hft_prosp-497c.htm

HENNESSY FUNDS

1-800-966-4354

Investor: HFCGX

Institutional: HICGX

HENNESSY CORNERSTONE GROWTH FUND

Investment Objective

The Hennessy Cornerstone Growth Fund seeks long-term growth of capital.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		None		None
Other Expenses1		0.41%		0.21%
Shareholder Servicing	0.10%		None
All Remaining
Other Expenses	0.31%		0.21%
Total Annual Fund
Operating Expenses		1.15%		0.95%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on the assumptions, your costs would be:

	One Year	Three Years	Five Years	Ten Years
Investor	$117	$365	$633	$1,398
Institutional	$ 97	$303	$525	$1,166

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund had a portfolio turnover rate of 84% of the average value of its portfolio.

Principal Investment Strategy

The Fund invests in growth-oriented common stocks by utilizing a highly disciplined, quantitative formula known as the Cornerstone Growth Strategy® (the “Growth Strategy”). The stocks in which the Fund may invest are both domestic and foreign companies whose securities are listed on a U.S. national securities exchange and American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. Generally, a majority of the companies selected by the Growth Strategy are small cap companies (companies with a market capitalization under $1 billion), but the Growth Strategy may also select medium cap companies (companies with a market capitalization of $1 billion to $8 billion) and large cap companies (companies with a market capitalization in excess of $8 billion). From a universe of stocks with market capitalization exceeding $175 million, the Growth Strategy selects the 50 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria:

	1)	Price-to-sales ratio below 1.5
		This value criterion helps to uncover relative bargains. The Growth Strategy uses sales as its guide because sales figures are more difficult for companies to manipulate than earnings and frequently provide a clearer picture of a company’s potential value.
	2)	Annual earnings that are higher than the previous year
		While we have found that sales may be the best indicator of a company’s value, the Growth Strategy considers improved earnings to be a key indicator of a company’s financial strength.

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DOMESTIC EQUITY – HENNESSY CORNERSTONE GROWTH FUND

	3)	Positive stock price appreciation, or relative strength, over the past three and six-month periods
		Historically, relative strength has been one of the most influential variables in predicting which stocks will outperform the market.

The Fund purchases 50 stocks as dictated by the Growth Strategy, weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Growth Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Growth Strategy’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

As of January 31, 2015, the average and median market capitalization of the stocks held by the Fund were $9.0 billion and $3.2 billion, respectively.

Principal Risks

As with any security, there are market and investment risks associated with your investment in the Fund. The value of your investment will fluctuate over time and it is possible to lose money. The principal risks of investing in the Fund include the following:

Market Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy or the market as a whole. The value of equity securities will fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer's management, general market conditions, forecasts for the issuer's industry and the value of the issuer's assets.

Formula Investing Risk: The Fund will adhere to the Growth Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, despite any adverse developments that may arise. This could result in substantial losses to the Fund, if for example, the stocks selected for the Fund for a given year are experiencing financial difficulty, or are out of favor in the market because of weak performance, a poor earnings forecast, negative publicity or general market cycles. The Fund’s portfolio is rebalanced annually in accordance with the Growth Strategy, which may result in the elimination of better performing assets from the Fund’s investments and increases in investments with relatively lower total return.

Small- and Medium-Sized Companies Risk: The Fund invests in small- and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Small companies may have limited product lines, markets or financial resources and their management may be dependent on a limited number of key individuals.

Foreign Securities Risk: The Fund may invest in the securities of foreign issuers, including American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. There are specific risks associated with investing in the securities of foreign companies not typically associated with investing in domestic companies. Risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. Dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country.

Growth Style Risk: A growth style of investing may subject the Fund to above-average fluctuations as a result of seeking higher than average capital growth. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. There is the risk that the growth investment style may be out of favor for a period of time. At times when the style is out of favor, the Fund may underperform the market in general, its benchmark and other mutual funds.

Value Investing Risk: The value approach to investing involves the risk that value stock may remain undervalued. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time.

High Portfolio Turnover Risk: High portfolio turnover will produce higher transaction costs (such as brokerage commissions or markups or markdowns) that the Fund must pay, and will increase realized gains (or losses) to investors, which may lower the Fund’s after-tax performance.

Performance Information

HENNESSY FUNDS

1-800-966-4354

Investor: HFCGX

Institutional: HICGX

performance information provided for the periods on or prior to February 28, 2014 is historical information for the Predecessor Growth Fund, which had the same investment adviser and the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY CORNERSTONE GROWTH FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 23.23% for the quarter ended March 31, 2012 and the lowest quarterly return was -29.48% for the quarter ended September 30, 2011.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Cornerstone
Growth Fund – Investor

Return before taxes	13.82%	14.93%	4.18%

Return after taxes
on distributions	13.82%	14.93%	3.57%

Return after taxes
on distributions and
sale of Fund shares	7.82%	12.05%	3.40%

Hennessy Cornerstone
Growth Fund – Institutional

Return before taxes	14.01%	15.30%	4.40%

Russell 2000® Index
(reflects no deduction for
fees, expenses or taxes)	4.89%	15.55%	7.77%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	7.67%

The inception date of the Fund’s Institutional Class is March 3, 2008. Performance shown prior to the inception of the Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to and are higher than those of the Institutional Class shares.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Managers

Neil J. Hennessy and Brian E. Peery are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Mr. Hennessy serves as a Portfolio Manager of the Fund, and has been the President, Chief Executive Officer and Chairman of the Board of Directors of the Manager, a registered investment advisor, since its organization in 1989. Mr. Peery has served as a Portfolio Manager of the Fund since October 2014 and served as a Co-Portfolio Manager of the Fund from February 2011 through September 2014. He has been employed by the Manager since 2002.

For important information about purchase and sale of Fund shares, tax information, and financial intermediary compensation, please turn to “Important Additional Fund Information” on page 51 of this Prospectus.

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY FOCUS FUND

HENNESSY FOCUS FUND

Investment Objective

The Hennessy Focus Fund seeks capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.90%		0.90%
Distribution and Service (12b-1) Fees		0.15%	1	None
Other Expenses2		0.41%		0.20%
Shareholder Servicing	0.10%		None
All Remaining
Other Expenses	0.31%		0.20%
Total Annual Fund
Operating Expenses		1.46%		1.10%

“Distribution and Service (12b-1) Fees” have been restated to reflect a reduction in the amount of such fees from 0.25% to 0.15%, which is effective as of March 1, 2015. Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.

“Other Expenses” have been restated to reflect the implementation of a shareholder servicing agreement, which is effective as of March 1, 2015, and to reflect current fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report. “Other Expenses” include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$149	$462	$797	$1,746
Institutional	$112	$350	$606	$1,340

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 18% of the average value of its portfolio.

Principal Investment Strategy

Under normal circumstances, the Fund invests primarily in U.S. securities. In addition, the Fund may invest in foreign companies traded in the U.S. on a national securities exchange or national securities association, including American Depositary Receipts, and foreign companies traded on a foreign exchange. Investments will consist primarily of common stocks, but may include preferred stocks, warrants, options, equity-like instruments and debt instruments. The Portfolio Managers invest in the stocks of companies of any size without regard to market capitalization.

The Portfolio Managers implement the Fund’s strategy by focusing on companies whose valuations in the market are modest, that earn higher than average economic returns, are well managed and have ample opportunity to reinvest excess profits at above average rates. Once a potential investment is identified, the Portfolio Managers attempt to purchase shares at a price they believe represents a discount to a conservative estimate of the company’s intrinsic value.

The Fund may from time to time hold a significant portion of its portfolio in cash or cash equivalent instruments. If market conditions reduce the availability of securities with acceptable valuations, the Fund may, for extended periods, hold larger than usual cash reserves until securities with acceptable valuations become available. During declining markets, holding larger than usual cash reserves may allow the Fund to purchase securities at a discount.

HENNESSY FUNDS

1-800-966-4354

Investor: HFCSX

Institutional: HFCIX

Principal Risks

Temporary Defensive Positions Risk: The Fund may, from time to time, take temporary defensive positions in response to adverse market, economic, political or other conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash and/or short-term obligations.

Non-Diversification Risk: Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a more limited number of issuers), the Fund’s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, the Fund may be more volatile because each stock in which it invests could have greater impact on the Fund’s performance.

Foreign Securities Risk: The Fund may invest in the securities of foreign issuers listed on foreign exchanges, as well as foreign issuers listed on U.S. stock exchanges or associations through American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers. There are specific risks associated with investing in the securities of foreign companies not typically associated with investing in domestic companies. Risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. Dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the Russell 3000® Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell MidCap® Growth Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the FBR Focus Fund (the “Predecessor Focus Fund”). The performance information provided for the periods on or prior to October 26, 2012 is historical information for the Predecessor Focus Fund, which had the same investment objective and substantially similar investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Prior to January 1, 2008, the Fund operated pursuant to a different investment strategy. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY FOCUS FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 19.82% for the quarter ended June 30, 2009 and the lowest quarterly return was -16.38% for the quarter ended December 31, 2008.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY FOCUS FUND

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Focus
Fund – Investor

Return before taxes	10.20%	17.56%	10.41%

Return after taxes
on distributions	8.27%	16.28%	9.51%

Return after taxes
on distributions and
sale of Fund shares	7.31%	14.29%	8.54%

Hennessy Focus
Fund – Institutional

Return before taxes	10.55%	17.89%	10.65%

Russell 3000® Index
(reflects no deduction for
fees, expenses or taxes)	12.56%	15.63%	7.94%

Russell MidCap®
Growth Index
(reflects no deduction for
fees, expenses or taxes)	11.90%	16.94%	9.43%

We use the Russell MidCap® Growth Index as an additional index because it compares the Fund’s performance with the returns of an index holding investments similar to those of the Fund.

The inception date of the Fund’s Institutional Class is May 30, 2008. Performance shown prior to the inception of the Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to and are higher than those of the Institutional Class shares.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Sub-Advisor

The sub-advisor to the Fund is Broad Run Investment Management, LLC.

Portfolio Managers

David S. Rainey, CFA, Brian E. Macauley, CFA, and Ira M. Rothberg, CFA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Messrs. Rainey, Macauley and Rothberg have each served as a Co-Portfolio Manager of the Fund since August 2009.

HENNESSY FUNDS

1-800-966-4354

Investor: HFMDX

Institutional: HIMDX

HENNESSY CORNERSTONE MID CAP 30 FUND

Investment Objective

The Hennessy Cornerstone Mid Cap 30 Fund seeks long-term growth of capital.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		None		None
Other Expenses1		0.43%		0.25%
Shareholder Servicing	0.10%		None
All Remaining
Other Expenses	0.33%		0.25%
Total Annual Fund
Operating Expenses		1.17%		0.99%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$119	$372	$644	$1,420
Institutional	$101	$315	$547	$1,213

Portfolio Turnover

Principal Investment Strategy

The Fund normally invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in mid-cap, growth-oriented stocks by utilizing a highly disciplined, quantitative formula known as the Cornerstone Mid Cap 30 Formula® (the “Formula”). The Formula selects mid-cap companies (defined as companies that have a market cap of between $1 billion and $10 billion), and excludes American Depositary Receipts. The Formula selects the 30 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria:

	1)	Price-to-sales ratio below 1.5
		This value criterion helps to uncover relative bargains. The Formula uses sales as its guide because sales figures are more difficult for companies to manipulate than earnings and frequently provide a clearer picture of a company’s potential value.
	2)	Annual earnings that are higher than the previous year
		While we have found that sales may be the best indicator of a company’s value, the Formula considers improved earnings to be a key indicator of a company’s financial strength.
	3)	Positive stock price appreciation, or relative strength, over the past three and six-month periods
		Historically, relative strength has been one of the most influential variables in predicting which stocks will outperform the market.

The Fund purchases 30 stocks as dictated by the Formula, weighted equally by dollar amount, with 3.33% of the portfolio’s assets invested in each. Using the Formula, the universe of

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY CORNERSTONE MID CAP 30 FUND

stocks is re-screened and the portfolio is rebalanced annually, generally in the fall. Stocks meeting the Formula’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 3.33% weighting.

Principal Risks

Formula Investing Risk: The Fund will adhere to the Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, despite any adverse developments that may arise. This could result in substantial losses to the Fund, if for example, the stocks selected for the Fund for a given year are experiencing financial difficulty, or are out of favor in the market because of weak performance, a poor earnings forecast, negative publicity or general market cycles. The Fund’s portfolio is rebalanced annually in accordance with the Formula, which may result in the elimination of better performing assets from the Fund’s investments and increases in investments with relatively lower total return.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the S&P 500 Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell Midcap® Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the Hennessy Cornerstone Mid Cap 30 Fund, a series of Hennessy Mutual Funds, Inc. (the “Predecessor Mid Cap 30 Fund”). The performance information provided for the periods on or prior to February 28, 2014 is historical information for the Predecessor Mid Cap 30 Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY CORNERSTONE MID CAP 30 FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

HENNESSY FUNDS

1-800-966-4354

Investor: HFMDX

Institutional: HIMDX

For the period shown in the bar chart, the Fund’s highest quarterly return was 17.97% for the quarter ended March 31, 2006 and the lowest quarterly return was -22.59% for the quarter ended September 30, 2008.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Cornerstone
Mid Cap 30 Fund – Investor

Return before taxes	16.44%	17.92%	11.67%

Return after taxes
on distributions	14.84%	17.15%	10.81%

Return after taxes on
distributions and sale
of Fund shares	10.61%	14.54%	9.65%

Hennessy Cornerstone
Mid Cap 30 Fund – Institutional

Return before taxes	16.75%	18.35%	11.94%

Russell Midcap® Index
(reflects no deduction for
fees, expenses or taxes)	13.22%	17.19%	9.56%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	7.67%

We use the Russell Midcap® Index as an additional index because it compares the Fund's performance with the returns of an index holding investments similar to those of the Fund.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Managers

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DOMESTIC EQUITY – HENNESSY CORNERSTONE LARGE GROWTH FUND

HENNESSY CORNERSTONE LARGE GROWTH FUND

Investment Objective

The Hennessy Cornerstone Large Growth Fund seeks long-term growth of capital.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		None		None
Other Expenses1		0.34%		0.25%
Shareholder Servicing Fee	0.10%		None
All Remaining
Other Expenses	0.24%		0.25%
Total Annual Fund
Operating Expenses		1.08%		0.99%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$110	$343	$595	$1,317
Institutional	$101	$315	$547	$1,213

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio.

Principal Investment Strategy

The Fund invests in growth-oriented common stocks of larger companies by utilizing a highly disciplined, quantitative formula known as the Cornerstone Large Growth Formula (the “Large Growth Formula”). The Large Growth Formula excludes American Depositary Receipts. The Large Growth Formula selects the 50 common stocks from the Capital IQ Database that meet the following criteria, in order:

	1)	Market capitalization that exceeds the Database average
	2)	Price-to-cash flow ratio less than the Database median
	3)	Positive total capital
	4)	Highest one-year return on total capital

The Fund purchases 50 stocks as dictated by the Large Growth Formula, weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Large Growth Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Large Growth Formula’s criteria not currently in the portfolio will be purchased, and stocks that no longer meet the criteria will be sold. Holdings of all stocks in the Fund that continue to meet the criteria will be appropriately increased or decreased to result in an equal 2% weighting.

HENNESSY FUNDS

1-800-966-4354

Investor: HFLGX

Institutional: HILGX

Principal Risks

As with any security, there are market and investment risks associated with an investment in the Fund. The value of an investment will fluctuate over time and it is possible to lose money. The principal risks of investing in the Fund include the following:

Formula Investing Risk: The Fund will adhere to the Large Growth Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, despite any adverse developments that may arise. This could result in substantial losses to the Fund, if for example, the stocks selected for the Fund for a given year are experiencing financial difficulty, or are out of favor in the market because of weak performance, a poor earnings forecast, negative publicity or general market cycles. The Fund’s portfolio is rebalanced annually in accordance with the Large Growth Formula, which may result in the elimination of better performing assets from the Fund’s investments and increases in investments with relatively lower total return.

Medium-Sized Company Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Performance Information

HENNESSY CORNERSTONE LARGE GROWTH FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 21.26% for the quarter ended June 30, 2009 and the lowest quarterly return was -15.98% for the quarter ended September 30, 2011.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

			Since
	One	Five	Inception
	Year	Years	(3/20/09)
Hennessy Cornerstone Large
Growth Fund – Investor

Return before taxes	16.18%	15.92%	22.28%

Return after taxes
on distributions	11.93%	13.96%	20.47%

Return after taxes on
distributions and sale
of Fund shares	12.59%	12.86%	18.54%

Hennessy Cornerstone Large
Growth Fund – Institutional

Return before taxes	16.29%	16.22%	22.59%

Russell 1000® Index
(reflects no deduction for
fees, expenses or taxes)	13.24%	15.64%	21.49%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	21.11%

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY CORNERSTONE LARGE GROWTH FUND

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for only Investor Class shares and after-tax returns for the Institutional Class shares will vary. The Fund’s return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Managers

Neil J. Hennessy and Brian E. Peery are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program.

Mr. Hennessy serves as a Portfolio Manager of the Fund, and has been the President, Chief Executive Officer and Chairman of the Board of Directors of the Manager, a registered investment advisor, since its organization in 1989. Mr. Peery has served as a Portfolio Manager of the Fund since October 2014 and served as a Co-Portfolio Manager of the Fund from February 2011 through September 2014. He has been employed by the Manager since 2002.

HENNESSY FUNDS

1-800-966-4354

Investor: HFCVX

Institutional: HICVX

HENNESSY CORNERSTONE VALUE FUND

Investment Objective

The Hennessy Cornerstone Value Fund seeks total return, consisting of capital appreciation and current income.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.74%		0.74%
Distribution and Service (12b-1) Fees		None		None
Other Expenses1		0.35%		0.21%
Shareholder Servicing	0.10%		None
All Remaining
Other Expenses	0.25%		0.21%
Total Annual Fund
Operating Expenses		1.09%		0.95%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$111	$347	$601	$1,329
Institutional	$ 97	$303	$525	$1,166

Portfolio Turnover

Principal Investment Strategy

The Fund invests in larger, dividend-paying companies (companies with market capitalization that exceeds the average of the Database) by utilizing a highly disciplined, quantitative formula known as the Cornerstone Value Strategy® (the “Value Strategy”). The stocks in which the Fund may invest are both domestic and foreign companies whose securities are listed on a U.S. national securities exchange and American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. The Value Strategy then selects the 50 common stocks with the highest dividend yield as of the date of purchase from the Capital IQ Database that also meet the following criteria:

	1)	Market capitalization that exceeds the Database average
	2)	Number of shares outstanding that exceeds the Database average
	3)	Twelve-month sales that are 50% greater than the Database average
	4)	Cash flow that exceeds the Database average

The Fund purchases 50 stocks as dictated by the Value Strategy, weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Value Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Value Strategy’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.

As of January 31, 2015, the average market capitalization of the stocks held by the Fund was $110.6 billion.

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY CORNERSTONE VALUE FUND

Principal Risks

Formula Investing Risk: The Fund will adhere to the Value Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, despite any adverse developments that may arise. This could result in substantial losses to the Fund, if for example, the stocks selected for the Fund’s portfolio for a given year are experiencing financial difficulty, or are out of favor in the market because of weak performance, a poor earnings forecast, negative publicity or general market cycles. The Fund’s portfolio is rebalanced annually in accordance with the Value Strategy, which may result in the elimination of better performing assets from the Fund’s investments and increases in investments with relatively lower total return.

Medium-Sized Companies Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Value Investing Risk: The value approach to investing involves the risk that value stocks may remain undervalued. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the S&P 500 Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000® Value Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the Hennessy Cornerstone Value Fund, a series of Hennessy Mutual Funds, Inc. (the “Predecessor Value Fund”). The performance information provided for the periods on or prior to February 28, 2014 is historical information for the Predecessor Value Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY CORNERSTONE VALUE FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 28.59% for the quarter ended September 30, 2009 and the lowest quarterly return was -22.40% for the quarter ended December 31, 2008.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

HENNESSY FUNDS

1-800-966-4354

Investor: HFCVX

Institutional: HICVX

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Cornerstone
Value Fund – Investor

Return before taxes	8.86%	13.03%	6.46%

Return after taxes
on distributions	8.30%	12.49%	5.96%

Return after taxes
on distributions and
sale of Fund shares	5.48%	10.48%	5.21%

Hennessy Cornerstone
Value Fund – Institutional

Return before taxes	9.06%	13.34%	6.66%

Russell 1000® Value Index
(reflects no deduction for
fees, expenses or taxes)	13.45%	15.42%	7.30%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	7.67%

We use the Russell 1000® Value Index as an additional index because it compares the Fund’s performance with the returns of an index holding investments similar to those of the Fund.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Managers

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY LARGE VALUE FUND

HENNESSY LARGE VALUE FUND

Investment Objective

The Hennessy Large Value Fund seeks long-term growth of capital and current income.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.85%		0.85%
Distribution and Service (12b-1) Fees		None		None
Other Expenses1		0.36%		0.26%
Shareholder Servicing Fee	0.10%		None
All Remaining
Other Expenses	0.26%		0.26%
Total Annual Fund
Operating Expenses		1.21%		1.11%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$123	$384	$665	$1,466
Institutional	$113	$353	$612	$1,352

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 85% of the average value of its portfolio.

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks that are considered to be undervalued in relation to earnings, dividends and/or assets. The Fund invests in stocks that, at the time of initial purchase, meet each of the following criteria:

	•	stocks that the Portfolio Managers consider to be undervalued based on their earnings, dividends and/or assets or other widely recognized stock valuation measurements; and
	•	stocks that the Portfolio Managers believe have sound businesses with good future potential based on their fundamental characteristics.

The Fund normally invests for the long-term, but may sell a security at any time that the Fund’s Portfolio Managers consider it to be overvalued or otherwise unfavorable. With respect to stocks, the Fund generally requires a minimum market capitalization of $1 billion at time of purchase, and there is no maximum market capitalization.

Principal Risks

HENNESSY FUNDS

1-800-966-4354

Investor: HLVFX

Institutional: HLVIX

Medium-Sized Companies Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the S&P 500 Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000® Value Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the Tamarack Value Fund pursuant to a reorganization that took place on March 20, 2009. The performance information provided for the periods from January 1, 2005 to March 20, 2009 is historical information for the Tamarack Value Fund’s Class S shares. The Tamarack Value Fund was managed by RBC Global Asset Management (U.S.) Inc. (formerly known as Voyageur Asset Management Inc.) and had the same investment objective and a similar investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY LARGE VALUE FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 16.42% for the quarter ended September 30, 2009 and the lowest quarterly return was -21.02% for the quarter ended December 31, 2008.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Large
Value Fund – Investor

Return before taxes	12.19%	13.28%	5.51%

Return after taxes
on distributions	10.91%	12.88%	4.30%

Return after taxes
on distributions and
sale of Fund shares	7.95%	10.66%	4.56%

Hennessy Large
Value Fund – Institutional

Return before taxes	12.49%	13.70%	5.74%

Russell 1000® Value Index
(reflects no deduction for
fees, expenses or taxes)	13.45%	15.42%	7.30%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	7.67%

We use the Russell 1000® Value Index as an additional index because it compares the Fund’s performance with the returns of an index holding investments similar to those of the Fund.

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY LARGE VALUE FUND

tutional Class shares will vary. The Fund’s return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.

For periods prior to March 20, 2009, performance shown reflects the performance of the Tamarack Value Fund’s Class S shares and includes expenses that are not applicable to and are different than those of the Investor Class and Institutional Class shares.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Sub-Advisor

The sub-advisor to the Fund is RBC Global Asset Management (U.S.) Inc.

Portfolio Managers

Stuart A. Lippe, Barbara S. Browning, CFA, and Adam D. Scheiner, CFA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment strategy. Mr. Lippe has served as the Lead Portfolio Manager of the Fund since 2011 and served as a Senior Portfolio Manager to the Fund from 2007 to 2011. Ms. Browning and Mr. Scheiner have each served as a Senior Portfolio Manager of the Fund since 2007.

HENNESSY FUNDS

1-800-966-4354

HDOGX

HENNESSY TOTAL RETURN FUND

Investment Objective

The Hennessy Total Return Fund seeks total return, consisting of capital appreciation and current income.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

Sales charge (load)	None
Redemption fee	None
Exchange fee	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.60%
Distribution and Service (12b-1) Fees		0.15%
Other Expenses1		0.51%
Shareholder Servicing	0.10%
Interest Expense	0.10%
All Remaining Other Expenses	0.31%
Total Annual Fund Operating Expenses		1.26%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

One Year	Three Years	Five Years	Ten Years
$128	$400	$692	$1,523

Portfolio Turnover

Principal Investment Strategy

The Fund invests in the ten highest dividend-yielding Dow Jones Industrial Average (“DJIA”)* stocks (known as the “Dogs of the Dow”), and in U.S. Treasury securities with a maturity of less than one year.

The Fund invests approximately 50% of its assets in the ten “Dogs of the Dow” stocks, in roughly equal dollar amounts, and approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year. The Fund then utilizes a borrowing strategy that allows the Fund’s performance to approximate what it would be if the Fund had an asset allocation of roughly 75% Dogs of the Dow stocks and 25% U.S. Treasury securities. The Fund typically will borrow money by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities.

On numerous dates throughout the year, the Manager will determine the ten highest yielding common stocks in the DJIA by annualizing the last quarterly or semi-annual ordinary dividend declared on each stock and dividing the result by the market value of that stock. The Fund will then purchase those stocks in approximately equal dollar amounts until the next determination of the ten highest yielding DJIA stocks. The Fund also purchases from time to time an approximately equal amount of U.S. Treasury securities having a remaining maturity of less than one year.

The Dow Jones Industrial Average is the property of the Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or its investment advisor. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information included in this Prospectus.

HENNESSYFUNDS.COM

DOMESTIC EQUITY – HENNESSY TOTAL RETURN FUND

The Fund generally holds its stock investments for one year, including stocks that are no longer one of the Dogs of the Dow stocks, stocks that are no longer in the DJIA and stocks received in reorganizations of companies in the DJIA. At the end of the one-year period, the Fund sells any stocks that are no longer one of the Dogs of the Dow stocks and replaces them with stocks that are Dogs of the Dow stocks. Additionally, it may sell a portion of the stocks that remain in the portfolio so that the rebalanced portion of the portfolio adheres to the Fund’s asset allocation strategy.

Principal Risks

Although a portion of the Fund’s portfolio is invested in U.S. Treasury securities, there are market and investment risks associated with an investment in the Fund, as there are with any security. The value of your investment will fluctuate over time and it is possible to lose money. The principal risks of investing in the Fund include the following:

Formula Investing Risk: The Fund will adhere to its strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, despite any adverse developments that may arise. This could result in substantial losses to the Fund, if for example, the stocks selected for the Fund’s portfolio for a given year are experiencing financial difficulty, or are out of favor in the market because of weak performance, a poor earnings forecast, negative publicity or general market cycles. The Fund’s portfolio is rebalanced annually in accordance with its strategy, which may result in the elimination of better performing assets from the Fund’s investments and increases in investments with relatively lower total return.

Borrowing Risk: The Fund borrows against its investments. Purchasing Treasury/Government securities with borrowed money is an investment technique that increases investment risk because if the securities purchased with borrowed money decline in value, the Fund’s losses would be greater than if it had not. Also, the Fund will incur interest costs when it borrows money, which costs may exceed the investment returns it earns on the securities purchased with borrowed money. Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when the Fund seeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer or trustee or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds from the reverse repurchase agreement may effectively be restricted pending such decision.

Performance Information

The following performance information provides some indication of the risks of investing in the Hennessy Total Return Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 75/25 Blended DJIA/Treasury Index (which consists of 75% common stocks represented by the DJIA and 25% short-duration Treasury securities represented by the BofA Merrill Lynch 90-day Treasury Bill Index). For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the Hennessy Total Return Fund, a series of The Hennessy Funds, Inc. (the “Predecessor Total Return Fund”). The performance information provided for the periods on or prior to February 28, 2014 is historical information for the Predecessor Total Return Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY FUNDS

1-800-966-4354

HDOGX

HENNESSY TOTAL RETURN FUND

CALENDAR YEAR TOTAL RETURNS

For the period shown on the bar chart, the Fund’s highest quarterly return was 15.11% for the quarter ended September 30, 2009 and the lowest quarterly return was -18.41% for the quarter ended December 31, 2008.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Total
Return Fund

Return before taxes	5.85%	11.11%	5.31%

Return after taxes
on distributions	3.80%	10.46%	4.80%

Return after taxes
on distributions and
sale of Fund shares	5.00%	8.88%	4.27%

75/25 Blended
DJIA/Treasury Index
(reflects no deduction for
fees, expenses or taxes)	7.53%	10.67%	6.47%

Dow Jones
Industrial Average
(reflects no deduction for
fees, expenses or taxes)	10.04%	14.22%	7.91%

We use the 75/25 Blended DJIA/Treasury Index as an additional index because it compares the Fund’s performance with the returns of an index holding investments similar to those of the Fund.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Managers

HENNESSYFUNDS.COM

BALANCED & FIXED INCOME – HENNESSY EQUITY AND INCOME FUND

HENNESSY EQUITY AND INCOME FUND

Investment Objective

The Hennessy Equity and Income Fund seeks long-term capital growth and current income.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.80%		0.80%
Distribution and Service (12b-1) Fees		0.15%	1	None
Other Expenses2		0.42%		0.24%
Shareholder Servicing Fee	0.10%		None
All Remaining
Other Expenses	0.32%		0.24%
Acquired Fund Fees
and Expenses3		0.03%		0.03%
Total Annual Fund
Operating Expenses		1.40%		1.07%

1	“Distribution and Service (12b-1) Fees” have been restated to reflect a reduction in the amount of such fees from 0.25% to 0.15%, which is effective as of March 1, 2015. Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
2	“Other Expenses” have been restated to reflect the implementation of a shareholder servicing agreement, which is effective as of March 1, 2015, and to reflect current fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
3	Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$143	$443	$766	$1,680
Institutional	$109	$340	$590	$1,306

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 28% of the average value of its portfolio.

Principal Investment Strategy

The Fund is designed as a balanced fund that seeks yield income and long-term capital appreciation with reduced volatility of returns. The Portfolio Managers’ approach places a focus on seeking downside protection. Under normal circumstances, the Fund will invest approximately 60% of its assets in equity securities and approximately 40% of its assets in fixed income securities, but this allocation mix may change over time based on the Manager’s view of economic conditions and underlying security values. The Fund invests in a blend of primarily domestic common stocks, preferred stocks, convertible securities and core, high quality domestic corporate, agency and government bonds.

EQUITY ALLOCATION

The equity Portfolio Managers utilize a fundamental, value-oriented investment approach, focusing on larger, high-quality companies that have demonstrated market dominance, have low business risk and continue to have solid long-term growth prospects. The Portfolio Managers give consideration to companies that have shareholder-oriented management, with a history of aligning with shareholder interest through stock incentives, insider buying and corporate stock buy-backs. Many of the stocks held by the Fund are expected to pay dividends.

HENNESSY FUNDS

1-800-966-4354

Investor: HEIFX

Institutional: HEIIX

In addition to the types of securities described above, the Fund’s investments may include foreign securities, including American Depository Receipts or other types of depository receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. The Fund may invest in the stocks of companies of any size without regard to market capitalization. The Fund may invest in securities issued in initial public offerings.

FIXED INCOME ALLOCATION

The fixed income Portfolio Managers focus on higher quality, intermediate term fixed income securities, but they may invest up to 10% of the Fund’s assets in high yield bonds (commonly known as “junk bonds”). In addition to the types of securities described above, the Fund may invest in mortgage-backed securities, asset-backed securities and U.S. denominated bonds issued by foreign companies. The Fund may invest directly in fixed income securities or it may invest indirectly in fixed income securities by investing in other investment companies (including exchange-traded funds, referred to as ETFs) that invest in fixed income securities.

The fixed income Portfolio Managers employ continuous analysis and assessment of the variables that influence bond prices. They will use this proprietary approach, which combines economic momentum, inflationary expectations and technical factors, to evaluate interest rate changes in order to manage the duration of the portfolio in an effort to mitigate downside risk and maximize total return.

As of January 31, 2015, the dollar-weighted average maturity of the Fund’s portfolio is 5.96 years based on stated maturity.

Principal Risks

Debt Investments Risk: The yields and principal values of debt securities will also fluctuate. Generally, values of debt securities change inversely with interest rates. That is, as interest rates go up, the values of debt securities tend to go down and vice versa. Furthermore, these fluctuations tend to increase as a bond’s maturity increases such that a longer term bond will increase or decrease more for a given change in interest rates than a shorter term bond.

Foreign Securities Risk: The Fund may invest in the securities of foreign issuers, including American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S., and Yankee bonds, which are U.S. dollar-denominated bonds issued by foreign companies. There are specific risks associated with investing in the securities of foreign companies not typically associated with investing in domestic companies. Risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. Dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country.

High Yield Investments Risk: The Fund may invest a portion of its assets in lower-rated, high-yielding bonds (commonly known as “junk bonds”). These bonds have a greater degree of default risk than higher-rated bonds. Default risk is the possibility that the issuer of a debt security will fail to make timely payments of principal or interest to the Funds.

Mortgage-Backed and Asset-Backed Securities Investments Risk: Mortgage- and asset-backed securities are subject to prepayment risk, which is the risk that the borrower will prepay some or all of the principal owed to the issuer. If prepayment occurs, the Fund may have to replace the security by investing the proceeds in a less attractive security. This may reduce the Fund’s share price and income distribution.

Investment Company Securities Risk: When the Fund invests in another investment company (including ETFs), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of the underlying funds and the level of risk arising from the investment practices of the underlying funds (such as the use of leverage by the funds). The Fund has no control over the risks taken by the underlying funds in which it invests.

HENNESSYFUNDS.COM

BALANCED & FIXED INCOME – HENNESSY EQUITY AND INCOME FUND

may employ an investment strategy that utilizes high leverage ratios; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with an index that reflects a broad measure of market performance, the S&P 500 Index, as well as an additional index that reflects types of securities in which the Fund invests, the Blended Balanced Index (which consists of 60% common stocks represented by the S&P 500 Index and 40% bonds represented by the Barclays Capital Intermediate U.S. Government/Credit Index). For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the FBR Balanced Fund (the “Predecessor Equity and Income Fund”). The performance information provided for the periods on or prior to October 26, 2012 is historical information for the Predecessor Equity and Income Fund, which had the same investment objective and substantially similar investment strategy as the Fund. The Predecessor Balanced Fund was the investment successor to the AFBA 5Star Balanced Fund (the “AFBA Predecessor Balanced Fund”). The performance information provided for periods prior to March 12, 2010 is historical information for the Advisor Class shares of the AFBA Predecessor Balanced Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY EQUITY AND INCOME FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 10.89% for the quarter ended September 30, 2009 and the lowest quarterly return was -13.66% for the quarter ended December 31, 2008.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Equity and
Income Fund – Investor

Returns before taxes	11.26%	11.39%	7.87%

Returns after taxes
on distributions	10.01%	10.58%	6.64%

Returns after taxes on
distributions and sale
of fund shares	7.38%	9.00%	6.07%

Hennessy Equity and
Income Fund – Institutional

Returns before taxes	11.58%	11.66%	8.13%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	7.67%

Blended Balanced Index
(reflects no deduction for
fees, expenses or taxes)	9.43%	10.78%	6.52%

We use the Blended Balanced Index as an additional index because it compares the Fund’s performance with the returns of an index holding investments similar to those of the Fund.

HENNESSY FUNDS

1-800-966-4354

Investor: HEIFX

Institutional: HEIIX

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Sub-Advisors

The sub-advisor for the equity sleeve of the Fund is The London Company of Virginia, LLC (“The London Company”) and the sub-advisor for the fixed income sleeve of the Fund is Financial Counselors, Inc. (“FCI”).

Portfolio Managers

The London Company investment team, which is comprised of Stephen M. Goddard, CFA, Jonathan T. Moody, J. Brian Campbell, CFA and Mark E. DeVaul, CFA, CPA, is primarily responsible for the day-to-day management of the portfolio of the equity sleeve of the Fund and for developing and executing the investment program for the equity sleeve of the Fund. Mr. Goddard has served as the Lead Portfolio Manager of the equity sleeve of the Fund since July 2007 and is also the Managing Director and Founder of The London Company. Messrs. Moody, Campbell and DeVaul have each served as a Portfolio Manager of the equity sleeve of the Fund since July 2007, September 2010 and July 2011, respectively.

The FCI investment team, which is comprised of Gary B. Cloud, CFA, and Peter G. Greig, CFA, is primarily responsible for the day-to-day management of the portfolio of the fixed income sleeve of the Fund and for developing and executing the investment program for the fixed income sleeve of the Fund. Messrs. Cloud and Greig have each served as a Portfolio Manager of the fixed income sleeve of the Fund since July 2007 and are also each a Senior Vice President of FCI.

HENNESSYFUNDS.COM

BALANCED & FIXED INCOME – HENNESSY BALANCED FUND

HENNESSY BALANCED FUND

Investment Objective

The Hennessy Balanced Fund seeks a combination of capital appreciation and current income.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

Sales charge (load)	None
Redemption fee	None
Exchange fee	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.60%
Distribution and Service (12b-1) Fees		0.15%
Other Expenses1		0.93%
Shareholder Servicing	0.10%
All Remaining Other Expenses	0.83%
Total Annual Fund Operating Expenses		1.68%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds.

One Year	Three Years	Five Years	Ten Years
$171	$530	$913	$1,987

Portfolio Turnover

Principal Investment Strategy

The Fund invests approximately 50% of its assets in roughly equal dollar amounts in the ten highest dividend-yielding Dow Jones Industrial Average (“DJIA”)* stocks (known as the “Dogs of the Dow”), but limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year.

HENNESSY FUNDS

1-800-966-4354

HBFBX

portion of the stocks that remain in the portfolio so that the rebalanced portion of the Fund’s portfolio will consist of approximately 50% U.S. Treasury securities and approximately 50% of the ten highest yielding stocks in the DJIA in approximately equal dollar amounts.

Principal Risks

Although approximately 50% of the Fund’s portfolio is invested in U.S. Treasury securities, there are market and investment risks associated with an investment in the Fund, as there are with any security. The value of your investment will fluctuate over time and it is possible to lose money. The principal risks of investing in the Fund include the following:

Performance Information

The following performance information provides some indication of the risks of investing in the Hennessy Balanced Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 50/50 Blended DJIA/Treasury Index (which consists of 50% common stocks represented by the DJIA and 50% short-duration Treasury securities represented by the BofA Merrill Lynch 1-Year Treasury Note Index). For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the Hennessy Balanced Fund, a series of The Hennessy Funds, Inc. (the “Predecessor Balanced Fund”). The performance information provided for the periods on or prior to February 28, 2014 is historical information for the Predecessor Balanced Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY BALANCED FUND

CALENDAR YEAR TOTAL RETURNS

For the period shown on the bar chart, the Fund’s highest quarterly return was 14.05% for the quarter ended September 30, 2009 and the lowest quarterly return was -12.52% for the quarter ended December 31, 2008.

HENNESSYFUNDS.COM

BALANCED & FIXED INCOME – HENNESSY BALANCED FUND

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Balanced Fund

Return before taxes	2.64%	6.58%	3.81%

Return after taxes
on distributions	1.48%	6.13%	3.28%

Return after taxes
on distributions and
sale of Fund shares	2.45%	5.17%	3.02%

50/50 Blended
DJIA/Treasury Index
(reflects no deduction for
fees, expenses or taxes)	5.10%	7.30%	5.17%

Dow Jones
Industrial Average
(reflects no deduction for
fees, expenses or taxes)	10.04%	14.22%	7.91%

We use the 50/50 Blended DJIA/Treasury Index as an additional index because it compares the Fund’s performance with the returns of an index holding investments similar to those of the Fund.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Managers

HENNESSY FUNDS

1-800-966-4354

Investor: HCBFX

Institutional: HCBIX

HENNESSY CORE BOND FUND

Investment Objective

The Hennessy Core Bond Fund seeks current income with capital growth as a secondary objective.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.80%		0.80%
Distribution and Service (12b-1) Fees1		0.15%		None
Other Expenses2		1.94%		1.75%
Shareholder Servicing Fee	0.10%		None
All Remaining
Other Expenses	1.84%		1.75%
Acquired Fund Fees
and Expenses3		0.05%		0.05%
Total Annual Fund
Operating Expenses		2.94%		2.60%

1	“Distribution and Service (12b-1) Fees” have been restated to reflect a reduction in the amount of such fees from 0.25% to 0.15%, which is effective as of March 1, 2015. Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
2	“Other Expenses” have been restated to reflect the implementation of a shareholder servicing agreement, which is effective as of March 1, 2015, and to reflect current fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
3	Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$297	$910	$1,548	$3,261
Institutional	$263	$808	$1,380	$2,934

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 54% of the average value of its portfolio.

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets in fixed income securities, which include domestic investment grade corporate, agency and governmental bonds, mortgage-backed securities, asset-backed securities, and U.S. denominated bonds issued by foreign companies. The Fund’s investments may include foreign securities, including indirect investments such as American Depository Receipts or other types of depositary receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. The Fund may invest up to 10% of its assets in high yield bonds (commonly known as “junk bonds”). The Fund may invest directly in fixed income securities or it may invest indirectly in fixed income securities by investing in other investment companies (including exchange-traded funds, referred to as ETFs) that invest in fixed income securities.

HENNESSYFUNDS.COM

BALANCED & FIXED INCOME – HENNESSY CORE BOND FUND

The Portfolio Managers focus on higher quality, intermediate term fixed income securities that can produce attractive results for investment with a focus on downside protection. They employ continuous analysis and assessment of the variables that influence bond prices. The Portfolio Managers will use this proprietary approach, which combines economic momentum, inflationary expectations and technical factors, to evaluate interest rate changes in order to manage the duration of the portfolio in an effort to mitigate risk and maximize total return.

As of January 31, 2015, the dollar-weighted average maturity of the Fund’s portfolio was 6.03 years based on stated maturity.

Principal Risks

Foreign Securities Risk: The Fund may invest in the securities of foreign issuers, including American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S., and Yankee bonds, which are U.S. dollar-denominated bonds of foreign issuers. There are specific risks associated with investing in the securities of foreign companies not typically associated with investing in domestic companies. Risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. Dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country.

ETF Risk: In addition to risks generally associated with investments in investment company securities, ETFs are subject to the following risks that do not apply to non-exchange traded funds: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; or (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally.

Performance Information

HENNESSY FUNDS

1-800-966-4354

Investor: HCBFX

Institutional: HCBIX

cessor to the FBR Core Bond Fund (the “Predecessor Core Bond Fund”). The performance information provided for the periods on or prior to October 26, 2012 is historical information for the Predecessor Core Bond Fund, which had the same investment objective and substantially similar investment strategy as the Fund. The Predecessor Core Bond Fund was the investment successor to the AFBA 5Star Total Return Bond Fund (the “AFBA Predecessor Bond Fund”). The performance information provided for periods prior to March 12, 2010 is historical information for the Advisor Class shares of the AFBA Predecessor Bond Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY CORE BOND FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 5.35% for the quarter ended September 30, 2009 and the lowest quarterly return was -2.84% for the quarter ended March 31, 2005.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Core
Bond Fund – Investor

Returns before taxes	1.75%	4.14%	4.30%

Returns after taxes
on distributions	0.40%	1.80%	2.19%

Returns after taxes on
distributions and sale
of fund shares	1.27%	2.78%	2.84%

Hennessy Core
Bond Fund – Institutional

Returns before taxes	2.00%	4.39%	4.55%

Barclays Capital Intermediate
U.S. Government/Credit Index
(reflects no deduction for
fees, expenses or taxes)	3.13%	3.54%	4.10%

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Sub-Advisor

The sub-advisor for the Fund is Financial Counselors, Inc. (“FCI”).

Portfolio Managers

Gary B. Cloud, CFA, and Peter G. Greig, CFA, are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Messrs. Cloud and Greig have each served as a Portfolio Manager of the Fund since July 2007 and are also each a Senior Vice President of FCI.

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY GAS UTILITY FUND

HENNESSY GAS UTILITY FUND

Investment Objective

The Hennessy Gas Utility Fund seeks income and capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

Sales charge (load)	None
Redemption fee	None
Exchange fee	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.40%
Distribution and Service (12b-1) Fees1		0.11%
Other Expenses2		0.43%
Shareholder Servicing	0.08%
All Remaining Other Expenses	0.35%
Total Annual Fund Operating Expenses		0.94%

“Distribution and Service (12b-1) Fees” have been restated to reflect the implementation of a Rule 12b-1 Plan, which is effective as of March 1, 2015. Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.

“Other Expenses” have been restated to reflect the implementation of a shareholder servicing arrangement, which is effective as of March 1, 2015, and to reflect current fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

One Year	Three Years	Five Years	Ten Years
$96	$300	$520	$1,155

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 20% of the average value of its portfolio.

Principal Investment Strategy

The Fund intends to provide investment results that replicate the performance of the American Gas Association Stock Index (the “AGA Stock Index”). The AGA Stock Index is maintained by the American Gas Association, a national trade association of natural gas companies, and is licensed exclusively to the Manager for use as an investment strategy. The AGA Stock Index consists of approximately 62 publicly traded companies of natural gas distribution, gas pipeline, diversified gas and combination gas and electric companies whose securities are traded on a U.S. securities exchange (exclusive of treasury stock). The Fund invests in domestic U.S. securities, but such securities may include domestic securities of foreign issuers, including indirect investments such as American Depositary Receipts or other types of depositary receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. The stocks included in the Fund are chosen solely on the basis of their inclusion in the AGA Stock Index.

The Fund intends to invest under normal circumstances at least 85% of its net assets in the common stock of companies that have natural gas distribution and transmission operations. No attempt is made to actively manage the Fund’s portfolio by using economic, financial or market analysis and the adverse financial situation of a company will not result in its elimination from the Fund’s portfolio unless the company is removed from the AGA Stock Index. The percentage amount of the Fund’s assets invested in the stock of a particular company that is included in the AGA Stock Index is approximately the same as the percentage that such company’s stock represents in the AGA Stock Index. The percentage amount of each company’s stock in the AGA Stock Index is based on such company’s market capitalization, which is the number of its shares outstanding multiplied

HENNESSY FUNDS

1-800-966-4354

GASFX

by the market price of its stock. This computation is also weighted to reduce the effect of a company’s assets that are not connected with natural gas distribution and transmission revenue. Although there is no predetermined acceptable range of deviation between the performance of the AGA Stock Index and that of the Fund, the Fund attempts to achieve a correlation of approximately 95% or better. One-hundred percent correlation would mean the total return of the Fund’s assets would increase and decrease exactly the same as the AGA Stock Index. If a deviation occurs, it may be the result of various expenses incurred by the Fund, such as management fees, transaction costs and other operating expenses.

Principal Risks

Industry Concentration Risk: The Fund concentrates its investments within the natural gas distribution and transmission industry. Because of its narrow industry focus, the Fund’s performance is tied closely to and affected by developments in the natural gas distribution and transmission industry, such as competition and weather. The profitability of the gas industry may also be sensitive to increased interest rates because of the industry’s capital intensive nature.

Index Tracking Risk: While the Fund seeks to track the performance of the AGA Stock Index as closely as possible, the Fund’s return may not always be able to match or achieve a high correlation due to such factors as the various expenses incurred by the Fund, such as management fees, transaction costs and other operating expenses that are not incurred by the AGA Stock Index, or the possibility that the Fund may experience significant subscriptions and/or redemption requestion. In addition, the Fund may not be fully invested at all times as a result of cash flows into the Fund or reserves of cash that are maintained in order to cover operating expenses and meet redemption requests.

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY GAS UTILITY FUND

Performance Information

HENNESSY GAS UTILITY FUND

CALENDAR YEAR TOTAL RETURNS

For the period shown in the bar chart, the Fund’s highest quarterly return was 14.73% for the quarter ended June 30, 2009 and the lowest quarterly return was -16.40% for the quarter ended September 30, 2008.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Gas
Utility Fund

Returns before taxes	21.20%	18.10%	12.35%

Returns after taxes
on distributions	19.46%	17.03%	11.39%

Returns after taxes on
distributions and sale
of fund shares	12.85%	14.61%	10.18%

AGA Stock Index
(reflects no deduction for
fees, expenses or taxes)	21.72%	18.63%	13.12%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	7.67%

We use the AGA Stock Index as an additional index because it compares the Fund’s performance with the returns of an index holding investments similar to those of the Fund. The AGA Stock Index is calculated monthly and provided by the American Gas Association.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Manager

Winsor (Skip) H. Aylesworth, Ryan Kelley, and Brian E. Peery are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Mr. Aylesworth has served as a Portfolio Manager of the Fund since 2001. Mr. Kelley has served as a Portfolio Manager of the Fund since October 2014 and served as a Co-Portfolio Manager of the Fund from March 2013 to September 2014. Mr. Peery has served as a Portfolio Manager of the Fund since February 2015 and has been employed by the Manager since 2002.

HENNESSY FUNDS

1-800-966-4354

Investor: HSFNX

Institutional: HISFX

HENNESSY SMALL CAP FINANCIAL FUND

Investment Objective

The Hennessy Small Cap Financial Fund seeks capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.90%		0.90%
Distribution and Service (12b-1) Fees1		0.15%		None
Other Expenses2		0.44%		0.22%
Shareholder Servicing Fee	0.10%		None
All Remaining
Other Expenses	0.34%		0.22%
Total Annual Fund Operating Expenses		1.49%		1.12%

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$152	$471	$813	$1,779
Institutional	$114	$356	$617	$1,363

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 47% of the average value of its portfolio.

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of small-cap companies “principally engaged” in the business of providing financial services to consumers and industry. An issuer is “principally engaged” in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, insurance, securities and investments, specialty finance and real estate. The Fund focuses on financial services companies that invest in real estate, usually through mortgages and other consumer-related loans. These companies may also offer other financial services such as discount brokerage services, insurance products, leasing services and joint venture financing. Investments may include mortgage banking companies, consumer finance companies, savings and loan associations, savings banks, building and loan associations, cooperative banks, commercial banks, other depository institutions, companies in the information technology industries that are primarily engaged in providing products and/or services to the types of companies listed above and real estate investment trusts. The Fund considers a small-cap company to be one that has a market capitalization of

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY SMALL CAP FINANCIAL FUND

less than $3 billion, measured at the time of purchase. The Fund’s investments will consist primarily of common stocks, but may include preferred stocks, warrants and convertible bonds.

When evaluating securities to purchase, the Portfolio Managers generally look for companies that have a low price-to-earnings ratio and low price-to-book ratio relative to the financial services group of industries.

The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities.

Principal Risks

Real Estate-Related Risk: Because the Fund focuses on financial services companies that may invest in real estate, the Fund is subject to the risks associated with ownership of real estate and with the real estate industry in general. Real estate values (and the values of real estate-related securities) fluctuate with changes in general and local economic conditions and are particularly sensitive to economic downturns. Real estate values are also affected by changes in interest rates and governmental actions such as tax and zoning changes.

Industry Concentration Risk: The Fund concentrates its investments within the financial services group of industries. Because of its narrow industry focus, the performance of the Fund is tied closely to and affected by developments in the financial services group of industries, such as the possibility that government regulation will negatively impact companies involved in the financial services group of industries. Financial services companies can be influenced by adverse effects of volatile interest rates and other factors. The Fund may incur a loss on an investment in the securities issued by these institutions.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the Russell 2000® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 2000® Financial Services Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the FBR Small Cap Financial Fund (the “Predecessor Small Cap Financial Fund”). The performance information provided for the periods on or prior to October 26, 2012 is historical information for the Predecessor Small Cap Financial Fund, which had the same investment objective and substantially similar investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY FUNDS

1-800-966-4354

Investor: HSFNX

Institutional: HISFX

HENNESSY SMALL CAP FINANCIAL FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 22.57% for the quarter ended September 30, 2009 and the lowest quarterly return was -21.72% for the quarter ended September 30, 2011.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Small Cap
Financial Fund – Investor

Returns before taxes	-3.40%	9.69%	4.08%

Returns after taxes
on distributions	-6.58%	8.52%	2.61%

Returns after taxes
on distributions
and sale of fund shares	0.61%	7.68%	3.29%

Hennessy Small Cap
Financial Fund – Institutional

Returns before taxes	-3.08%	9.95%	4.25%

Russell 2000®
Financial Services Index
(reflects no deduction for
fees, expenses or taxes)	8.85%	15.17%	4.50%

Russell 2000® Index
(reflects no deduction for
fees, expenses or taxes)	4.89%	15.55%	7.77%

We use the Russell 2000® Financial Services Index as an additional index because it compares the Fund’s performance with the return of an index holding investments similar to those of the Fund.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Manager

David H. Ellison and Ryan Kelley are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Mr. Ellison has served as a Portfolio Manager of the Fund since inception. Mr. Kelley has served as a Portfolio Manager of the Fund since October 2014 and served as a Co-Portfolio Manager of the Fund from March 2013 to September 2014.

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY LARGE CAP FINANCIAL FUND

HENNESSY LARGE CAP FINANCIAL FUND

Investment Objective

The Hennessy Large Cap Financial Fund seeks capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.90%		0.90%
Distribution and Service (12b-1) Fees1		0.15%		None
Other Expenses		0.50%	2	0.27%	3
Shareholder Servicing	0.10%		None
All Remaining Other Expenses	0.40%		0.27%
Total Annual Fund Operating Expenses		1.55%		1.17%

1	“Distribution and Service (12b-1) Fees” have been restated to reflect a reduction in the amount of such fees from 0.25% to 0.15%, which is effective as of March 1, 2015. Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
2	“Other Expenses” have been restated to reflect the implementation of a shareholder servicing agreement, which is effective as of March 1, 2015, and to reflect current fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
3	“Other Expenses” are based on estimated amounts for the current fiscal year.

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$158	$490	$845	$1,845
Institutional	$119	$372	$644	$1,420

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 58% of the average value of its portfolio.

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of large-cap companies “principally engaged” in the business of providing financial services. An issuer is “principally engaged” in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, insurance, securities and investments, specialty finance and real estate. The Fund may also invest in companies in the information technology industries that primarily provide products and/or services to companies in the financial services group of industries. The Fund considers a large-cap company to be one that has a market capitalization of $3 billion or more, measured at the time of purchase. The Fund’s investments will consist primarily of common stocks, but may include preferred stocks, warrants and convertible bonds.

HENNESSY FUNDS

1-800-966-4354

Investor: HLFNX

Institutional: HILFX

Principal Risks

Medium- and Large-Sized Companies Risk: Larger, more established companies may be unable to respond quickly to new competitive challenges such as changes in consumer tastes or innovative smaller competitors. Also, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. Compared to larger companies, medium-sized companies may have a shorter history of operations, and may have more limited liquidity and greater price volatility than larger, more established companies. Medium companies may have limited product lines, markets or financial resources as compared with large companies.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of an index that reflects a broad measure of market performance, the Russell 1000® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 1000® Financial Services Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The performance information shown reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to and are higher than those of the Institutional Class shares. Prior to June 15, 2015, the date that this Prospectus was amended and restated, the Institutional Class shares were not offered to investors. The Fund is the successor to the FBR Large Cap Financial Fund (the “Predecessor Large Cap Financial Fund”). The performance information provided for the periods on or prior to October 26, 2012 is historical information for the Predecessor Large Cap Financial Fund, which had the same investment objective and substantially similar investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY LARGE CAP FINANCIAL FUND

HENNESSY LARGE CAP FINANCIAL FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 27.66% for the quarter ended September 30, 2009 and the lowest quarterly return was -21.49% for the quarter ended September 30, 2011.

The year-to-date return of the Fund’s Investor Class shares through March 31, 2015 was -3.92%.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Large Cap
Financial Fund - Investor

Returns before taxes	7.85%	11.41%	4.95%

Returns after taxes
on distributions	5.35%	10.73%	3.88%

Returns after taxes on
distributions and sale
of fund shares	6.50%	9.09%	3.99%

Russell 1000®
Financial Services Index
(reflects no deduction for
fees, expenses or taxes)	14.66%	13.84%	1.85%

Russell 1000® Index
(reflects no deduction for
fees, expenses or taxes)	13.24%	15.64%	7.96%

We use the Russell 1000® Financial Services Index as an additional index because it compares the Fund’s performance with the return of an index holding investments similar to those of the Fund.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Manager

HENNESSY FUNDS

1-800-966-4354

Investor: HTECX

Institutional: HTCIX

HENNESSY TECHNOLOGY FUND

Investment Objective

The Hennessy Technology Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		0.90%		0.90%
Distribution and Service (12b-1) Fees1		0.15%		None
Other Expenses2		1.93%		1.71%
Shareholder Servicing Fee	0.10%		None
All Remaining
Other Expenses	1.83%		1.71%
Acquired Fund Fees
and Expenses3		0.05%		0.05%
Total Annual Fund
Operating Expenses		3.03%		2.66%

1	“Distribution and Service (12b-1) Fees” have been restated to reflect a reduction in the amount of such fees from 0.25% to 0.15%, which is effective as of March 1, 2015. Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
2	“Other Expenses” have been restated to reflect the implementation of a shareholder servicing agreement, which is effective as of March 1, 2015, and to reflect current fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report.
3	Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$306	$936	$1,591	$3,346
Institutional	$269	$826	$1,410	$2,993

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 204% of the average value of its portfolio.

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of companies that are principally engaged in the research, design, development, manufacturing or distributing of products or services in the technology industry. Potential investments include, but are limited to, the following industries: computer software and hardware, semiconductors, scientific instrumentation, telecommunications, pharmaceuticals, chemicals, synthetic materials, defense and commercial electronics, data storage and retrieval, biotechnology, and healthcare and medical supplies. The Fund primarily invests in equity securities (which include common stocks, preferred stocks, warrants and other securities convertible into common stocks, including convertible bonds and convertible preferred stock) of companies listed on a U.S. securities exchange that are expected to experience earnings growth as a result of technology. The Fund may also invest in foreign securities, including indirect investments such as American Depositary Receipts or other types of depositary receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. The Fund may invest in the stocks of companies of any size without regard to market capitalization.

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY TECHNOLOGY FUND

The Portfolio Managers make investment decisions for the Fund on the basis of fundamental security analysis. Once an issuer is identified as an attractive candidate for the Fund’s portfolio, the Portfolio Managers assess the relative value and growth potential of the security on the basis of various factors, which may include price to book ratio, price to earnings ratio, tangible book value, earnings yield and cash flow, among others.

Principal Risks

Medium-Sized Companies Risk: The Fund invests in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies.

Industry Concentration Risk: The Fund concentrates its investments within the technology industry. Because of its narrow industry focus, the performance of the Fund is tied closely to and is affected by developments in the technology industry and its related businesses. The value of the Fund’s shares may fluctuate more than shares of a fund investing in other industries or in a broader range of industries.

Foreign Securities Risk: The Fund may invest in foreign securities, including indirect investments such as American Depositary Receipts or other types of depositary receipts, which are U.S. dollar-denominated securities of foreign issuers traded in the U.S. There are specific risks associated with investing in the securities of foreign companies not typically associated with investing in domestic companies. Risks include fluctuations in the exchange rates of foreign currencies that may affect the U.S. Dollar value of a security, and the possibility of substantial price volatility as a result of political and economic instability in the foreign country.

Performance Information

HENNESSY FUNDS

1-800-966-4354

Investor: HTECX

Institutional: HTCIX

HENNESSY TECHNOLOGY FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 18.58% for the quarter ended June 30, 2009 and the lowest quarterly return was -22.74% for the quarter ended December 31, 2008.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Technology
Fund – Investor

Returns before taxes	1.73%	7.61%	5.48%

Returns after taxes
on distributions	1.73%	7.61%	4.99%

Returns after taxes on
distributions and sale
of fund shares	0.98%	5.99%	4.25%

Hennessy Technology
Fund – Institutional

Returns before taxes	1.99%	7.84%	5.59%

NASDAQ Composite Index
(reflects no deduction for
fees, expenses or taxes)	14.75%	17.28%	9.26%

S&P 500 Index
(reflects no deduction for
fees, expenses or taxes)	13.69%	15.45%	7.67%

The inception date of the Fund’s Institutional Class shares is March 12, 2010. Performance shown prior to the inception of the Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to and are higher than those of the Institutional Class shares.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Portfolio Managers

David H. Ellison and Winsor (Skip) H. Aylesworth are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Messrs. Ellison and Aylesworth have each served as a Portfolio Manager of the Fund since inception.

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY JAPAN FUND

HENNESSY JAPAN FUND

Investment Objective

The Hennessy Japan Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		1.00%		1.00%
Distribution and Service (12b-1) Fees		None		None
Other Expenses1		0.64%		0.44%
Shareholder Servicing Fee	0.10%		None
All Remaining
Other Expenses	0.54%		0.44%
Total Annual Fund
Operating Expenses		1.64%		1.44%

“Other Expenses” have been restated to reflect current administration and related fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report. “Other Expenses” include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

EXAMPLE

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$167	$517	$892	$1,944
Institutional	$147	$456	$787	$1,724

Portfolio Turnover

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of Japanese companies. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. The Fund’s equity investments may include common stocks, preferred stocks, warrants and other rights, and securities convertible into or exchangeable for common stocks, such as convertible bonds. The Fund’s investments also may include investments in Japan real estate investment trusts or funds and pooled investment vehicles such as exchange-traded funds (“ETFs”) that invest in equity securities of Japanese companies. The Fund invests in companies regardless of market capitalization. As of January 31, 2015, the average market capitalization of the stocks held by the Fund was $24.0 billion.

While the Fund is considered a “diversified” mutual fund, it may employ a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds.

Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential “value gap” by screening for companies that they identify as having strong businesses and management, trading at an attractive price. The Portfolio Managers limit the portfolio to what they consider to be their best ideas and maintain a concentrated number of holdings. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company’s prospects have changed or believe that a company’s stock is fully valued by the market, or when the company begins to show deteriorating fundamentals. They also may sell an investment if it becomes, in their determination, an overweighted portfolio position in the Fund.

HENNESSY FUNDS

1-800-966-4354

Investor: HJPNX

Institutional: HJPIX

Principal Risks

Small- and Medium-Sized Companies Risk: The Fund may invest in small- and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Small companies may have limited product lines, markets or financial resources and their management may be dependent on a limited number of key individuals.

Japan Risk: The Fund invests in the stock of companies operating in Japan. Because Japan’s economy and equity market share a strong correlation with the U.S. markets, the Japanese economy may be affected by economic problems in the U.S. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political or social instability in those countries. Despite a strengthening in the economic relationship between Japan and China, the countries’ political relationship has at times been strained in recent years. Should political tension increase, it could adversely affect the economy and destabilize the region as a whole. Japan also remains heavily dependent on oil imports, and higher commodity prices could therefore have a negative impact on the economy. Japanese securities may also be subject to lack of liquidity; excessive taxation; government seizure of assets; different legal or accounting standards and less government supervision and regulation of exchanges than in the United States. Furthermore, the natural disasters that have impacted Japan and the ongoing recovery efforts have had a negative affect on Japan’s economy, and may continue to do so.

Pooled Investment Vehicles Risk: When the Fund invests in another pooled investment vehicle (including ETFs), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other pooled investment vehicle. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by losses of the underlying investment vehicle and the level of risk arising from the investment practices of the underlying investment vehicle (such as the use of leverage). The Fund has no control over the risks taken by the underlying investment vehicle in which it invests.

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1, 5 and 10 years compare with those of indices that reflect a broad measure of market performance, the Russell/Nomura Total Market™ Index and the Tokyo Stock Price Index (TOPIX). For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The Fund is the successor to the Hennessy Japan Fund, a series of Hennessy SPARX Funds Trust (the “Predecessor Japan Fund”). The performance information provided for the periods on or prior to February 28, 2014 is historical information for the Predecessor Japan Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY JAPAN FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 19.98% for the quarter ended December 31, 2005 and the lowest quarterly return was -18.79% for the quarter ended September 30, 2008.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses.

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY JAPAN FUND

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

	One	Five	Ten
	Year	Years	Years
Hennessy Japan Fund - Investor

Returns before taxes	6.98%	12.75%	4.97%

Returns after taxes
on distributions	6.98%	12.78%	4.88%

Returns after taxes on
distributions and sale
of fund shares	3.95%	10.25%	3.97%

Hennessy Japan
Fund - Institutional

Returns before taxes	7.23%	13.04%	5.15%

Russell/Nomura
Total Market Index
(reflects no deduction for
fees, expenses or taxes)	-3.03%	5.85%	2.56%

TOPIX
(reflects no deduction for
fees, expenses or taxes)	-3.49%	5.80%	2.33%

Returns are presented in U.S. Dollar terms.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Sub-Advisor

The sub-advisor for the Fund is SPARX Asset Management Co., Ltd., located in Tokyo, Japan.

Portfolio Managers

Masakazu Takeda and Yu Shimizu are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Mr. Takeda has served as a Portfolio Manager of the Fund since November 2006 and Mr. Shimizu has served as a Portfolio Manager of the Fund since January 2012.

HENNESSY FUNDS

1-800-966-4354

Investor: HJPSX

Institutional: HJSIX

HENNESSY JAPAN SMALL CAP FUND

Investment Objective

The Hennessy Japan Small Cap Fund seeks long-term capital appreciation.

Fund Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

SHAREHOLDER FEES

(fees paid directly from your investment)

	Investor	Institutional
Sales charge (load)	None	None
Redemption fee	None	None
Exchange fee	None	None

ANNUAL FUND OPERATING EXPENSES

(expenses that you pay each year as a percentage of the value of your investment)

Management Fees		1.20%		1.20%
Distribution and Service (12b-1) Fees		None		None
Other Expenses		0.98%	1	0.79%	2
Shareholder Servicing Fee	0.10%		None
All remaining Other Expenses	0.88%		0.79%
Total Annual Fund Operating Expenses		2.18%		1.99%

“Other Expenses” have been restated to reflect current administration and related fees included in “All Remaining Other Expenses.” Because of this restatement, the “Total Annual Fund Operating Expenses” do not correlate to the ratio of expenses to average net assets shown in the Fund’s most recent annual report. “Other Expenses” include acquired fund fees and expenses that do not exceed 0.01% of the Fund's average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.

2	“Other Expenses” are based on estimated amounts for the current fiscal year.

EXAMPLE

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

	One Year	Three Years	Five Years	Ten Years
Investor	$221	$682	$1,169	$2,513
Institutional	$202	$624	$1,073	$2,317

Portfolio Turnover

Principal Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of smaller Japanese companies, generally defined as those companies with market capitalizations in the bottom 15% of all publicly-traded Japanese companies. As of December 31, 2014, the bottom 15% of publicly-traded Japanese companies had market capitalizations under approximately 158 billion Japanese yen, or the equivalent of $1.32 billion. This market capitalization range will vary due to market conditions. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. The Fund’s investments may include common stocks, preferred stocks, warrants and other rights, and securities convertible into or exchangeable for common stocks, such as convertible bonds. The Fund’s investments also may include investments in Japan real estate investment trusts or funds and pooled investment vehicles such as exchange-traded funds (“ETFs”) that invest in equity securities of Japanese companies.

Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential “value gap” by screening for small-cap companies that they identify as having strong businesses and management, trading at an attractive price. The portfolio is limited to what the Portfolio Managers’ consider to be their best ideas and is unconfined to benchmarks. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company’s prospects have changed or believe that a company’s stock is fully valued by the market, or when the company begins

HENNESSYFUNDS.COM

SECTOR & SPECIALTY – HENNESSY JAPAN SMALL CAP FUND

to show deteriorating fundamentals. They also may sell an investment if it becomes, in their determination, an overweighted portfolio position in the Fund.

Principal Risks

Performance Information

The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for 1 and 5 years and since inception compare with those of an index that reflects a broad measure of market performance, the Tokyo Stock Price Index (TOPIX), as well as an additional index that reflects the types of securities in which the Fund invests, the Russell/Nomura Small Cap™ Index. For additional information on these indices, please see “Index Descriptions” on page 66 of this Prospectus. The performance information shown reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to and are higher than those of the Institutional Class shares. Prior to June 15, 2015, the date that this Prospectus was amended and restated, the Institutional Class shares were not offered to investors. The Fund is the successor to the Hennessy Japan Small Cap Fund, a series of Hennessy SPARX Funds Trust (the “Predecessor Japan Small Cap Fund”). The performance information provided for the periods on or prior to February 28, 2014 is historical information for the Predecessor Japan Small Cap Fund, which was managed by the same investment adviser and had the same investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available on the Fund’s website (hennessyfunds.com).

HENNESSY FUNDS

1-800-966-4354

Investor: HJPSX

Institutional: HJSIX

HENNESSY JAPAN SMALL CAP FUND

CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES

For the period shown in the bar chart, the Fund’s highest quarterly return was 33.58% for the quarter ended June 30, 2009 and the lowest quarterly return was -19.87% for the quarter ended September 30, 2008.

The year-to-date return of the Fund’s Investor Class shares through March 31, 2015 was 5.07%.

Performance of the Fund’s Institutional Class shares will differ from that of the Fund’s Investor Class shares as the share classes have different expenses and inception dates.

AVERAGE ANNUAL TOTAL RETURNS

(for the periods ended December 31, 2014)

			Since
	One	Five	Inception
	Year	Years	(8/31/07)
Hennessy Japan
Small Cap Fund - Investor

Returns before taxes	8.75%	14.18%	8.07%

Returns after taxes
on distributions	6.56%	11.26%	6.07%

Returns after taxes on
distributions and sale
of fund shares	6.91%	10.89%	6.14%

Russell/Nomura
Small Cap™ Index
(reflects no deduction for
fees, expenses or taxes)	-0.50%	8.80%	3.24%

TOPIX
(reflects no deduction for
fees, expenses or taxes)	-3.49%	5.80%	-0.25%

We use the Russell/Nomura Small Cap™ Index as an additional index because it compares the Fund's performance with the returns of an index holding investments similar to those of the Fund.

The after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s return after taxes on distributions and sales of Fund shares may be higher than its return before taxes and after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have resulted.

Returns are presented in U.S. Dollar terms.

Investment Manager

Hennessy Advisors, Inc. is the investment manager of the Fund.

Sub-Advisor

The sub-advisor for the Fund is SPARX Asset Management Co., Ltd., located in Tokyo, Japan.

Portfolio Managers

Tadahiro Fujimura and Hidehiro Moriya are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund’s investment program. Mr. Fujimura has served as Portfolio Manager of the Fund since inception and Mr. Moriya has served as Portfolio Manager of the Fund since June 2012.

HENNESSYFUNDS.COM

IMPORTANT ADDITIONAL FUND INFORMATION

Purchase and Sale of Fund Shares

Institutional Class shares are available only to shareholders who invest directly in Fund shares or who invest through certain broker-dealers or financial institutions that have entered into appropriate arrangements with a Fund.

To purchase Fund shares, you may contact your broker-dealer or other financial intermediary. To purchase Fund shares directly from the Hennessy Funds, or for assistance with completing your application, please call 1-800-966-4354 or 1-415-899-1555 between 9:00 a.m. and 7:00 p.m. Eastern time/6:00 a.m. and 4:00 p.m. Pacific time on Monday through Thursday or between 9:00 a.m. and 5:00 p.m. Eastern time/6:00 a.m. and 2:00 p.m. Pacific time on Friday (excluding holidays). You may buy Fund shares each day the New York Stock Exchange (NYSE) is open.

The minimum initial investment in Investor Class shares of a Fund is $2,500 for regular accounts and $250 for Individual Retirement Accounts. The minimum initial investment in Institutional Class shares of a Fund is $250,000. For corporate sponsored retirement plans, there is no minimum initial investment for either Investor Class or Institutional Class shares. There is no subsequent minimum investment requirement. A $100 minimum exists for each additional investment made through an Automatic Investment Plan. The Funds may waive the minimum investment requirements from time to time. Investors purchasing Fund shares through financial intermediaries’ asset based fee programs may have the above minimums waived by their intermediary, since the intermediary, rather than the Funds, absorbs the increased costs of small purchases.

You may redeem Fund shares each day the NYSE is open either by mail (Hennessy Funds, c/o U.S. Bancorp Fund Services, P.O. Box 701, Milwaukee, WI 53201-0701) or by calling the Transfer Agent at 1-800-261-6950 between 9:00 a.m. and 8:00 p.m. Eastern time/6:00 a.m. and 5:00 p.m. Pacific time on Monday through Friday (excluding holidays). Investors who wish to redeem Fund shares through a broker-dealer or other financial intermediary should contact the intermediary regarding the hours during which orders to redeem Fund shares may be placed.

Tax Information

Distributions on Fund shares are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, in which case such distributions may be taxable at a later date.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. If made, these payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your financial adviser to recommend a Fund over another investment. Ask your financial adviser or visit your financial intermediary’s website for more information.

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ADDITIONAL INVESTMENT INFORMATION

In order to provide a degree of flexibility, each Fund may change its investment objective without obtaining shareholder approval. An investment objective is not a guarantee. The Statement of Additional Information for the Funds, which is incorporated by reference into this Prospectus, contains a description of the Funds’ policies and procedures respecting disclosure of their portfolio holdings.

If a Fund acquires another fund, the Fund may hold indefinitely the portfolio securities transferred to the Fund from the other fund pursuant to the acquisition (“acquired portfolio securities”) unless this violates the investment limitations of the Fund. The Fund may sell acquired portfolio securities, in the ordinary course of business, in order to rebalance its portfolio to comply with the Prospectus limitations applicable to the Fund or to meet redemption requests.

The following statements apply to the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund and the Hennessy Cornerstone Value Fund:

	•	Each Fund will only purchase stocks that have historical trading volume sufficient to allow for purchase of the required number of shares without materially affecting the share price.
	•	Each Fund selects stocks from the universe of stocks in the Capital IQ Database (formerly known as the Standard & Poor’s Compustat® Database). The Capital IQ Database is a robust and comprehensive source of data on publicly traded companies, consisting of domestic and foreign common stocks, and it contains financial, statistical and market data for different regions of the world.1

	•	Utilizing their Strategies and Formulas, the Funds offer a consistent and disciplined approach to investing, based on a buy and hold philosophy over the course of each year that rejects the idea of market timing. The Fund’s investment manager, Hennessy Advisors, Inc. (the “Manager”), expects stocks held in each Fund’s portfolio to remain the same throughout the course of a year, despite any adverse developments concerning a company, an industry, the economy or the stock market generally. However, in the event that earnings or other information that formed the basis for selecting a stock are restated, and the resulting data would have precluded the stock from being selected for the portfolio, the Manager reserves the right to replace that stock with another stock meeting the criteria of the Fund’s Strategy or Formula. Also, due to purchases and redemptions of Fund shares during the year, changes in the market value of the stock positions in each Fund’s portfolio and compliance with federal tax laws, it is likely that stock positions will not be weighted equally at all times during the year.
	•	Over the course of the year, when each Fund receives new cash flow from the sale of its shares, it will first be used to the extent necessary to meet redemptions. Any remaining cash will be invested in the stocks selected for each Fund using its Strategy or Formula as of the most recent rebalancing of the portfolio. This investment will be made in proportion to the current weightings of such stocks in the portfolio and without any intention to rebalance the portfolio on an interim basis. Such purchases will generally be made on a weekly basis, but may be on a more or less frequent basis at the discretion of the Manager, depending on certain factors, including the size of the Fund and the amount of cash to be invested. To the extent redemptions exceed new cash flow, each Fund will meet redemption requests by selling securities on a pro rata basis, based on the current weightings of such securities in the portfolio. Thus, interim purchases and sales of securities will be based on current portfolio weightings and will be made without regard to whether or not a particular security continues to meet the criteria of the Fund’s Strategy or Formula.

In the event of extreme market volatility, the Manager reserves the right to forego the use of positive three-month and/or six-month positive price appreciation criteria in selecting stocks for the portfolios of the Hennessy Cornerstone Growth Fund and the Hennessy Cornerstone Mid Cap 30 Fund.

Although Capital IQ, Inc. (“CIQ”) obtains information for inclusion in, or for use in, the Capital IQ Database from sources that it considers reliable, CIQ does not guarantee the accuracy or completeness of the information contained in the Capital IQ Database. CIQ makes no warranty, express or implied, as to the results to be obtained by the Funds and the advisability of investing in the Funds, or any other persons or entity from the use of the Capital IQ Database. S&P Capital IQ makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Capital IQ Database. “Standard & Poor’s”, “S&P”, and “Capital IQ” are trademarks of The McGraw-Hill Companies, Inc. The Funds are not sponsored, endorsed, sold or promoted by CIQ or any of its affiliates or parent companies.

HENNESSYFUNDS.COM

ADDITIONAL INVESTMENT INFORMATION AND HISTORICAL PERFORMANCE

The following statements apply to both the Hennessy Total Return Fund and the Hennessy Balanced Fund:

	•	In an effort to minimize transaction costs, each Fund may accumulate funds and make purchases in larger blocks to avoid odd lot transactions. However, neither Fund will take a temporary defensive position. Each Fund invests accumulated funds in money market instruments (such as U.S. Treasury securities, commercial paper, commercial paper master notes or repurchase agreements) or money market mutual funds.
	•	When funding redemption requests, each Fund will first utilize any accumulated funds described above. If it is necessary for the Fund to sell portfolio securities to meet redemption requests, it will endeavor to maintain its asset allocation strategy. Again, each Fund may vary the percentage of each issue of common stock sold to avoid odd lot transactions thereby reducing total transaction costs.

HISTORICAL PERFORMANCE

of the Large Growth Formula

Because the Hennessy Cornerstone Large Growth Fund does not yet have ten years of actual performance, we have included the following charts and tables that compare the total return of the Large Growth Formula with the returns of the Fund’s benchmark index and the returns of the S&P 500 Index for each of the last ten years. The performance shown is that of a hypothetical portfolio managed in accordance with the dictates of the Large Growth Formula for the historical periods indicated and the actual performance of the Investor Class shares of the Fund since its inception. For the historical periods, the Large Growth Formula employed by the Fund assumes a December 31 rebalance date.

The hypothetical returns have been developed and tested by the Manager, but have not been verified by any third party and are unaudited. The performance information is based on data supplied by the Manager or from statistical services, reports or other sources the Manager believes are reliable.

Actual performance of the Fund may differ from the performance of the hypothetical portfolio for the following reasons: the Fund may not be fully invested at all times; not all stocks in the Fund’s portfolio may be weighted equally at all times due to appreciation or depreciation in a stock’s value; purchases and sales of stocks for the Fund’s portfolio are likely to occur between annual rebalancing dates due to cash inflows and outflows (from purchases and redemptions of Fund shares) during the year; the actual rebalancing dates vary slightly from year to year; in managing the Fund, the Manager may make limited modifications to the Large Growth Formula as necessary to comply with federal tax laws; and the returns of the portfolio do not reflect the fees, commission costs or expenses borne by the Fund. The performance of the hypothetical portfolio would have been lower if the fees, commission costs and expenses had been deducted. The actual performance shown (since inception) is net of fees and expenses.

For the hypothetical portfolio, returns do not represent actual trading or reflect the impact that material economic and market factors might have had on the Manager’s decision-making under actual circumstances. However, except as described above, the Manager can presently foresee no circumstance that would cause deviation from the Large Growth Formula in managing the Fund. The returns set forth below reflect reinvestment of dividends and other earnings. All returns shown reflect reinvestment of dividends and other earnings. Past performance, hypothetical or actual, does not guarantee future results. Average annual return represents the annual rate, which, if earned each year in a multiple year period, would produce the cumulative rate of return over that period.

HENNESSY FUNDS

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HENNESSY CORNERSTONE LARGE GROWTH FUND1 – INVESTOR CLASS SHARES

	2005**	2006**	2007**	2008**	2009**	2010*	2011*	2012*	2013*	2014*	Total
Cornerstone Large Growth	14.44%	35.14%	24.40%	-41.41%	54.61%	18.85%	2.59%	10.44%	33.79%	16.18%	169.03%
Russell 1000® Index	6.27%	15.46%	5.77%	-37.60%	28.43%	16.10%	1.50%	16.42%	33.11%	13.24%	98.70%
S&P 500 Index	4.91%	15.80%	5.49%	-37.00%	26.46%	15.06%	2.11%	16.00%	32.39%	13.69%	94.91%

Standard Deviation measures an investment’s volatility or “risk.” The greater the standard deviation, the more variable the rate of return.

1		The hypothetical performance assumes a December 31 rebalance date.
*		Actual returns of Fund, net of fees and expenses.
**		For the period January 1, 2005 through March 19, 2009, returns are hypothetical and are net of fees and expenses. For the period March 20, 2009 through December 31, 2009, returns are based on actual Fund performance.

HENNESSYFUNDS.COM

HISTORICAL PERFORMANCE AND MANAGEMENT OF THE FUNDS

MANAGEMENT OF THE FUNDS

Investment Manager

Hennessy Advisors, Inc. is the investment manager of each of the Funds. The Manager’s address is 7250 Redwood Blvd., Suite 200, Novato, CA 94945.

The Manager has been providing investment advisory services since 1989. The Manager furnishes each Fund with office space and certain administrative services and provides most of the personnel needed by the Funds. As of January 31, 2015, the Manager managed approximately $5.9 billion of net assets on behalf of the Funds.

Management Fees

For its services, each Fund pays the Manager a monthly management fee based upon its average daily net assets. For the most recent fiscal year, the Funds paid the Manager the following management fees (these management fees remain current as of the date of this Prospectus):

FUND	MANAGEMENT FEE
Hennessy Cornerstone Growth Fund	0.74%
Hennessy Focus Fund	0.90%
Hennessy Cornerstone Mid Cap 30 Fund	0.74%
Hennessy Cornerstone Large Growth Fund	0.74%
Hennessy Cornerstone Value Fund	0.74%
Hennessy Large Value Fund	0.85%
Hennessy Total Return Fund	0.60%
Hennessy Equity and Income Fund	0.80%
Hennessy Balanced Fund	0.60%
Hennessy Core Bond Fund	0.80%
Hennessy Gas Utility Fund	0.40%
Hennessy Small Cap Financial Fund	0.90%
Hennessy Large Cap Financial Fund	0.90%
Hennessy Technology Fund	0.90%
Hennessy Japan Fund	1.00%
Hennessy Japan Small Cap Fund	1.20%

Portfolio Managers Employed by the Investment Manager

Where a Fund is managed by multiple Portfolio Managers, such management is conducted with research, stock selection, portfolio composition and day-to-day trading decisions distributed equally among the Portfolio Managers.

Neil J. Hennessy serves as a Portfolio Manager of the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, and the Hennessy Balanced Fund. Mr. Hennessy has been the President, Chief Executive Officer and Chairman of the Board of Directors of the Manager, a registered investment advisor, since its organization in 1989.

Brian E. Peery has served as a Portfolio Manager of the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund and the Hennessy Balanced Fund since October 2014 and served as a Co-Portfolio Manager to the same Funds from February 2011 through September 2014. He has also served as a Portfolio Manager of the Hennessy Gas Utility Fund since February 2015. Mr. Peery has been employed by the Manager since 2002.

Winsor (Skip) H. Aylesworth has served as a Portfolio Manager of the Hennessy Gas Utility Fund since 2001 and as a Portfolio Manager of the Hennessy Technology Fund since inception. He has been employed by the Manager since October 26, 2012. Prior to that date, Mr. Aylesworth was employed by FBR Fund Advisers, Inc.

David H. Ellison has served as a Portfolio Manager of the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund since the inception of each such Fund. He has been employed by the Manager since October 26, 2012. Prior to that date, Mr. Ellison was employed by FBR Fund Advisers, Inc.

Ryan Kelley has served as a Portfolio Manager of the Hennessy Gas Utility Fund, the Hennessy Small Cap Financial Fund and the Hennessy Large Cap Financial Fund since October 2014 and served as a Co-Portfolio Manager to the same Funds from March 2013 through September 2014. He has been employed by the Manager since October 26, 2012. Prior to that date, Mr. Kelley was employed by FBR Fund Advisers, Inc.

Sub-Advisors

The Manager has delegated the day-to-day management of the portfolio composition of the Hennessy Focus Fund to Broad Run Investment Management, LLC (“Broad Run”), located at 1530 Wilson Blvd., Suite 1020, Arlington, VA 22209. Broad Run has been registered with the Securities and Exchange Commission (“SEC”) as an investment adviser since 2012.

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The Manager has delegated the day-to-day management of the portfolio composition of the Hennessy Large Value Fund to RBC Global Asset Management (U.S.) Inc. (“RBC GAM (U.S.)”), a wholly-owned subsidiary of RBC USA Holdco Corporation, which is an indirect wholly-owned subsidiary of Royal Bank of Canada. RBC GAM (U.S.) has been registered with the SEC as an investment advisor since 1983, and has been a portfolio manager of publicly-offered mutual funds since 1986. RBC GAM (U.S.) maintains offices at 50 South Sixth St., Suite 2350, Minneapolis, MN 55402.

The Manager has delegated the day-to-day management of the portfolio composition of the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund to SPARX Asset Management Co., Ltd. (“SPARX”). SPARX is a wholly-owned subsidiary of SPARX Group Co., Ltd., a publicly-listed company traded on JASDAQ that has been in business since 1989. SPARX is registered with the SEC as an investment adviser. In addition, SPARX is registered with the Japanese authority to conduct the investment management business, the investment advisory and agency business, the first financial instruments business and the second financial instruments business. The first financial instruments business involves, among other things, engaging in the solicitation, sale and purchase, as well as acting as an intermediary for sales and purchases, of securities with high liquidity, over-the-counter derivatives trading and customer asset administration. The second financial instruments business involves, among other things, engaging in the solicitation, sale and purchase, as well as acting as an intermediary for sales and purchases, of securities with lower liquidity, and the handling of the offering of trust beneficiary rights and limited partnership interests. SPARX maintains offices at Tennoz First Tower 16F, 2-2-4 Higashi Shinagawa, Shinagawa-ku, Tokyo 140-0002, Japan.

The Manager has delegated the day-to-day management of the portfolio composition of the equity sleeve of the Hennessy Equity and Income Fund to The London Company of Virginia, LLC (“The London Company”). The London Company is registered with the SEC as an investment adviser and has been providing investment advisory services since 1994. The London Company maintains offices at 1801 Bayberry Court, Suite 301, Richmond, VA 23226.

The Manager has delegated the day-to-day management of the portfolio composition of the fixed income sleeve of the Hennessy Equity and Income Fund and to the Hennessy Core Bond Fund to Financial Counselors, Inc. (“FCI”). FCI is registered with the SEC as an investment adviser and has been providing investment advisory services since 1966. FCI maintains offices at 442 West 97th Street, Kansas City, MO 64110.

Portfolio Managers Employed by Sub-Advisors

HENNESSY FOCUS FUND – BROAD RUN INVESTMENT MANAGEMENT, LLC

David S. Rainey, CFA, has served as a Co-Portfolio Manager of the Fund since 2009. Prior to October 26, 2012, Mr. Rainey was employed by FBR Fund Advisers, Inc. Prior to joining FBR Fund Advisers, Inc. in 2009, Mr. Rainey served as a Senior Research Analyst at Akre Capital Management, the prior sub-advisor to the Fund, which he joined in 1998.

Ira M. Rothberg, CFA, has served as a Co-Portfolio Manager of the Fund since 2009. Prior to October 26, 2012, Mr. Rothberg was employed by FBR Fund Advisers, Inc. Prior to joining FBR Fund Advisers, Inc. in 2009, Mr. Rothberg served as a Research Analyst at Akre Capital Management, the prior sub-advisor to the Fund, which he joined in 2004.

Brian E. Macauley, CFA, has served as a Co-Portfolio Manager of the Fund since 2009. Prior to October 26, 2012, Mr. Macauley was employed by FBR Fund Advisers, Inc. Prior to joining FBR Fund Advisers, Inc. in 2009, Mr. Macauley served as a Research Analyst at Akre Capital Management, the prior sub-advisor to the Fund, which he joined in 2003.

HENNESSY LARGE VALUE FUND – RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.

The Fund employs a team of seasoned Portfolio Managers, each of whom have responsibility for providing expertise in a focused number of industry sectors.

Stuart A. Lippe has served as the Lead Portfolio Manager of the Fund since 2011 and served as a Senior Portfolio Manager of the Fund from 2007 to 2011. Prior to joining RBC GAM (U.S.) in 2007, he served as a Senior Large Cap Value Portfolio Manager at Freedom Capital Management, which he joined in 2001. He began his career in the investment advisory business in 1978. Mr. Lippe currently has responsibilities for the Health Care, Energy, Materials, Consumer Staples and Utilities sectors.

Barbara S. Browning, CFA, has served as a Senior Portfolio Manager of the Fund since 2007. Prior to joining RBC GAM (U.S.) in 2007, she served as Portfolio Manager and Research Analyst on Freedom Capital Management’s Value team. She began her career in the investment advisory business in 1991. Ms. Browning currently has responsibilities for the Consumer Discretionary, Technology and Telecommunications sectors.

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MANAGEMENT OF THE FUNDS

Adam D. Scheiner, CFA, has served as a Senior Portfolio Manager of the Fund since 2007. Prior to joining RBC GAM (U.S.) in 2007, he served as a Portfolio Manager and Research Analyst on Credit Suisse Asset Management’s large cap value team. He began his career in the investment advisory business in 1989. Mr. Scheiner currently has responsibilities for the Industrials and Financials sectors.

HENNESSY JAPAN FUND AND HENNESSY JAPAN SMALL CAP FUND – SPARX ASSET MANAGEMENT CO., LTD.

The Hennessy Japan Fund and the Hennessy Japan Small Cap Fund are managed by some of the largest and most experienced Asia-based asset management specialists.

The reference below to the title “CMA” designates that individual as a Chartered Member of the Security Analysts Association of Japan.

Masakazu Takeda, CMA, has served as a Portfolio Manager of the Hennessy Japan Fund since November 2006 and has primary responsibility for the day-to-day management of the portfolio composition of the Fund. He has been an analyst and fund manager with SPARX since 1999. Prior to joining SPARX, Mr. Takeda was employed by the Long Term Credit Bank of Japan (currently Shinsei Bank) and LTCB Warburg (now UBS Securities).

Yu Shimizu, CMA, has served as a Portfolio Manager of the Hennessy Japan Fund since January 2012 and has been employed by SPARX since 2005. Prior to joining SPARX, Mr. Shimizu worked as an analyst at UFJ Partners Asset Management Co., Ltd. (currently Mitsubishi UFJ Asset Management Co., Ltd.) and as an analyst at Yasuda Capital Management Co., Ltd. (currently Yasuda Asset Management Co., Ltd.).

Tadahiro Fujimura, CFA and CMA, has served as a Portfolio Manager of the Hennessy Japan Small Cap Fund since its inception and has primary responsibility for the day-to-day management of the portfolio composition of the Fund. He acts as head of the Investment & Research Division at SPARX and is responsible for overseeing Japanese Mid and Small Cap Strategies. Prior to joining SPARX, Mr. Fujimura served as the Chief Portfolio Manager of the small cap investment team at Nikko Investment Trust & Management (currently Nikko Asset Management).

Hidehiro Moriya has served as a Portfolio Manager of the Hennessy Japan Small Cap Fund since June 2012. He joined SPARX in May 2006 as a research analyst. Prior to joining SPARX, he worked in the investment banking division of Morgan Stanley Japan Limited, where he handled large equity offerings and mergers and acquisitions.

HENNESSY EQUITY AND INCOME FUND – EQUITY SLEEVE – THE LONDON COMPANY OF VIRGINIA, LLC

Stephen M. Goddard has served as the lead Portfolio Manager of the equity sleeve of the Fund since 2007. He is Managing Director and Founder of The London Company and heads The London Company’s investment committee.

J. Brian Campbell, CFA, has served as a Portfolio Manager of the equity sleeve of the Fund since 2010. He is a member of The London Company’s investment committee. Before joining The London Company, Mr. Campbell was a Portfolio Manager and the Director of Research at Hilliard Lyons Capital Management.

Mark E. DeVaul, CFA, CPA, has served as a Portfolio Manager of the equity sleeve of the Fund since 2011. He is a member of The London Company’s investment committee. Before joining The London Company, Mr. DeVaul was with Nuveen Investments.

Jonathan T. Moody, CFA, has served as a Portfolio Manager of the equity sleeve of the Fund since 2007. He is a member of The London Company’s investment committee. Prior to joining The London Company, he founded Primary Research Group.

HENNESSY EQUITY AND INCOME FUND – FIXED INCOME SLEEVE – AND HENNESSY CORE BOND FUND – FINANCIAL COUNSELORS, INC.

Gary B. Cloud, CFA, has served as a Portfolio Manager of the fixed income sleeve of the Hennessy Equity and Income Fund and of the Hennessy Core Bond Fund since 2007 and has been with FCI since 2003. He is a Senior Vice President and Portfolio Manager of FCI and serves as a member of FCI’s Fixed Income Investment Committee.

Peter G. Greig, CFA, has served as a Portfolio Manager of the fixed income sleeve of the Hennessy Equity and Income Fund and of the Hennessy Core Bond Fund since 2007 and has been with FCI since 1989, originally as a Trader and Fixed Income Analyst. He is a Senior Vice President and Portfolio Manager of FCI and chairs FCI’s Fixed Income Investment Committee.

Sub-Advisory Fee

For the most recent fiscal year, the Manager (not the Funds) paid a sub-advisory fee, based upon the daily net assets of each Fund or predecessor fund to the Fund, as applicable, that is sub-advised, at the rate of 0.29% for the Hennessy Focus Fund, 0.35% for the Hennessy Large Value Fund, 0.33% for the equity sleeve of the Hennessy Equity and Income Fund, 0.27% for the fixed income sleeve of the Hennessy Equity and Income Fund, 0.27% for the Hennessy Core Bond Fund, 0.35% for the Hennessy Japan Fund and 0.20% for the Hennessy Japan Small Cap Fund. For the fiscal year ended October 31, 2014 (and continuing for

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the fiscal year ending October 31, 2015), FCI voluntarily agreed to reduce its sub-advisory fee with respect to the Hennessy Core Bond Fund to 0.15% of the Fund’s average daily net assets. The Manager pays sub-advisory fees from its own assets, and these fees are not an additional expense of the Fund.

Additional Manager and Sub-Advisor Information

A discussion regarding the basis for the Board of Trustees approving the investment advisory agreement and, if applicable, the sub-advisory agreement for each of the Funds is available in the semi-annual report of the applicable Fund to shareholders for the period ended April 30, 2014.

The Statement of Additional Information for the Funds, which is incorporated by reference into this Prospectus, provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio Managers and the Portfolio Managers’ ownership of securities in the Funds that they manage.

Distribution Fees

Each of the Hennessy Focus Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund has adopted a distribution plan pursuant to Rule 12b-1 under the Investment Company Act, which allows the Fund to use up to 0.25% of the average daily net assets of its Investor Class shares to pay sales, distribution and other fees for the sale and distribution of its shares and for services provided to investors. Currently, the Board of Trustees has approved the payment of up to 0.15% of the average daily net assets of each such Fund as a Rule 12b-1 fee.

Because distribution fees are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Shareholder Servicing Agreement

Each of the Funds has entered into a Shareholder Servicing Agreement with the Manager. The Shareholder Servicing Agreement provides that the Manager will provide administrative support services to the Funds consisting of:

	•	maintaining an “800” number that current shareholders may call to ask questions about the Funds or their accounts;

	•	assisting shareholders in processing exchange and redemption requests;
	•	assisting shareholders in changing dividend options, account designations and addresses;
	•	responding generally to shareholder questions; and
	•	providing such other similar services as may be requested.

For such services, each Fund pays an annual service fee to the Manager equal to 0.10% of the average daily net assets of its Investor Class shares. Institutional Class shares are not subject to this servicing fee.

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MANAGEMENT OF THE FUNDS AND SHAREHOLDER INFORMATION

SHAREHOLDER INFORMATION

Pricing of Fund Shares

The price you will pay to buy Fund shares or the amount you will receive when you sell your Fund shares is called the net asset value (“NAV”). This is calculated by dividing a Fund’s assets, minus its liabilities, by the number of shares outstanding. The NAV of a Fund’s shares is normally determined as of the close of regular trading on the New York Stock Exchange (“NYSE”), which is normally 4:00 P.M. Eastern time/1:00 P.M. Pacific time. Fund shares will not be priced on days that the NYSE is closed for trading (including certain U.S. holidays). Each Fund calculates its NAV based on the market prices of the securities (other than money market instruments) it holds. Each Fund values most money market instruments it holds at their amortized cost. If a Fund holds securities traded on a foreign exchange, such securities may trade on weekends or other days when the Fund does not price its shares and thus affect the Fund’s NAV on days when investors will not be able to purchase or redeem the Fund’s shares.

If market quotations are not available, a Fund will value securities at their fair value pursuant to the procedures established by and under the supervision of the Board of Trustees. The fair value of a security is the amount a Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and a Fund may not be able to sell a security at the fair value. Market quotations may not be available, for example, if trading in particular securities was halted during the day and not resumed prior to the close of trading on the applicable stock exchange.

Each Fund will process purchase and redemption orders received by U.S. Bancorp Fund Services, LLC (the “Transfer Agent”) prior to the close of regular trading on a day that the NYSE is open at the NAV determined later that day. It will process purchase and redemption orders received after the close of regular trading at the NAV determined at the close of regular trading on the next day the NYSE is open. If an investor sends a purchase or redemption request to the Funds’ corporate address, instead of to its Transfer Agent, the Funds will forward it as promptly as practicable to the Transfer Agent, and the effective date of the purchase or redemption request will be delayed until the purchase or redemption request is received in the offices of the Transfer Agent.

	FOR QUESTIONS PLEASE CALL

		Hennessy Funds
		1-800-966-4354 or
		1-415-899-1555
		10 A.M. - 7 P.M. ET, M-Th; 5 P.M. F
		7 A.M. - 4 P.M. PT, M-Th; 2 P.M. F

		U.S. Bancorp Fund Services,
		Transfer Agent for the Funds
		1-800-261-6950
		9 A.M. - 8 P.M. ET, M-F
		6 A.M. - 5 P.M. PT, M-F

Classes of Shares

The following Funds offer Institutional Class shares:

Hennessy Cornerstone Growth Fund

Hennessy Focus Fund

Hennessy Cornerstone Mid Cap 30 Fund

Hennessy Cornerstone Large Growth Fund

Hennessy Cornerstone Value Fund

Hennessy Large Value Fund

Hennessy Equity and Income Fund

Hennessy Core Bond Fund

Hennessy Small Cap Financial Fund

Hennessy Large Cap Financial Fund

Hennessy Technology Fund

Hennessy Japan Fund

Hennessy Japan Small Cap Fund

Institutional Class shares are available only to institutional investors or to shareholders who invest directly in a Fund or who invest through certain broker-dealers or financial institutions that have entered into appropriate arrangements with a Fund. There is also a higher minimum initial investment requirement for Institutional Class shares, as described below. If you qualify as a purchaser of Institutional Class shares, but your account is invested in Investor Class shares, you may convert your Investor Class shares to Institutional Class shares based on the relative net asset values of the two Classes on the conversion date.

Account Minimum Investments – Investor Class

The minimum initial investment in Investor Class shares is $2,500 for regular accounts and $250 for Individual Retirement

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Accounts (“IRA”). For corporate sponsored retirement plans, there is no minimum initial investment. There is no subsequent minimum investment requirement. A $100 minimum exists for each additional investment made through an Automatic Investment Plan. Each Fund may waive the minimum investment requirements from time to time.

Investors purchasing a Fund through financial intermediaries may have the above minimum investments waived by their intermediary since the intermediary, rather than the Fund, absorbs the increased costs of small purchases.

Account Minimum Investments – Institutional Class

The minimum initial investment in Institutional Class shares of a Fund is $250,000. For corporate sponsored retirement plans, there is no minimum investment. There is no subsequent minimum investment requirement for the Funds. A $100 minimum exists for each additional investment made through an Automatic Investment Plan.

Each Fund reserves the right to waive or reduce the minimum initial investment amount for Institutional Class shares for purchases made through certain retirement, benefit and pension plans, or for certain classes of shareholders. For investors purchasing Institutional Class shares through a broker-dealer, financial institution or servicing agent, shareholder purchases may be aggregated to meet the minimum initial investment amount. The Manager, in its discretion, may take into account the aggregate assets that a shareholder has in determining if the shareholder meets the minimum initial investment amount.

Market Timing Policy

Frequent purchases and redemptions of a Fund’s shares by a shareholder may harm other shareholders of the Fund by interfering with efficient management of the Fund’s portfolio, increasing brokerage and administrative costs, and potentially diluting the value of the Fund’s shares. Accordingly, the Board of Trustees discourages frequent purchases and redemptions of Fund shares by reserving the right to reject any purchase order for any reason or no reason, including purchase orders from potential investors that the Fund believes might engage in frequent purchases and redemptions of Fund shares.

Each Fund tracks shareholder and omnibus account subscription and redemption activity in an effort to detect any shareholders or institutions that might trade with a frequency harmful to other shareholders of the Fund. In this regard, pursuant to Rule 22c-2 of the Investment Company Act, the Funds enter into shareholder information agreements with financial intermediaries that purchase Fund shares for omnibus accounts. These agreements require the financial intermediary to provide the Funds access, upon request, to information about underlying shareholder transaction activity in the omnibus account. Any non-public personal information provided to the Funds is subject to the Funds’ privacy policy.

In considering a shareholder’s trading activity, a Fund may consider, among other factors, the shareholder’s trading history both directly and, if known, through financial intermediaries, in any of the Funds. If frequent trading or market timing is detected, a Fund, based on its assessment of the severity of the market timing, may take one or more of the following actions: (1) advise the owner of the frequently traded account that any such future activity will cause a freezing of the account’s ability to transact subscriptions; (2) freeze the account demonstrating the activity from transacting further subscriptions; or (3) close the account demonstrating frequent trading activity.

Although the Funds have taken steps to discourage frequent purchases and redemptions of Fund shares, they cannot guarantee that such trading will not occur.

Telephone Privileges

Each Fund offers shareholders the ability to redeem or exchange shares or purchase additional shares via telephone. If you do not wish to have these telephone privileges on your account, please decline this option in the Account Application. Otherwise, the telephone privileges will be available on your account.

How To Purchase Shares

You may purchase shares of the Funds on any day the NYSE is open for trading. Purchase requests received prior to the close of regular trading on the NYSE (normally 4:00 P.M. Eastern time/1:00 P.M. Pacific time) will be priced and processed as of the close of business on that day. Requests received after that time will be processed the following trading day at the following trading day’s pricing.

You may purchase Fund shares by check, wire or Automated Clearing House (ACH) network. The Funds will not accept payment in cash or money orders. All purchases must be in U.S. dollars, and all checks must be drawn on U.S. banks. To prevent check fraud, the Funds will not accept third party checks, Treasury checks, credit card checks, traveler’s checks or starter checks for the purchase of shares. In addition, the Funds cannot accept post-dated checks or any conditional order or payment.

The Funds will not issue certificates evidencing shares purchased. Instead, the Funds will send investors a written confirmation for all share purchases. The Funds reserve the right to reject any purchase in whole or in part.

In compliance with the USA Patriot Act of 2001, please note that the Transfer Agent will verify certain information on your

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Account Application as part of the Funds’ Anti-Money Laundering Compliance Program. The Funds might request additional information about you (which may include certain documents, such as articles of incorporation for companies) to help the Transfer Agent verify your identity. As requested on the application, you should supply your full name, date of birth, social security number and permanent street address. Permanent addresses containing a P.O. Box will not be accepted, although an alternate mailing address including a P.O. Box may be established. Please contact the Funds at 1-800-966-4354 or 1-415-899-1555 if you need additional assistance when completing your application. If the Funds do not have a reasonable belief of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction on the account until such information is received. The Funds reserve the right to close the account within five business days if clarifying information/documentation is not received.

Shares of the Funds have not been registered for sale outside of the United States. The Funds do not sell shares to non-United States citizens, subject to the discretion of the Funds. Other than United States military personnel with an APO or FPO address, United States citizens living abroad may purchase Fund shares only if they have a social security number and a physical address (not a P.O. box) within the United States, subject to the discretion of the Funds. The Funds reserve the right, in their sole discretion and to the extent permitted by applicable law, to sell shares to non-United States citizens and United States citizens living abroad with a social security number but no physical address within the United States.

HOW DO I PURCHASE SHARES BY CHECK?

If you are making an initial investment in a Fund, simply complete the appropriate Account Application and mail it with a check, made payable to “Hennessy Funds,” to:

For regular mail delivery:	For overnight delivery:
For regular mail delivery:	For overnight delivery:
Hennessy Funds	Hennessy Funds
c/o U.S. Bancorp Fund Services	c/o U.S. Bancorp Fund Services
P.O. Box 701	615 East Michigan St., 3rd Floor
Milwaukee, WI 53201-0701	Milwaukee, WI 53202-5207

The Funds do not consider the U.S. Postal Service or other independent delivery services to be their agent. Therefore, deposit in the mail or with such services or receipt at the U.S. Bancorp Fund Services, LLC post office box of purchase orders or redemption requests does not constitute receipt by the Transfer Agent.

Subsequent investments must be accompanied by a letter indicating the name(s) in which the account is registered and the account number or by the remittance portion of the account statement and returned to one of the above addresses.

The Transfer Agent will charge a $25.00 fee against a shareholder’s account in addition to any loss sustained by a Fund for any payment, check or electronic funds transfer returned to the Transfer Agent.

HOW DO I PURCHASE SHARES BY WIRE?

Prior to wiring funds, a completed Account Application must be sent to the Transfer Agent by U.S. mail or overnight courier to one of the addresses listed above. If you are making an initial investment in a Fund, please contact the Transfer Agent at 1-800-261-6950 between 9:00 A.M. and 8:00 P.M. Eastern time/6:00 A.M. and 5:00 P.M. Pacific time, on a day when the NYSE is open for trading to make arrangements with a service representative to submit your completed application via mail, overnight delivery or fax. Upon receipt of your application, your account will be established and a service representative will contact you within 24 hours to provide an account number and wiring instructions to U.S. Bank, N.A. If you are making a subsequent purchase, prior to wiring funds, please notify the Transfer Agent. U.S. Bank must receive wired funds prior to the close of regular trading on the NYSE (normally 4:00 P.M. Eastern time/1:00 P.M. Pacific time) to receive same day pricing. Wired funds received after that time will be processed the following trading day with the following trading day’s pricing. The Funds and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system.

All wires should specify the name of the Fund and Class of shares, the name(s) in which the account is registered, the account number and the amount being wired. It is essential that your bank include complete information about your account in all wire instructions. Your bank may charge you a fee for sending a wire to a Fund.

To ensure prompt and accurate credit upon receipt of your wire, your bank should transmit immediately available funds by wire in your name to:

Hennessy Funds

c/o U.S. Bank, N.A.	Credit: U.S. Bancorp Fund Services LLC
777 E. Wisconsin Ave.	Account Number: 112-952-137
Milwaukee, WI 53202	Further Credit: Mutual fund name, shareholder
ABA# 075000022	name and account number

CAN I PURCHASE SHARES THROUGH

BROKER-DEALERS?

You may buy, sell and exchange Fund shares through certain brokers (and their agents) that have made arrangements with the Fund to sell its shares. When you place your order with such a broker or its authorized agent, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next NAV calculated by the Fund. The broker (or its agent) holds your Fund shares in the broker’s (or its agent’s) name, and the broker (or its agent) maintains your individual ownership records. The Manager may pay the broker (or its

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agent) for maintaining these records as well as providing other shareholder services. The broker (or its agent) may charge you a fee for handling your order. The broker (or its agent) is responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive copies of the applicable Fund’s Prospectus.

If you decide to purchase Fund shares through a broker, please carefully review the program materials provided to you by the broker (or its agent), because particular brokers may adopt policies or procedures that are separate from those described in this Prospectus. The broker (or its agent) is responsible for ensuring that you receive copies of the applicable Fund’s prospectus, annual report, semi-annual report, and other Fund disclosure documents.

To inquire about an agreement, broker-dealers should call the Funds at 1-800-966-4354 or 1-415-899-1555.

HOW DO I PURCHASE SHARES BY TELEPHONE?

You may not make an initial investment in a Fund by telephone, but you may purchase additional Fund shares by calling 1-800-261-6950. Unless you have elected to decline telephone privileges on your Account Application, telephone orders will be accepted via electronic funds transfer from your bank account on record through the Automated Clearing House (ACH) network. You must have banking information established on your account prior to making a purchase. Each telephone purchase must be in the amount of $100 or more. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

Automatic Investment Plan

For your convenience, each Fund offers an Automatic Investment Plan. This plan allows money to be moved from the shareholder’s bank account on record to the shareholder’s Fund account on a systematic schedule (e.g., monthly, quarterly, semi-annually and annually) that the shareholder selects. After your initial investment in a Fund, you may authorize the Fund to withdraw amounts of $100 or more.

If you wish to enroll in this plan, complete the appropriate section on the initial Account Application, or complete the Automatic Investment Plan Application. You may call the Funds at 1-800-966-4354 or 1-415-899-1555 and request an application, or the application can be found at hennessyfunds.com. Signed applications should be received by the Transfer Agent at least 15 business days prior to your initial transaction. The Transfer Agent will charge you a $25 fee if the automatic investment cannot be made due to insufficient funds, stop payment or for any other reason. A Fund may terminate or modify this privilege at any time. Any request to change or terminate an Automatic Investment Plan should be submitted to the Transfer Agent by telephone at 1-800-261-6950 or in written form five calendar days prior to the effective date.

Retirement Plans

You may invest in the Funds under the following retirement plans:

	•	Coverdell Education Savings Account
	•	Traditional IRA
	•	Roth IRA
	•	SEP-IRA for sole proprietors, partnerships and corporations
	•	SIMPLE-IRA

The Funds recommend that investors consult with a financial and/or tax advisor regarding IRAs before investing in a Fund. The annual IRA maintenance fee is $15 (capped at $30 per social security number). The fee for a transfer, distribution (exclusive of systematic distribution plans) or recharacterization of an IRA is $25 per transaction. Complete details on fees are outlined in our Individual Retirement Account & Coverdell Educational Savings Account Disclosure Statement.

How To Sell Shares

You may sell (redeem) your Fund shares on any day the NYSE is open for trading either directly through the Funds or through your investment representative, as applicable. Redemption requests received prior to the close of regular trading on the NYSE (normally 4:00 P.M. Eastern time/1:00 P.M. Pacific time) will be priced and processed as of the close of business on that day. Requests received after that time will be processed the following trading day at the following trading day’s pricing. Redemption requests for an IRA, Coverdell Education Plan or other retirement or qualified plan must be made in writing and cannot be made via telephone.

HOW DO I SELL SHARES BY MAIL?

You may redeem your Fund shares by sending a written request to the Transfer Agent. After your request is received in “good order,” a Fund will redeem your shares at the next NAV calculated by the Fund. To be in “good order,” redemption requests must include the following: (i) the name of the Fund account; (ii) the account number; (iii) the number of Investor Class or Institutional Class shares of the Fund or the dollar value of Investor Class or Institutional Class shares of the Fund to be redeemed; (iv) any signature guarantees that are required; and (v) any additional documents that might be required for redemptions by corporations, executors, administrators, trustees, guardians or other similar shareholders. In addition, please specify whether proceeds are to be sent by mail, wire or electronic

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funds transfer through the Automated Clearing House (ACH) network to your bank account on record. If you are redeeming from an IRA or other retirement or qualified plan, please indicate on your written request whether or not to withhold federal income tax (generally 10%). Unless a redemption request specifies not to have federal income tax withheld, the transaction will be subject to withholding. To add wire instructions to an account at the time of the redemption, a signature guarantee is required. The letter should be signed by all shareholders whose names appear on the account registration. Corporate and institutional investors and fiduciaries should contact the Transfer Agent to ascertain what additional documentation is required. Please see the section “When are signature guarantees required?” below.

HOW DO I SELL SHARES BY TELEPHONE?

Unless you have declined telephone privileges on your account, you may redeem all or some of your Fund shares, up to a maximum of $100,000, by calling the Transfer Agent at 1-800-261-6950 between 9:00 A.M. and 8:00 P.M. Eastern time/6:00 A.M. and 5:00 P.M. Pacific time, on a day when the NYSE is open for trading. Telephone redemptions will not be accepted for retirement accounts.

When you establish telephone privileges, you are authorizing the Funds and the Transfer Agent to act upon the telephone instructions of the person or persons you have designated in your Account Application. If an account has more than one owner or authorized person, a Fund will accept telephone instructions from any one owner or authorized person. Redemption proceeds will be sent by check to the address of record unless you elect to have proceeds transferred to your bank account on record.

Before acting on instructions received by telephone, a Fund and the Transfer Agent will use reasonable procedures to confirm that the telephone instructions are genuine. These procedures may include recording the telephone call and asking the caller for a form of personal identification. If a Fund and the Transfer Agent follow these reasonable procedures, they will not be liable for any loss, expense, or cost arising out of any telephone transaction request that is reasonably believed to be genuine. This includes any fraudulent or unauthorized request. A Fund may change, modify or terminate these privileges at any time upon written notice to shareholders. A Fund may suspend temporarily the redemption privilege in emergency situations or in cases where, in the judgment of the Fund, continuation of the privilege would be detrimental to the Fund and its shareholders. Such temporary suspension can be without prior notification to shareholders.

You may request telephone redemption privileges after your account is opened by writing to the Transfer Agent at one of the addresses set forth under “How Do I Purchase Shares by Check?” above. Your written request for telephone privileges must include the Fund name and account number and must be signed by the registered owner(s) of the account. A signature guarantee or other acceptable form of authentication from a financial institution source may also be required. Please contact the Transfer Agent at 1-800-261-6950 before sending your instruction.

Telephone trades must be received prior to the close of regular trading on the NYSE to receive same day pricing. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to place your telephone transaction. You may have difficulties in making a telephone redemption during periods of abnormal market activity. If this occurs, you may make your redemption request in writing.

WHEN ARE SIGNATURE GUARANTEES REQUIRED?

To protect a Fund and its shareholders, a signature guarantee from either a Medallion program member or a non-Medallion program member is required in the following situations:

	•	The redemption request includes a change of address, or a change of address request was received by the Transfer Agent within the last 30 calendar days;
	•	The redemption proceeds are to be payable or sent to any person, address or bank account not on record;
	•	IRA transfer;
	•	Account ownership is being changed; and
	•	The redemption request is over $100,000 (Investor Class shares only).

In addition to the situations described above, a Fund or the Transfer Agent may require a signature guarantee in other instances based on the circumstances relative to the particular

situation.

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member or other acceptable form of authentication from a financial institution source.

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program (“STAMP”). A notarized signature is not an acceptable substitute for a signature guarantee.

A Fund reserves the right, at its sole discretion, to waive the signature guarantee requirement for a specific redemption request.

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WHEN WILL I RECEIVE MY REDEMPTION PROCEEDS?

Payment of your redemption proceeds will be made promptly, but not later than seven calendar days after the receipt of your request in proper form as discussed in this Prospectus. If you did not purchase your Fund shares by wire, a Fund may delay payment of your redemption proceeds for up to 15 calendar days from date of purchase or until your check has cleared, whichever occurs first. In addition, a Fund can suspend redemptions and/or postpone payments of redemption proceeds beyond seven calendar days at times when the NYSE is closed or during emergency circumstances, as determined by the Securities and Exchange Commission.

If you redeem by phone, payment will usually be made on the next business day. You may have a check sent to you at your address of record, proceeds may be wired to your bank account on record, or funds may be sent via electronic funds transfer through the Automated Clearing House (ACH) network to your bank account on record. The minimum amount that may be wired is $1,000. You will be charged a wire transfer fee of $15. This fee will be deducted from your redemption proceeds for a complete redemption, or deducted from your remaining account balance for a partial redemption, and paid to the Transfer Agent to cover costs associated with the transfer. In addition, your bank may charge a fee for receiving wires. There is no charge to receive redemption proceeds via the ACH network, but credit may not be available for two to three business days.

A Fund has the right to pay redemption proceeds to you in whole or in part by a distribution of securities from the Fund’s portfolio. It is not expected that a Fund would do so except in unusual circumstances. If a Fund pays your redemption proceeds by a distribution of securities, you could incur brokerage or other charges in converting the securities to cash.

CAN MY INVESTOR CLASS ACCOUNT BE INVOLUNTARILY REDEEMED?

A Fund may redeem the shares in your account if the value of your account is less than $2,500 for three months or longer as a result of redemptions you have made. This does not apply to retirement plan or Uniform Gifts or Transfers to Minors Act accounts. You will be notified that the value of your account is less than $2,500 before a Fund makes an involuntary redemption. You will then have 60 calendar days in which to make an additional investment to bring the value of your account to at least $2,500 before the Fund takes any action.

CAN MY INSTITUTIONAL CLASS ACCOUNT BE INVOLUNTARILY CONVERTED?

If your Institutional Class shares account balance falls below $250,000 for any reason, you will be given 60 calendar days to make additional investments so that your account balance is $250,000 or more. If you do not, a Fund may convert your Institutional Class shares into Investor Class shares, at which time your account will be subject to the involuntary redemption policies and procedures for Investor Class shares. Any such conversion will occur at the relative net asset value of the two share Classes, without the imposition of any fees or other charges. Where a retirement plan or other financial intermediary holds Institutional Class shares on behalf of its participants or clients, the above policy applies to any such participants or clients when they roll over their accounts with the retirement plan or financial intermediary into an individual retirement account and they are not otherwise eligible to purchase Institutional Class shares. This right of involuntary redemption does not apply to former Investor Class shareholders of the FBR Large Cap Fund, the FBR Mid Cap Fund or the FBR Small Cap Fund who became Institutional Class shareholders of the Hennessy Fund into which their FBR Fund was reorganized.

How To Exchange Shares

You may exchange shares of any Fund for shares of any other Fund any day the NYSE is open for trading either directly through the Funds or through your investment representative, as applicable. Exchange requests received prior to the close of regular trading on the NYSE (normally 4:00 P.M. Eastern time/1:00 P.M. Pacific time) will be priced and processed as of the close of business on that day. Requests received after that time will be processed the following trading day at the following trading day’s pricing. Prior to making an exchange into any other Fund, you should obtain and carefully read that Fund’s Prospectus, which may be obtained by calling 1-800-966-4354 or 1-415-899-1555 or visiting hennessyfunds.com. Please keep in mind the minimum investment of $2,500 ($250 for IRAs) for Investor Class shares and $250,000 for Institutional Class shares when determining the number of shares you want to exchange.

You may also exchange shares of any Fund for shares of the First American Prime Obligations Fund, a money market mutual fund not affiliated with the Funds, the Manager or the sub-advisors. The exchange privilege does not constitute an offering or recommendation on the part of the Funds, the Manager or the sub-advisors of an investment in the First American Prime Obligations Fund. Prior to making an exchange into the First American Prime Obligations Fund, you should obtain and carefully read that fund’s prospectus, which may be obtained by calling 1-800-966-4354 or 1-415-899-1555. If you exchange your Fund shares into shares of the First American Prime Obligations Fund, you may establish checkwriting privileges on that money market account for regular (non-IRA) accounts. Contact the Transfer Agent at 1-800-261-6950 for a checkwriting application and signature card.

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Each Fund reserves the right on notice to shareholders to limit the number of exchanges that can be made in any year to avoid excess Fund expenses. Each Fund reserves the right to reject any exchange order. Each Fund may modify or terminate the exchange privilege upon written notice to shareholders. Each Fund may suspend temporarily the exchange privilege in emergency situations or in cases where, in the judgment of the Fund, continuation of the privilege would be detrimental to the Fund and its shareholders. Such temporary suspension can be without prior notification to shareholders. You may have a taxable gain or loss as a result of an exchange because the Internal Revenue Code treats an exchange as a sale of shares.

HOW DO I EXCHANGE SHARES BY MAIL?

You may exchange your Fund shares simply by sending a written request to the Transfer Agent. You should give the name of your Fund account, account number, the number of Fund shares or the dollar value of Fund shares to be exchanged, and the name of the other Fund into which the exchange is being made. If you have an existing account with the other Fund, you should also give the name and account number for that Fund. The letter should be signed by all shareholders whose names appear on the account registration.

HOW DO I EXCHANGE SHARES BY TELEPHONE?

Unless you have declined telephone privileges on your Account Application, you may also exchange Fund shares by calling the Transfer Agent at 1-800-261-6950 before the close of regular trading on the NYSE (normally 4:00 P.M. Eastern time/1:00 P.M. Pacific time). If you are exchanging Fund shares by telephone, you will be subject to certain identification procedures, which are listed under “How Do I Sell Shares by Telephone?” above. If an account has more than one owner or authorized person, a Fund will accept telephone instructions from any one owner or authorized person.

Systematic Cash Withdrawal Program

As another convenience, you may redeem your Investor Class shares of each Fund through the Systematic Cash Withdrawal Program. The Systematic Cash Withdrawal Program is not available for redemption of Institutional Class shares. If you elect this method of redemption, a Fund will send you a check or you may have the proceeds sent directly to your bank account on record via electronic funds transfer through the Automated Clearing House (ACH) network. The minimum payment amount is $100. You may choose to receive monthly, quarterly or annual payments. Your Fund account must have a value of at least $10,000 in order to participate in this program. The Systematic Cash Withdrawal Program may be terminated at any time by a Fund. You may also elect to terminate your participation in this program at any time by writing to the Transfer Agent at least five calendar days prior to the next payment.

A withdrawal involves a redemption of Fund shares and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may be depleted.

Dividends and Distributions

Capital Gains. Each of the Funds pays capital gains, if any, once annually, usually in November or December.

Dividends. The following Funds declare and pay dividends, if any, once annually, usually in December:

	Hennessy Cornerstone Growth Fund
	Hennessy Focus Fund
	Hennessy Cornerstone Mid Cap 30 Fund
	Hennessy Cornerstone Large Growth Fund
	Hennessy Cornerstone Value Fund
	Hennessy Large Value Fund
	Hennessy Small Cap Financial Fund
	Hennessy Large Cap Financial Fund
	Hennessy Technology Fund
	Hennessy Japan Fund
	Hennessy Japan Small Cap Fund

The following Funds declare and pay dividends, if any, quarterly:

	Hennessy Total Return Fund
	Hennessy Equity and Income Fund
	Hennessy Balanced Fund
	Hennessy Gas Utility Fund

The Hennessy Core Bond Fund declares and pays dividends, if any, monthly.

The Funds may make additional distributions if necessary to comply with the distribution requirements of the Internal Revenue Code.

You have four distribution options:

•	Automatic Reinvestment Option – Both dividend and capital gains distributions will be reinvested in additional Fund shares.
•	Split Cash Reinvest Options:
	o	Your dividends will be paid in cash and your capital gains distributions will be reinvested in additional Fund shares; or
	o	Your dividends will be reinvested in additional Fund shares and your capital gains distributions will be paid in cash.
•	All Cash Option – Both dividends and capital gains distributions will be paid in cash.

If you elect to receive distributions and/or capital gains paid in cash, and the U.S. Postal Service cannot deliver the check, or

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if a check remains outstanding for at least six months, each Fund reserves the right to reinvest the distribution check in your account, at the current NAV of the Fund, and to reinvest all subsequent distributions.

You may make this election on the Account Application. If you do not make an election, your distributions will be reinvested in additional Fund shares. You may change your election by writing to the Transfer Agent or by calling 1-800-261-6950. Any changes should be submitted at least five calendar days prior to the record date of the distribution.

Tax Information

Each Fund’s distributions, whether received in cash or additional Fund shares, may be subject to federal and state income tax. These distributions may be taxed as ordinary income, dividend income or capital gains (which may be taxed at different rates depending on the length of time the Fund holds the assets generating the capital gains).

If you exchange or sell your Fund shares, it is considered a taxable event for you. Depending on the purchase price and the sale price of the shares you exchange or sell, you may have a gain or a loss on the transaction. You are responsible for any tax liabilities generated by your transaction.

As of January 1, 2012, federal law requires that mutual fund companies report their shareholders’ cost basis, gain/loss, and holding period to the Internal Revenue Service on the shareholders’ Consolidated Form 1099s when “covered” shares of the mutual funds are sold. Covered shares are any fund and/or dividend reinvestment plan shares acquired on or after January 1, 2012.

The Funds have chosen average cost as their standing (default) tax lot identification method for all shareholders, which means this is the method the Funds will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. You may choose a method other than the Fund’s standing method at the time of your purchase or upon the sale of covered shares. The cost basis method a shareholder elects may not be changed with respect to a redemption of shares after the settlement date of the redemption. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the new cost basis reporting rules apply to them.

This summary is not intended to be and should not be construed to be legal or tax advice to any current holder of Fund shares. Shareholders should consult their own tax advisors to determine the tax consequences of owning Fund shares.

Index Descriptions

The Russell 3000® Index is comprised of the 3,000 largest U.S. companies, as determined by market capitalization. This portfolio of securities represents approximately 98% of the investable U.S. equity market.

The Russell 2000® Index is comprised of the smallest 2,000 companies in the Russell 3000® Index, representing approximately 8% of the Russell 3000® total market capitalization.

The Russell 2000® Financial Services Index is a subset of the Russell 2000® Index that measures the performance of the securities classified in the financial services sector of the small-capitalization U.S. equity market.

The Russell 1000® Index is comprised of the 1,000 largest companies in the Russell 3000® Index, based on market

capitalization.

The Russell 1000® Value Index is comprised of those Russell 1000® companies with lower price-to-book ratios and lower forecasted growth value.

The Russell 1000® Financial Services Index is a subset of the Russell 1000® Index that measures the performance of the securities classified in the financial services sector of the large-capitalization U.S. equity market.

The Russell Midcap® Index is comprised of approximately 800 of the smallest securities of the Russell 1000® Index based on a combination of their market capitalization and current index membership.

The Russell Midcap® Growth Index is comprised of approximately 40% of the total market capitalization of the Russell 1000® Index and includes companies with higher price-to-book ratios and higher forecasted growth values.

The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange or The NASDAQ Stock Market.

The S&P 500 Index is a capitalization-weighted index of 500 stocks that is designed to represent the broad domestic economy through changes in aggregate market value of 500 stocks representing all major industries.

The 75/25 Blended DJIA/Treasury Index consists of 75% common stocks represented by the Dow Jones Industrial Average and 25% short-duration Treasury securities represented by the BofA Merrill Lynch 90-day Treasury Bill Index.

The 50/50 Blended DJIA/Treasury Index consists of 50% common stocks represented by the Dow Jones Industrial Average and 50% short-duration Treasury securities represented by the BofA Merrill Lynch 1-Year Treasury Note Index.

The NASDAQ Composite Index is comprised of all common stocks listed on The NASDAQ Stock Market.

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The AGA Stock Index is a market capitalization-weighted index, adjusted monthly, consisting of publicly traded member companies of the American Gas Association.

The Blended Balanced Index consists of 60% common stocks represented by the S&P 500 Index and 40% bonds represented by the Barclays Capital Intermediate U.S. Government/Credit Index.

The Barclays Capital Intermediate U.S. Government/Credit Index measures performance of U.S. dollar-denominated U.S. Treasuries, government-related and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to one year and less than ten years. Securities have $250 million or more of outstanding face value and must be fixed rate and non-convertible.

The Tokyo Stock Price Index (TOPIX) is an unmanaged, capitalization weighted index of all the companies listed on the First Section of the Tokyo Stock Exchange.

The Russell/Nomura Total Market™ Index contains the top 98% of all stocks listed on Japan’s stock exchanges and registered on Japan’s OTC market, in terms of market capitalization.

The Russell/Nomura Small Cap™ Index contains the bottom 15% of the Russell/Nomura Total Market™ Index, in terms of market capitalization.

Householding

To help keep each Fund’s costs as low as possible, we generally deliver a single copy of most financial reports and Prospectuses to shareholders who share an address, even if the accounts are registered under different names. This process, known as “householding,” does not apply to account statements. You may, of course, request an individual copy of a Prospectus or financial report at any time. If you would like to receive separate mailings, please call the Transfer Agent at 1-800-261-6950 and we will begin individual delivery within 30 calendar days of your request. If your account is held through a financial institution or other intermediary, please contact them directly to request individual delivery.

Electronic Delivery

The Funds offer shareholders the option to receive account statements, Prospectuses, tax forms and reports online. To sign up for eDelivery, please visit hennessyfunds.com. You may change your delivery preference at any time by visiting our website or contacting the Funds at 1-800-261-6950.

HENNESSY FUNDS

1-800-966-4354

(This Page Intentionally Left Blank.)

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS

The following tables are intended to help you understand the financial performance of the shares of the Funds or the predecessor funds to the Funds, as applicable, for the periods shown below. Certain information reflects financial results for a single Fund share. The “Total Return” figures show how much your investment would have increased or decreased during each period, assuming you had reinvested all dividends and distributions. For the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Large Value Fund, the Hennessy Total Return Fund, the Hennessy Balanced Fund, the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund, this information has been derived from financial statements audited by KPMG LLP, an independent registered public accounting firm. For the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund, this information has been derived from financial statements audited by Tait, Weller & Baker LLP, an independent registered public accounting firm (except the information related to the Hennessy Equity and Income Fund and the Hennessy Core Bond Fund for the periods prior to March 31, 2010, which was audited by a different public accounting firm). KPMG LLP’s report, Tait, Weller & Baker LLP’s report and the Funds’ financial statements are included in the annual reports of the Funds, which are available upon request.

Each of the following Funds is a successor to a series of The FBR Funds pursuant to a reorganization that took place after the close of business on October 26, 2012 (each a “Predecessor FBR Fund” and, collectively, the “Predecessor FBR Funds”): the Hennessy Focus Fund is the successor to the FBR Focus Fund; the Hennessy Equity and Income Fund is the successor to the FBR Balanced Fund; the Hennessy Core Bond Fund is the successor to the FBR Core Bond Fund; the Hennessy Gas Utility Fund is the successor to the FBR Gas Utility Index Fund; the Hennessy Small Cap Financial Fund is the successor to the FBR Small Cap Financial Fund; the Hennessy Large Cap Financial Fund is the successor to the FBR Large Cap Financial Fund; and the Hennessy Technology Fund is the successor to the FBR Technology Fund. Prior to that date, each of the above Funds had no investment operations. As a result of the reorganization, holders of the Investor Class shares of the Predecessor FBR Funds received Investor Class shares of the above Funds (the Investor Class shares of each above Fund is the successor to the accounting and performance information of the corresponding Predecessor FBR Fund), and holders of the Institutional Class shares of the Predecessor FBR Funds received Institutional Class shares of the above Funds (the Institutional Class shares of each above Fund is the successor to the accounting and performance information of the corresponding Predecessor FBR Fund).

Each of the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, and the Hennessy Cornerstone Value Fund is a successor to a series of Hennessy Mutual Funds, Inc., a Maryland corporation, with the same fund name pursuant to a reorganization that took place after the close of business on February 28, 2014. Each of the Hennessy Total Return Fund and the Hennessy Balanced Fund is a successor to a series of The Hennessy Funds, Inc., a Maryland corporation, with the same fund name pursuant to a reorganization that took place after the close of business on February 28, 2014. Each of the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund is a successor to a series of Hennessy SPARX Funds Trust, a Massachusetts business trust, with the same fund name pursuant to a reorganization that took place after the close of business on February 28, 2014. Prior to that date, each of the above successor Funds had no investment operations. As a result of the reorganization, holders of the Investor Class shares of the above predecessor funds received Investor Class shares of the above Funds (the Investor Class shares of each above Fund is the successor to the accounting and performance information of the corresponding predecessor fund), and holders of the Institutional Class shares of the above predecessor funds received Institutional Class shares of the above Funds (the Institutional Class shares of each above Fund is the successor to the accounting and performance information of the corresponding predecessor fund).

There are no financial highlights available at this time for Institutional Class shares of the Hennessy Large Cap Financial Fund or the Hennessy Japan Small Cap Fund because Institutional Class shares were not offered prior to the date of this Prospectus.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Cornerstone Growth Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	15.65		$	12.38		$	9.97		$	10.28		$	8.81

Income from investment operations:
Net investment loss		(0.04	)		(0.11	)		(0.07	)		(0.08	)		(0.10	)
Net realized and unrealized gains (losses) on investments		3.07			3.38			2.48			(0.23	)		1.57
Total from investment operations		3.03			3.27			2.41			(0.31	)		1.47

Net asset value, end of year	$	18.68		$	15.65		$	12.38		$	9.97		$	10.28

TOTAL RETURN		19.36	%		26.41	%		24.17	%		(3.02	)%		16.69	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	227.68		$	220.83		$	265.60		$	184.40		$	207.11
Ratio of expenses to average net assets		1.23	%		1.29	%		1.34	%		1.33	%		1.34	%
Ratio of net investment loss to average net assets		(0.17	)%		(0.26	)%		(0.66	)%		(0.78	)%		(0.89	)%
Portfolio turnover rate(1)		84	%		105	%		90	%		106	%		103	%

(1)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE GROWTH FUND

Financial Highlights

Hennessy Cornerstone Growth Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	15.94		$	12.57		$	10.09		$	10.37		$	8.86

Income from investment operations:
Net investment income (loss)		0.06			0.01			(0.04	)		(0.05	)		(0.07	)
Net realized and unrealized gains (losses) on investments		3.08			3.36			2.52			(0.23	)		1.58
Total from investment operations		3.14			3.37			2.48			(0.28	)		1.51

Net asset value, end of year	$	19.08		$	15.94		$	12.57		$	10.09		$	10.37

TOTAL RETURN		19.70	%		26.81	%		24.58	%		(2.70	)%		17.04	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	25.54		$	26.23		$	37.11		$	2.53		$	3.12
Ratio of expenses to average net assets:
Before expense reimbursement		1.03	%		1.11	%		1.11	%		1.09	%		1.09	%
After expense reimbursement(1)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income to average net assets:
Before expense reimbursement		0.03	%		(0.01	)%		(0.51	)%		(0.55	)%		(0.64	)%
After expense reimbursement(1)		0.08	%		0.12	%		(0.38	)%		(0.44	)%		(0.53	)%
Portfolio turnover rate(2)		84	%		105	%		90	%		106	%		103	%

(1)	As of February 28, 2015, the expense limitation agreement for the Fund terminated (unaudited).
(2)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Focus Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	63.58		$	51.78		$	49.80		$	47.57		$	37.56

Income from investment operations:
Net investment income (loss)		0.27			(0.32	)		(0.39	)		(0.50	)(1)		(0.64	)
Net realized and unrealized gains on investments		6.68			16.44			7.61			4.44			10.65
Total from investment operations		6.95			16.12			7.22			3.94			10.01

Less distributions:
Dividends from net investment income		—			—			—			—			—
Dividends from net realized gains		(1.07	)		(4.32	)		(5.24	)		(1.72	)		—
Total distributions		(1.07	)		(4.32	)		(5.24	)		(1.72	)		—
Paid-in capital from redemption fees		0.00	(2)		0.00	(2)		0.00	(2)		0.01			0.00	(2)
Net asset value, end of year	$	69.46		$	63.58		$	51.78		$	49.80		$	47.57

TOTAL RETURN		11.05	%		33.54	%		16.17	%		8.35	%		26.65	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	1,213.03		$	1,139.85		$	707.61		$	611.34		$	670.84
Ratio of expenses to average net assets		1.41	%		1.43	%		1.41	%		1.44	%		1.51	%
Ratio of net investment income (loss) to average net assets		0.41	%		(0.85	)%		(0.79	)%		(1.01	)%		(1.31	)%
Portfolio turnover rate(3)		18	%		4	%		13	%		13	%		5	%

(1)	Calculated based on average shares outstanding method.
(2)	Amount is less than $0.01.
(3)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY FOCUS FUND

Financial Highlights

Hennessy Focus Fund

For an Institutional Class share outstanding throughout each year*

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	64.32		$	52.19		$	50.02		$	47.64		$	37.84

Income from investment operations:
Net investment income (loss)		0.35			(0.13	)		(0.22	)		(0.37	)(1)		(0.41	)
Net realized and unrealized gains on investments		6.90			16.58			7.63			4.47			10.58
Total from investment operations		7.25			16.45			7.41			4.10			10.17

Less distributions:
Dividends from net investment income		—			—			—			—			(0.37	)
Dividends from net realized gains		(1.07	)		(4.32	)		(5.24	)		(1.72	)		—
Total distributions		(1.07	)		(4.32	)		(5.24	)		(1.72	)		(0.37	)
Paid-in capital from redemption fees		—			—			0.00	(2)		0.00	(2)		0.00	(2)
Net asset value, end of year	$	70.50		$	64.32		$	52.19		$	50.02		$	47.64

TOTAL RETURN		11.40	%		33.94	%		16.51	%		8.53	%		27.32	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	283.31		$	179.89		$	77.28		$	49.01		$	36.81
Ratio of expenses to average net assets		1.10	%		1.13	%		1.12	%		1.15	%		1.26	%
Ratio of net investment income (loss) to average net assets		0.59	%		(0.52	)%		(0.52	)%		(0.76	)%		(1.06	)%
Portfolio turnover rate(3)		18	%		4	%		13	%		13	%		5	%

*	Per share amounts have been restated on a retroactive basis to reflect a 1:18 reverse stock split effective December 10, 2010.
(1)	Calculated based on average shares outstanding method.
(2)	Amount is less than $0.01.
(3)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Cornerstone Mid Cap 30 Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	17.32		$	14.06		$	12.15		$	11.18		$	8.73

Income from investment operations:
Net investment income (loss)		(0.05	)		0.09			0.08			(0.09	)		(0.03	)
Net realized and unrealized gains on investments		3.04			3.35			1.83			1.06			2.48
Total from investment operations		2.99			3.44			1.91			0.97			2.45

Less distributions:
Dividends from net investment income		(0.05	)		(0.18	)		—			—			—
Dividends from net realized gains		(1.26	)		—			—			—			—
Total distributions		(1.31	)		(0.18	)		—			—			—
Net asset value, end of year	$	19.00		$	17.32		$	14.06		$	12.15		$	11.18

TOTAL RETURN		18.25	%		24.78	%		15.72	%		8.68	%		28.06	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	258.17		$	159.45		$	145.85		$	146.23		$	123.20
Ratio of expenses to average net assets		1.25	%		1.31	%		1.37	%		1.36	%		1.39	%
Ratio of net investment income (loss) to average net assets		(0.47	)%		0.51	%		0.59	%		(0.79	)%		(0.26	)%
Portfolio turnover rate(1)		132	%		212	%		25	%		107	%		87	%

(1)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE MID CAP 30 FUND

Financial Highlights

Hennessy Cornerstone Mid Cap 30 Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	17.62		$	14.31		$	12.32		$	11.29		$	8.78

Income from investment operations:
Net investment income (loss)		(0.08	)		0.14			0.09			(0.05	)		0.02
Net realized and unrealized gains on investments		3.17			3.41			1.90			1.08			2.49
Total from investment operations		3.09			3.55			1.99			1.03			2.51

Less distributions:
Dividends from net investment income		(0.09	)		(0.24	)		—			—			—
Dividends from net realized gains		(1.26	)		—			—			—			—
Total distributions		(1.35	)		(0.24	)		—			—			—
Net asset value, end of year	$	19.36		$	17.62		$	14.31		$	12.32		$	11.29

TOTAL RETURN		18.57	%		25.15	%		16.15	%		9.12	%		28.59	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	75.53		$	51.19		$	41.62		$	24.06		$	21.38
Ratio of expenses to average net assets:
Before expense reimbursement		1.07	%		1.11	%		1.16	%		1.14	%		1.16	%
After expense reimbursement(1)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement		(0.29	)%		0.71	%		0.90	%		(0.41	)%		(0.03	)%
After expense reimbursement(1)		(0.20	)%		0.84	%		1.08	%		(0.57	)%		0.15	%
Portfolio turnover rate(2)		132	%		212	%		25	%		107	%		87	%

(1)	As of February 28, 2015, the expense limitation agreement for the Fund terminated (unaudited).
(2)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Cornerstone Large Growth Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	13.56		$	10.77		$	12.37		$	11.70		$	9.49

Income from investment operations:
Net investment income		0.15			0.14			0.13			0.09			0.09
Net realized and unrealized gains on investments		2.28			2.77			0.80			0.69			2.17
Total from investment operations		2.43			2.91			0.93			0.78			2.26

Less distributions:
Dividends from net investment income		(0.15	)		(0.10	)		(0.07	)		(0.09	)		(0.05	)
Dividends from net realized gains		(0.68	)		(0.02	)		(2.46	)		(0.02	)		—
Total distributions		(0.83	)		(0.12	)		(2.53	)		(0.11	)		(0.05	)
Net asset value, end of year	$	15.16		$	13.56		$	10.77		$	12.37		$	11.70

TOTAL RETURN		18.73	%		27.32	%		9.14	%		6.70	%		23.88	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	105.51		$	88.77		$	75.83		$	77.88		$	78.83
Ratio of expenses to average net assets:
Before expense reimbursement		1.15	%		1.19	%		1.27	%		1.26	%		1.30	%
After expense reimbursement		1.15	%		1.19	%		1.27	%		1.30	%		1.30	%
Ratio of net investment income to average net assets:
Before expense reimbursement		1.12	%		1.10	%		1.35	%		0.72	%		0.84	%
After expense reimbursement		1.12	%		1.10	%		1.35	%		0.68	%		0.84	%
Portfolio turnover rate(1)		57	%		73	%		0	%		70	%		83	%

(1)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE LARGE GROWTH FUND

Financial Highlights

Hennessy Cornerstone Large Growth Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	13.68		$	10.85		$	12.44		$	11.76		$	9.51

Income from investment operations:
Net investment income		0.17			0.09			0.07			0.08			0.10
Net realized and unrealized gains on investments		2.30			2.88			0.89			0.74			2.20
Total from investment operations		2.47			2.97			0.96			0.82			2.30

Less distributions:
Dividends from net investment income		(0.17	)		(0.12	)		(0.09	)		(0.12	)		(0.05	)
Dividends from net realized gains		(0.68	)		(0.02	)		(2.46	)		(0.02	)		—
Total distributions		(0.85	)		(0.14	)		(2.55	)		(0.14	)		(0.05	)
Net asset value, end of year	$	15.30		$	13.68		$	10.85		$	12.44		$	11.76

TOTAL RETURN		18.96	%		27.63	%		9.43	%		6.99	%		24.26	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	14.88		$	16.19		$	33.94		$	0.14		$	0.07
Ratio of expenses to average net assets:
Before expense reimbursement		1.06	%		1.10	%		1.41	%		1.14	%		1.16	%
After expense reimbursement(1)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income to average net assets:
Before expense reimbursement		1.21	%		1.38	%		6.44	%		0.81	%		0.90	%
After expense reimbursement(1)		1.30	%		1.50	%		6.87	%		0.97	%		1.08	%
Portfolio turnover rate(2)		57	%		73	%		0	%		70	%		83	%

(1)	As of February 28, 2015, the expense limitation agreement for the Fund terminated (unaudited).
(2)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Cornerstone Value Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	16.90		$	14.02		$	12.84		$	12.53		$	10.63

Income from investment operations:
Net investment income		0.39			0.42			0.37			0.45			0.29
Net realized and unrealized gains on investments		1.55			2.84			1.23			0.23			1.81
Total from investment operations		1.94			3.26			1.60			0.68			2.10

Less distributions:
Dividends from net investment income		(0.43	)		(0.38	)		(0.42	)		(0.37	)		(0.20	)
Total distributions		(0.43	)		(0.38	)		(0.42	)		(0.37	)		(0.20	)
Net asset value, end of year	$	18.41		$	16.90		$	14.02		$	12.84		$	12.53

TOTAL RETURN		11.69	%		23.84	%		12.79	%		5.58	%		19.98	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	145.04		$	138.94		$	124.99		$	116.41		$	155.87
Ratio of expenses to average net assets		1.17	%		1.22	%		1.26	%		1.31	%		1.29	%
Ratio of net investment income to average net assets		2.18	%		2.60	%		2.67	%		2.94	%		2.33	%
Portfolio turnover rate(1)		34	%		41	%		47	%		40	%		91	%

(1) Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY CORNERSTONE VALUE FUND

Financial Highlights

Hennessy Cornerstone Value Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	16.92		$	14.04		$	12.86		$	12.54		$	10.63

Income from investment operations:
Net investment income		0.59			0.50			0.45			0.36			0.30
Net realized and unrealized gains on investments		1.37			2.80			1.19			0.37			1.83
Total from investment operations		1.96			3.30			1.64			0.73			2.13

Less distributions:
Dividends from net investment income		(0.47	)		(0.42	)		(0.46	)		(0.41	)		(0.22	)
Total distributions		(0.47	)		(0.42	)		(0.46	)		(0.41	)		(0.22	)
Net asset value, end of year	$	18.41		$	16.92		$	14.04		$	12.86		$	12.54
TOTAL RETURN		11.82	%		24.13	%		13.13	%		6.00	%		20.31	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	10.65		$	4.09		$	2.53		$	1.17		$	1.35
Ratio of expenses to average net assets:
Before expense reimbursement		1.03	%		1.10	%		1.20	%		1.14	%		1.10	%
After expense reimbursement(1)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income to average net assets:
Before expense reimbursement		2.30	%		2.64	%		2.72	%		3.04	%		2.52	%
After expense reimbursement(1)		2.35	%		2.76	%		2.94	%		3.20	%		2.64	%
Portfolio turnover rate(2)		34	%		41	%		47	%		40	%		91	%

(1)	As of February 28, 2015, the expense limitation agreement for the Fund terminated (unaudited).
(2)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Large Value Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	30.70		$	24.71		$	21.47		$	20.57		$	18.88

Income from investment operations:
Net investment income		0.28			0.28			0.28			0.22			0.14
Net realized and unrealized gains on investments		4.06			6.00			3.14			0.89			1.78
Total from investment operations		4.34			6.28			3.42			1.11			1.92

Less distributions:
Dividends from net investment income		(0.25	)		(0.29	)		(0.18	)		(0.21	)		(0.23	)
Total distributions		(0.25	)		(0.29	)		(0.18	)		(0.21	)		(0.23	)
Net asset value, end of year	$	34.79		$	30.70		$	24.71		$	21.47		$	20.57
TOTAL RETURN		14.20	%		25.64	%		16.07	%		5.36	%		10.22	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	151.25		$	143.48		$	125.00		$	123.97		$	131.54
Ratio of expenses to average net assets:
Before expense reimbursement		1.28	%		1.33	%		1.40	%		1.38	%		1.41	%
After expense reimbursement		1.28	%		1.33	%		1.40	%		1.38	%		1.38	%
Ratio of net investment income to average net assets:
Before expense reimbursement		0.80	%		0.98	%		1.16	%		0.97	%		0.64	%
After expense reimbursement		0.80	%		0.98	%		1.16	%		0.97	%		0.67	%
Portfolio turnover rate(1)		85	%		91	%		111	%		149	%		146	%

(1)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY LARGE VALUE FUND

Financial Highlights

Hennessy Large Value Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	30.83		$	24.83		$	21.56		$	20.65		$	18.92

Income from investment operations:
Net investment income		0.34			0.49			0.39			0.27			0.21
Net realized and unrealized gains on investments		4.11			5.90			3.15			0.92			1.80
Total from investment operations		4.45			6.39			3.54			1.19			2.01

Less distributions:
Dividends from net investment income		(0.34	)		(0.39	)		(0.27	)		(0.28	)		(0.28	)
Total distributions		(0.34	)		(0.39	)		(0.27	)		(0.28	)		(0.28	)
Net asset value, end of year	$	34.94		$	30.83		$	24.83		$	21.56		$	20.65

TOTAL RETURN		14.55	%		26.08	%		16.58	%		5.76	%		10.65	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	0.40		$	0.34		$	0.06		$	0.04		$	0.04
Ratio of expenses to average net assets:
Before expense reimbursement		1.18	%		1.14	%		1.22	%		1.21	%		1.22	%
After expense reimbursement(1)		0.98	%		0.98	%		0.98	%		0.98	%		0.98	%
Ratio of net investment income to average net assets:
Before expense reimbursement		0.91	%		1.07	%		1.29	%		1.13	%		0.80	%
After expense reimbursement(1)		1.11	%		1.23	%		1.53	%		1.36	%		1.04	%
Portfolio turnover rate(2)		85	%		91	%		111	%		149	%		146	%

(1)	As of February 28, 2015, the expense limitation agreement for the Fund terminated (unaudited).
(2)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

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HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY TOTAL RETURN FUND

Financial Highlights

Hennessy Total Return Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	14.30		$	12.64		$	11.47		$	10.57		$	9.10

Income from investment operations:
Net investment income		0.20			0.16			0.18			0.18			0.16
Net realized and unrealized gains on investments		0.96			1.66			1.17			0.89			1.48
Total from investment operations		1.16			1.82			1.35			1.07			1.64

Less distributions:
Dividends from net investment income		(0.19	)		(0.16	)		(0.18	)		(0.17	)		(0.17	)
Total distributions		(0.19	)		(0.16	)		(0.18	)		(0.17	)		(0.17	)
Net asset value, end of year	$	15.27		$	14.30		$	12.64		$	11.47		$	10.57

TOTAL RETURN		8.15	%		14.49	%		11.78	%		10.22	%		18.09	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	83.89		$	90.24		$	77.67		$	64.13		$	69.08
Gross ratio of expenses, including interest expense, to average net assets		1.34	%		1.37	%		1.37	%		1.34	%		1.33	%
Ratio of interest expense to average net assets		0.10	%		0.10	%		0.08	%		0.10	%		0.08	%
Net ratio of expenses, excluding interest expense, to average net assets		1.24	%		1.27	%		1.29	%		1.24	%		1.25	%
Ratio of net investment income to average net assets		1.31	%		1.16	%		1.44	%		1.56	%		1.62	%
Portfolio turnover rate		23	%		31	%		22	%		21	%		41	%

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Equity and Income Fund

For an Investor Class share outstanding throughout each period

													For the Period
													April 1, 2010			Year Ended
	For the Year Ended October 31,												to October 31,			March 31,
	2014			2013			2012			2011			2010(1)			2010
PER SHARE DATA:
Net asset value, beginning of year	$	15.77		$	13.96		$	12.99		$	11.93		$	11.52		$	8.92

Income from investment operations:
Net investment income		0.16			0.23			0.18			0.29	(2)		0.17	(2)		0.29	(2)
Net realized and unrealized gains on investments		1.41			1.81			0.99			1.04			0.40			2.61
Total from investment operations		1.57			2.04			1.17			1.33			0.57			2.90

Less distributions:
Dividends from net investment income		(0.16	)		(0.23	)		(0.20	)		(0.27	)		(0.16	)		(0.30	)
Dividends from net realized gains		(0.50	)		—			—			—			—			—
Total distributions		(0.66	)		(0.23	)		(0.20	)		(0.27	)		(0.16	)		(0.30	)
Paid-in capital from redemption fees		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)
Net asset value, end of year	$	16.68		$	15.77		$	13.96		$	12.99		$	11.93		$	11.52

TOTAL RETURN		10.28	%		14.72	%		9.01	%		11.30	%		5.04	%(4)		32.76	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	284.45		$	233.25		$	196.92		$	56.75		$	41.50		$	46.81
Ratio of expenses to average net assets:
Before expense reimbursement/recoupment		1.33	%		1.36	%		1.33	%		1.54	%		1.60	%(5)		1.69	%
After expense reimbursement/recoupment(6)		1.33	%		1.33	%		1.24	%		1.24	%		1.24	%(5)		1.25	%
Ratio of net investment income to average net assets:
Before expense reimbursement/recoupment		1.01	%		1.51	%		1.37	%		2.03	%		2.21	%(5)		2.26	%
After expense reimbursement/recoupment(6)		1.01	%		1.54	%		1.46	%		2.33	%		2.56	%(5)		2.70	%
Portfolio turnover rate(7)		28	%		52	%		34	%		35	%		27	%(4)		26	%

(1)	For the seven-month period ended October 31, 2010. Effective October 31, 2010, the Fund changed its fiscal year end from March 31 to October 31.
(2)	Calculated based on average shares outstanding method.
(3)	Amount is less than $0.01.
(4)	Not annualized.
(5)	Annualized.
(6)	As of February 28, 2015, the expense limitation agreement for the Fund expired (unaudited).
(7)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY EQUITY AND INCOME FUND

Financial Highlights

Hennessy Equity and Income Fund

For an Institutional Class share outstanding throughout each period

													For the Period
													April 1, 2010			Year Ended
	For the Year Ended October 31,												to October 31,			March 31,
	2014			2013			2012			2011			2010(1)			2010
PER SHARE DATA:
Net asset value, beginning of year	$	14.97		$	13.29		$	12.38		$	11.38		$	10.99		$	8.52

Income from investment operations:
Net investment income		0.20			0.25			0.22			0.32	(2)		0.18	(2)		0.30	(2)
Net realized and unrealized gains on investments		1.33			1.72			0.92			0.99			0.38			2.50
Total from investment operations		1.53			1.97			1.14			1.31			0.56			2.80

Less distributions:
Dividends from net investment income		(0.20	)		(0.29	)		(0.23	)		(0.31	)		(0.17	)		(0.33	)
Dividends from net realized gains		(0.50	)		—			—			—			—			—
Total distributions		(0.70	)		(0.29	)		(0.23	)		(0.31	)		(0.17	)		(0.33	)
Paid-in capital from redemption fees		—			0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)
Net asset value, end of year	$	15.80		$	14.97		$	13.29		$	12.38		$	11.38		$	10.99

TOTAL RETURN		10.60	%		14.99	%		9.23	%		11.62	%		5.19	%(4)		33.10	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	102.10		$	85.12		$	108.49		$	55.28		$	42.17		$	39.40
Ratio of expenses to average net assets:
Before expense reimbursement		1.05	%		1.06	%		1.06	%		1.12	%		1.20	%(5)		1.43	%
After expense reimbursement(6)		1.05	%		1.06	%		0.99	%		0.99	%		0.99	%(5)		0.99	%
Ratio of net investment income to average net assets:
Before expense reimbursement		1.29	%		1.95	%		1.68	%		2.56	%		2.60	%(5)		2.57	%
After expense reimbursement(6)		1.29	%		1.95	%		1.75	%		2.69	%		2.82	%(5)		3.01	%
Portfolio turnover rate(7)		28	%		52	%		34	%		35	%		27	%(4)		26	%

(1)	For the seven-month period ended October 31, 2010. Effective October 31, 2010, the Fund changed its fiscal year end from March 31 to October 31.
(2)	Calculated based on average shares outstanding method.
(3)	Amount is less than $0.01.
(4)	Not annualized.
(5)	Annualized.
(6)	As of February 28, 2015, the expense limitation agreement for the Fund expired (unaudited).
(7)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

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HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY BALANCED FUND

Financial Highlights

Hennessy Balanced Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	12.90		$	11.88		$	11.13		$	10.43		$	9.48

Income from investment operations:
Net investment income		0.02			0.02			0.04			0.05			0.05
Net realized and unrealized gains on investments		0.51			1.02			0.75			0.70			0.95
Total from investment operations		0.53			1.04			0.79			0.75			1.00

Less distributions:
Dividends from net investment income		(0.01	)		(0.02	)		(0.04	)		(0.05	)		(0.05	)
Dividends from net realized gains		(0.44	)		—			—			—			—
Total distributions		(0.45	)		(0.02	)		(0.04	)		(0.05	)		(0.05	)
Net asset value, end of year	$	12.98		$	12.90		$	11.88		$	11.13		$	10.43

TOTAL RETURN		4.26	%		8.77	%		7.13	%		7.16	%		10.53	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	12.54		$	12.21		$	25.17		$	18.02		$	12.50
Ratio of net expenses to average net assets		1.75	%		1.75	%		1.54	%		1.61	%		1.65	%
Ratio of net investment income to average net assets		0.17	%		0.14	%		0.34	%		0.42	%		0.45	%
Portfolio turnover rate		23	%		22	%		17	%		39	%		57	%

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Core Bond Fund

For an Investor Class share outstanding throughout each period

													For the Period			For the
													April 1, 2010			Year Ended
	For the Year Ended October 31,												to October 31,			March 31,
	2014			2013			2012			2011			2010(1)			2010
PER SHARE DATA:
Net asset value, beginning of period	$	9.56		$	9.97		$	9.56		$	9.82		$	9.39		$	8.75

Income from investment operations:
Net investment income		0.17			0.27			0.28			0.35	(2)		0.23	(2)		0.38	(2)
Net realized and unrealized gains (losses) on investments		(0.06	)		(0.23	)		0.41			(0.14	)		0.42			0.69
Total from investment operations		0.11			0.04			0.69			0.21			0.65			1.07

Less distributions:
Dividends from net investment income		(0.18	)		(0.27	)		(0.20	)		(0.32	)		(0.22	)		(0.38	)
Dividends from net realized gains		(1.88	)		(0.18	)		(0.08	)		(0.15	)		—			(0.05	)
Total distributions		(2.06	)		(0.45	)		(0.28	)		(0.47	)		(0.22	)		(0.43	)
Paid-in capital from redemption fees		—			—			0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)
Net asset value, end of period	$	7.61		$	9.56		$	9.97		$	9.56		$	9.82		$	9.39

TOTAL RETURN		1.41	%		0.41	%		7.38	%		2.35	%		6.98	%(4)		12.33	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)	$	2.82		$	3.02		$	3.57		$	4.05		$	4.45		$	4.62
Ratio of expenses to average net assets:
Before expense reimbursement		2.85	%		2.26	%		2.12	%		2.38	%		2.10	%(5)		1.93	%
After expense reimbursement(6)		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%(5)		1.31	%
Ratio of net investment income to average net assets:
Before expense reimbursement		0.74	%		1.70	%		2.01	%		2.58	%		3.37	%(5)		3.49	%
After expense reimbursement(6)		2.29	%		2.66	%		2.83	%		3.66	%		4.17	%(5)		4.11	%
Portfolio turnover rate(7)		54	%		74	%		75	%		57	%		46	%(4)		28	%

(1)	For the seven-month period ended October 31, 2010. Effective October 31, 2010, the Fund changed its fiscal year end from March 31 to October 31.
(2)	Calculated based on average shares outstanding method.
(3)	Amount is less than $0.01.
(4)	Not annualized.
(5)	Annualized.
(6)	As of February 28, 2015, the expense limitation agreement for the Fund expired (unaudited).
(7)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY CORE BOND FUND

Financial Highlights

Hennessy Core Bond Fund

For an Institutional Class share outstanding throughout each period

													For the Period			For the
													April 1, 2010			Year Ended
	For the Year Ended October 31,												to October 31,			March 31,
	2014			2013			2012			2011			2010(1)			2010
PER SHARE DATA:
Net asset value, beginning of period	$	8.65		$	9.06		$	8.77		$	9.05		$	8.67		$	8.11

Income from investment operations:
Net investment income		0.16			0.19			0.27			0.34	(2)		0.23	(2)		0.37	(2)
Net realized and unrealized gains (losses) on investments		(0.06	)		(0.13	)		0.38			(0.12	)		0.38			0.64
Total from investment operations		0.10			0.06			0.65			0.22			0.61			1.01

Less distributions:
Dividends from net investment income		(0.18	)		(0.29	)		(0.28	)		(0.35	)		(0.23	)		(0.40	)
Dividends from net realized gains		(1.88	)		(0.18	)		(0.08	)		(0.15	)		—			(0.05	)
Total distributions		(2.06	)		(0.47	)		(0.36	)		(0.50	)		(0.23	)		(0.45	)
Paid-in capital from redemption fees		—			0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)		0.00	(3)
Net asset value, end of period	$	6.69		$	8.65		$	9.06		$	8.77		$	9.05		$	8.67

TOTAL RETURN		1.53	%		0.69	%		7.63	%		2.62	%		7.15	%(4)		12.62	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)	$	2.29		$	3.38		$	33.34		$	23.25		$	24.25		$	23.89
Ratio of expenses to average net assets:
Before expense reimbursement		2.53	%		1.67	%		1.31	%		1.43	%		1.47	%(5)		1.69	%
After expense reimbursement(6)		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%(5)		1.06	%
Ratio of net investment income to average net assets:
Before expense reimbursement		1.06	%		2.28	%		2.74	%		3.54	%		4.00	%(5)		3.74	%
After expense reimbursement(6)		2.54	%		2.90	%		3.00	%		3.92	%		4.41	%(5)		4.37	%
Portfolio turnover rate(7)		54	%		74	%		75	%		57	%		46	%(4)		28	%

(1)	For the seven-month period ended October 31, 2010. Effective October 31, 2010, the Fund changed its fiscal year end from March 31 to October 31.
(2)	Calculated based on average shares outstanding method.
(3)	Amount is less than $0.01.
(4)	Not annualized.
(5)	Annualized.
(6)	As of February 28, 2015, the expense limitation agreement for the Fund expired (unaudited).
(7)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

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HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY GAS UTILITY FUND

Financial Highlights

Hennessy Gas Utility Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	26.69		$	23.05		$	21.21		$	17.83		$	15.13

Income from investment operations:
Net investment income		0.62			0.62			0.58			0.51	(1)		0.58
Net realized and unrealized gains on investments		5.18			4.18			1.99			3.59			2.72
Total from investment operations		5.80			4.80			2.57			4.10			3.30

Less distributions:
Dividends from net investment income		(0.59	)		(0.61	)		(0.58	)		(0.51	)		(0.58	)
Dividends from net realized gains		(0.60	)		(0.55	)		(0.16	)		(0.21	)		(0.02	)
Total distributions		(1.19	)		(1.16	)		(0.74	)		(0.72	)		(0.60	)
Paid-in capital from redemption fees		0.00	(2)		0.00	(2)		0.01			0.00	(2)		0.00	(2)
Net asset value, end of year	$	31.30		$	26.69		$	23.05		$	21.21		$	17.83

TOTAL RETURN		22.49	%		21.70	%		12.41	%		23.54	%		22.25	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	2,254.98		$	1,182.79		$	746.82		$	433.78		$	244.04
Ratio of expenses to average net assets:
Before expense reimbursement		0.77	%		0.80	%		0.69	%		0.71	%		0.77	%
After expense reimbursement(3)		0.77	%		0.80	%		0.69	%		0.71	%		0.76	%
Ratio of net investment income to average net assets:
Before expense reimbursement		2.26	%		2.56	%		2.72	%		2.68	%		3.50	%
After expense reimbursement(3)		2.26	%		2.56	%		2.72	%		2.68	%		3.51	%
Portfolio turnover rate		20	%		18	%		16	%		17	%		16	%

(1)	Calculated based on average shares outstanding method.
(2)	Amount is less than $0.01.
(3)	As of February 28, 2015, the expense limitation agreement for the Fund expired (unaudited).

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Small Cap Financial Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	25.40		$	19.54		$	16.48		$	18.11		$	15.91

Income from investment operations:
Net investment income (loss)		(0.10	)		0.10			0.11			0.21	(1)		0.08
Net realized and unrealized gains (losses) on investments		0.49			5.88			3.24			(1.66	)		2.17
Total from investment operations		0.39			5.98			3.35			(1.45	)		2.25

Less distributions:
Dividends from net investment income		(0.06	)		(0.12	)		(0.29	)		(0.06	)		(0.07	)
Dividends from net realized gains		(1.60	)		—			—			(0.13	)		—
Total distributions		(1.66	)		(0.12	)		(0.29	)		(0.19	)		(0.07	)
Paid-in capital from redemption fees		0.00	(2)		0.00	(2)		0.00	(2)		0.01			0.02
Net asset value, end of year	$	24.13		$	25.40		$	19.54		$	16.48		$	18.11

TOTAL RETURN		1.40	%		30.80	%		20.65	%		(8.12	)%		14.27	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	193.09		$	243.42		$	167.20		$	154.21		$	216.75
Ratio of expenses to average net assets		1.44	%		1.46	%		1.45	%		1.52	%		1.51	%
Ratio of net investment income (loss) to average net assets		(0.36	)%		0.48	%		0.56	%		0.81	%		0.35	%
Portfolio turnover rate(3)		47	%		57	%		43	%		70	%		89	%

(1)	Calculated based on average shares outstanding method.
(2)	Amount is less than $0.01.
(3)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY SMALL CAP FINANCIAL FUND

Financial Highlights

Hennessy Small Cap Financial Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	15.96		$	12.34		$	10.55		$	11.70		$	10.34

Income from investment operations:
Net investment income (loss)		(0.09	)		0.14			0.16			0.19	(1)		0.09
Net realized and unrealized gains (losses) on investments		0.40			3.66			1.98			(1.09	)		1.40
Total from investment operations		0.31			3.80			2.14			(0.90	)		1.49

Less distributions:
Dividends from net investment income		(0.14	)		(0.18	)		(0.35	)		(0.12	)		(0.13	)
Dividends from net realized gains		(1.60	)		—			—			(0.13	)		—
Total distributions		(1.74	)		(0.18	)		(0.35	)		(0.25	)		(0.13	)
Paid-in capital from redemption fees		—			—			0.00	(2)		—			0.00	(2)
Net asset value, end of year	$	14.53		$	15.96		$	12.34		$	10.55		$	11.70

TOTAL RETURN		1.70	%		31.18	%		20.95	%		(8.00	)%		14.52	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	42.23		$	68.80		$	43.79		$	19.89		$	25.01
Ratio of expenses to average net assets		1.12	%		1.15	%		1.25	%		1.34	%		1.23	%
Ratio of net investment income (loss) to average net assets		(0.04	)%		0.74	%		0.72	%		1.00	%		0.61	%
Portfolio turnover rate(3)		47	%		57	%		43	%		70	%		89	%

(1)	Calculated based on average shares outstanding method.
(2)	Amount is less than $0.01.
(3)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

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HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY LARGE CAP FINANCIAL FUND

Financial Highlights

Hennessy Large Cap Financial Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	19.01		$	14.16		$	11.91		$	12.88		$	12.61

Income from investment operations:
Net investment income (loss)		0.00	(2)		(0.03	)		0.01			(0.04	)(1)		(0.08	)
Net realized and unrealized gains (losses) on investments		2.44			4.89			2.24			(0.93	)		0.35
Total from investment operations		2.44			4.86			2.25			(0.97	)		0.27

Less distributions:
Dividends from net investment income		—			(0.01	)		—			—			—
Dividends from net realized gains		(0.58	)		—			—			—			—
Total distributions		(0.58	)		(0.01	)		—			—			—
Paid-in capital from redemption fees		0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)		0.00	(2)
Net asset value, end of year	$	20.87		$	19.01		$	14.16		$	11.91		$	12.88

TOTAL RETURN		13.04	%		34.37	%		18.89	%		(7.53	)%		2.14	%
Net assets, end of year (millions)	$	98.07		$	88.30		$	64.66		$	55.68		$	48.72
Ratio of expenses to average net assets		1.49	%		1.57	%		1.57	%		1.61	%		1.78	%
Ratio of net investment income to average net assets		(0.01	)%		(0.22	)%		0.09	%		(0.34	)%		(0.73	)%
Portfolio turnover rate		58	%		75	%		93	%		97	%		150	%

(1)	Calculated based on average shares outstanding method.
(2)	Amount is less than $0.01.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Technology Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	13.57		$	10.67		$	10.86		$	11.00		$	9.05

Income from investment operations:
Net investment loss		(0.23	)		(0.20	)		(0.15	)		(0.17	)(1)		(0.14	)
Net realized and unrealized gains (losses) on investments		1.52			3.10			(0.04	)		0.03			2.08
Total from investment operations		1.29			2.90			(0.19	)		(0.14	)		1.94

Paid-in capital from redemption fees(1)		0.00	(2)		—			0.00	(2)		0.00	(2)		0.01
Net asset value, end of year	$	14.86		$	13.57		$	10.67		$	10.86		$	11.00

TOTAL RETURN		9.51	%		27.18	%		(1.75	)%		(1.27	)%		21.55	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	4.99		$	4.49		$	4.44		$	5.70		$	8.21
Ratio of expenses to average net assets:
Before expense reimbursement		2.92	%		3.04	%		3.20	%		2.79	%		2.50	%
After expense reimbursement(3)		1.95	%		1.95	%		1.95	%		1.95	%		1.95	%
Ratio of net investment income to average net assets:
Before expense reimbursement		(2.53	)%		(2.36	)%		(2.39	)%		(2.38	)%		(1.64	)%
After expense reimbursement(3)		(1.55	)%		(1.27	)%		(1.14	)%		(1.54	)%		(1.10	)%
Portfolio turnover rate(4)		204	%		164	%		138	%		141	%		353	%

(1)	Calculated based on average shares outstanding method.
(2)	Amount is less than $0.01.
(3)	As of February 28, 2015, the expense limitation agreement for the Fund expired (unaudited).
(4)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY TECHNOLOGY FUND

Financial Highlights

Hennessy Technology Fund

For an Institutional Class share outstanding throughout each period

													Period
													Ended
	Year Ended October 31,												October 31,
	2014			2013			2012			2011			2010(1)
PER SHARE DATA:
Net asset value, beginning of period	$	13.68		$	10.73		$	10.89		$	11.00		$	10.46

Income from investment operations:
Net investment loss		(0.26	)		(0.12	)		(0.11	)		(0.14	)(2)		(0.07	)
Net realized and unrealized gains (losses) on investments		1.60			3.07			(0.05	)		0.03			0.61
Total from investment operations		1.34			2.95			(0.16	)		(0.11	)		0.54

Paid-in capital from redemption fees		—			—			0.00	(3)		0.00	(3)		0.00	(3)
Net asset value, end of period	$	15.02		$	13.68		$	10.73		$	10.89		$	11.00

TOTAL RETURN		9.80	%		27.49	%		(1.47	)%		(1.00	)%		5.16	%(4)

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)	$	0.93		$	1.19		$	0.93		$	1.16		$	4.61
Ratio of expenses to average net assets:
Before expense reimbursement		2.60	%		2.76	%		4.11	%		3.45	%		2.34	%(5)
After expense reimbursement(6)		1.70	%		1.70	%		1.70	%		1.70	%		1.70	%(5)
Ratio of net investment income to average net assets:
Before expense reimbursement		(2.23	)%		(2.10	)%		(3.31	)%		(2.99	)%		(1.41	)%(5)
After expense reimbursement(6)		(1.33	)%		(1.04	)%		(0.90	)%		(1.24	)%		(0.77	)%(5)
Portfolio turnover rate(7)		204	%		164	%		138	%		141	%		353	%(4)

(1)	Institutional Class shares commenced operations on March 12, 2010.
(2)	Calculated based on average shares outstanding method.
(3)	Amount is less than $0.01.
(4)	Not annualized.
(5)	Annualized.
(6)	As of February 28, 2015, the expense limitation agreement for the Fund expired (unaudited).
(7)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Japan Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	19.68		$	15.40		$	13.99		$	12.58		$	11.38

Income from investment operations:
Net investment loss		(0.06	)		(0.04	)		(0.02	)		(0.10	)		(0.04	)
Net realized and unrealized gains on investments		2.15			4.33			1.43			1.51			1.25
Total from investment operations		2.09			4.29			1.41			1.41			1.21

Less distributions:
Dividends from net investment income		—			—			—			—			(0.01	)
Dividends from return of capital		—			(0.01	)		—			—			(0.01	)
Total distributions		—			(0.01	)		—			—			(0.02	)
Paid-in capital from redemption fees		—			—			—			—			0.01
Net asset value, end of year	$	21.77		$	19.68		$	15.40		$	13.99		$	12.58

TOTAL RETURN		10.62	%		27.87	%		10.08	%		11.21	%		11.04	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	27.26		$	31.32		$	10.38		$	14.81		$	20.01
Ratio of expenses to average net assets:
Before expense reimbursement		1.70	%		1.90	%		2.03	%		1.86	%		1.71	%
After expense reimbursement		1.70	%		1.90	%		2.03	%		1.86	%		1.59	%
Ratio of net investment loss to average net assets:
Before expense reimbursement		(0.18	)%		(0.35	)%		(0.09	)%		(0.54	)%		(0.27	)%
After expense reimbursement		(0.18	)%		(0.35	)%		(0.09	)%		(0.54	)%		(0.15	)%
Portfolio turnover rate(1)		22	%		6	%		2	%		166	%		8	%

(1)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSYFUNDS.COM

FINANCIAL HIGHLIGHTS — HENNESSY JAPAN FUND

Financial Highlights

Hennessy Japan Fund

For an Institutional Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	19.98		$	15.60		$	14.14		$	12.66		$	11.44

Income from investment operations:
Net investment income (loss)		0.07			(0.03	)		0.02			0.03			0.01
Net realized and unrealized gains on investments		2.10			4.42			1.44			1.45			1.23
Total from investment operations		2.17			4.39			1.46			1.48			1.24

Less distributions:
Dividends from net investment income		—			—			—			—			(0.01	)
Dividends from return of capital		—			(0.01	)		—			—			(0.01	)
Total distributions		—			(0.01	)		—			—			(0.02	)
Net asset value, end of year	$	22.15		$	19.98		$	15.60		$	14.14		$	12.66

TOTAL RETURN		10.86	%		28.19	%		10.33	%		11.69	%		11.07	%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	25.75		$	9.07		$	8.94		$	9.70		$	23.57
Ratio of expenses to average net assets:
Before expense reimbursement		1.50	%		1.66	%		1.85	%		1.64	%		1.45	%
After expense reimbursement		1.50	%		1.66	%		1.85	%		1.64	%		1.40	%
Ratio of net investment income (loss) to average net assets:
Before expense reimbursement		0.26	%		(0.20	)%		0.13	%		0.19	%		0.02	%
After expense reimbursement		0.26	%		(0.20	)%		0.13	%		0.19	%		0.07	%
Portfolio turnover rate(1)		22	%		6	%		2	%		166	%		8	%

(1)	Portfolio turnover is calculated on the basis of the Fund as a whole.

HENNESSY FUNDS

1-800-966-4354

Financial Highlights

Hennessy Japan Small Cap Fund

For an Investor Class share outstanding throughout each year

	Year Ended October 31,
	2014			2013			2012			2011			2010
PER SHARE DATA:
Net asset value, beginning of year	$	11.70		$	10.54		$	10.09		$	9.23		$	9.74

Income from investment operations:
Net investment income (loss)		(0.04	)		0.06			(0.68	)		0.06			0.00	(1)
Net realized and unrealized gains (losses) on investments		1.36			3.44			1.17			0.80			(0.10	)
Total from investment operations		1.32			3.50			0.49			0.86			(0.10	)

Less distributions:
Dividends from net investment income		—			—			(0.04	)		—			(0.42	)
Dividends from net realized gains		(2.51	)		(2.34	)		—			—			—
Total distributions		(2.51	)		(2.34	)		(0.04	)		—			(0.42	)
Paid-in capital from redemption fees		—			—			—			—			0.01
Net asset value, end of year	$	10.51		$	11.70		$	10.54		$	10.09		$	9.23

TOTAL RETURN		13.99	%		40.59	%		4.91	%		9.32	%		(0.72	)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (millions)	$	19.36		$	14.82		$	5.11		$	24.08		$	15.17
Ratio of expenses to average net assets:
Before expense reimbursement		2.24	%		2.39	%		2.33	%		2.10	%		2.14	%
After expense reimbursement		2.24	%		2.39	%		2.33	%		2.10	%		2.01	%
Ratio of net investment income to average net assets:
Before expense reimbursement		(0.39	)%		(0.11	)%		(0.66	)%		0.17	%		(0.14	)%
After expense reimbursement		(0.39	)%		(0.11	)%		(0.66	)%		0.17	%		(0.01	)%
Portfolio turnover rate		63	%		141	%		49	%		61	%		100	%

(1)	Amount is less than $0.01 or $(0.01).

HENNESSYFUNDS.COM

100

FINANCIAL HIGHLIGHTS — HENNESSY JAPAN SMALL CAP FUND AND PRIVACY POLICY

We collect the following non-public personal information about you:

	•	information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth;
		and
	•	information about your transactions with us, our affiliates or others, including, but not limited to, your account number and balance, payment history, parties to transactions, cost basis information and other financial information.

We do not disclose any non-public personal information about our current or former shareholders to nonaffiliated third parties, except as permitted by law. For example, we are permitted by law to disclose all of the information we collect, as described above, to our Transfer Agent to process your transactions. Furthermore, we restrict access to your non-public personal information to those persons who require such information to provide products or services to you. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard your non-public personal information.

In the event that you hold shares of the Fund(s) through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with nonaffiliated third parties.

Not part of Prospectus.

HENNESSY FUNDS

1-800-966-4354

101

FUND SYMBOLS AND CUSIPS

The Investor Class shares of the Funds have the following fund symbols and cusips:

Fund – Investor Class	Symbol	Cusip
Hennessy Cornerstone Growth Fund	HFCGX	425888104
Hennessy Focus Fund	HFCSX	42588P700
Hennessy Cornerstone Mid Cap 30 Fund	HFMDX	425888302
Hennessy Cornerstone Large Growth Fund	HFLGX	42588P205
Hennessy Cornerstone Value Fund	HFCVX	425888203
Hennessy Large Value Fund	HLVFX	42588P502
Hennessy Total Return Fund	HDOGX	425887205
Hennessy Equity and Income Fund	HEIFX	42588P825
Hennessy Balanced Fund	HBFBX	425887106
Hennessy Core Bond Fund	HCBFX	42588P791
Hennessy Gas Utility Fund	GASFX	42588P833
Hennessy Small Cap Financial Fund	HSFNX	42588P874
Hennessy Large Cap Financial Fund	HLFNX	42588P882
Hennessy Technology Fund	HTECX	42588P858
Hennessy Japan Fund	HJPNX	425894102
Hennessy Japan Small Cap Fund	HJPSX	425894300

The Institutional Class shares of the Funds have the following fund symbols and cusips:

Fund – Institutional Class	Symbol	Cusip
Hennessy Cornerstone Growth Fund	HICGX	425888500
Hennessy Focus Fund	HFCIX	42588P809
Hennessy Cornerstone Mid Cap 30 Fund	HIMDX	425888609
Hennessy Cornerstone Large Growth Fund	HILGX	42588P403
Hennessy Cornerstone Value Fund	HICVX	425888401
Hennessy Large Value Fund	HLVIX	42588P601
Hennessy Equity and Income Fund	HEIIX	42588P817
Hennessy Core Bond Fund	HCBIX	42588P783
Hennessy Small Cap Financial Fund	HISFX	42588P866
Hennessy Large Cap Financial Fund	HILFX	42588P775
Hennessy Technology Fund	HTCIX	42588P841
Hennessy Japan Fund	HJPIX	425894201
Hennessy Japan Small Cap Fund	HJSIX	42588P767

Not part of Prospectus.

HENNESSYFUNDS.COM

102

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HENNESSY FUNDS

1-800-966-4354

For information, questions or assistance, please call

Hennessy Funds

1-800-966-4354 or 1-415-899-1555

INVESTMENT ADVISOR

Hennessy Advisors, Inc.

7250 Redwood Blvd., Suite 200

Novato, California 94945

ADMINISTRATOR,

TRANSFER AGENT,

DIVIDEND PAYING AGENT &

SHAREHOLDER SERVICING AGENT

U.S. Bancorp Fund Services, LLC

P.O. Box 701

Milwaukee, Wisconsin 53201-0701

CUSTODIAN

U.S. Bank N.A.

Custody Operations

1555 North River Center Dr., Suite 302

Milwaukee, Wisconsin 53212

TRUSTEES

Neil J. Hennessy

Robert T. Doyle

J. Dennis DeSousa

Gerald P. Richardson

COUNSEL

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRMS

KPMG LLP

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5306

Tait, Weller & Baker LLP

1818 Market Street, Suite 2400

Philadelphia, Pennsylvania 19103

DISTRIBUTOR

Quasar Distributors, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

To learn more about the Hennessy Funds you may want to read the Funds’ Statement of Additional Information (or “SAI”), which contains additional information about the Funds. The Funds have incorporated by reference the SAI into this Prospectus. This means that you should consider the contents of the SAI to be part of this Prospectus.

You also may learn more about the Funds’ investments by reading the Funds’ annual and semi-annual reports to shareholders. Each Fund’s annual report includes a discussion of the market conditions and investment strategies that significantly affected the Fund’s performance during the last fiscal year.

The SAI and the annual and semi-annual reports are all available to shareholders and prospective investors, without charge, upon request, simply by calling 1-800-966-4354 or 1-415-899-1555. The Funds also make available the SAI and the annual and semi-annual reports, free of charge, on their website (hennessyfunds.com).

Prospective investors and shareholders who have questions about the Funds may also call 1-800-966-4354 or 1-415-899-1555 or write to the following address:

Hennessy Funds

7250 Redwood Blvd.

Suite 200

Novato, CA 94945

The general public can review and copy information about the Funds (including the SAI) at the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. (please call 1-202-551-8090 for information on the operations of the Public Reference Room). Reports and other information about the Funds are also available on the EDGAR Database on the Securities and Exchange Commission’s website at http://www.sec.gov. Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov., or by writing to:

Public Reference Section

Securities and Exchange Commission

Washington, D.C. 20549-1520

When seeking information about the Funds, please refer to the Hennessy Funds Trust’s Investment Company Act File No. 811-07168.

DOMESTIC EQUITY	Investor	Institutional
Hennessy Cornerstone Growth Fund	HFCGX	HICGX
Hennessy Focus Fund	HFCSX	HFCIX
Hennessy Cornerstone Mid Cap 30 Fund	HFMDX	HIMDX
Hennessy Cornerstone Large Growth Fund	HFLGX	HILGX
Hennessy Cornerstone Value Fund	HFCVX	HICVX
Hennessy Large Value Fund	HLVFX	HLVIX
Hennessy Total Return Fund	HDOGX

BALANCED & FIXED INCOME
Hennessy Equity and Income Fund	HEIFX	HEIIX
Hennessy Balanced Fund	HBFBX
Hennessy Core Bond Fund	HCBFX	HCBIX

SECTOR & SPECIALTY
Hennessy Gas Utility Fund	GASFX
Hennessy Small Cap Financial Fund	HSFNX	HISFX
Hennessy Large Cap Financial Fund	HLFNX	HILFX
Hennessy Technology Fund	HTECX	HTCIX
Hennessy Japan Fund	HJPNX	HJPIX
Hennessy Japan Small Cap Fund	HJPSX	HJSIX

Summary Information:
Domestic Equity
Hennessy Cornerstone Growth Fund			2
Hennessy Focus Fund			5
Hennessy Cornerstone Mid Cap 30 Fund			8
Hennessy Cornerstone Large Growth Fund			11
Hennessy Cornerstone Value Fund			14
Hennessy Large Value Fund			17
Hennessy Total Return Fund			20
Balanced & Fixed Income
Hennessy Equity and Income Fund			23
Hennessy Balanced Fund			27
Hennessy Core Bond Fund			30
Sector & Specialty
Hennessy Gas Utility Fund			33
Hennessy Small Cap Financial Fund			36
Hennessy Large Cap Financial Fund			39
Hennessy Technology Fund			42
Hennessy Japan Fund			45
Hennessy Japan Small Cap Fund			48
Important Additional Fund Information			51
Additional Investment Information			52
Historical Performance			53
Management of the Funds			55
Shareholder Information
Pricing of Fund Shares			59
Classes of Shares			59
Account Minimum Investments			59
Market Timing Policy			60
Telephone Privileges			60
How to Purchase Shares			60
Automatic Investment Plan			62
Retirement Plans			62
How to Sell Shares			62
How to Exchange Shares			64
Systematic Cash Withdrawal Program			65
Dividends and Distributions			65
Tax Information			66
Index Descriptions			66
Householding			67
Electronic Delivery			67
Financial Highlights			69