560
      
1.87
%
Total Common Stocks (Cost $90,305,150)
            
100,977,947
      
95.73
%
                         
SHORT-TERM INVESTMENTS - 4.41%
                        
Money Market Funds - 4.41%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (b)
    
4,650,642
      
4,650,642
      
4.41
%
Total Short-Term Investments (Cost $4,650,642)
            
4,650,642
      
4.41
%
                         
Total Investments (Cost $94,955,792) - 100.14%
            
105,628,589
      
100.14
%
Liabilities in Excess of Other Assets - (0.14)%
            
(152,260
)
    
(0.14
)%
TOTAL NET ASSETS - 100.00%
          
$
105,476,329
      
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, 2017.  
            
                   
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, 2017, was as follows*:
        
                   
Cost of investments
 $
       94,955,792
            
Gross unrealized appreciation
  
           15,394,048
            
Gross unrealized depreciation
  
           (4,721,251)
            
Net unrealized appreciation
 $
  10,672,797
            
                   
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.  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 annual report.
                   
Summary of Fair Value Exposure at July 31, 2017
                
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 curves, default rates, and similar data)).
                   
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                   
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.
                   
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
 
 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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 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, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
35,901,738
    
$
–
    
$
–
    
$
35,901,738
  
Consumer Staples
    
1,476,104
      
–
      
–
      
1,476,104
  
Financials
    
4,785,240
      
–
      
–
      
4,785,240
  
Health Care
    
17,285,857
      
–
      
–
      
17,285,857
  
Industrials
    
24,895,419
      
–
      
–
      
24,895,419
  
Information Technology
    
12,621,284
      
–
      
–
      
12,621,284
  
Materials
    
2,032,745
      
–
      
–
      
2,032,745
  
Telecommunication Services
    
1,979,560
      
–
      
–
      
1,979,560
  
Total Common Stocks
  
$
100,977,947
    
$
–
    
$
–
    
$
100,977,947
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
4,650,642
    
$
–
    
$
–
    
$
4,650,642
  
Total Short-Term Investments
  
$
4,650,642
    
$
–
    
$
–
    
$
4,650,642
  
                                 
Total Investments
  
$
105,628,589
    
$
–
    
$
–
    
$
105,628,589
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.
  
 
 
Hennessy Cornerstone Value Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
                   
   
Number of Shares
    
Value
    
% of Net Assets
  
COMMON STOCKS - 96.13%
                  
Consumer Discretionary - 11.33%
                  
Ford Motor Co.
    
418,045
    
$
4,690,465
      
1.66
%
General Motors Co.
    
141,300
      
5,083,974
      
1.79
%
Las Vegas Sands Corp.
    
99,900
      
6,154,839
      
2.17
%
Target Corp.
    
78,400
      
4,442,928
      
1.57
%
Thomson Reuters Corp. (a)
    
122,100
      
5,603,169
      
1.98
%
VF Corp.
    
98,200
      
6,107,058
      
2.16
%
             
32,082,433
      
11.33
%
Consumer Staples - 7.29%
                        
Altria Group, Inc.
    
70,000
      
4,547,900
      
1.61
%
General Mills, Inc.
    
84,900
      
4,725,534
      
1.67
%
Philip Morris International, Inc.
    
48,400
      
5,648,764
      
1.99
%
The Coca-Cola Co.
    
124,800
      
5,720,832
      
2.02
%
             
20,643,030
      
7.29
%
Energy - 18.97%
                        
BP PLC - ADR (a)
    
155,600
      
5,467,784
      
1.93
%
Chevron Corp.
    
47,375
      
5,172,876
      
1.83
%
Exxon Mobil Corp.
    
64,310
      
5,147,372
      
1.82
%
Occidental Petroleum Corp.
    
80,360
      
4,976,695
      
1.76
%
Phillips 66
    
66,800
      
5,594,500
      
1.98
%
Royal Dutch Shell PLC, Class A - ADR (a)
    
100,800
      
5,698,224
      
2.01
%
Statoil ASA - ADR (a)
    
299,400
      
5,616,744
      
1.98
%
Suncor Energy, Inc. (a)
    
165,500
      
5,398,610
      
1.91
%
Total S.A. - ADR (a)
    
103,700
      
5,254,479
      
1.85
%
Valero Energy Corp.
    
78,115
      
5,387,592
      
1.90
%
             
53,714,876
      
18.97
%
Financials - 13.64%
                        
Bank of Montreal (a)
    
68,200
      
5,174,334
      
1.83
%
Bank of Nova Scotia (a)
    
85,000
      
5,296,350
      
1.87
%
HSBC Holdings PLC - ADR (a)
    
128,200
      
6,421,538
      
2.27
%
Manulife Financial Corp. (a)
    
286,400
      
5,905,568
      
2.09
%
MetLife, Inc.
    
99,300
      
5,461,500
      
1.93
%
Royal Bank of Canada (a)
    
70,700
      
5,271,392
      
1.86
%
Toronto-Dominion Bank (a)
    
98,600
      
5,081,844
      
1.79
%
             
38,612,526
      
13.64
%
Health Care - 9.22%
                        
AbbVie, Inc.
    
84,000
      
5,872,440
      
2.08
%
AstraZeneca PLC - ADR (a)
    
177,600
      
5,359,968
      
1.89
%
GlaxoSmithKline PLC - ADR (a)
    
125,400
      
5,081,208
      
1.80
%
Pfizer, Inc.
    
152,100
      
5,043,636
      
1.78
%
Teva Pharmaceutical Industries Ltd. - ADR (a)
    
147,300
      
4,738,641
      
1.67
%
             
26,095,893
      
9.22
%
Industrials - 11.99%
                        
Caterpillar, Inc.
    
54,600
      
6,221,670
      
2.20
%
Eaton Corp. PLC (a)
    
72,000
      
5,634,000
      
1.99
%
Emerson Electric Co.
    
86,200
      
5,138,382
      
1.81
%
General Electric Co.
    
172,634
      
4,421,157
      
1.56
%
The Boeing Co.
    
29,400
      
7,128,324
      
2.52
%
United Parcel Service, Inc., Class B
    
49,100
      
5,415,239
      
1.91
%
             
33,958,772
      
11.99
%
Information Technology - 6.86%
                        
Cisco Systems, Inc.
    
151,910
      
4,777,569
      
1.69
%
HP, Inc.
    
295,300
      
5,640,230
      
1.99
%
International Business Machines Corp.
    
28,700
      
4,152,029
      
1.47
%
QUALCOMM, Inc.
    
91,100
      
4,845,609
      
1.71
%
             
19,415,437
      
6.86
%
 
Materials - 5.81%
                        
International Paper Co.
    
99,100
      
5,448,518
      
1.92
%
LyondellBasell Industries NV (a)
    
56,400
      
5,081,076
      
1.80
%
Rio Tinto PLC - ADR (a)
    
125,000
      
5,922,500
      
2.09
%
             
16,452,094
      
5.81
%
Telecommunication Services - 11.02%
                        
AT&T, Inc.
    
123,060
      
4,799,340
      
1.70
%
BCE, Inc. (a)
    
117,400
      
5,509,582
      
1.95
%
CenturyLink, Inc.
    
212,100
      
4,935,567
      
1.74
%
China Mobile Ltd. - ADR (a)
    
92,800
      
4,958,304
      
1.75
%
Verizon Communications, Inc.
    
103,000
      
4,985,200
      
1.76
%
Vodafone Group PLC - ADR (a)
    
202,600
      
6,013,168
      
2.12
%
             
31,201,161
      
11.02
%
Total Common Stocks (Cost $242,709,481)
            
272,176,222
      
96.13
%
                         
SHORT-TERM INVESTMENTS - 3.88%
                        
Money Market Funds - 3.88%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (b)
    
10,996,864
      
10,996,864
      
3.88
%
Total Short-Term Investments (Cost $10,996,864)
            
10,996,864
      
3.88
%
                         
Total Investments (Cost $253,706,345) - 100.01%
            
283,173,086
      
100.01
%
Liabilities in Excess of Other Assets - (0.01)%
            
(25,540
)
    
(0.01
)%
TOTAL NET ASSETS - 100.00%
          
$
283,147,546
      
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, 2017. 
            
                 
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, 2017, was as follows*:
        
 
Cost of investments
  
$
253,706,345
  
Gross unrealized appreciation
    
34,547,876
  
Gross unrealized depreciation
    
(5,081,135
)
Net unrealized appreciation
  
$
29,466,741
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.  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 annual report.
                 
Summary of Fair Value Exposure at July 31, 2017
              
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 curves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based
 
on the best available information) when observable inputs are unavailable.
            
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
32,082,433
    
$
–
    
$
–
    
$
32,082,433
  
Consumer Staples
    
20,643,030
      
–
      
–
      
20,643,030
  
Energy
    
53,714,876
      
–
      
–
      
53,714,876
  
Financials
    
38,612,526
      
–
      
–
      
38,612,526
  
Health Care
    
26,095,893
      
–
      
–
      
26,095,893
  
Industrials
    
33,958,772
      
–
      
–
      
33,958,772
  
Information Technology
    
19,415,437
      
–
      
–
      
19,415,437
  
Materials
    
16,452,094
      
–
      
–
      
16,452,094
  
Telecommunication Services
    
31,201,161
      
–
      
–
      
31,201,161
  
Total Common Stocks
  
$
272,176,222
    
$
–
    
$
–
    
$
272,176,222
  
 
                         
Short-Term Investments
                        
Money Market Funds
  
$
10,996,864
    
$
–
    
$
–
    
$
10,996,864
  
Total Short-Term Investments
  
$
10,996,864
    
$
–
    
$
–
    
$
10,996,864
  
                                 
Total Investments
  
$
283,173,086
    
$
–
    
$
–
    
$
283,173,086
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.
  


Hennessy Total Return Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
   
Number of Shares/
          
% of
  
   
Par Amount
    
Value
    
Net Assets
  
COMMON STOCKS - 70.01%
                  
Consumer Discretionary - 5.60%
                  
McDonald’s Corp.
    
29,600
    
$
4,592,144
      
5.60
%
                         
Consumer Staples - 9.86%
                        
The Coca-Cola Co.
    
117,900
      
5,404,536
      
6.58
%
The Procter & Gamble Co.
    
29,600
      
2,688,272
      
3.28
%
             
8,092,808
      
9.86
%
Energy - 12.79%
                        
Chevron Corp.
    
49,800
      
5,437,662
      
6.63
%
Exxon Mobil Corp.
    
63,200
      
5,058,528
      
6.16
%
             
10,496,190
      
12.79
%
Health Care - 6.62%
                        
Pfizer, Inc.
    
163,900
      
5,434,924
      
6.62
%
                         
Industrials - 15.47%
                        
Caterpillar, Inc.
    
52,100
      
5,936,795
      
7.23
%
General Electric Co.
    
78,600
      
2,012,946
      
2.45
%
The Boeing Co.
    
19,600
      
4,752,216
      
5.79
%
             
12,701,957
      
15.47
%
Information Technology - 13.27%
                        
Cisco Systems, Inc.
    
175,900
      
5,532,055
      
6.74
%
Intel Corp.
    
15,400
      
546,238
      
0.66
%
International Business Machines Corp.
    
33,300
      
4,817,511
      
5.87
%
             
10,895,804
      
13.27
%
Telecommunication Services - 6.40%
                        
Verizon Communications, Inc.
    
108,500
      
5,251,400
      
6.40
%
Total Common Stocks (Cost $49,516,678)
            
57,465,227
      
70.01
%
                         
SHORT-TERM INVESTMENTS - 69.45%
                        
Money Market Funds - 3.76%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (a)
    
3,089,415
      
3,089,415
      
3.76
%
                         
U.S. Treasury Bills (c) - 65.69%
                        
0.955%, 08/17/2017 (b)
    
18,000,000
      
17,993,120
      
21.92
%
1.010%, 09/21/2017 (b)
    
18,000,000
      
17,975,903
      
21.90
%
1.050%, 10/19/2017 (b)
    
18,000,000
      
17,957,034
      
21.87
%
             
53,926,057
      
65.69
%
Total Short-Term Investments (Cost $57,015,778)
            
57,015,472
      
69.45
%
                         
Total Investments (Cost $106,532,456) - 139.46%
            
114,480,699
      
139.46
%
Liabilities in Excess of Other Assets - (39.46)%
            
(32,389,541
)
    
(39.46
)%
TOTAL NET ASSETS - 100.00%
          
$
82,091,158
      
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, 2017.
      
(b)
The rate listed is discount rate at issue.  
                
(c)
Collateral or partial collateral for securities sold subject to repurchase.
              
                         
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.
  
 
       
The cost basis of investments for federal income tax purposes at July 31, 2017, was as follows*:
  
       
Cost of investments
  
$
106,532,456
  
Gross unrealized appreciation
    
8,862,189
  
Gross unrealized depreciation
    
(913,946
)
Net unrealized appreciation
  
$
7,948,243
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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 annual report.  
  
                         
Summary of Fair Value Exposure at July 31, 2017
                  
                         
 
Level 1 – Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
  
                         
 
Level 2 – Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets (such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data)).
  
                         
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
  
 
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.
                       
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                       
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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 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, 2017, are as follows:
  
                         
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
4,592,144
    
$
–
    
$
–
    
$
4,592,144
  
Consumer Staples
    
8,092,808
      
–
      
–
      
8,092,808
  
Energy
    
10,496,190
      
–
      
–
      
10,496,190
  
Health Care
    
5,434,924
      
–
      
–
      
5,434,924
  
Industrials
    
12,701,957
      
–
      
–
      
12,701,957
  
Information Technology
    
10,895,804
      
–
      
–
      
10,895,804
  
Telecommunication Services
    
5,251,400
      
–
      
–
      
5,251,400
  
Total Common Stocks
  
$
57,465,227
    
$
–
    
$
–
    
$
57,465,227
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
3,089,415
    
$
–
    
$
–
    
$
3,089,415
  
US Treasury Bill
    
–
      
53,926,057
      
–
      
53,926,057
  
Total Short-Term Investments
  
$
3,089,415
    
$
53,926,057
    
$
–
    
$
57,015,472
  
                                 
Total Investments
  
$
60,554,642
    
$
53,926,057
    
$
–
    
$
114,480,699
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.
  
 
Schedule of Reverse Repurchase Agreements
    
 
  
 
      
                         
Face Value
  
Counterparty
  
Rate
    
Principal Trade Date
  
Maturity Date
  
Maturity Amount
  
$
10,794,000
  
Jefferies LLC
    
1.15
%
  
5/19/2017
  
8/17/2017
  
$
10,825,033
  
 
10,794,000
  
Jefferies LLC
    
1.25
%
  
6/23/2017
  
9/21/2017
    
10,827,731
  
 
10,794,000
  
Jefferies LLC
    
1.25
%
  
7/21/2017
  
10/19/2017
    
10,827,731
  
$
32,382,000
                         
$
32,480,495
  
                               
As of July 31, 2017, the fair value of securities held as collateral for reverse repurchase agreements was $53,926,057 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, 2017, 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 $32,480,495.
  


Hennessy Equity and Income Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
   
Number of Shares/
          
% of
  
   
Par Amount
    
Value
    
Net Assets
  
COMMON STOCKS - 60.84%
                  
Consumer Discretionary - 12.83%
                  
CarMax, Inc. (a)
    
108,339
    
$
7,177,459
      
2.63
%
Carnival Corp. (b)
    
131,180
      
8,760,200
      
3.21
%
Dollar Tree, Inc. (a)
    
89,660
      
6,462,693
      
2.37
%
Lowe’s Companies, Inc.
    
50,326
      
3,895,232
      
1.43
%
NIKE, Inc., Class B
    
87,010
      
5,137,941
      
1.88
%
O’Reilly Automotive, Inc. (a)
    
17,540
      
3,583,422
      
1.31
%
             
35,016,947
      
12.83
%
Consumer Staples - 3.49%
                        
Altria Group, Inc.
    
94,167
      
6,118,030
      
2.24
%
The Coca-Cola Co.
    
74,591
      
3,419,252
      
1.25
%
             
9,537,282
      
3.49
%
Energy - 1.40%
                        
Chevron Corp.
    
34,911
      
3,811,932
      
1.40
%
                         
Financials - 15.03%
                        
Alleghany Corp. (a)
    
9,850
      
6,041,399
      
2.21
%
Bank of America Corp.
    
111,309
      
2,684,773
      
0.98
%
Berkshire Hathaway, Inc., Class B (a)
    
68,549
      
11,994,019
      
4.39
%
BlackRock, Inc.
    
15,448
      
6,589,035
      
2.42
%
The Progressive Corp.
    
161,830
      
7,627,048
      
2.80
%
Wells Fargo & Co.
    
112,863
      
6,087,830
      
2.23
%
             
41,024,104
      
15.03
%
Health Care - 5.75%
                        
Alexion Pharmaceuticals, Inc. (a)
    
42,530
      
5,841,070
      
2.14
%
Bristol-Myers Squibb Co.
    
66,113
      
3,761,830
      
1.38
%
Eli Lilly & Co.
    
73,840
      
6,103,614
      
2.23
%
             
15,706,514
      
5.75
%
Industrials - 9.69%
                        
Deere & Co.
    
48,730
      
6,251,085
      
2.29
%
FedEx Corp.
    
18,008
      
3,746,204
      
1.37
%
General Dynamics Corp.
    
37,460
      
7,354,522
      
2.70
%
Norfolk Southern Corp.
    
50,180
      
5,649,264
      
2.07
%
Southwest Airlines Co.
    
62,070
      
3,445,506
      
1.26
%
             
26,446,581
      
9.69
%
Information Technology - 9.39%
                        
Alphabet, Inc., Class C (a)
    
6,560
      
6,104,080
      
2.24
%
Apple, Inc.
    
56,990
      
8,476,123
      
3.10
%
Cisco Systems, Inc.
    
128,956
      
4,055,666
      
1.49
%
Visa, Inc., Class A
    
70,286
      
6,997,674
      
2.56
%
             
25,633,543
      
9.39
%
Materials - 2.25%
                        
NewMarket Corp.
    
13,340
      
6,137,867
      
2.25
%
                         
Telecommunication Services - 1.01%
                        
Verizon Communications, Inc.
    
57,218
      
2,769,351
      
1.01
%
Total Common Stocks (Cost $135,633,520)
            
166,084,121
      
60.84
%
                         
PREFERRED STOCKS - 1.92%
                        
Consumer Staples - 0.08%
                        
CHS, Inc., Series 4, 7.500%, 01/21/2025
    
7,380
      
217,267
      
0.08
%
                         
Financials - 1.74%
                        
Aegon N.V., 6.375%, 08/30/2017 (b)
    
4,050
      
105,867
      
0.04
%
Banc of California, Inc., Series E, 7.000%, 03/15/2021
    
4,065
      
108,048
      
0.04
%
Bank of America Corp.
                        
Series EE, 6.000%, 04/25/2021
    
3,710
      
97,944
      
0.04
%
Series CC, 6.200%, 01/29/2021
    
2,440
      
65,343
      
0.02
%
BB&T Corp.
                        
Series F, 5.200%, 11/01/2017
    
4,800
      
120,096
      
0.04
%
5.625%, 06/01/2021
    
4,575
      
121,924
      
0.04
%
Capital One Financial Corp.
                        
Series H, 6.000%, 12/01/2021
    
4,675
      
124,355
      
0.05
%
Series F, 6.200%, 12/01/2020
    
4,610
      
122,626
      
0.04
%
 
Citigroup, Inc.
                        
Series C, 5.800%, 04/22/2018
    
3,935
      
101,444
      
0.04
%
Series S, 6.300%, 02/12/2021
    
3,855
      
103,160
      
0.04
%
Fannie Mae Preferred, Series S, 8.250%, 12/31/2020 (a)
    
10,600
      
72,080
      
0.03
%
Fifth Third Bancorp, Series I, 6.625%, 12/31/2023
    
1,300
      
39,546
      
0.01
%
First Republic Bank
                        
Series G, 5.500%, 03/30/2021
    
3,610
      
94,582
      
0.03
%
Series F, 5.700%, 06/30/2020
    
3,465
      
92,342
      
0.03
%
Huntington Bancshares, Inc., Series D, 6.250%, 04/15/2021
    
6,290
      
176,560
      
0.06
%
IBERIABANK Corp., Series B, 6.625%, 08/01/2025
    
1,920
      
54,125
      
0.02
%
ING Groep N.V., 6.125%, 10/15/2017 (b)
    
2,055
      
53,718
      
0.02
%
JPMorgan Chase & Co., Series BB, 6.150%, 09/01/2020
    
9,030
      
243,991
      
0.09
%
Legg Mason, Inc.
                        
5.450%, 09/15/2021
    
2,295
      
57,168
      
0.02
%
6.375%, 03/15/2021
    
2,051
      
55,500
      
0.02
%
Morgan Stanley, Series I, 6.375%, 10/15/2024
    
7,585
      
218,524
      
0.08
%
National General Holdings Corp., Series C, 7.500%, 07/15/2021
    
5,135
      
133,561
      
0.05
%
Northern Trust Corp., Series C, 5.850%, 10/01/2019
    
9,220
      
249,770
      
0.09
%
PNC Financial Services Group, Inc., Series Q, 5.375%, 12/01/2017
    
9,785
      
251,964
      
0.09
%
Regions Financial Corp.
                        
Series A, 6.375%, 12/15/2017
    
4,590
      
118,284
      
0.04
%
Series B, 6.375%, 09/15/2024
    
4,355
      
128,864
      
0.05
%
State Street Corp.
                        
Series D, 5.900%, 03/15/2024
    
4,465
      
127,476
      
0.05
%
Series E, 6.000%, 12/15/2019
    
4,585
      
122,786
      
0.05
%
SunTrust Banks, Inc., Series E, 5.875%, 03/15/2018
    
9,300
      
239,010
      
0.09
%
The Allstate Corp., Series E, 6.625%, 04/15/2019
    
8,935
      
242,496
      
0.09
%
The Charles Schwab Corp.
                        
Series D, 5.950%, 06/01/2021
    
4,625
      
127,881
      
0.05
%
Series C, 6.000%, 12/01/2020
    
4,575
      
126,499
      
0.05
%
The Goldman Sachs Group, Inc.
                        
Series N, 6.300%, 05/10/2021
    
2,755
      
74,908
      
0.03
%
Series K, 6.375%, 05/10/2024
    
2,715
      
80,527
      
0.03
%
U.S. Bancorp, Series F, 6.500%, 01/15/2022 (d)
    
3,240
      
96,682
      
0.04
%
Validus Holdings Ltd., Series A, 5.875%, 06/15/2021 (b)
    
5,700
      
146,376
      
0.05
%
Wells Fargo & Co.
                        
Series V, 6.000%, 12/15/2020
    
4,610
      
122,626
      
0.04
%
Series X, 5.500%, 09/15/2021
    
5,045
      
129,354
      
0.05
%
             
4,748,007
      
1.74
%
Utilities - 0.10%
                        
DTE Energy Co., Series F, 6.000%, 12/15/2021
    
4,115
      
113,451
      
0.04
%
NextEra Energy Capital Holdings, Inc., Series G, 5.700%, 08/28/2017
    
2,085
      
53,167
      
0.02
%
The Southern Co., 6.250%, 10/15/2020
    
4,025
      
109,400
      
0.04
%
             
276,018
      
0.10
%
Total Preferred Stocks (Cost $5,213,363)
            
5,241,292
      
1.92
%
                         
REITS - 0.37%
                        
Financials - 0.37%
                        
Apollo Commercial Real Estate Finance, Inc.
    
8,125
      
146,494
      
0.05
%
Chimera Investment Corp.
    
7,950
      
149,619
      
0.05
%
Chimera Investment Corp.
                        
Series A, 8.000%, 10/30/2021
    
4,925
      
126,326
      
0.05
%
Series B, 8.000%, 03/30/2024
    
2,665
      
69,157
      
0.03
%
Monmouth Real Estate Investment Corp., Series C, 6.125%, 09/15/2021
    
2,175
      
55,158
      
0.02
%
Public Storage, Series B, 5.400%, 01/20/2021
    
3,275
      
85,936
      
0.03
%
Starwood Property Trust, Inc.
    
6,775
      
149,321
      
0.05
%
Two Harbors Investment Corp.
    
15,150
      
149,833
      
0.06
%
Two Harbors Investment Corp., Series B, 7.625%, 07/27/2027 (a)
    
3,125
      
79,187
      
0.03
%
             
1,011,031
      
0.37
%
Total REITS (Cost $952,947)
            
1,011,031
      
0.37
%
                         
CORPORATE BONDS - 25.54%
                        
Consumer Staples - 1.24%
                        
Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/2019
    
150,000
      
162,984
      
0.06
%
CVS Health Corp.
                        
1.900%, 07/20/2018
    
1,300,000
      
1,304,693
      
0.48
%
2.250%, 12/05/2018
    
500,000
      
503,555
      
0.18
%
4.125%, 05/15/2021
    
1,000,000
      
1,062,217
      
0.39
%
Wal-Mart Stores, Inc., 5.000%, 10/25/2040
    
300,000
      
361,145
      
0.13
%
             
3,394,594
      
1.24
%
 
Energy - 1.69%
                        
Canadian Natural Resources Ltd., 3.900%, 02/01/2025 (b)
    
1,000,000
      
1,022,354
      
0.38
%
Encana Corp., 3.900%, 11/15/2021 (b)
    
1,600,000
      
1,644,517
      
0.60
%
Husky Energy, Inc., 4.000%, 04/15/2024 (b)
    
750,000
      
766,271
      
0.28
%
National Oilwell Varco, Inc., 2.600%, 12/01/2022
    
1,200,000
      
1,172,311
      
0.43
%
             
4,605,453
      
1.69
%
Financials - 13.89%
                        
American Express Co., 6.150%, 08/28/2017
    
1,550,000
      
1,554,980
      
0.57
%
American International Group, Inc.
                        
4.125%, 02/15/2024
    
1,000,000
      
1,064,584
      
0.39
%
4.875%, 06/01/2022
    
1,000,000
      
1,106,356
      
0.41
%
Associates Corporation of North America, 6.950%, 11/01/2018
    
300,000
      
318,623
      
0.12
%
BB&T Corp., 2.300%, 10/15/2018
    
1,000,000
      
1,007,708
      
0.37
%
Boston Properties, Inc., 5.875%, 10/15/2019
    
700,000
      
752,977
      
0.28
%
Capital One Financial Corp., 4.750%, 07/15/2021
    
1,500,000
      
1,627,131
      
0.60
%
Capital One NA, 2.250%, 09/13/2021
    
500,000
      
494,975
      
0.18
%
Comerica, Inc., 2.125%, 05/23/2019
    
500,000
      
500,536
      
0.18
%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.450%, 06/15/2023 (e)
    
1,220,000
      
1,346,343
      
0.49
%
Discover Financial Services, 5.200%, 04/27/2022
    
900,000
      
986,386
      
0.36
%
Fifth Third Bancorp, 2.375%, 04/25/2019
    
1,775,000
      
1,794,557
      
0.66
%
First Niagara Financial Group, Inc., 6.750%, 03/19/2020
    
590,000
      
658,847
      
0.24
%
Ford Motor Co., 7.450%, 07/16/2031
    
1,000,000
      
1,280,513
      
0.47
%
General Electric Capital Corp., 6.000%, 08/07/2019
    
610,000
      
662,201
      
0.24
%
JPMorgan Chase & Co., 2.700%, 05/18/2023
    
1,000,000
      
997,978
      
0.37
%
KeyCorp
                        
2.300%, 12/13/2018
    
2,600,000
      
2,618,379
      
0.96
%
5.100%, 03/24/2021
    
950,000
      
1,043,586
      
0.38
%
Lincoln National Corp., 6.250%, 02/15/2020
    
780,000
      
856,868
      
0.31
%
Merrill Lynch & Company, Inc., 6.875%, 04/25/2018
    
955,000
      
990,250
      
0.36
%
MetLife, Inc., Series A, 6.817%, 08/15/2018
    
100,000
      
105,366
      
0.04
%
Morgan Stanley
                        
5.500%, 07/28/2021
    
2,333,000
      
2,598,967
      
0.95
%
6.625%, 04/01/2018
    
750,000
      
773,999
      
0.28
%
Qwest Capital Funding, Inc., 6.500%, 11/15/2018
    
700,000
      
738,500
      
0.27
%
Raymond James Financial, Inc.
                        
3.625%, 09/15/2026
    
1,500,000
      
1,515,904
      
0.56
%
5.625%, 04/01/2024
    
700,000
      
801,624
      
0.29
%
Royal Bank of Canada, 2.200%, 07/27/2018 (b)
    
1,000,000
      
1,006,197
      
0.37
%
Synchrony Financial, 3.750%, 08/15/2021
    
1,200,000
      
1,239,991
      
0.46
%
The Bear Stearns Companies, Inc., 6.400%, 10/02/2017
    
850,000
      
856,830
      
0.31
%
The Goldman Sachs Group, Inc.
                        
5.375%, 03/15/2020
    
1,100,000
      
1,190,265
      
0.43
%
6.000%, 06/15/2020
    
1,500,000
      
1,657,687
      
0.61
%
The Toronto-Dominion Bank, 2.125%, 07/02/2019 (b)
    
1,500,000
      
1,513,095
      
0.55
%
Wells Fargo & Co., 5.625%, 12/11/2017
    
1,000,000
      
1,015,247
      
0.37
%
Westpac Banking Corp., 4.875%, 11/19/2019 (b)
    
450,000
      
479,549
      
0.18
%
Willis North America, Inc., 3.600%, 05/15/2024
    
750,000
      
767,572
      
0.28
%
             
37,924,571
      
13.89
%
Health Care - 2.93%
                        
Agilent Technologies, Inc., 5.000%, 07/15/2020
    
650,000
      
699,212
      
0.26
%
Amgen, Inc.
                        
3.450%, 10/01/2020
    
1,000,000
      
1,044,540
      
0.38
%
3.625%, 05/22/2024
    
1,500,000
      
1,579,281
      
0.58
%
Celgene Corp.
                        
2.300%, 08/15/2018
    
1,000,000
      
1,006,819
      
0.37
%
3.625%, 05/15/2024
    
1,600,000
      
1,674,565
      
0.61
%
Express Scripts Holding Co., 3.500%, 06/15/2024
    
700,000
      
717,455
      
0.26
%
Zoetis, Inc., 3.250%, 02/01/2023
    
1,250,000
      
1,291,658
      
0.47
%
             
8,013,530
      
2.93
%
Information Technology - 0.97%
                        
Apple, Inc., 4.500%, 02/23/2036
    
250,000
      
282,710
      
0.10
%
Corning, Inc.
                        
1.500%, 05/08/2018
    
390,000
      
389,974
      
0.14
%
6.625%, 05/15/2019
    
695,000
      
750,734
      
0.28
%
6.850%, 03/01/2029
    
275,000
      
350,944
      
0.13
%
Juniper Networks, Inc., 4.600%, 03/15/2021
    
600,000
      
644,177
      
0.23
%
Oracle Corp., 2.650%, 07/15/2026
    
250,000
      
243,846
      
0.09
%
             
2,662,385
      
0.97
%
Manufacturing - 0.51%
                        
Teva Pharmaceutical Financial Co. BV, 2.950%, 12/18/2022 (b)
    
1,380,000
      
1,383,087
      
0.51
%
 
Materials - 2.29%
                        
AngloGold Ashanti Holdings PLC, 5.125%, 08/01/2022 (b)
    
1,000,000
      
1,043,500
      
0.38
%
Goldcorp, Inc. (b)
                        
2.125%, 03/15/2018
    
1,250,000
      
1,253,445
      
0.46
%
3.625%, 06/09/2021
    
750,000
      
779,157
      
0.29
%
Newmont Mining Corp., 3.500%, 03/15/2022
    
1,000,000
      
1,040,331
      
0.38
%
Rio Tinto Finance USA Ltd., 3.750%, 06/15/2025 (b)
    
1,000,000
      
1,061,382
      
0.39
%
The Dow Chemical Co., 4.250%, 11/15/2020
    
1,000,000
      
1,063,500
      
0.39
%
             
6,241,315
      
2.29
%
Telecommunication Services - 2.02%
                        
AT&T, Inc.
                        
3.000%, 02/15/2022
    
1,000,000
      
1,013,203
      
0.37
%
5.350%, 09/01/2040
    
200,000
      
210,972
      
0.08
%
5.800%, 02/15/2019
    
800,000
      
848,506
      
0.31
%
Deutsche Telekom AG, 6.000%, 07/08/2019 (b)
    
1,160,000
      
1,249,840
      
0.46
%
Verizon Communications, Inc., 2.450%, 11/01/2022
    
1,200,000
      
1,180,287
      
0.43
%
Vodafone Group PLC, 1.500%, 02/19/2018 (b)
    
1,000,000
      
999,313
      
0.37
%
             
5,502,121
      
2.02
%
Total Corporate Bonds (Cost $68,147,593)
            
69,727,056
      
25.54
%
                         
MORTGAGE BACKED SECURITIES - 5.65%
                        
Federal Home Loan Mortgage Corp.
                        
1.000%, 10/27/2023
    
1,200,000
      
1,196,489
      
0.44
%
1.500%, 10/15/2042
    
128,463
      
126,587
      
0.05
%
2.000%, 10/15/2043
    
122,622
      
121,223
      
0.04
%
2.500%, 08/15/2040
    
403,874
      
406,921
      
0.15
%
2.750%, 01/15/2041
    
98,720
      
99,546
      
0.04
%
3.000%, 09/15/2039
    
374,631
      
382,844
      
0.14
%
3.000%, 05/01/2042
    
1,045,220
      
1,052,998
      
0.39
%
3.000%, 09/01/2042
    
2,033,755
      
2,049,083
      
0.75
%
3.000%, 05/15/2043
    
381,707
      
391,542
      
0.14
%
5.000%, 05/01/2020
    
36,275
      
37,491
      
0.01
%
5.500%, 04/01/2037
    
92,141
      
103,732
      
0.04
%
Federal National Mortgage Association
                        
1.250%, 06/25/2043
    
208,243
      
193,365
      
0.07
%
1.500%, 08/10/2021
    
1,000,000
      
984,105
      
0.36
%
1.500%, 03/30/2026
    
1,200,000
      
1,195,819
      
0.44
%
1.500%, 04/18/2028
    
1,000,000
      
990,796
      
0.36
%
2.000%, 11/25/2040
    
185,755
      
184,345
      
0.07
%
2.000%, 11/25/2041
    
146,568
      
144,764
      
0.05
%
2.250%, 03/25/2039
    
147,728
      
148,449
      
0.05
%
3.000%, 10/01/2043
    
2,985,401
      
3,006,680
      
1.10
%
3.500%, 01/01/2042
    
585,449
      
605,664
      
0.22
%
4.000%, 10/01/2041
    
784,440
      
829,269
      
0.30
%
4.000%, 12/01/2041
    
629,974
      
665,730
      
0.24
%
4.500%, 08/01/2020
    
36,997
      
38,010
      
0.02
%
6.000%, 10/01/2037
    
133,336
      
151,626
      
0.06
%
Government National Mortgage Association, 1.750%, 02/16/2043
    
324,634
      
319,321
      
0.12
%
Total Mortgage Backed Securities (Cost $15,387,540)
            
15,426,399
      
5.65
%
                         
U.S. TREASURY OBLIGATIONS - 2.57%
                        
U.S. Treasury Bonds - 0.69%
                        
U.S. Treasury Bonds, 3.625%, 02/15/2044
    
1,650,000
      
1,882,772
      
0.69
%
                         
U.S. Treasury Notes - 1.88%
                        
U.S. Treasury Notes
                        
1.375%, 01/15/2020
    
1,000,000
      
999,102
      
0.36
%
1.625%, 02/15/2026
    
1,200,000
      
1,143,024
      
0.42
%
1.875%, 01/31/2022
    
1,500,000
      
1,505,772
      
0.55
%
2.250%, 02/15/2027
    
1,500,000
      
1,495,371
      
0.55
%
             
5,143,269
      
1.88
%
Total U.S. Treasury Obligations (Cost $7,025,371)
            
7,026,041
      
2.57
%
                         
U.S. GOVERNMENT AGENCY ISSUES - 0.73%
                        
Finance and Insurance - 0.73%
                        
Federal Home Loan Banks
                        
1.250%, 10/17/2031
    
1,250,000
      
1,214,179
      
0.45
%
2.750%, 07/11/2031
    
800,000
      
766,947
      
0.28
%
             
1,981,126
      
0.73
%
Total U.S. Government Agency Issues (Cost $2,006,037)
            
1,981,126
      
0.73
%
 
INVESTMENT COMPANIES (EXCLUDING MONEY MARKET FUNDS) - 1.11%
                        
Apollo Investment Corp.
    
24,425
      
156,076
      
0.06
%
Ares Capital Corp.
    
9,500
      
155,705
      
0.06
%
FS Investment Corp.
    
17,000
      
154,700
      
0.06
%
Gladstone Capital Corp.
    
15,750
      
156,397
      
0.06
%
Guggenheim Credit Allocation Fund
    
34,000
      
792,540
      
0.29
%
Hercules Capital, Inc.
    
11,650
      
155,411
      
0.06
%
Main Street Capital Corp.
    
3,975
      
154,031
      
0.05
%
Monroe Capital Corp.
    
10,250
      
153,340
      
0.05
%
New Mountain Finance Corp.
    
10,675
      
154,788
      
0.06
%
SPDR Barclays Capital High Yield Bond
    
1,000
      
37,400
      
0.01
%
SPDR Barclays Short Term High Yield
    
4,000
      
112,160
      
0.04
%
TPG Specialty Lending, Inc.
    
7,525
      
156,219
      
0.06
%
Triangle Capital Corp.
    
8,775
      
151,895
      
0.05
%
Vanguard High-Yield Corporate Fund
    
89,820
      
538,023
      
0.20
%
Total Investment Companies (Excluding Money Market Funds) (Cost $2,963,348)
            
3,028,685
      
1.11
%
                         
SHORT-TERM INVESTMENTS - 1.14%
                        
Money Market Funds - 1.14%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (c)
    
3,115,709
      
3,115,709
      
1.14
%
Total Short-Term Investments (Cost $3,115,709)
            
3,115,709
      
1.14
%
                         
Total Investments (Cost $240,445,428) - 99.87%
            
272,641,460
      
99.87
%
Other Assets in Excess of Liabilities - 0.13%
            
361,679
      
0.13
%
TOTAL NET ASSETS - 100.00%
          
$
273,003,139
      
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, 2017.
              
(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 nine-month period ended July 31, 2017, are as follows:
 
     Issuer
U.S. Bancorp
            
 
     Beginning Cost
 $             114,807
            
 
     Purchase Cost
 $               93,213
            
 
     Sales Cost
 $           (114,807)
            
 
     Ending Cost
 $               93,213
            
 
     Dividend Income
 $                 1,197
            
 
     Realized Loss
 $               (3,207)
            
 
     Shares
                    3,240
            
 
     Market Value
 $               96,682
            
(e)
144A security.
              
                 
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, 2017, was as follows*:
            
 
Cost of investments
  
$
240,445,428
  
Gross unrealized appreciation
    
34,207,708
  
Gross unrealized depreciation
    
(2,011,676
)
Net unrealized appreciation
  
$
32,196,032
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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 annual report.   
  
 
Summary of Fair Value Exposure at July 31, 2017
          
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 curves, default rates, and similar data)).
  
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
  
 
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
             
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
 
Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Consumer Discretionary
  
$
35,016,947
    
$
–
    
$
–
    
$
35,016,947
  
Consumer Staples
    
9,537,282
      
–
      
–
      
9,537,282
  
Energy
    
3,811,932
      
–
      
–
      
3,811,932
  
Financials
    
41,024,104
      
–
      
–
      
41,024,104
  
Health Care
    
15,706,514
      
–
      
–
      
15,706,514
  
Industrials
    
26,446,581
      
–
      
–
      
26,446,581
  
Information Technology
    
25,633,543
      
–
      
–
      
25,633,543
  
Materials
    
6,137,867
      
–
      
–
      
6,137,867
  
Telecommunication Services
    
2,769,351
      
–
      
–
      
2,769,351
  
Total Common Stocks
  
$
166,084,121
    
$
–
    
$
–
    
$
166,084,121
  
                                 
Preferred Stocks
                                
Consumer Staples
  
$
217,267
    
$
–
    
$
–
    
$
217,267
  
Financials
    
4,748,007
      
–
      
–
      
4,748,007
  
Utilities
    
276,018
      
–
      
–
      
276,018
  
Total Preferred Stocks
  
$
5,241,292
    
$
–
    
$
–
    
$
5,241,292
  
 
REITS
                                
Financials
  
$
1,011,031
    
$
–
    
$
–
    
$
1,011,031
  
Total REITS
  
$
1,011,031
    
$
–
    
$
–
    
$
1,011,031
  
                                 
Corporate Bonds
                                
Consumer Staples
   $
–
     $
3,394,594
     $
–
     $
3,394,594
  
Energy
    
–
      
4,605,453
      
–
      
4,605,453
  
Financials
    
–
      
37,924,571
      
–
      
37,924,571
  
Health Care
    
–
      
8,013,530
      
–
      
8,013,530
  
Information Technology
    
–
      
2,662,385
      
–
      
2,662,385
  
Manufacturing
    
–
      
1,383,087
      
–
      
1,383,087
  
Materials
    
–
      
6,241,315
      
–
      
6,241,315
  
Telecommunication Services
    
–
      
5,502,121
      
–
      
5,502,121
  
Total Corporate Bonds
  
$
–
    
$
69,727,056
    
$
–
    
$
69,727,056
  
                                 
Mortgage Backed Securities
  
$
–
    
$
15,426,399
    
$
–
    
$
15,426,399
  
                                 
U.S. Treasury Obligations
                                
U.S. Treasury Bonds
  
$
–
    
$
1,882,772
    
$
–
    
$
1,882,772
  
U.S. Treasury Notes
    
–
      
5,143,269
      
–
      
5,143,269
  
Total U.S. Treasury Obligations
  
$
–
    
$
7,026,041
    
$
–
    
$
7,026,041
  
                                 
U.S. Government Agency Issues
  
$
–
    
$
1,981,126
    
$
–
    
$
1,981,126
  
                                 
Investment Companies (Excluding Money Market Funds)
  
$
3,028,685
    
$
–
    
$
–
    
$
3,028,685
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
3,115,709
    
$
–
    
$
–
    
$
3,115,709
  
Total Short-Term Investments
  
$
3,115,709
    
$
–
    
$
–
    
$
3,115,709
  
                                 
Total Investments
  
$
178,480,838
    
$
94,160,622
    
$
–
    
$
272,641,460
  
                                 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.
  


Hennessy Balanced Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
                   
   
Number of Shares/ Par Amount
    
Value
    
% of Net Assets
  
COMMON STOCKS - 53.23%
                  
Consumer Discretionary - 3.71%
                  
McDonald’s Corp.
    
2,900
    
$
449,906
      
3.71
%
                         
Consumer Staples - 5.85%
                        
The Coca-Cola Co.
    
13,700
      
628,008
      
5.18
%
The Procter & Gamble Co.
    
900
      
81,738
      
0.67
%
             
709,746
      
5.85
%
Energy - 9.70%
                        
Chevron Corp.
    
5,500
      
600,545
      
4.95
%
Exxon Mobil Corp.
    
7,200
      
576,288
      
4.75
%
             
1,176,833
      
9.70
%
Health Care - 4.80%
                        
Pfizer, Inc.
    
17,550
      
581,958
      
4.80
%
                         
Industrials - 15.34%
                        
Caterpillar, Inc.
    
5,900
      
672,305
      
5.54
%
General Electric Co.
    
10,950
      
280,429
      
2.31
%
The Boeing Co.
    
3,750
      
909,225
      
7.49
%
             
1,861,959
      
15.34
%
Information Technology - 8.86%
                        
Cisco Systems, Inc.
    
17,400
      
547,230
      
4.51
%
International Business Machines Corp.
    
3,650
      
528,046
      
4.35
%
             
1,075,276
      
8.86
%
Telecommunication Services - 4.97%
                        
Verizon Communications, Inc.
    
12,450
      
602,580
      
4.97
%
Total Common Stocks (Cost $5,340,858)
            
6,458,258
      
53.23
%
                         
SHORT-TERM INVESTMENTS - 47.31%
                        
Money Market Funds - 2.33%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (a)
    
283,167
      
283,167
      
2.33
%
                         
US TREASURY BILL - 44.98%
                        
1.130%, 01/04/2018 (b)
    
1,000,000
      
995,380
      
8.20
%
1.130%, 02/01/2018 (b)
    
2,000,000
      
1,988,740
      
16.39
%
1.145%, 05/24/2018 (b)
    
1,000,000
      
990,534
      
8.16
%
1.215%, 06/21/2018 (b)
    
1,000,000
      
989,492
      
8.15
%
1.190%, 07/19/2018 (b)
    
500,000
      
494,170
      
4.07
%
             
5,458,316
      
44.98
%
Total Short-Term Investments (Cost $5,744,786)
            
5,741,483
      
47.31
%
                         
Total Investments (Cost $11,085,644) - 100.54%
            
12,199,741
      
100.54
%
Liabilities in Excess of Other Assets - (0.54)%
            
(65,110
)
    
(0.54
)%
TOTAL NET ASSETS - 100.00%
          
$
12,134,631
      
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, 2017.    
        
(b)
The rate listed is discount rate at issue.  
            
                   
Note: For presentation purposes, the Fund has grouped some of the industry categories. For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications. 
 
The cost basis of investments for federal income tax purposes at July 31, 2017, was as follows*:
 
       
Cost of investments
  
$
11,085,644
  
Gross unrealized appreciation
    
1,203,795
  
Gross unrealized depreciation
    
(89,698
)
Net unrealized appreciation
  
$
1,114,097
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.  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 annual report.
  
 
Summary of Fair Value Exposure at July 31, 2017  
          
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 curves, default rates, and similar data)).
                 
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
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.
 
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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 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, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
449,906
    
$
–
    
$
–
    
$
449,906
  
Consumer Staples
    
709,746
      
–
      
–
      
709,746
  
Energy
    
1,176,833
      
–
      
–
      
1,176,833
  
Health Care
    
581,958
      
–
      
–
      
581,958
  
Industrials
    
1,861,959
      
–
      
–
      
1,861,959
  
Information Technology
    
1,075,276
      
–
      
–
      
1,075,276
  
Telecommunication Services
    
602,580
      
–
      
–
      
602,580
  
Total Common Stocks
  
$
6,458,258
    
$
–
    
$
–
    
$
6,458,258
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
283,167
    
$
–
    
$
–
    
$
283,167
  
U.S. Treasury Bills
    
–
      
5,458,316
      
–
      
5,458,316
  
Total Short-Term Investments
  
$
283,167
    
$
5,458,316
    
$
–
    
$
5,741,483
  
                                 
Total Investments
  
$
6,741,425
    
$
5,458,316
    
$
–
    
$
12,199,741
  
 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels. 
 
 
Hennessy Gas Utility Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
   
Number of
          
% of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 98.11%
                  
Energy - 20.90%
                  
Cheniere Energy, Inc. (a)
    
1,568,417
    
$
70,892,449
      
4.92
%
Enbridge, Inc. (b)
    
1,735,765
      
71,964,817
      
5.00
%
EQT Corp.
    
242,582
      
15,452,473
      
1.07
%
Kinder Morgan, Inc.
    
3,523,101
      
71,976,954
      
5.00
%
TransCanada Corp. (b)
    
1,383,853
      
70,742,565
      
4.91
%
             
301,029,258
      
20.90
%
Financials - 0.56%
                        
Berkshire Hathaway, Inc., Class A (a)
    
31
      
8,146,366
      
0.56
%
                         
Utilities - 76.65%
                        
Algonquin Power & Utilities Corp. (b)
    
445,807
      
4,783,509
      
0.33
%
ALLETE, Inc.
    
2,175
      
159,362
      
0.01
%
Alliant Energy Corp.
    
147,508
      
5,978,499
      
0.41
%
Ameren Corp.
    
177,740
      
9,971,214
      
0.69
%
Atmos Energy Corp.
    
831,086
      
72,105,021
      
5.01
%
Avangrid, Inc.
    
94,200
      
4,278,564
      
0.30
%
Avista Corp.
    
98,572
      
5,185,873
      
0.36
%
Black Hills Corp.
    
219,247
      
15,272,746
      
1.06
%
Centerpoint Energy, Inc.
    
953,028
      
26,865,859
      
1.87
%
Chesapeake Utilities Corp.
    
101,658
      
7,853,081
      
0.55
%
CMS Energy Corp.
    
675,498
      
31,235,028
      
2.17
%
Consolidated Edison, Inc.
    
421,236
      
34,903,615
      
2.42
%
Corning Natural Gas Holding Corp.
    
22,799
      
455,988
      
0.03
%
Delta Natural Gas Company, Inc.
    
57,954
      
1,763,540
      
0.12
%
Dominion Resources, Inc.
    
923,196
      
71,252,267
      
4.95
%
DTE Energy Co.
    
322,754
      
34,554,043
      
2.40
%
Duke Energy Corp.
    
452,687
      
38,532,717
      
2.67
%
Entergy Corp.
    
11,960
      
917,571
      
0.06
%
Eversource Energy
    
264,375
      
16,071,356
      
1.12
%
Exelon Corp.
    
392,631
      
15,053,473
      
1.04
%
Fortis, Inc. (b)
    
552,776
      
20,154,213
      
1.40
%
Gas Natural, Inc.
    
62,318
      
807,018
      
0.06
%
MDU Resources Group, Inc.
    
657,407
      
17,322,675
      
1.20
%
MGE Energy, Inc.
    
48,179
      
3,206,313
      
0.22
%
National Fuel Gas Co.
    
449,724
      
26,628,158
      
1.85
%
National Grid PLC - ADR (b)
    
1,146,345
      
71,658,008
      
4.97
%
New Jersey Resources Corp.
    
493,334
      
20,794,028
      
1.44
%
NiSource, Inc.
    
1,554,281
      
40,504,563
      
2.81
%
Northwest Natural Gas Co.
    
235,303
      
14,847,619
      
1.03
%
NorthWestern Corp.
    
81,398
      
4,703,990
      
0.33
%
ONE Gas, Inc.
    
427,375
      
31,104,353
      
2.16
%
PG&E Corp.
    
1,030,349
      
69,744,324
      
4.84
%
PPL Corp.
    
494,819
      
18,966,412
      
1.32
%
Public Service Enterprise Group, Inc.
    
685,390
      
30,821,988
      
2.14
%
RGC Resources, Inc.
    
59,179
      
1,588,956
      
0.11
%
SCANA Corp.
    
177,966
      
11,455,671
      
0.80
%
Sempra Energy
    
629,640
      
71,155,616
      
4.94
%
South Jersey Industries, Inc.
    
428,671
      
14,561,954
      
1.01
%
Southwest Gas Holdings, Inc.
    
344,617
      
27,603,822
      
1.92
%
Spire, Inc.
    
335,491
      
24,356,647
      
1.69
%
The Southern Co.
    
995,000
      
47,690,350
      
3.31
%
UGI Corp.
    
351,752
      
17,752,923
      
1.23
%
Unitil Corp.
    
65,498
      
3,324,024
      
0.23
%
Vectren Corp.
    
349,228
      
20,992,095
      
1.46
%
WEC Energy Group, Inc.
    
727,840
      
45,832,085
      
3.18
%
WGL Holdings, Inc.
    
318,542
      
27,305,420
      
1.90
%
Xcel Energy, Inc.
    
465,399
      
22,018,027
      
1.53
%
             
1,104,094,578
      
76.65
%
Total Common Stocks (Cost $867,970,446)
            
1,413,270,202
      
98.11
%
                         
PARTNERSHIPS - 1.28%
                        
Energy - 1.28%
                        
Plains GP Holdings L.P., Class A
    
673,755
      
18,420,462
      
1.28
%
Total Other Securities (Cost $22,794,643)
            
18,420,462
      
1.28
%
 
SHORT-TERM INVESTMENTS - 0.03%
                        
Money Market Funds - 0.03%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (c)
    
447,420
      
447,420
      
0.03
%
Total Short-Term Investments (Cost $447,420)
            
447,420
      
0.03
%
                         
Total Investments (Cost $891,212,509) - 99.42%
            
1,432,138,084
      
99.42
%
Other Assets in Excess of Liabilities - 0.58%
            
8,342,569
      
0.58
%
TOTAL NET ASSETS - 100.00%
          
$
1,440,480,653
      
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, 2017.
              
                 
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, 2017, was as follows*:
            
 
Cost of investments
  
$
891,212,509
  
Gross unrealized appreciation
    
554,195,529
  
Gross unrealized depreciation
    
(13,269,954
)
Net unrealized appreciation
  
$
540,925,575
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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 annual report.    
             
Summary of Fair Value Exposure at July 31, 2017
          
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 curves, default rates, and similar data)).
             
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
             
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
             
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
 
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Energy
  
$
301,029,258
    
$
–
    
$
–
    
$
301,029,258
  
 
Financials
    
8,146,366
      
–
      
–
      
8,146,366
  
 
Utilities
    
1,104,094,578
      
–
      
–
      
1,104,094,578
  
 
Total Common Stocks
  
$
1,413,270,202
    
$
–
    
$
–
    
$
1,413,270,202
  
                                   
 
Partnerships
                                
 
Energy
  
$
18,420,462
    
$
–
    
$
–
    
$
18,420,462
  
 
Total Partnerships
  
$
18,420,462
    
$
–
    
$
–
    
$
18,420,462
  
                                   
 
Short-Term Investments
                                
 
Money Market Funds
  
$
447,420
    
$
–
    
$
–
    
$
447,420
  
 
Total Short-Term Investments
  
$
447,420
    
$
–
    
$
–
    
$
447,420
  
                                   
 
Total Investments
  
$
1,432,138,084
    
$
–
    
$
–
    
$
1,432,138,084
  
 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.


Hennessy Small Cap Financial Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
   
Number of
          
% of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 96.47%
                  
Financials - 95.65%
                  
Astoria Financial Corp.
    
275,000
     $
5,549,500
      
2.61
%
Banc of California, Inc.
    
85,000
      
1,746,750
      
0.82
%
BankUnited, Inc.
    
40,000
      
1,376,800
      
0.65
%
Banner Corp.
    
140,000
      
8,087,800
      
3.80
%
Beneficial Bancorp, Inc.
    
230,000
      
3,588,000
      
1.68
%
Brookline Bancorp, Inc.
    
615,000
      
9,132,750
      
4.29
%
Capstar Financial Holdings, Inc. (a)
    
353,984
      
6,230,118
      
2.93
%
Clifton Bancorp, Inc.
    
230,000
      
3,838,700
      
1.80
%
ConnectOne Bancorp, Inc.
    
250,000
      
5,625,000
      
2.64
%
Dime Community Bancshares, Inc.
    
280,000
      
5,824,000
      
2.73
%
Eagle Bancorp, Inc. (a)
    
135,000
      
8,430,750
      
3.96
%
F.N.B. Corp.
    
200,000
      
2,740,000
      
1.29
%
FCB Financial Holdings, Inc., Class A (a)
    
180,000
      
8,487,000
      
3.98
%
First BanCorp. (a) (b)
    
915,000
      
5,361,900
      
2.52
%
First Connecticut Bancorp, Inc.
    
205,000
      
5,248,000
      
2.46
%
Flushing Financial Corp.
    
287,000
      
8,188,110
      
3.84
%
Green Bancorp, Inc. (a)
    
320,000
      
7,184,000
      
3.37
%
Guaranty Bancshares, Inc.
    
60,000
      
1,824,600
      
0.86
%
Hingham Institution for Savings
    
51,000
      
9,021,900
      
4.24
%
Hope Bancorp, Inc.
    
145,000
      
2,556,350
      
1.20
%
IBERIABANK Corp.
    
110,000
      
8,893,500
      
4.18
%
Independent Bank Corp.
    
120,000
      
8,562,000
      
4.02
%
Kearny Financial Corp. of Maryland
    
390,000
      
5,694,000
      
2.67
%
Meridian Bancorp, Inc.
    
387,500
      
6,839,375
      
3.21
%
Meta Financial Group, Inc.
    
48,000
      
3,422,400
      
1.61
%
Midland States Bancorp, Inc.
    
147,000
      
4,668,720
      
2.19
%
OceanFirst Financial Corp.
    
290,000
      
7,853,200
      
3.69
%
Opus Bank
    
320,000
      
7,616,000
      
3.58
%
PacWest Bancorp
    
117,000
      
5,618,340
      
2.64
%
Preferred Bank
    
5,000
      
280,750
      
0.13
%
Provident Financial Services, Inc.
    
183,000
      
4,853,160
      
2.28
%
Texas Capital Bancshares, Inc. (a)
    
18,000
      
1,410,300
      
0.66
%
United Community Banks, Inc. of Georgia
    
25,000
      
694,000
      
0.33
%
United Financial Bancorp, Inc.
    
225,000
      
4,070,250
      
1.91
%
Washington Federal, Inc.
    
245,000
      
8,195,250
      
3.85
%
Western Alliance Bancorp (a)
    
59,000
      
2,972,420
      
1.40
%
Wintrust Financial Corp.
    
64,000
      
4,819,840
      
2.26
%
WSFS Financial Corp.
    
46,500
      
2,099,475
      
0.99
%
Xenith Bankshares, Inc. (a)
    
180,000
      
5,072,400
      
2.38
%
             
203,677,408
      
95.65
%
Information Technology - 0.82%
                        
Q2 Holdings, Inc. (a)
    
45,000
      
1,750,500
      
0.82
%
Total Common Stocks (Cost $167,575,604)
            
205,427,908
      
96.47
%
                         
SHORT-TERM INVESTMENTS - 4.22%
                        
Money Market Funds - 4.22%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (c)
    
8,984,229
      
8,984,229
      
4.22
%
Total Short-Term Investments (Cost $8,984,229)
            
8,984,229
      
4.22
%
                         
Total Investments (Cost $176,559,833) - 100.69%
            
214,412,137
      
100.69
%
Liabilities in Excess of Other Assets - (0.69)%
            
(1,477,205
)
    
(0.69
)%
TOTAL NET ASSETS - 100.00%
          
$
212,934,932
      
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, 2017.
              
                 
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, 2017, was as follows*:  
        
 
Cost of investments
  
$
176,559,833
  
Gross unrealized appreciation
    
42,535,741
  
Gross unrealized depreciation
    
(4,683,437
)
Net unrealized appreciation
  
$
37,852,304
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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 annual report.   
  
 
Summary of Fair Value Exposure at July 31, 2017
          
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 curves, default rates, and similar data)).
             
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
             
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
             
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
    
 
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Financials
  
$
203,677,408
    
$
–
    
$
–
    
$
203,677,408
  
 
Information Technology
    
1,750,500
      
–
      
–
      
1,750,500
  
 
Total Common Stocks
  
$
205,427,908
    
$
–
    
$
–
    
$
205,427,908
  
                                   
 
Short-Term Investments
                                
 
Money Market Funds
  
$
8,984,229
    
$
–
    
$
–
    
$
8,984,229
  
 
Total Short-Term Investments
  
$
8,984,229
    
$
–
    
$
–
    
$
8,984,229
  
                                   
 
Total Investments
  
$
214,412,137
    
$
–
    
$
–
    
$
214,412,137
  
 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.


Hennessy Large Cap Financial Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
   
Number of
          
% of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 97.81%
                  
Financials - 76.15%
                  
Assured Guaranty Ltd. (b)
    
30,000
     $
1,350,300
      
4.44
%
Bank of America Corp.
    
63,000
      
1,519,560
      
5.00
%
Berkshire Hathaway, Inc., Class B (a)
    
9,000
      
1,574,730
      
5.18
%
Capital One Financial Corp.
    
7,000
      
603,260
      
1.98
%
Citigroup, Inc.
    
22,500
      
1,540,125
      
5.07
%
Citizens Financial Group, Inc.
    
27,000
      
947,160
      
3.12
%
Comerica, Inc.
    
4,000
      
289,240
      
0.95
%
East West Bancorp, Inc.
    
18,000
      
1,025,640
      
3.37
%
Fifth Third Bancorp
    
40,000
      
1,068,000
      
3.51
%
First Republic Bank
    
12,000
      
1,203,960
      
3.96
%
JPMorgan Chase & Co.
    
16,000
      
1,468,800
      
4.83
%
Moody’s Corp.
    
11,500
      
1,513,745
      
4.98
%
Morgan Stanley
    
29,000
      
1,360,100
      
4.47
%
Regions Financial Corp.
    
25,000
      
365,000
      
1.20
%
Signature Bank (a)
    
7,000
      
970,060
      
3.19
%
SunTrust Banks, Inc.
    
20,000
      
1,145,800
      
3.77
%
The Goldman Sachs Group, Inc.
    
6,000
      
1,351,980
      
4.45
%
The PNC Financial Services Group, Inc.
    
10,000
      
1,288,000
      
4.24
%
U.S. Bancorp (d)
    
20,000
      
1,055,600
      
3.47
%
Wells Fargo & Co.
    
23,000
      
1,240,620
      
4.08
%
Zions Bancorporation
    
6,000
      
271,920
      
0.89
%
             
23,153,600
      
76.15
%
Information Technology - 21.66%
                        
Global Payments, Inc.
    
17,000
      
1,604,290
      
5.27
%
MasterCard, Inc., Class A
    
12,000
      
1,533,600
      
5.04
%
PayPal Holdings, Inc. (a)
    
30,000
      
1,756,500
      
5.78
%
Visa, Inc., Class A
    
17,000
      
1,692,520
      
5.57
%
             
6,586,910
      
21.66
%
Total Common Stocks (Cost $24,037,191)
            
29,740,510
      
97.81
%
                         
SHORT-TERM INVESTMENTS - 2.24%
                        
Money Market Funds - 2.24%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (c)
    
682,601
      
682,601
      
2.24
%
Total Short-Term Investments (Cost $682,601)
            
682,601
      
2.24
%
                         
Total Investments (Cost $24,719,792) - 100.05%
            
30,423,111
      
100.05
%
Liabilities in Excess of Other Assets - (0.05)%
            
(15,627
)
    
(0.05
)%
TOTAL NET ASSETS - 100.00%
          
$
30,407,484
      
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, 2017.
              
(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 nine-month period ended July 31, 2017, are as follows:  
 
Issuer
  
U.S. Bancorp
  
 
Beginning Cost
  
$
751,400
  
 
Purchase Cost
  
$
632,641
  
 
Sales Cost
  
$
(425,721
)
 
Ending Cost
  
$
958,320
  
 
Dividend Income
  
$
13,440
  
 
Realized Gain
  
$
99,600
  
 
Shares
    
20,000
  
 
Market Value
  
$
1,055,600
  
 
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, 2017, was as follows*:  
      
 
Cost of investments
  
$
24,719,792
  
Gross unrealized appreciation
    
5,765,547
  
Gross unrealized depreciation
    
(62,228
)
Net unrealized appreciation
  
$
5,703,319
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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 annual report.   
    
 
Summary of Fair Value Exposure at July 31, 2017
          
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 curves, default rates, and similar data)).
             
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
             
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
 
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Financials
  
$
23,153,600
    
$
–
    
$
–
    
$
23,153,600
  
 
Information Technology
    
6,586,910
      
–
      
–
      
6,586,910
  
 
Total Common Stocks
  
$
29,740,510
    
$
–
    
$
–
    
$
29,740,510
  
                                   
 
Short-Term Investments
                                
 
Money Market Funds
  
$
682,601
    
$
–
    
$
–
    
$
682,601
  
 
Total Short-Term Investments
  
$
682,601
    
$
–
    
$
–
    
$
682,601
  
                                   
 
Total Investments
  
$
30,423,111
    
$
–
    
$
–
    
$
30,423,111
  
 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.

 
Hennessy Technology Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
   
Number of
          
% of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 93.84%
                  
Consumer Discretionary - 8.06%
                  
Amazon.com, Inc. (a)
    
67
     $
66,181
      
1.56
%
FTD Companies, Inc. (a)
    
3,223
      
63,332
      
1.50
%
Nutrisystem, Inc.
    
1,254
      
69,910
      
1.65
%
Vipshop Holdings Ltd. - ADR (a) (b)
    
6,179
      
76,002
      
1.80
%
Wayfair, Inc., Class A (a)
    
857
      
65,432
      
1.55
%
             
340,857
      
8.06
%
Information Technology - 85.78%
                        
Accenture PLC, Class A (b)
    
524
      
67,502
      
1.60
%
Advanced Semiconductor Engineering, Inc. - ADR (b)
    
10,280
      
67,745
      
1.60
%
Applied Materials, Inc.
    
1,537
      
68,104
      
1.61
%
AU Optronics Corp. - ADR (b)
    
15,582
      
62,640
      
1.48
%
Automatic Data Processing, Inc.
    
624
      
74,200
      
1.75
%
Black Box Corp.
    
7,957
      
62,860
      
1.49
%
Booz Allen Hamilton Holding Corp.
    
1,951
      
66,919
      
1.58
%
Carbonite, Inc. (a)
    
3,115
      
73,514
      
1.74
%
CDK Global, Inc.
    
1,047
      
68,872
      
1.63
%
CDW Corp. of Delaware
    
1,043
      
66,158
      
1.56
%
Celestica, Inc. (a) (b)
    
4,861
      
57,797
      
1.37
%
ChipMOS TECHNOLOGIES, Inc. - ADR (b)
    
3,202
      
62,247
      
1.47
%
Citrix Systems, Inc. (a)
    
814
      
64,290
      
1.52
%
CommerceHub, Inc., Series A (a)
    
3,806
      
69,421
      
1.64
%
Convergys Corp.
    
2,717
      
65,126
      
1.54
%
CSRA, Inc.
    
2,028
      
66,133
      
1.56
%
eBay, Inc. (a)
    
1,878
      
67,101
      
1.59
%
EVERTEC, Inc. (b)
    
3,731
      
66,598
      
1.57
%
Extreme Networks, Inc. (a)
    
7,119
      
62,576
      
1.48
%
F5 Networks, Inc. (a)
    
504
      
60,858
      
1.44
%
First Data Corp., Class A (a)
    
3,536
      
65,982
      
1.56
%
Fortinet, Inc. (a)
    
1,693
      
62,489
      
1.48
%
Gartner, Inc. (a)
    
520
      
66,726
      
1.58
%
Gogo, Inc. (a)
    
5,736
      
69,864
      
1.65
%
Hackett Group, Inc.
    
4,171
      
68,488
      
1.62
%
Hewlett Packard Enterprise Co.
    
3,831
      
67,081
      
1.59
%
Ichor Holdings, Ltd. (a) (b)
    
3,190
      
73,306
      
1.73
%
Intel Corp.
    
1,887
      
66,932
      
1.58
%
International Business Machines Corp.
    
420
      
60,761
      
1.44
%
Intuit, Inc.
    
492
      
67,507
      
1.60
%
JA Solar Holdings Company, Ltd. - ADR (a) (b)
    
10,103
      
63,447
      
1.50
%
Jabil Circuit, Inc.
    
2,226
      
67,893
      
1.60
%
JinkoSolar Holding Company Ltd. - ADR (a) (b)
    
3,170
      
87,555
      
2.07
%
KLA-Tencor Corp.
    
704
      
65,212
      
1.54
%
Manhattan Associates, Inc. (a)
    
1,374
      
60,731
      
1.44
%
MasterCard, Inc., Class A
    
532
      
67,990
      
1.61
%
MercadoLibre, Inc.
    
261
      
75,278
      
1.78
%
Mimecast Ltd. (a) (b)
    
2,463
      
69,112
      
1.63
%
Nutanix, Inc. (a)
    
3,321
      
70,555
      
1.67
%
Palo Alto Networks, Inc. (a)
    
484
      
63,782
      
1.51
%
Paychex, Inc.
    
1,132
      
65,486
      
1.55
%
Paycom Software, Inc. (a)
    
973
      
68,198
      
1.61
%
Paylocity Holding Corp. (a)
    
1,459
      
66,341
      
1.57
%
PCM, Inc. (a)
    
3,378
      
41,803
      
0.99
%
Red Hat, Inc. (a)
    
679
      
67,133
      
1.59
%
Rosetta Stone, Inc. (a)
    
6,212
      
64,356
      
1.52
%
Science Applications International Corp.
    
920
      
64,777
      
1.53
%
Seagate Technology PLC (b)
    
1,717
      
56,592
      
1.34
%
Shutterstock, Inc. (a)
    
1,488
      
62,704
      
1.48
%
Teradata Corp. (a)
    
2,215
      
70,481
      
1.67
%
The Ultimate Software Group, Inc. (a)
    
307
      
69,293
      
1.64
%
Tower Semiconductor Ltd. (a) (b)
    
2,715
      
70,997
      
1.68
%
Yirendai Ltd. - ADR (a) (b)
    
2,515
      
96,224
      
2.27
%
YY, Inc. - ADR (a) (b)
    
1,148
      
82,082
      
1.94
%
             
3,627,819
      
85.78
%
Total Common Stocks (Cost $3,744,242)
            
3,968,676
      
93.84
%
 
SHORT-TERM INVESTMENTS - 6.40%
                        
Money Market Funds - 6.40%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (c)
    
212,000
      
212,000
      
5.01
%
The Government & Agency Portfolio, Institutional Class, 0.93% (c)
    
58,745
      
58,745
      
1.39
%
             
270,745
      
6.40
%
Total Short-Term Investments (Cost $270,745)
            
270,745
      
6.40
%
                         
Total Investments (Cost $4,014,987) - 100.24%
            
4,239,421
      
100.24
%
Liabilities in Excess of Other Assets - (0.24)%
            
(10,058
)
    
(0.24
)%
TOTAL NET ASSETS - 100.00%
          
$
4,229,363
      
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, 2017.
              
                 
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, 2017, was as follows*:  
        
 
Cost of investments
  
$
4,014,987
  
Gross unrealized appreciation
    
379,988
  
Gross unrealized depreciation
    
(155,554
)
Net unrealized appreciation
  
$
224,434
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. 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 annual report. 
    
 
Summary of Fair Value Exposure at July 31, 2017
          
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 curves, default rates, and similar data)).
             
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
             
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
             
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
  
 
     
Level 1
    
Level 2
    
Level 3
    
Total
  
 
Common Stocks
                        
 
Consumer Discretionary
  
$
340,857
    
$
–
    
$
–
    
$
340,857
  
 
Information Technology
    
3,627,819
      
–
      
–
      
3,627,819
  
 
Total Common Stocks
  
$
3,968,676
    
$
–
    
$
–
    
$
3,968,676
  
                                   
 
Short-Term Investments
                                
 
Money Market Funds
  
$
270,745
    
$
–
    
$
–
    
$
270,745
  
 
Total Short-Term Investments
  
$
270,745
    
$
–
    
$
–
    
$
270,745
  
                                   
 
Total Investments
  
$
4,239,421
    
$
–
    
$
–
    
$
4,239,421
  
 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, the Fund recognized no transfers between levels.

 
Hennessy Japan Fund
                  
Schedule of Investments
                  
July 31, 2017 (Unaudited)
                  
   
Number of
          
% of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 91.14%
                  
Consumer Discretionary - 19.20%
                  
Asics Corp.
    
587,300
    
$
10,691,742
      
4.73
%
Fast Retailing Co., Ltd.
    
14,500
      
4,356,116
      
1.93
%
Isuzu Motors, Ltd.
    
438,900
      
6,035,398
      
2.67
%
Ryohin Keikaku Co., Ltd.
    
29,600
      
7,571,500
      
3.35
%
Shimano, Inc.
    
66,100
      
9,701,102
      
4.29
%
Toyota Motor Corp.
    
89,100
      
5,038,318
      
2.23
%
             
43,394,176
      
19.20
%
Consumer Staples - 15.26%
                        
Japan Tobacco, Inc.
    
301,000
      
10,467,903
      
4.63
%
Kao Corp.
    
173,400
      
10,560,185
      
4.67
%
Pigeon Corp.
    
75,400
      
2,797,279
      
1.24
%
Unicharm Corp.
    
415,700
      
10,669,175
      
4.72
%
             
34,494,542
      
15.26
%
Financials - 5.92%
                        
Mizuho Financial Group
    
1,573,200
      
2,802,635
      
1.24
%
Sumitomo Mitsui Financial Group, Inc.
    
277,800
      
10,570,738
      
4.68
%
             
13,373,373
      
5.92
%
Health Care - 9.19%
                        
Rohto Pharmaceutical Co., Ltd.
    
509,600
      
10,312,645
      
4.56
%
Terumo Corp.
    
276,200
      
10,459,749
      
4.63
%
             
20,772,394
      
9.19
%
Industrials - 29.28%
                        
Daikin Industries
    
100,700
      
10,687,015
      
4.73
%
Kubota Corp.
    
616,800
      
10,739,241
      
4.75
%
Misumi Group, Inc.
    
490,600
      
12,175,442
      
5.39
%
Mitsubishi Corp.
    
505,200
      
10,982,011
      
4.86
%
Nidec Corp.
    
102,500
      
11,305,728
      
5.00
%
Recruit Holdings Co., Ltd .
    
593,600
      
10,278,765
      
4.55
%
             
66,168,202
      
29.28
%
Information Technology - 4.71%
                        
Keyence Corp.
    
23,000
      
10,644,111
      
4.71
%
                         
Materials - 2.88%
                        
Fuji Seal International, Inc.
    
232,200
      
6,518,744
      
2.88
%
                         
Telecommunication Services - 4.70%
                        
Softbank Group Co.
    
130,800
      
10,628,204
      
4.70
%
Total Common Stocks (Cost $149,728,325)
            
205,993,746
      
91.14
%
                         
SHORT-TERM INVESTMENTS - 7.77%
                        
Money Market Funds - 7.77%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (a)
    
10,916,000
      
10,916,000
      
4.83
%
The Government & Agency Portfolio, Institutional Class, 0.93% (a)
    
6,635,021
      
6,635,021
      
2.94
%
             
17,551,021
      
7.77
%
Total Short-Term Investments (Cost $17,551,021)
            
17,551,021
      
7.77
%
                         
Total Investments (Cost $167,279,346) - 98.91%
            
223,544,767
      
98.91
%
Other Assets in Excess of Liabilities - 1.09%
            
2,460,005
      
1.09
%
TOTAL NET ASSETS - 100.00%
          
$
226,004,772
      
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, 2017.
            
 
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, 2017, was as follows*:
        
 
Cost of investments
  
$
167,279,346
  
Gross unrealized appreciation
    
58,259,056
  
Gross unrealized depreciation
    
(1,993,635
)
Net unrealized appreciation
  
$
56,265,421
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.  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 annual report.
 
Summary of Fair Value Exposure at July 31, 2017
            
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 curves, default rates, and similar data)).
               
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
               
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
               
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
43,394,176
    
$
–
    
$
–
    
$
43,394,176
  
Consumer Staples
    
34,494,542
      
–
      
–
      
34,494,542
  
Financials
    
13,373,373
      
–
      
–
      
13,373,373
  
Health Care
    
20,772,394
      
–
      
–
      
20,772,394
  
Industrials
    
66,168,202
      
–
      
–
      
66,168,202
  
Information Technology
    
10,644,111
      
–
      
–
      
10,644,111
  
Materials
    
6,518,744
      
–
      
–
      
6,518,744
  
Telecommunication Services
    
10,628,204
      
–
      
–
      
10,628,204
  
Total Common Stocks
  
$
205,993,746
    
$
–
    
$
–
    
$
205,993,746
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
17,551,021
    
$
–
    
$
–
    
$
17,551,021
  
Total Short-Term Investments
  
$
17,551,021
    
$
–
    
$
–
    
$
17,551,021
  
                                 
Total Investments
  
$
223,544,767
    
$
–
    
$
–
    
$
223,544,767
  
 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, 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, 2017 (Unaudited)
                  
   
Number of
          
% of
  
   
Shares
    
Value
    
Net Assets
  
COMMON STOCKS - 91.35%
                  
Consumer Discretionary - 13.68%
                  
Adastria Co., Ltd.
    
42,100
    
$
1,052,452
      
1.54
%
Aeon Fantasy Co.
    
15,700
      
484,194
      
0.71
%
Doshisha Co., Ltd.
    
45,900
      
925,120
      
1.36
%
Foster Electric Co., Ltd.
    
71,000
      
1,395,592
      
2.04
%
Hagihara Industries, Inc.
    
12,500
      
358,860
      
0.52
%
Honeys Co., Ltd.
    
110,900
      
1,253,403
      
1.84
%
Nippon Seiki Co., Ltd.
    
65,000
      
1,246,995
      
1.83
%
Parco Co., Ltd.
    
51,400
      
634,079
      
0.93
%
Seiren Co., Ltd.
    
79,800
      
1,350,690
      
1.98
%
Starts Corp., Inc.
    
24,200
      
632,850
      
0.93
%
             
9,334,235
      
13.68
%
Consumer Staples - 0.50%
                        
Japan Meat Co., Ltd.
    
20,800
      
342,249
      
0.50
%
                         
Financials - 3.55%
                        
AEON Financial Service Co., Ltd.
    
61,600
      
1,341,572
      
1.97
%
INTELLEX Co., Ltd.
    
63,200
      
496,450
      
0.73
%
Lifenet Insurance Co.
    
165,100
      
584,054
      
0.85
%
             
2,422,076
      
3.55
%
Health Care - 2.86%
                        
JEOL Ltd.
    
140,000
      
764,479
      
1.12
%
Ship Healthcare Holdings, Inc.
    
38,500
      
1,183,863
      
1.74
%
             
1,948,342
      
2.86
%
Industrials - 42.35%
                        
BELLSYSTEM24 Holdings, Inc.
    
109,900
      
1,234,126
      
1.81
%
Benefit One, Inc.
    
23,600
      
959,028
      
1.40
%
Daihen Corp.
    
157,000
      
1,402,739
      
2.06
%
DMG Mori Seiki Co., Ltd.
    
52,800
      
878,364
      
1.29
%
Fuji Machine Manufacturing Co., Ltd.
    
66,100
      
1,076,834
      
1.58
%
Hamakyorex Co., Ltd.
    
47,000
      
1,243,585
      
1.82
%
Hanwa Co., Ltd.
    
169,000
      
1,209,497
      
1.77
%
Hito Communication, Inc.
    
82,800
      
1,309,088
      
1.92
%
Kanematsu Corp.
    
581,000
      
1,270,089
      
1.86
%
Kito Corp.
    
115,000
      
1,332,078
      
1.95
%
Kondotec, Inc.
    
147,100
      
1,339,638
      
1.96
%
Maeda Kosen Co., Ltd.
    
78,900
      
1,158,684
      
1.70
%
MIRAIT Holdings Corp.
    
101,900
      
1,196,051
      
1.75
%
Nakano Corp.
    
186,000
      
1,022,414
      
1.50
%
Nippon Koei Co., Ltd.
    
37,500
      
1,039,163
      
1.52
%
Nippon Yusoki Co., Ltd.
    
165,700
      
1,336,181
      
1.96
%
Nissei ASB Machine Co., Ltd.
    
35,600
      
1,228,700
      
1.80
%
Nittoku Engineering Co., Ltd.
    
38,400
      
1,186,013
      
1.74
%
Okamura Corp.
    
136,700
      
1,390,001
      
2.04
%
Sanko Gosei, Ltd.
    
252,000
      
825,180
      
1.21
%
Sato Holdings Corp.
    
40,000
      
960,769
      
1.41
%
Shibuya Corp.
    
18,800
      
572,978
      
0.84
%
Takeei Corp.
    
117,200
      
1,187,468
      
1.74
%
Tocalo Co., Ltd.
    
32,800
      
1,254,043
      
1.84
%
Tonami Holdings Co., Ltd.
    
326,000
      
1,283,360
      
1.88
%
             
28,896,071
      
42.35
%
 
Information Technology - 20.17%
                        
Aichi Tokei Denki Co., Ltd.
    
18,200
      
625,679
      
0.92
%
Aiphone Co., Ltd.
    
38,600
      
682,052
      
1.00
%
Digital Garage, Inc.
    
68,300
      
1,300,392
      
1.91
%
Elecom Co., Ltd.
    
54,500
      
1,177,056
      
1.73
%
Information Services International - Dentsu, Ltd.
    
18,600
      
421,619
      
0.62
%
Koa Corp.
    
62,800
      
1,110,229
      
1.63
%
Kyosan Electric Manufacturing Co., Ltd.
    
164,000
      
914,871
      
1.34
%
Mimaki Engineering Co., Ltd.
    
182,900
      
1,456,630
      
2.13
%
NEC Networks & System Integration Corp.
    
55,100
      
1,204,508
      
1.77
%
Nihon Unisys, Ltd.
    
34,900
      
582,484
      
0.85
%
Soliton Systems K.K.
    
105,800
      
1,015,342
      
1.49
%
Suzuki Co., Ltd.
    
101,100
      
692,372
      
1.01
%
Towa Corp.
    
41,000
      
640,410
      
0.94
%
UKC Holdings Corp.
    
48,800
      
733,472
      
1.07
%
V-cube, Inc.
    
50,900
      
286,715
      
0.42
%
Yokowo Co., Ltd.
    
69,100
      
913,854
      
1.34
%
             
13,757,685
      
20.17
%
Materials - 8.24%
                        
Asia Pile Holdings Co.
    
171,800
      
1,165,644
      
1.71
%
Hakudo Co., Ltd.
    
77,700
      
1,280,611
      
1.88
%
LINTEC Corp.
    
48,000
      
1,166,420
      
1.71
%
MEC Co., Ltd.
    
101,300
      
1,257,004
      
1.84
%
Toyo Kohan Co., Ltd.
    
170,600
      
750,519
      
1.10
%
             
5,620,198
      
8.24
%
Total Common Stocks (Cost $49,243,924)
            
62,320,856
      
91.35
%
                         
SHORT-TERM INVESTMENTS - 7.90%
                        
Money Market Funds - 7.90%
                        
Fidelity Government Portfolio, Institutional Class, 0.87% (a)
    
3,338,000
      
3,338,000
      
4.89
%
The Government & Agency Portfolio, Institutional Class, 0.93% (a)
    
2,050,165
      
2,050,165
      
3.01
%
             
5,388,165
      
7.90
%
Total Short-Term Investments (Cost $5,388,165)
            
5,388,165
      
7.90
%
                         
Total Investments (Cost $54,632,089) - 99.25%
            
67,709,021
      
99.25
%
Other Assets in Excess of Liabilities - 0.75%
            
513,755
      
0.75
%
TOTAL NET ASSETS - 100.00%
          
$
68,222,776
      
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, 2017.
            
                 
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, 2017, was as follows*:
        
 
Cost of investments
  
$
54,632,089
  
Gross unrealized appreciation
    
13,682,971
  
Gross unrealized depreciation
    
(606,039
)
Net unrealized appreciation
  
$
13,076,932
  
 
*Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year.  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 annual report. 
 
Summary of Fair Value Exposure at July 31, 2017
            
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 curves, default rates, and similar data)).
 
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.
                 
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 observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data.  Certain securities are valued primarily using dealer quotations.  These securities are generally classified in Level 2 of the fair value hierarchy.
                 
Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above.  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, 2017, are as follows:
 
                         
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Consumer Discretionary
  
$
9,334,235
    
$
–
    
$
–
    
$
9,334,235
  
Consumer Staples
    
342,249
      
–
      
–
      
342,249
  
Financials
    
2,422,076
      
–
      
–
      
2,422,076
  
Health Care
    
1,948,342
      
–
      
–
      
1,948,342
  
Industrials
    
28,896,071
      
–
      
–
      
28,896,071
  
Information Technology
    
13,757,685
      
–
      
–
      
13,757,685
  
Materials
    
5,620,198
      
–
      
–
      
5,620,198
  
Total Common Stocks
  
$
62,320,856
    
$
–
    
$
–
    
$
62,320,856
  
                                 
Short-Term Investments
                                
Money Market Funds
  
$
5,388,165
    
$
–
    
$
–
    
$
5,388,165
  
Total Short-Term Investments
  
$
5,388,165
    
$
–
    
$
–
    
$
5,388,165
  
                                 
Total Investments
  
$
67,709,021
    
$
–
    
$
–
    
$
67,709,021
  
 
Transfers between levels are recognized at the end of the reporting period. During the nine-month period ended July 31, 2017, 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.


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.

HENNESSY FUNDS TRUST
(Registrant)


By:  /s/ Neil J. Hennessy         
Neil J. Hennessy
President

Date: September 29, 2017


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

By:
/s/ Neil J. Hennessy
  
 
Neil J. Hennessy, President
 
Date:
September  29, 2017
 
 
 
 
By:
/s/ Teresa M. Nilsen
  
 
Teresa M. Nilsen, Treasurer
 
 
Date:
September  29, 2017