NPORT-EX 2 midstreamfund.htm

Hennessy Midstream Fund
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS — 44.95%
  
Number of Shares
    
Value
    
% of Net Assets
  
                   
Gathering & Processing — 14.71%
                  
Antero Midstream Corp.
    
343,840
    
$
6,309,464
      
8.07
%
EQT Corp.
    
47,898
      
2,574,517
      
3.29
%
Targa Resources Corp.
    
15,770
      
2,624,286
      
3.35
%
             
11,508,267
      
14.71
%
Natural Gas/NGL Transportation — 30.24%
                        
Cheniere Energy, Inc.
    
15,370
      
3,625,476
      
4.63
%
DT Midstream, Inc.
    
19,640
      
2,017,617
      
2.58
%
Kinder Morgan, Inc.
    
125,660
      
3,526,020
      
4.51
%
ONEOK, Inc.
    
75,154
      
6,170,895
      
7.89
%
TC Energy Corp.
    
59,530
      
2,850,296
      
3.64
%
The Williams Companies, Inc.
    
91,232
      
5,469,358
      
6.99
%
             
23,659,662
      
30.24
%
Total Common Stocks
                        
(Cost $15,847,088)
            
35,167,929
      
44.95
%
                         
PARTNERSHIPS & TRUSTS — 54.19%
  
Number of
Shares
    
Value
    
% of Net
Assets
  
                         
Crude Oil and Refined Products — 22.27%
                        
MPLX LP
    
179,549
      
9,426,322
      
12.05
%
Plains All American Pipeline LP
    
438,196
      
7,997,077
      
10.22
%
             
17,423,399
      
22.27
%
Gathering & Processing — 6.24%
                        
Western Midstream Partners LP
    
119,770
      
4,878,232
      
6.24
%
                         
Natural Gas/NGL Transportation — 25.68%
                        
Energy Transfer LP
    
580,930
      
10,479,977
      
13.40
%
Enterprise Products Partners LP
    
310,050
      
9,608,450
      
12.28
%
             
20,088,427
      
25.68
%
Total Partnerships & Trusts
                        
(Cost $16,074,385)
            
42,390,058
      
54.19
%
                         
                         
SHORT-TERM INVESTMENTS — 8.94%
  
Number of
Shares
    
Value
    
% of Net
Assets
  
Money Market Funds — 8.94%
                        
First American Government Obligations Fund - Class X, 4.225%(a)
    
4,203,405
      
4,203,405
      
5.37
%
First American Treasury Obligations Fund - Class X, 4.217%(a)
    
2,791,113
      
2,791,113
      
3.57
%
                         
Total Short-Term Investments
                        
(Cost $6,994,518)
            
6,994,518
      
8.94
%
                         
Total Investments
                        
(Cost $38,915,991) — 108.08%
            
84,552,505
      
108.08
%
Liabilities in Excess of Other Assets - (8.08)%
            
(6,323,450
)
    
(8.08
)%
TOTAL NET ASSETS — 100.00%
          
$
78,229,055
      
100.00
%
                         
Percentages are stated as a percent of net assets.
  

(a)
The rate listed is the fund’s seven-day yield as of July 31, 2025.

Note: The Fund concentrates its investments in the Energy industry. For presentation purposes, the Fund uses custom categories.
Summary of Fair Value Exposure as of July 31, 2025
 
The Fund follows its valuation policies and procedures in determining its net asset value ("NAV") and, in preparing these financial statements, the fair value 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 of 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 other than quoted prices included in Level 1 (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.

The following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities 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, master limited partnerships, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are 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”) generally are 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 generally are 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 foreign 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., a weather-related event) 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 open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are 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 for equity securities. 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 exceeds 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 value hierarchy depending on the inputs used and market activity levels for specific securities.

If market quotations are 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, such security will be valued at its fair value under the Fund’s established fair valuation procedures as implemented by Hennessy Advisors, Inc. (the “Advisor”), the Fund’s valuation designee. The Advisor, as the valuation designee, is subject to the oversight of the Board of Trustees of the Trust (the “Board”). There are numerous criteria considered in determining a fair value of a security, such as the trading volume of a security and markets, the values of other similar securities, and news events with direct bearing on 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 Advisor will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application of such procedures.

The fair value 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. Using fair value pricing means that the Fund’s NAV reflects the affected portfolio securities’ values as determined by the Advisor, the Board’s valuation designee, pursuant to the Fund’s fair value pricing procedures, instead of being determined by the market. Using a fair value pricing methodology to price a foreign security may result in a value that is different from such foreign security’s most recent closing price and from the value used by other investment companies to calculate their NAVs. Such securities are generally classified in Level 2 of the fair value hierarchy. Because the Fund may invest in foreign securities, the value of the Fund’s portfolio securities may change on days when a shareholder is unable to purchase or redeem Fund shares.

The Fund has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determinations. Various inputs are used to determine 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 value hierarchy of the Fund's securities as of July 31, 2025, are as follows:
 

Common Stocks
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Gathering & Processing
  
$
11,508,267
    
$
—
    
$
—
    
$
11,508,267
  
Natural Gas/NGL Transportation
    
23,659,662
      
—
      
—
      
23,659,662
  
Total Common Stocks
  
$
35,167,929
    
$
—
    
$
—
    
$
35,167,929
  
                                 
Partnerships & Trusts
                                
Crude Oil and Refined Products
  
$
17,423,399
    
$
—
    
$
—
    
$
17,423,399
  
Gathering & Processing
    
4,878,232
      
—
      
—
      
4,878,232
  
Natural Gas/NGL Transportation
    
20,088,427
      
—
      
—
      
20,088,427
  
Total Partnerships & Trusts
  
$
42,390,058
    
$
—
    
$
—
    
$
42,390,058
  
                                 
Short-Term Investments
                          
Money Market Funds
  
$
6,994,518
    
$
—
    
$
—
    
$
6,994,518
  
Total Short-Term Investments
  
$
6,994,518
    
$
—
    
$
—
    
$
6,994,518
  
Total Investments
  
$
84,552,505
    
$
—
    
$
—
    
$
84,552,505