REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 |
[x]
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Pre-Effective Amendmet No. | [ ] | |
Post-Effective Amendment No. 38 |
[x]
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|
and/or | ||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 |
[x]
|
Amendment No. 39 [x]
(Check appropriate box or boxes.)
___________________________________
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||
HENNESSY FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)
|
7250 Redwood Blvd.
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||
Suite 200
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Novato, California
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94945
|
|
(Address of Principal Executive Offices)
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(ZIP Code)
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(800) 966-4354
(Registrant’s Telephone Number, including Area Code)
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Neil J. Hennessy
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Copy to:
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Hennessy Advisors, Inc.
|
Peter D. Fetzer
|
7250 Redwood Blvd.
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Foley & Lardner LLP
|
Suite 200
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777 East Wisconsin Avenue
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Novato, California 94945
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Milwaukee, Wisconsin 53202-5306
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(Name and Address of Agent for Service)
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£
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This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
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DOMESTIC EQUITY
|
Investor
|
Institutional
|
Hennessy Cornerstone Growth Fund
|
HFCGX
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HICGX
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Hennessy Focus Fund
|
HFCSX
|
HFCIX
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Hennessy Cornerstone Mid Cap 30 Fund
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HFMDX
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HIMDX
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Hennessy Cornerstone Large Growth Fund
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HFLGX
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HILGX
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Hennessy Cornerstone Value Fund
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HFCVX
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HICVX
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Hennessy Large Value Fund
|
HLVFX
|
HLVIX
|
Hennessy Total Return Fund
|
HDOGX
|
|
BALANCED & FIXED INCOME
|
||
Hennessy Equity and Income Fund
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HEIFX
|
HEIIX
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Hennessy Balanced Fund
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HBFBX
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Hennessy Core Bond Fund
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HCBFX
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HCBIX
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SECTOR & SPECIALTY
|
||
Hennessy Gas Utility Index Fund
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GASFX
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Hennessy Small Cap Financial Fund
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HSFNX
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HISFX
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Hennessy Large Cap Financial Fund
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HLFNX
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Hennessy Technology Fund
|
HTECX
|
HTCIX
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Hennessy Japan Fund
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HJPNX
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HJPIX
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Hennessy Japan Small Cap Fund
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HJPSX
|
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
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23 | |||
Hennessy Balanced Fund
|
27 | |||
Hennessy Core Bond Fund
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30 | |||
Sector & Specialty
|
||||
Hennessy Gas Utility Index 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
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62 | |||
How to Sell Shares
|
62 | |||
How to Exchange Shares
|
64 | |||
Systematic Cash Withdrawal Program
|
65 | |||
Dividends and Distributions
|
65 | |||
Tax Information
|
65 | |||
Index Descriptions
|
66 | |||
Householding
|
67 | |||
Electronic Delivery
|
67 | |||
Financial Highlights
|
69 | |||
HENNESSY FUNDS
|
1-800-966-4354
|
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 Expenses
|
0.55%
|
0.37%
|
||
Shareholder Servicing
|
0.10%
|
None
|
||
All Remaining
|
||||
Other Expenses
|
0.45%
|
0.37%
|
||
Total Annual Fund
|
||||
Operating Expenses
|
1.29%
|
1.11%
|
||
Expense Reimbursement
|
N/A
|
(0.13)%
1
|
||
Net Expenses
|
1.29%
|
0.98%
|
1
|
The Fund’s investment manager has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Trustees terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$131
|
$409
|
$708
|
$1,556
|
Institutional
|
$100
|
$340
|
$599
|
$1,340
|
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.
|
||
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.
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Cornerstone
|
|||
Growth Fund – Investor
|
|||
Return before taxes
|
35.89%
|
14.21%
|
4.43%
|
Return after taxes
|
|||
on distributions
|
35.89%
|
14.21%
|
3.53%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
20.31%
|
11.44%
|
3.74%
|
Hennessy Cornerstone
|
|||
Growth Fund – Institutional
|
|||
Return before taxes
|
36.43%
|
14.61%
|
4.64%
|
Russell 2000® Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
38.82%
|
20.08%
|
9.07%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
32.39%
|
17.94%
|
7.41%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.90 | % | 0.90 | % | ||||
Distribution and Service
(12b-1)
Fees
|
0.25 | % |
None
|
|||||
Other Expenses
1
|
0.29 | % | 0.24 | % | ||||
Total Annual Fund Operating Expenses
|
1.44 | % | 1.14 | % |
1
|
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.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$147
|
$456
|
$787
|
$1,724
|
Institutional
|
$116
|
$362
|
$628
|
$1,386
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Focus
|
||||||||||||
Fund – Investor
|
||||||||||||
Return before taxes
|
35.33 | % | 22.39 | % | 12.31 | % | ||||||
Return after taxes
|
||||||||||||
on distributions
|
34.80 | % | 21.49 | % | 11.54 | % | ||||||
Return after taxes
|
||||||||||||
on distributions and
|
||||||||||||
sale of Fund shares
|
20.41 | % | 18.55 | % | 10.25 | % | ||||||
Hennessy Focus
|
||||||||||||
Fund – Institutional
|
||||||||||||
Return before taxes
|
35.70 | % | 22.82 | % | 12.51 | % | ||||||
Russell 3000® Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
33.55 | % | 18.71 | % | 7.88 | % | ||||||
Russell MidCap®
|
||||||||||||
Growth Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
35.74 | % | 23.37 | % | 9.77 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
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 Expenses
|
0.57%
|
0.37%
|
||
Shareholder Servicing
|
0.10%
|
None
|
||
All Remaining
|
||||
Other Expenses
|
0.47%
|
0.37%
|
||
Total Annual Fund
|
||||
Operating Expenses
|
1.31%
|
1.11%
|
||
Expense Reimbursement
|
N/A
|
(0.13)%
1
|
||
Net Expenses
|
1.31%
|
0.98%
|
1
|
The Fund’s investment manager has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Trustees terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$133
|
$415
|
$718
|
$1,579
|
Institutional
|
$100
|
$340
|
$599
|
$1,340
|
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.
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Cornerstone
|
|||
Mid Cap 30 Fund – Investor
|
|||
Return before taxes
|
29.63%
|
19.55%
|
11.44%
|
Return after taxes
|
|||
on distributions
|
27.40%
|
19.09%
|
10.74%
|
Return after taxes on
|
|||
distributions and sale
|
|||
of Fund shares
|
18.56%
|
15.98%
|
9.53%
|
Hennessy Cornerstone
|
|||
Mid Cap 30 Fund – Institutional
|
|||
Return before taxes
|
30.06%
|
20.00%
|
11.68%
|
Russell Midcap® Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
34.76%
|
22.36%
|
10.22%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
32.39%
|
17.94%
|
7.41%
|
Investor
|
Institutional
|
||
Sales charge
(load)
|
None
|
None
|
|
Redemption fee
|
None
|
None
|
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.74 | % | 0.74 | % | ||||||||||||
Distribution and Service
(12b-1)
Fees
|
|
None
|
|
None
|
||||||||||||
Other Expenses
|
0.45 | % | 0.36 | % | ||||||||||||
Shareholder Servicing Fee
|
0.10 | % |
None
|
|||||||||||||
All Remaining
|
||||||||||||||||
Other Expenses
|
0.35 | % | 0.36 | % | ||||||||||||
Total Annual Fund
|
||||||||||||||||
Operating Expenses
|
1.19 | % | 1.10 | % | ||||||||||||
Expense Reimbursement
|
N/A | (0.12 | )% 1 | |||||||||||||
Net Expenses
|
1.19 | % | 0.98 | % |
1
|
The Fund’s investment manager has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Trustees terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$121
|
$378
|
$654
|
$1,443
|
Institutional
|
$100
|
$338
|
$595
|
$1,329
|
1)
|
Market capitalization that exceeds the average of the Database
|
2)
|
Price-to-cash flow ratio less than the median of the Database
|
|
This value criterion helps to uncover relative bargains among large companies.
|
3)
|
Positive total capital
|
4)
|
Highest one-year return on total capital
|
|
Return on total capital is a good measurement of how well a company is utilizing its limited resources to maximize growth.
|
HENNESSY FUNDS
|
1-800-966-4354
|
Since
|
||||||||
Inception
|
||||||||
One Year
|
(3/20/09)
|
|||||||
Hennessy Cornerstone Large
|
||||||||
Growth Fund – Investor
|
||||||||
Return before taxes
|
33.79 | % | 23.59 | % | ||||
Return after taxes
|
||||||||
on distributions
|
31.91 | % | 22.34 | % | ||||
Return after taxes on
|
||||||||
distributions and sale
|
||||||||
of Fund shares
|
20.60 | % | 19.56 | % | ||||
Hennessy Cornerstone Large
|
||||||||
Growth Fund – Institutional
|
||||||||
Return before taxes
|
34.08 | % | 23.95 | % | ||||
Russell 1000® Index
|
||||||||
(reflects no deduction for
|
||||||||
fees, expenses or taxes)
|
33.11 | % | 23.28 | % | ||||
S&P 500 Index
|
||||||||
(reflects no deduction for
|
||||||||
fees, expenses or taxes)
|
32.39 | % | 22.73 | % |
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 Expenses
|
0.48%
|
0.36%
|
|||
Shareholder Servicing
|
0.10%
|
None
|
|||
All Remaining
|
|||||
Other Expenses
|
0.38%
|
0.36%
|
|||
Total Annual Fund
|
|||||
Operating Expenses
|
1.22%
|
1.10%
|
|||
Expense Reimbursement
|
N/A
|
(0.
12
)%
|
|||
Net Expenses
|
1.22%
|
0.98%
|
1
|
The Fund’s investment manager has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Trustees terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$124
|
$387
|
$670
|
$1,477
|
Institutional
|
$100
|
$338
|
$595
|
$1,329
|
1)
|
Market capitalization that exceeds the average of the Database
|
|
2)
|
Number of shares outstanding that exceeds the average of the Database
|
|
3)
|
Twelve-month sales that are 50% greater than the average of the Database
|
|
4)
|
Cash flow that exceeds the average of the Database
|
HENNESSY FUNDS
|
1-800-966-4354
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||
(for the periods ended December 31, 2013)
|
|||
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Cornerstone
|
|||
Value Fund – Investor
|
|||
Return before taxes
|
26.40%
|
19.64%
|
6.74%
|
Return after taxes
|
|||
on distributions
|
25.66%
|
19.12%
|
6.25%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
15.55%
|
16.11%
|
5.47%
|
Hennessy Cornerstone
|
|||
Value Fund – Institutional
|
|||
Return before taxes
|
26.74%
|
19.99%
|
6.91%
|
Russell 1000® Value Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
32.53%
|
16.67%
|
7.58%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
32.39%
|
17.94%
|
7.41%
|
Investor
|
Institutional
|
||
Sales charge
(load)
|
None
|
None
|
|
Redemption fee
|
None
|
None
|
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.85 | % | 0.85 | % | ||||||||||||
Distribution and Service
(12b-1)
Fees
|
None
|
None
|
||||||||||||||
Other Expenses
|
0.48 | % | 0.29 | % | ||||||||||||
Shareholder Servicing Fee
|
0.10 | % |
None
|
|||||||||||||
All Remaining
|
||||||||||||||||
Other Expenses
|
0.38 | % | 0.29 | % | ||||||||||||
Total Annual Fund
|
||||||||||||||||
Operating Expenses
|
1.33 | % | 1.14 | % | ||||||||||||
Expense Reimbursement
|
N/A | (0.16 | )% 1 | |||||||||||||
Net Expenses
|
1.33 | % | 0.98 | % |
1
|
The Fund’s investment manager has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Trustees terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$135
|
$421
|
$729
|
$1,601
|
Institutional
|
$100
|
$346
|
$612
|
$1,372
|
•
|
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.
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Large
|
||||||||||||
Value Fund – Investor
|
||||||||||||
Return before taxes
|
28.27 | % | 14.70 | % | 5.90 | % | ||||||
Return after taxes
|
||||||||||||
on distributions
|
28.04 | % | 14.52 | % | 4.62 | % | ||||||
Return after taxes
|
||||||||||||
on distributions and
|
||||||||||||
sale of Fund shares
|
16.20 | % | 11.87 | % | 4.99 | % | ||||||
Hennessy Large
|
||||||||||||
Value Fund – Institutional
|
||||||||||||
Return before taxes
|
28.73 | % | 15.13 | % | 6.09 | % | ||||||
Russell 1000® Value Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
32.53 | % | 16.67 | % | 7.58 | % | ||||||
S&P 500 Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
32.39 | % | 17.94 | % | 7.41 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
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 Expenses
|
0.62%
|
|
Shareholder Servicing
|
0.10%
|
|
Interest Expense
|
0.10%
|
|
All Remaining Other Expenses
|
0.42%
|
|
Total Annual Fund Operating Expenses
|
1.37%
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$139
|
$434
|
$750
|
$1,646
|
*
|
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.
|
HENNESSY FUNDS
|
1-800-966-4354
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||
(for the periods ended December 31, 2013)
|
|||
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Total
|
|||
Return Fund
|
|||
Return before taxes
|
18.52%
|
13.34%
|
4.95%
|
Return after taxes
|
|||
on distributions
|
18.19%
|
13.04%
|
4.64%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
10.73%
|
10.73%
|
3.99%
|
75/25 Blended
|
|||
DJIA/Treasury Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
21.67%
|
12.59%
|
6.16%
|
Dow Jones
|
|||
Industrial Average
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
29.65%
|
16.74%
|
7.44%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.80 | % | 0.80 | % | ||||
Distribution and Service
(12b-1)
Fees
|
0.25 | % |
None
|
|||||
Other Expenses
|
0.31 | % | 0.26 | % | ||||
Acquired Fund Fees
|
||||||||
and Expenses
1
|
0.03 | % | 0.03 | % | ||||
Total Annual Fund
|
||||||||
Operating Expenses
|
1.39 | % | 1.09 | % | ||||
Expense Reimbursement | (0.03 | %) 2 | N/A | |||||
Net Expenses | 1.36 | % | 1.09% |
1
|
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
|
The Fund’s investment manager (the "Manager") has contractually agreed to insure that total operating expenses (excluding certain expenses and such as acquired fund fees and expenses 12b-1 fees) do not exceed 1.08% of the average daily net assets of the Investor Class shares of the Fund. The Manager has agreed to maintain this expense limitation through February 28, 2015.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$138
|
$437
|
$758
|
$1,666
|
Institutional
|
$111
|
$347
|
$601
|
$1,329
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Equity and
|
||||||||||||
Income Fund – Investor
|
||||||||||||
Returns before taxes
|
15.03 | % | 12.79 | % | 8.11 | % | ||||||
Returns after taxes
|
||||||||||||
on distributions
|
13.90 | % | 12.07 | % | 6.88 | % | ||||||
Returns after taxes on
|
||||||||||||
distributions and sale
|
||||||||||||
of fund shares
|
9.41 | % | 10.11 | % | 6.27 | % | ||||||
Hennessy Equity and
|
||||||||||||
Income Fund – Institutional
|
||||||||||||
Returns before taxes
|
15.40 | % | 13.07 | % | 8.37 | % | ||||||
S&P 500 Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
32.39 | % | 17.94 | % | 7.41 | % | ||||||
Blended Balanced Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
18.10 | % | 12.49 | % | 6.35 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
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 Expenses
|
1.00%
|
|
Shareholder Servicing
|
0.10%
|
|
All Remaining Other Expenses
|
0.90%
|
|
Total Annual Fund Operating Expenses
|
1.75%
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$178
|
$551
|
$949
|
$2,062
|
*
|
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.
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||
(for the periods ended December 31, 2013)
|
|||
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Balanced Fund
|
|||
Return before taxes
|
11.73%
|
9.47%
|
3.56%
|
Return after taxes
|
|||
on distributions
|
10.82%
|
9.22%
|
3.14%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
7.38%
|
7.52%
|
2.83%
|
50/50 Blended
|
|||
DJIA/Treasury Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
14.20%
|
8.65%
|
4.97%
|
Dow Jones
|
|||
Industrial Average
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
29.65%
|
16.74%
|
7.44%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.80 | % | 0.80 | % | ||||
Distribution and Service
(12b-1)
Fees
|
0.25 | % |
None
|
|||||
Other Expenses
|
1.21 | % | 0.87 | % | ||||
Acquired Fund Fees
|
||||||||
and Expenses
1
|
0.11 | % | 0.11 | % | ||||
Total Annual Fund
|
||||||||
Operating Expenses
|
2.37 | % | 1.78 | % | ||||
Expense Reimbursement
2
|
(0.96 | )% | (0.62 | )% | ||||
Net Expenses
|
1.41 | % | 1.16 | % |
1
|
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
|
The Fund’s investment manager (the “Manager”) has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses and 12b-1 fees) do not exceed 1.05% of the Fund’s average daily net assets of both the Investor Class and Institutional Class shares of the Fund, respectively. The Manager has agreed to maintain this expense limitation through February 28, 2015.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$144
|
$648
|
$1,178
|
$2,633
|
Institutional
|
$118
|
$500
|
$907
|
$2,043
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Core
|
||||||||||||
Bond Fund – Investor
|
||||||||||||
Returns before taxes
|
0.01 | % | 5.68 | % | 4.93 | % | ||||||
Returns after taxes
|
||||||||||||
on distributions
|
(5.87 | )% | 3.29 | % | 2.84 | % | ||||||
Returns after taxes on
|
||||||||||||
distributions and sale
|
||||||||||||
of fund shares
|
3.79 | % | 4.00 | % | 3.37 | % | ||||||
Hennessy Core
|
||||||||||||
Bond Fund – Institutional
|
||||||||||||
Returns before taxes
|
0.27 | % | 5.94 | % | 5.19 | % | ||||||
Barclays Capital Intermediate
|
||||||||||||
U.S. Government/Credit Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
(0.86 | )% | 3.96 | % | 4.09 | % |
Sales charge
(load)
|
None
|
Redemption fee
|
None
|
Exchange fee
|
None
|
Management Fees
|
0.40 | % | ||
Distribution and Service
(12b-1)
Fees
|
None
|
|||
Other Expenses
|
0.40 | % | ||
Total Annual Fund Operating Expenses
|
0.80 | % |
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$82
|
$255
|
$444
|
$990
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Gas
|
||||||||||||
Utility Index Fund
|
||||||||||||
Returns before taxes
|
25.42 | % | 18.63 | % | 12.52 | % | ||||||
Returns after taxes
|
||||||||||||
on distributions
|
24.05 | % | 17.78 | % | 11.67 | % | ||||||
Returns after taxes on
|
||||||||||||
distributions and sale
|
||||||||||||
of fund shares
|
15.41 | % | 15.22 | % | 10.46 | % | ||||||
AGA Stock Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
26.41 | % | 17.82 | % | 11.60 | % | ||||||
S&P 500 Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
32.39 | % | 17.94 | % | 7.41 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.90 | % | 0.90 | % | ||||
Distribution and Service
(12b-1)
Fees
|
0.25 | % |
None
|
|||||
Other Expenses
|
0.31 | % | 0.25 | % | ||||
Acquired Fund Fees
|
||||||||
and Expenses
1
|
0.04 | % | 0.04 | % | ||||
Total Annual Fund Operating Expenses
|
1.50 | % | 1.19 | % |
1
|
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.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$153
|
$474
|
$818
|
$1,791
|
Institutional
|
$121
|
$378
|
$654
|
$1,443
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Small Cap
|
||||||||||||
Financial Fund – Investor
|
||||||||||||
Returns before taxes
|
36.59 | % | 14.58 | % | 6.01 | % | ||||||
Returns after taxes
|
||||||||||||
on distributions
|
34.52 | % | 14.11 | % | 4.67 | % | ||||||
Returns after taxes
|
||||||||||||
on distributions
|
||||||||||||
and sale of fund shares
|
22.30 | % | 11.74 | % | 4.88 | % | ||||||
Hennessy Small Cap
|
||||||||||||
Financial Fund – Institutional
|
||||||||||||
Returns before taxes
|
36.96 | % | 14.73 | % | 6.15 | % | ||||||
Russell 2000®
|
||||||||||||
Financial Services Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
31.37 | % | 13.22 | % | 5.66 | % | ||||||
Russell 2000® Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
38.82 | % | 20.08 | % | 9.07 | % |
Sales charge
(load)
|
None
|
Redemption fee
|
None
|
Exchange fee
|
None
|
Management Fees
|
0.90 | % | ||
Distribution and Service
(12b-1)
Fees
|
0.25 | % | ||
Other Expenses
|
0.42 | % | ||
Total Annual Fund Operating Expenses
|
1.57 | % |
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$160
|
$496
|
$855
|
$1,867
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Large Cap
|
||||||||||||
Financial Fund
|
||||||||||||
Returns before taxes
|
42.03 | % | 16.22 | % | 5.33 | % | ||||||
Returns after taxes
|
||||||||||||
on distributions
|
41.06 | % | 16.05 | % | 4.24 | % | ||||||
Returns after taxes on
|
||||||||||||
distributions and sale
|
||||||||||||
of fund shares
|
24.54 | % | 13.13 | % | 4.31 | % | ||||||
Russell 1000®
|
||||||||||||
Financial Services Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
34.80 | % | 14.91 | % | 1.68 | % | ||||||
Russell 1000® Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
33.11 | % | 18.59 | % | 7.78 | % |
|
Investor
|
Institutional
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.90 | % | 0.90 | % | ||||
Distribution and Service
(12b-1)
Fees
|
0.25 | % |
None
|
|||||
Other Expenses
|
1.89 | % | 1.86 | % | ||||
Acquired Fund Fees
|
||||||||
and Expenses
1
|
0.04 | % | 0.04 | % | ||||
Total Annual Fund
|
||||||||
Operating Expenses
|
3.08 | % | 2.80 | % | ||||
Expense Reimbursement
2
|
(1.09 | )% | (1.06 | )% | ||||
Net Expenses
|
1.99 | % | 1.74 | % |
1
|
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
|
The Fund’s investment manager (the “Manager”) has contractually agreed to insure that total operating expenses (excluding certain expenses such as acquired fund fees and expenses and, from and after November 1, 2014, 12b-1 fees) do not exceed 1.95% of the average daily net assets of the Investor Class shares of the Fund and 1.70% of the average daily net assets of the Institutional Class shares of the Fund. The Manager has agreed to maintain this expense limitation through February 28, 2015.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$202
|
$849
|
$1,521
|
$3,316
|
Institutional
|
$177
|
$768
|
$1,385
|
$3,051
|
One
|
Five
|
Ten
|
||||||||||
Year
|
Year
|
Year
|
||||||||||
Hennessy Technology
|
||||||||||||
Fund – Investor
|
||||||||||||
Returns before taxes
|
29.75 | % | 17.05 | % | 5.99 | % | ||||||
Returns after taxes
|
||||||||||||
on distributions
|
29.75 | % | 17.05 | % | 5.13 | % | ||||||
Returns after taxes on
|
||||||||||||
distributions and sale
|
||||||||||||
of fund shares
|
16.84 | % | 13.84 | % | 4.55 | % | ||||||
Hennessy Technology
|
||||||||||||
Fund – Institutional
|
||||||||||||
Returns before taxes
|
30.12 | % | 17.24 | % | 6.08 | % | ||||||
NASDAQ Composite Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
39.36 | % | 22.73 | % | 8.54 | % | ||||||
S&P 500 Index
|
||||||||||||
(reflects no deduction for
|
||||||||||||
fees, expenses or taxes)
|
32.39 | % | 17.94 | % | 7.41 | % |
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 Expenses
1
|
0.91%
|
0.67%
|
||
Shareholder Servicing Fee
|
0.10%
|
None
|
||
All Remaining
|
||||
Other Expenses
|
0.81%
|
0.67%
|
||
Total Annual Fund
|
||||
Operating Expenses
|
1.91%
|
1.67%
|
1
|
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.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$194
|
$600
|
$1,032
|
$2,233
|
Institutional
|
$170
|
$526
|
$907
|
$1,976
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||
(for the periods ended December 31, 2013)
|
|||
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Japan Fund - Investor
|
|||
Returns before taxes
|
26.16%
|
13.35%
|
7.55%
|
Returns after taxes
|
|||
on distributions
|
26.16%
|
13.38%
|
7.26%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
14.80%
|
10.76%
|
6.05%
|
Hennessy Japan
|
|||
Fund - Institutional
|
|||
Returns before taxes
|
26.38%
|
13.57%
|
7.71%
|
Russell/Nomura
|
|||
Total Market Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
26.57%
|
7.72%
|
4.36%
|
TOPIX
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
26.35%
|
7.64%
|
4.20%
|
HENNESSY FUNDS
|
1-800-966-4354
|
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
|
1.20%
|
||
Distribution and Service
(12b-1)
Fees
|
None
|
||
Other Expenses
1
|
1.20%
|
|
|
Shareholder Servicing Fee
|
0.10%
|
||
All remaining Other Expenses
|
1.10%
|
||
Total Annual Fund Operating Expenses
|
2.40%
|
1
|
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.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$243
|
$748
|
$1,280
|
$2,736
|
HENNESSY FUNDS
|
1-800-966-4354
|
AVERAGE ANNUAL TOTAL RETURNS
|
|||
(for the periods ended December 31, 2013)
|
|||
Since
|
|||
One
|
Five
|
Inception
|
|
Year
|
Year
|
(8/31/07)
|
|
Hennessy Japan
|
|||
Small Cap Fund
|
|||
Returns before taxes
|
33.17%
|
15.23%
|
7.96%
|
Returns after taxes
|
|||
on distributions
|
23.20%
|
12.63%
|
5.99%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
20.90%
|
11.92%
|
6.05%
|
Russell/Nomura
|
|||
Small Cap Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
25.28%
|
10.31%
|
3.85%
|
TOPIX
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
26.35%
|
7.64%
|
0.27%
|
HENNESSY FUNDS
|
1-800-966-4354
|
•
|
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.
|
1
|
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.
|
•
|
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.
|
HENNESSY CORNERSTONE LARGE GROWTH FUND
1
– INVESTOR CLASS SHARES
|
2004 | ** | 2005 | ** | 2006 | ** | 2007 | ** | 2008 | ** | 2009 | ** | 2010 | * | 2011 | * | 2012 | * | 2013 | * |
Total
|
||||||||||||||
Cornerstone Large Growth
|
20.59 | % | 14.44 | % | 35.14 | % | 24.40 | % | -41.41 | % | 54.61 | % | 18.85 | % | 2.59 | % | 10.44 | % | 33.79 | % | 173.44 | % | ||||||||||||
Russell 1000® Index
|
11.40 | % | 6.27 | % | 15.46 | % | 5.77 | % | -37.60 | % | 28.43 | % | 16.10 | % | 1.50 | % | 16.42 | % | 33.11 | % | 96.86 | % | ||||||||||||
S&P 500
|
10.88 | % | 4.91 | % | 15.80 | % | 5.49 | % | -37.00 | % | 26.46 | % | 15.06 | % | 2.11 | % | 16.00 | % | 32.39 | % | 92.10 | % |
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, 2004 through March 19, 2009, returns are hypothetical. For the period March 20, 2009 through December 31, 2009 returns are based on actual Fund performance.
|
FUND | ADVISORY 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 Index 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 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
•
|
maintaining an “800” number that current shareholders may call to ask questions about the Funds or their accounts with such Funds;
|
•
|
assisting shareholders in processing exchange and redemption requests for such Funds;
|
•
|
assisting shareholders in changing dividend options, account designations and addresses for such Funds;
|
•
|
responding generally to questions of shareholders about such Funds; and
|
•
|
providing such other similar services as such Funds may request.
|
FOR QUESTIONS PLEASE CALL
|
|
The 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
|
US Bank, Transfer Agent for the Funds
|
|
1-800-261-6950 or
|
|
1-414-765-4124
|
|
9 A.M. - 8 P.M. ET, M-F
|
|
6 A.M. - 5 P.M. PT, M-F
|
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
|
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
|
•
|
Coverdell Education Savings Account
|
•
|
Traditional IRA
|
•
|
Roth IRA
|
•
|
SEP-IRA for sole proprietors, partnerships and corporations
|
•
|
SIMPLE-IRA
|
•
|
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).
|
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
|
Hennessy Total Return Fund
|
|
Hennessy Equity and Income Fund
|
|
Hennessy Balanced Fund
|
|
Hennessy Gas Utility Index Fund
|
•
|
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.
|
HENNESSY FUNDS
|
1-800-966-4354
|
HENNESSY FUNDS
|
1-800-966-4354
|
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Cornerstone Growth Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 12.38 | $ | 9.97 | $ | 10.28 | $ | 8.81 | $ | 8.80 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment loss
|
(0.11 | ) | (0.07 | ) | (0.08 | ) | (0.10 | ) | (0.04 | ) | ||||||||||
Net realized and unrealized gains (losses) on securities
|
3.38 | 2.48 | (0.23 | ) | 1.57 | 0.05 | ||||||||||||||
Total from investment operations
|
3.27 | 2.41 | (0.31 | ) | 1.47 | 0.01 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
— | — | — | — | — | |||||||||||||||
Net asset value, end of year
|
$ | 15.65 | $ | 12.38 | $ | 9.97 | $ | 10.28 | $ | 8.81 | ||||||||||
TOTAL RETURN
|
26.41 | % | 24.17 | % | (3.02 | )% | 16.69 | % | 0.11 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 220.83 | $ | 265.60 | $ | 184.40 | $ | 207.11 | $ | 228.96 | ||||||||||
Ratio of expenses to average net assets
|
1.29 | % | 1.34 | % | 1.33 | % | 1.34 | % | 1.36 | % | ||||||||||
Ratio of net investment loss to average net assets
|
(0.26 | )% | (0.66 | )% | (0.78 | )% | (0.89 | )% | (0.42 | )% | ||||||||||
Portfolio turnover rate
(1)
|
105 | % | 90 | % | 106 | % | 103 | % | 108 | % |
Hennessy Cornerstone Growth Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 12.57 | $ | 10.09 | $ | 10.37 | $ | 8.86 | $ | 8.82 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.01 | (0.04 | ) | (0.05 | ) | (0.07 | ) | — | ||||||||||||
Net realized and unrealized gains (losses) on securities
|
3.36 | 2.52 | (0.23 | ) | 1.58 | 0.04 | ||||||||||||||
Total from investment operations
|
3.37 | 2.48 | (0.28 | ) | 1.51 | 0.04 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
— | — | — | — | — | |||||||||||||||
Net asset value, end of year
|
$ | 15.94 | $ | 12.57 | $ | 10.09 | $ | 10.37 | $ | 8.86 | ||||||||||
TOTAL RETURN
|
26.81 | % | 24.58 | % | (2.70 | )% | 17.04 | % | 0.45 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 26.23 | $ | 37.11 | $ | 2.53 | $ | 3.12 | $ | 4.68 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
1.11 | % | 1.11 | % | 1.09 | % | 1.09 | % | 1.11 | % | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
(0.01 | )% | (0.51 | )% | (0.55 | )% | (0.64 | )% | (0.17 | )% | ||||||||||
After expense reimbursement
|
0.12 | % | (0.38 | )% | (0.44 | )% | (0.53 | )% | (0.04 | )% | ||||||||||
Portfolio turnover rate
(1)
|
105 | % | 90 | % | 106 | % | 103 | % | 108 | % |
Hennessy Focus Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 51.78 | $ | 49.80 | $ | 47.57 | $ | 37.56 | $ | 37.40 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.32 | ) | (0.39 | ) | (0.50 | ) (1) | (0.64 | ) | (0.42 | ) | ||||||||||
Net realized and unrealized gains (losses) on securities
|
16.44 | 7.61 | 4.44 | 10.65 | 5.76 | |||||||||||||||
Total from investment operations
|
16.12 | 7.22 | 3.94 | 10.01 | 5.34 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
(4.32 | ) | (5.24 | ) | (1.72 | ) | — | (5.19 | ) | |||||||||||
Total distributions
|
(4.32 | ) | (5.24 | ) | (1.72 | ) | — | (5.19 | ) | |||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.00 | (2) | 0.01 | 0.00 | (2) | 0.01 | ||||||||||||
Net asset value, end of year
|
$ | 63.58 | $ | 51.78 | $ | 49.80 | $ | 47.57 | $ | 37.56 | ||||||||||
TOTAL RETURN
|
33.54 | % | 16.17 | % | 8.35 | % | 26.65 | % | 17.74 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
1,139.85 | $ | 707.61 | $ | 611.34 | $ | 670.84 | $ | 759.77 | |||||||||||
Ratio of expenses to average net assets
|
1.43 | % | 1.41 | % | 1.44 | % | 1.51 | % | 1.43 | % | ||||||||||
Ratio of net investment loss to average net assets
|
(0.85 | )% | (0.79 | )% | (1.01 | )% | (1.31 | )% | (1.16 | )% | ||||||||||
Portfolio turnover rate
(3)
|
4 | % | 13 | % | 13 | % | 5 | % | 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.
|
Hennessy Focus Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 52.19 | $ | 50.02 | $ | 47.64 | $ | 37.84 | $ | 130.93 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.13 | ) | (0.22 | ) | (0.37 | ) (1) | (0.41 | ) | (0.25 | ) | ||||||||||
Net realized and unrealized gains (losses) on securities
|
16.58 | 7.63 | 4.47 | 10.58 | 0.59 | |||||||||||||||
Total from investment operations
|
16.45 | 7.41 | 4.10 | 10.17 | 0.34 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | (0.37 | ) | — | ||||||||||||||
Dividends from net realized gains
|
(4.32 | ) | (5.24 | ) | (1.72 | ) | — | (93.45 | ) | |||||||||||
Total distributions
|
(4.32 | ) | (5.24 | ) | (1.72 | ) | (0.37 | ) | (93.45 | ) | ||||||||||
Paid-in capital from redemption fees
|
— | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.02 | ||||||||||||
Net asset value, end of year
|
$ | 64.32 | $ | 52.19 | $ | 50.02 | $ | 47.64 | $ | 37.84 | ||||||||||
TOTAL RETURN
|
33.94 | % | 16.51 | % | 8.53 | % | 27.32 | % | 18.15 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 179.89 | $ | 77.28 | $ | 49.01 | $ | 36.81 | $ | 34.23 | ||||||||||
Ratio of expenses to average net assets
|
1.13 | % | 1.12 | % | 1.15 | % | 1.26 | % | 1.15 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.52 | )% | (0.52 | )% | (0.76 | )% | (1.06 | )% | (0.88 | )% | ||||||||||
Portfolio turnover rate
(3)
|
4 | % | 13 | % | 13 | % | 5 | % | 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 Cornerstone Mid Cap 30 Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 14.06 | $ | 12.15 | $ | 11.18 | $ | 8.73 | $ | 8.02 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.09 | 0.08 | (0.09 | ) | (0.03 | ) | (0.02 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments
|
3.35 | 1.83 | 1.06 | 2.48 | 0.73 | |||||||||||||||
Total from investment operations
|
3.44 | 1.91 | 0.97 | 2.45 | 0.71 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.18 | ) | — | — | — | — | ||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.18 | ) | — | — | — | — | ||||||||||||||
Net asset value, end of year
|
$ | 17.32 | $ | 14.06 | $ | 12.15 | $ | 11.18 | $ | 8.73 | ||||||||||
TOTAL RETURN
|
24.78 | % | 15.72 | % | 8.68 | % | 28.06 | % | 8.85 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 159.45 | $ | 145.85 | $ | 146.23 | $ | 123.20 | $ | 128.36 | ||||||||||
Ratio of expenses to average net assets
|
1.31 | % | 1.37 | % | 1.36 | % | 1.39 | % | 1.39 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
0.51 | % | 0.59 | % | (0.79 | )% | (0.26 | )% | (0.20 | )% | ||||||||||
Portfolio turnover rate
(1)
|
212 | % | 25 | % | 107 | % | 87 | % | 90 | % |
Hennessy Cornerstone Mid Cap 30 Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 14.31 | $ | 12.32 | $ | 11.29 | $ | 8.78 | $ | 8.04 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.14 | 0.09 | (0.05 | ) | 0.02 | 0.02 | ||||||||||||||
Net realized and unrealized gains (losses) on investments
|
3.41 | 1.90 | 1.08 | 2.49 | 0.72 | |||||||||||||||
Total from investment operations
|
3.55 | 1.99 | 1.03 | 2.51 | 0.74 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.24 | ) | — | — | — | — | ||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.24 | ) | — | — | — | — | ||||||||||||||
Net asset value, end of year
|
$ | 17.62 | $ | 14.31 | $ | 12.32 | $ | 11.29 | $ | 8.78 | ||||||||||
TOTAL RETURN
|
25.15 | % | 16.15 | % | 9.12 | % | 28.59 | % | 9.20 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 51.19 | $ | 41.62 | $ | 24.06 | $ | 21.38 | $ | 27.44 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
1.11 | % | 1.16 | % | 1.14 | % | 1.16 | % | 1.15 | % | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
0.71 | % | 0.90 | % | (0.41 | )% | (0.03 | )% | 0.04 | % | ||||||||||
After expense reimbursement
|
0.84 | % | 1.08 | % | (0.57 | )% | 0.15 | % | 0.21 | % | ||||||||||
Portfolio turnover rate
(1)
|
212 | % | 25 | % | 107 | % | 87 | % | 90 | % |
Hennessy Cornerstone Large Growth Fund
|
For an Investor Class share outstanding throughout each year
|
One Month
|
||||||||||||||||||||||||
Ended
|
Year Ended
|
|||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
September 30,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.77 | $ | 12.37 | $ | 11.70 | $ | 9.49 | $ | 9.60 | $ | 10.09 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.14 | 0.13 | 0.09 | 0.09 | — | (3) | 0.05 | |||||||||||||||||
Net realized and unrealized gains (losses) on securities
|
2.77 | 0.80 | 0.69 | 2.17 | (0.11 | ) | (0.54 | ) | ||||||||||||||||
Total from investment operations
|
2.91 | 0.93 | 0.78 | 2.26 | (0.11 | ) | (0.49 | ) | ||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.10 | ) | (0.07 | ) | (0.09 | ) | (0.05 | ) | — | — | ||||||||||||||
Dividends from net realized gains
|
(0.02 | ) | (2.46 | ) | (0.02 | ) | — | — | — | |||||||||||||||
Total distributions
|
(0.12 | ) | (2.53 | ) | (0.11 | ) | (0.05 | ) | — | — | ||||||||||||||
Net asset value, end of year
|
$ | 13.56 | $ | 10.77 | $ | 12.37 | $ | 11.70 | $ | 9.49 | $ | 9.60 | ||||||||||||
TOTAL RETURN
|
27.32 | % | 9.14 | % | 6.70 | % | 23.88 | % | (1.15 | )% (4) | (4.86 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 88.77 | $ | 75.83 | $ | 77.88 | $ | 78.83 | $ | 69.41 | $ | 70.61 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement/recoupment
|
1.19 | % | 1.27 | % | 1.26 | % | 1.30 | % | 1.26 | % (5) | 1.40 | % | ||||||||||||
After expense reimbursement/recoupment
|
1.19 | % | 1.27 | % | 1.30 | % | 1.30 | % | 1.30 | % (5) | 1.17 | % | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement/recoupment
|
1.10 | % | 1.35 | % | 0.72 | % | 0.84 | % | (0.01 | )% (5) | 0.36 | % | ||||||||||||
After expense reimbursement/recoupment
|
1.10 | % | 1.35 | % | 0.68 | % | 0.84 | % | (0.05 | )% (5) | 0.59 | % | ||||||||||||
Portfolio turnover rate
(6)
|
73 | % | 0 | % | 70 | % | 83 | % | 0 | % (4) | 116 | % |
(1)
|
For the one month ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31 from September 30.
|
(2)
|
The financial highlights set forth for periods prior to March 20, 2009 represent the historical financial highlights of the Tamarack Large Cap Growth Fund, Class S shares. The assets of the Tamarack Large Cap Growth Fund were acquired by the Hennessy Cornerstone Large Growth Fund on March 20, 2009. At the time, RBC Global Asset Management (U.S.), Inc. (formerly known as Voyageur Asset Management Inc.) ceased to be investment advisor and Hennessy Advisors, Inc. became investment advisor. The return of the Tamarack Large Cap Growth Fund, Class S shares during the period October 1, 2008 through March 20, 2009 was (33.30)%. The return of the Hennessy Cornerstone Large Growth Fund, Original Class shares during the period March 20, 2009 through September 30, 2009 was 42.64%.
|
(3)
|
Amount is less than $0.01 or ($0.01) per share.
|
(4)
|
Not annualized.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Cornerstone Large Growth Fund
|
One Month
|
||||||||||||||||||||||||
Ended
|
Period Ended
|
|||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
September 30,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.85 | $ | 12.44 | $ | 11.76 | $ | 9.51 | $ | 9.61 | $ | 6.73 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.09 | 0.07 | 0.08 | 0.10 | — | (3) | 0.03 | |||||||||||||||||
Net realized and unrealized gains (losses) on securities
|
2.88 | 0.89 | 0.74 | 2.20 | (0.10 | ) | 2.85 | |||||||||||||||||
Total from investment operations
|
2.97 | 0.96 | 0.82 | 2.30 | (0.10 | ) | 2.88 | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.12 | ) | (0.09 | ) | (0.12 | ) | (0.05 | ) | — | — | ||||||||||||||
Dividends from net realized gains
|
(0.02 | ) | (2.46 | ) | (0.02 | ) | — | — | — | |||||||||||||||
Total distributions
|
(0.14 | ) | (2.55 | ) | (0.14 | ) | (0.05 | ) | — | — | ||||||||||||||
Net asset value, end of year
|
$ | 13.68 | $ | 10.85 | $ | 12.44 | $ | 11.76 | $ | 9.51 | $ | 9.61 | ||||||||||||
TOTAL RETURN
|
27.63 | % | 9.43 | % | 6.99 | % | 24.26 | % | (1.04 | )% (4) | 42.79 | % (4) | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 16.19 | $ | 33.94 | $ | 0.14 | $ | 0.07 | $ | 0.04 | $ | 0.04 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.10 | % | 1.41 | % | 1.14 | % | 1.16 | % | 1.14 | % (5) | 16.51 | % (5) | ||||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % (5) | 0.98 | % (5) | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.38 | % | 6.44 | % | 0.81 | % | 0.90 | % | 0.12 | % (5) | (14.54 | )% (5) | ||||||||||||
After expense reimbursement
|
1.50 | % | 6.87 | % | 0.97 | % | 1.08 | % | 0.28 | % (5) | 0.99 | % (5) | ||||||||||||
Portfolio turnover rate
(6)
|
73 | % | 0 | % | 70 | % | 83 | % | 0 | % (4) | 116 | % (4) |
(1)
|
For the one month ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31 from September 30.
|
(2)
|
Institutional Class shares commenced operations on March 20, 2009.
|
(3)
|
Amount is less than $0.01 or ($0.01) per share.
|
(4)
|
Not annualized.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Cornerstone Value Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 14.02 | $ | 12.84 | $ | 12.53 | $ | 10.63 | $ | 9.05 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.42 | 0.37 | 0.45 | 0.29 | 0.24 | |||||||||||||||
Net realized and unrealized gains (losses) on investments
|
2.84 | 1.23 | 0.23 | 1.81 | 1.87 | |||||||||||||||
Total from investment operations
|
3.26 | 1.60 | 0.68 | 2.10 | 2.11 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.38 | ) | (0.42 | ) | (0.37 | ) | (0.20 | ) | (0.53 | ) | ||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.38 | ) | (0.42 | ) | (0.37 | ) | (0.20 | ) | (0.53 | ) | ||||||||||
Net asset value, end of year
|
$ | 16.90 | $ | 14.02 | $ | 12.84 | $ | 12.53 | $ | 10.63 | ||||||||||
TOTAL RETURN
|
23.84 | % | 12.79 | % | 5.58 | % | 19.98 | % | 25.51 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 138.94 | $ | 124.99 | $ | 116.41 | $ | 155.87 | $ | 145.91 | ||||||||||
Ratio of expenses to average net assets
|
1.22 | % | 1.26 | % | 1.31 | % | 1.29 | % | 1.27 | % | ||||||||||
Ratio of net investment income to average net assets
|
2.60 | % | 2.67 | % | 2.94 | % | 2.33 | % | 3.19 | % | ||||||||||
Portfolio turnover rate
(1)
|
41 | % | 47 | % | 40 | % | 91 | % | 59 | % |
Hennessy Cornerstone Value Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 14.04 | $ | 12.86 | $ | 12.54 | $ | 10.63 | $ | 9.06 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.50 | 0.45 | 0.36 | 0.30 | 0.30 | |||||||||||||||
Net realized and unrealized gains (losses) on investments
|
2.80 | 1.19 | 0.37 | 1.83 | 1.83 | |||||||||||||||
Total from investment operations
|
3.30 | 1.64 | 0.73 | 2.13 | 2.13 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.42 | ) | (0.46 | ) | (0.41 | ) | (0.22 | ) | (0.56 | ) | ||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.42 | ) | (0.46 | ) | (0.41 | ) | (0.22 | ) | (0.56 | ) | ||||||||||
Net asset value, end of year
|
$ | 16.92 | $ | 14.04 | $ | 12.86 | $ | 12.54 | $ | 10.63 | ||||||||||
TOTAL RETURN
|
24.13 | % | 13.13 | % | 6.00 | % | 20.31 | % | 25.87 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 4.09 | $ | 2.53 | $ | 1.17 | $ | 1.35 | $ | 1.11 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
1.10 | % | 1.20 | % | 1.14 | % | 1.10 | % | 1.13 | % | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | ||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
2.64 | % | 2.72 | % | 3.04 | % | 2.52 | % | 3.33 | % | ||||||||||
After expense reimbursement
|
2.76 | % | 2.94 | % | 3.20 | % | 2.64 | % | 3.48 | % | ||||||||||
Portfolio turnover rate
(1)
|
41 | % | 47 | % | 40 | % | 91 | % | 59 | % |
Hennessy Large Value Fund
|
One Month
|
||||||||||||||||||||||||
Ended
|
Year Ended
|
|||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
September 30,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 24.71 | $ | 21.47 | $ | 20.57 | $ | 18.88 | $ | 19.49 | $ | 21.80 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.28 | 0.28 | 0.22 | 0.14 | 0.01 | 0.31 | ||||||||||||||||||
Net realized and unrealized gains (losses) on securities
|
6.00 | 3.14 | 0.89 | 1.78 | (0.62 | ) | (2.21 | ) | ||||||||||||||||
Total from investment operations
|
6.28 | 3.42 | 1.11 | 1.92 | (0.61 | ) | (1.90 | ) | ||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.29 | ) | (0.18 | ) | (0.21 | ) | (0.23 | ) | — | (0.41 | ) | |||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | — | ||||||||||||||||||
Total distributions
|
(0.29 | ) | (0.18 | ) | (0.21 | ) | (0.23 | ) | — | (0.41 | ) | |||||||||||||
Net asset value, end of year
|
$ | 30.70 | $ | 24.71 | $ | 21.47 | $ | 20.57 | $ | 18.88 | $ | 19.49 | ||||||||||||
TOTAL RETURN
|
25.64 | % | 16.07 | % | 5.36 | % | 10.22 | % | (3.13 | )% (3) | (8.43 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 143.48 | $ | 125.00 | $ | 123.97 | $ | 131.54 | $ | 132.77 | $ | 138.34 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.33 | % | 1.40 | % | 1.38 | % | 1.41 | % | 1.37 | % (5) | 1.42 | % | ||||||||||||
After expense reimbursement
|
1.33 | % | 1.40 | % | 1.38 | % | 1.38 | % | 1.30 | % (5) | 1.17 | % | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
0.98 | % | 1.16 | % | 0.97 | % | 0.64 | % | 0.28 | % (5) | 1.46 | % | ||||||||||||
After expense reimbursement
|
0.98 | % | 1.16 | % | 0.97 | % | 0.67 | % | 0.35 | % (5) | 1.71 | % | ||||||||||||
Portfolio turnover rate
(4)
|
91 | % | 111 | % | 149 | % | 146 | % | 10 | % (4) | 142 | % |
(1)
|
For the one month ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31 from September 30.
|
(2)
|
The financial highlights set forth for periods prior to March 20, 2009 represent the historical financial highlights of the Tamarack Value Fund, Class S shares. The assets of the Tamarack Value Fund were acquired by the Hennessy Large Value Fund (formerly known as Hennessy Select Large Value Fund) on March 20, 2009. Prior to the reorganization, Tamarack Value Fund also offered Class A, Class C and R shares. At that time, RBC Global Asset Management (U.S.), Inc., (formerly known as Voyageur Asset Management Inc.) ceased to be investment advisor and Hennessy Advisors, Inc. became investment advisor. The return of the Tamarack Value Fund, Class S shares during the period October 1, 2008 through March 20, 2009 was (33.09)%. The return of the Hennessy Select Large Value Fund, Original Class shares during the period March 20, 2009 through September 30, 2009 was 36.84%.
|
(3)
|
Not annualized.
|
(4)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
(5)
|
Annualized.
|
Hennessy Large Value Fund
|
One Month
|
||||||||||||||||||||||||
Ended
|
Period Ended
|
|||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
September 30,
|
||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 24.83 | $ | 21.56 | $ | 20.65 | $ | 18.92 | $ | 19.53 | $ | 14.25 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.49 | 0.39 | 0.27 | 0.21 | — | (3) | 0.08 | |||||||||||||||||
Net realized and unrealized gains (losses) on securities
|
5.90 | 3.15 | 0.92 | 1.80 | (0.61 | ) | 5.20 | |||||||||||||||||
Total from investment operations
|
6.39 | 3.54 | 1.19 | 2.01 | (0.61 | ) | 5.28 | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.39 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | — | — | ||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | — | ||||||||||||||||||
Total distributions
|
(0.39 | ) | (0.27 | ) | (0.28 | ) | (0.28 | ) | — | — | ||||||||||||||
Net asset value, end of year
|
$ | 30.83 | $ | 24.83 | $ | 21.56 | $ | 20.65 | $ | 18.92 | $ | 19.53 | ||||||||||||
TOTAL RETURN
|
26.08 | % | 16.58 | % | 5.76 | % | 10.65 | % | (3.12 | )% (4) | 37.05 | % (4) | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 0.34 | $ | 0.06 | $ | 0.04 | $ | 0.04 | $ | 0.03 | $ | 0.03 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.14 | % | 1.22 | % | 1.21 | % | 1.22 | % | 1.20 | % (5) | 26.18 | % (5) | ||||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % (5) | 0.98 | % (5) | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.07 | % | 1.29 | % | 1.13 | % | 0.80 | % | 0.44 | % (5) | (24.06 | )% (5) | ||||||||||||
After expense reimbursement
|
1.23 | % | 1.53 | % | 1.36 | % | 1.04 | % | 0.66 | % (5) | 1.14 | % (5) | ||||||||||||
Portfolio turnover rate
(6)
|
91 | % | 111 | % | 149 | % | 146 | % | 10 | % (4) | 142 | % (4) |
(1)
|
For the one month ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31 from September 30.
|
(2)
|
Institutional Class shares commenced operations on March 20, 2009.
|
(3)
|
Amount is less than $0.01 or $(0.01).
|
(4)
|
Not annualized.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Total Return Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 12.64 | $ | 11.47 | $ | 10.57 | $ | 9.10 | $ | 9.22 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.16 | 0.18 | 0.18 | 0.16 | 0.18 | |||||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.66 | 1.17 | 0.89 | 1.48 | (0.14 | ) | ||||||||||||||
Total from investment operations
|
1.82 | 1.35 | 1.07 | 1.64 | 0.04 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.16 | ) | (0.18 | ) | (0.17 | ) | (0.17 | ) | (0.16 | ) | ||||||||||
Dividends from realized capital gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.16 | ) | (0.18 | ) | (0.17 | ) | (0.17 | ) | (0.16 | ) | ||||||||||
Net asset value, end of year
|
$ | 14.30 | $ | 12.64 | $ | 11.47 | $ | 10.57 | $ | 9.10 | ||||||||||
TOTAL RETURN
|
14.49 | % | 11.78 | % | 10.22 | % | 18.09 | % | 0.69 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 90.24 | $ | 77.67 | $ | 64.13 | $ | 69.08 | $ | 52.38 | ||||||||||
Gross ratio of expenses, including interest expense, to average net assets
|
1.37 | % | 1.37 | % | 1.34 | % | 1.33 | % | 1.56 | % | ||||||||||
Ratio of interest expense to average net assets
|
0.10 | % | 0.08 | % | 0.10 | % | 0.08 | % | 0.29 | % | ||||||||||
Net ratio of expenses, excluding interest expense, to average net assets
|
1.27 | % | 1.29 | % | 1.24 | % | 1.25 | % | 1.27 | % | ||||||||||
Ratio of net investment income to average net assets
|
1.16 | % | 1.44 | % | 1.56 | % | 1.62 | % | 2.12 | % | ||||||||||
Portfolio turnover rate
|
31 | % | 22 | % | 21 | % | 41 | % | 41 | % |
Hennessy Equity and Income Fund
|
For the
|
||||||||||||||||||||||||
Period
|
||||||||||||||||||||||||
April 1,
|
||||||||||||||||||||||||
2010 to
|
||||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
Year Ended March 31, | ||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(1)
|
2010
|
2009
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 13.96 | $ | 12.99 | $ | 11.93 | $ | 11.52 | $ | 8.92 | $ | 12.27 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.23 | 0.18 | 0.29 | (2) | 0.17 | (2) | 0.29 | (2) | 0.32 | (2) | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.81 | 0.99 | 1.04 | 0.40 | 2.61 | (3.23 | ) | |||||||||||||||||
Total from investment operations
|
2.04 | 1.17 | 1.33 | 0.57 | 2.90 | (2.91 | ) | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.23 | ) | (0.20 | ) | (0.27 | ) | (0.16 | ) | (0.30 | ) | (0.25 | ) | ||||||||||||
Dividends from realized capital gains
|
— | 0.00 | — | — | — | (0.17 | ) | |||||||||||||||||
Return of capital
|
— | — | — | — | — | (0.03 | ) | |||||||||||||||||
Total distributions
|
(0.23 | ) | (0.20 | ) | (0.27 | ) | (0.16 | ) | (0.30 | ) | (0.45 | ) | ||||||||||||
Paid-in capital from redemption fees
|
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.01 | |||||||||||||
Net asset value, end of year
|
$ | 15.77 | $ | 13.96 | $ | 12.99 | $ | 11.93 | $ | 11.52 | $ | 8.92 | ||||||||||||
TOTAL RETURN
|
14.72 | % | 9.01 | % | 11.30 | % | 5.04 | % (4) | 32.76 | % | (24.28 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 233.25 | $ | 196.92 | $ | 56.75 | $ | 41.50 | $ | 46.81 | $ | 18.86 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.36 | % | 1.33 | % | 1.54 | % | 1.60 | % (5) | 1.69 | % | 1.84 | % | ||||||||||||
After expense reimbursement
|
1.33 | % | 1.24 | % | 1.24 | % | 1.24 | % (5) | 1.25 | % | 1.32 | % | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.51 | % | 1.37 | % | 2.03 | % | 2.21 | % (5) | 2.26 | % | 2.50 | % | ||||||||||||
After expense reimbursement
|
1.54 | % | 1.46 | % | 2.33 | % | 2.56 | % (5) | 2.70 | % | 3.03 | % | ||||||||||||
Portfolio turnover rate
(6)
|
52 | % | 34 | % | 35 | % | 27 | % (4) | 26 | % | 32 | % |
(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)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Equity and Income Fund
|
For the
|
||||||||||||||||||||||||
Period
|
||||||||||||||||||||||||
April 1,
|
||||||||||||||||||||||||
2010 to
|
||||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
Year Ended March 31, | ||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(1)
|
2010
|
2009
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 13.29 | $ | 12.38 | $ | 11.38 | $ | 10.99 | $ | 8.52 | $ | 11.75 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.25 | 0.22 | 0.32 | (2) | 0.18 | (2) | 0.30 | (2) | 0.33 | (2) | ||||||||||||||
Net realized and unrealized gains (losses) on investments
|
1.72 | 0.92 | 0.99 | 0.38 | 2.50 | (3.10 | ) | |||||||||||||||||
Total from investment operations
|
1.97 | 1.14 | 1.31 | 0.56 | 2.80 | (2.77 | ) | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.29 | ) | (0.23 | ) | (0.31 | ) | (0.17 | ) | (0.33 | ) | (0.26 | ) | ||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | (0.17 | ) | |||||||||||||||||
Return of Capital
|
— | — | — | — | — | (0.04 | ) | |||||||||||||||||
Total distributions
|
(0.29 | ) | (0.23 | ) | (0.31 | ) | (0.17 | ) | (0.33 | ) | (0.47 | ) | ||||||||||||
Paid-in capital from redemption fees
|
0.00 | (3) | — | (3) | — | (3) | 0.00 | (3) | 0.00 | (3) | 0.01 | |||||||||||||
Net asset value, end of year
|
$ | 14.97 | $ | 13.29 | $ | 12.38 | $ | 11.38 | $ | 10.99 | $ | 8.52 | ||||||||||||
TOTAL RETURN
|
14.99 | % | 9.23 | % | 11.62 | % | 5.19 | % (4) | 33.10 | % | (24.13 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 85.12 | $ | 108.49 | $ | 55.28 | $ | 42.17 | $ | 39.40 | $ | 31.13 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.06 | % | 1.06 | % | 1.12 | % | 1.20 | % (5) | 1.43 | % | 1.58 | % | ||||||||||||
After expense reimbursement
|
1.06 | % | 0.99 | % | 0.99 | % | 0.99 | % (5) | 0.99 | % | 1.07 | % | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.95 | % | 1.68 | % | 2.56 | % | 2.60 | % (5) | 2.57 | % | 2.73 | % | ||||||||||||
After expense reimbursement
|
1.95 | % | 1.75 | % | 2.69 | % | 2.82 | % (5) | 3.01 | % | 3.24 | % | ||||||||||||
Portfolio turnover rate
(6)
|
52 | % | 34 | % | 35 | % | 27 | % (4) | 26 | % | 32 | % |
(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)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Balanced Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 11.88 | $ | 11.13 | $ | 10.43 | $ | 9.48 | $ | 9.11 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.02 | 0.04 | 0.05 | 0.05 | 0.10 | |||||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.02 | 0.75 | 0.70 | 0.95 | 0.38 | |||||||||||||||
Total from investment operations
|
1.04 | 0.79 | 0.75 | 1.00 | 0.48 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.02 | ) | (0.04 | ) | (0.05 | ) | (0.05 | ) | (0.11 | ) | ||||||||||
Dividends from realized capital gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.02 | ) | (0.04 | ) | (0.05 | ) | (0.05 | ) | (0.11 | ) | ||||||||||
Net asset value, end of year
|
$ | 12.90 | $ | 11.88 | $ | 11.13 | $ | 10.43 | $ | 9.48 | ||||||||||
TOTAL RETURN
|
8.77 | % | 7.13 | % | 7.16 | % | 10.53 | % | 5.46 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 12.21 | $ | 25.17 | $ | 18.02 | $ | 12.50 | $ | 11.47 | ||||||||||
Ratio of net expenses to average net assets
|
1.75 | % | 1.54 | % | 1.61 | % | 1.65 | % | 1.73 | % | ||||||||||
Ratio of net investment income to average net assets
|
0.14 | % | 0.34 | % | 0.42 | % | 0.45 | % | 1.17 | % | ||||||||||
Portfolio turnover rate
|
22 | % | 17 | % | 39 | % | 57 | % | 46 | % |
Hennessy Core Bond Fund
|
For the
|
||||||||||||||||||||||||
Period April 1,
|
||||||||||||||||||||||||
2010 to
|
||||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
Year Ended March 31, | ||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(1)
|
2010
|
2009
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 9.97 | $ | 9.56 | $ | 9.82 | $ | 9.39 | $ | 8.75 | $ | 9.16 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.27 | 0.28 | 0.35 | (2) | 0.23 | (2) | 0.38 | (2) | 0.35 | (2) | ||||||||||||||
Net realized and unrealized gains (losses) on investments
|
(0.23 | ) | 0.41 | (0.14 | ) | 0.42 | 0.69 | (0.44 | ) | |||||||||||||||
Total from investment operations
|
0.04 | 0.69 | 0.21 | 0.65 | 1.07 | (0.09 | ) | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.27 | ) | (0.20 | ) | (0.32 | ) | (0.22 | ) | (0.38 | ) | (0.32 | ) | ||||||||||||
Dividends from net realized gains
|
(0.18 | ) | (0.08 | ) | (0.15 | ) | — | (0.05 | ) | — | ||||||||||||||
Total distributions
|
(0.45 | ) | (0.28 | ) | (0.47 | ) | (0.22 | ) | (0.43 | ) | (0.32 | ) | ||||||||||||
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
|
$ | 9.56 | $ | 9.97 | $ | 9.56 | $ | 9.82 | $ | 9.39 | $ | 8.75 | ||||||||||||
TOTAL RETURN
|
0.41 | % | 7.38 | % | 2.35 | % | 6.98 | % (4) | 12.33 | % | (0.93 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 3.02 | $ | 3.57 | $ | 4.05 | $ | 4.45 | $ | 4.62 | $ | 2.06 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
2.26 | % | 2.12 | % | 2.38 | % | 2.10 | % (5) | 1.93 | % | 2.14 | % | ||||||||||||
After expense reimbursement
|
1.30 | % | 1.30 | % | 1.30 | % | 1.30 | % (5) | 1.31 | % | 1.33 | % | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.70 | % | 2.01 | % | 2.58 | % | 3.37 | % (5) | 3.49 | % | 3.21 | % | ||||||||||||
After expense reimbursement
|
2.66 | % | 2.83 | % | 3.66 | % | 4.17 | % (5) | 4.11 | % | 4.02 | % | ||||||||||||
Portfolio turnover rate
(6)
|
74 | % | 75 | % | 57 | % | 46 | % (4) | 28 | % | 39 | % |
(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)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Core Bond Fund
|
For the
|
||||||||||||||||||||||||
Period
|
||||||||||||||||||||||||
April 1,
|
||||||||||||||||||||||||
2010 to
|
||||||||||||||||||||||||
Year Ended October 31, |
October 31,
|
Year Ended March 31, | ||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
(1)
|
2010
|
2009
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of year
|
$ | 9.06 | $ | 8.77 | $ | 9.05 | $ | 8.67 | $ | 8.11 | $ | 8.52 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.19 | 0.27 | 0.34 | (2) | 0.23 | (2) | 0.37 | (2) | 0.35 | (2) | ||||||||||||||
Net realized and unrealized gains (losses) on investments
|
(0.13 | ) | 0.38 | (0.12 | ) | 0.38 | 0.64 | (0.42 | ) | |||||||||||||||
Total from investment operations
|
0.06 | 0.65 | 0.22 | 0.61 | 1.01 | (0.07 | ) | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.29 | ) | (0.28 | ) | (0.35 | ) | (0.23 | ) | (0.40 | ) | (0.34 | ) | ||||||||||||
Dividends from net realized gains
|
(0.18 | ) | (0.08 | ) | (0.15 | ) | — | (0.05 | ) | — | ||||||||||||||
Total distributions
|
(0.47 | ) | (0.36 | ) | (0.50 | ) | (0.23 | ) | (0.45 | ) | (0.34 | ) | ||||||||||||
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
|
$ | 8.65 | $ | 9.06 | $ | 8.77 | $ | 9.05 | $ | 8.67 | $ | 8.11 | ||||||||||||
TOTAL RETURN
|
0.69 | % | 7.63 | % | 2.62 | % | 7.15 | % (4) | 12.62 | % | (0.74 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 3.38 | $ | 33.34 | $ | 23.25 | $ | 24.25 | $ | 23.89 | $ | 22.05 | ||||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.67 | % | 1.31 | % | 1.43 | % | 1.47 | % (5) | 1.69 | % | 1.89 | % | ||||||||||||
After expense reimbursement
|
1.05 | % | 1.05 | % | 1.05 | % | 1.05 | % (5) | 1.06 | % | 1.08 | % | ||||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||||||
Before expense reimbursement
|
2.28 | % | 2.74 | % | 3.54 | % | 4.00 | % (5) | 3.74 | % | 3.46 | % | ||||||||||||
After expense reimbursement
|
2.90 | % | 3.00 | % | 3.92 | % | 4.41 | % (5) | 4.37 | % | 4.27 | % | ||||||||||||
Portfolio turnover rate
(6)
|
74 | % | 75 | % | 57 | % | 46 | % (4) | 28 | % | 39 | % |
(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)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Gas Utility Index Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 23.05 | $ | 21.21 | $ | 17.83 | $ | 15.13 | $ | 15.26 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.62 | 0.58 | 0.51 | (1) | 0.58 | 0.49 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
4.18 | 1.99 | 3.59 | 2.72 | 0.60 | |||||||||||||||
Total from investment operations
|
4.80 | 2.57 | 4.10 | 3.30 | 1.09 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.61 | ) | (0.58 | ) | (0.51 | ) | (0.58 | ) | (0.49 | ) | ||||||||||
Dividends from realized capital gains
|
(0.55 | ) | (0.16 | ) | (0.21 | ) | (0.02 | ) | (0.74 | ) | ||||||||||
Total distributions
|
(1.16 | ) | (0.74 | ) | (0.72 | ) | (0.60 | ) | (1.23 | ) | ||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.01 | 0.00 | (2) | 0.00 | (2) | 0.01 | ||||||||||||
Net asset value, end of year
|
$ | 26.69 | $ | 23.05 | $ | 21.21 | $ | 17.83 | $ | 15.13 | ||||||||||
TOTAL RETURN
|
21.70 | % | 12.41 | % | 23.54 | % | 22.25 | % | 8.18 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 1,182.79 | $ | 746.82 | $ | 433.78 | $ | 244.04 | $ | 193.68 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
0.80 | % | 0.69 | % | 0.71 | % | 0.77 | % | 0.76 | % | ||||||||||
After expense reimbursement
|
0.80 | % | 0.69 | % | 0.71 | % | 0.76 | % | 0.76 | % | ||||||||||
Ratio of net investment income to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
2.56 | % | 2.72 | % | 2.68 | % | 3.50 | % | 3.51 | % | ||||||||||
After expense reimbursement
|
2.56 | % | 2.72 | % | 2.68 | % | 3.51 | % | 3.51 | % | ||||||||||
Portfolio turnover rate
|
18 | % | 16 | % | 17 | % | 16 | % | 26 | % |
(1)
|
Calculated based on average shares outstanding method.
|
(2)
|
Amount is less than $0.01.
|
Hennessy Small Cap Financial Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 19.54 | $ | 16.48 | $ | 18.11 | $ | 15.91 | $ | 15.22 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.10 | 0.11 | 0.21 | (1) | 0.08 | 0.06 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
5.88 | 3.24 | (1.66 | ) | 2.17 | 0.81 | ||||||||||||||
Total from investment operations
|
5.98 | 3.35 | (1.45 | ) | 2.25 | 0.87 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.12 | ) | (0.29 | ) | (0.06 | ) | (0.07 | ) | (0.19 | ) | ||||||||||
Dividends from net realized gains
|
— | — | (0.13 | ) | — | — | ||||||||||||||
Total distributions
|
(0.12 | ) | (0.29 | ) | (0.19 | ) | (0.07 | ) | (0.19 | ) | ||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.00 | (2) | 0.01 | 0.02 | 0.01 | |||||||||||||
Net asset value, end of year
|
$ | 25.40 | $ | 19.54 | $ | 16.48 | $ | 18.11 | $ | 15.91 | ||||||||||
TOTAL RETURN
|
30.80 | % | 20.65 | % | (8.12 | )% | 14.27 | % | 5.89 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 243.42 | $ | 167.20 | $ | 154.21 | $ | 216.75 | $ | 187.56 | ||||||||||
Ratio of expenses to average net assets
|
1.46 | % | 1.45 | % | 1.52 | % | 1.51 | % | 1.51 | % | ||||||||||
Ratio of net investment income to average net assets
|
0.48 | % | 0.56 | % | 0.81 | % | 0.35 | % | 0.50 | % | ||||||||||
Portfolio turnover rate
(3)
|
57 | % | 43 | % | 70 | % | 89 | % | 118 | % |
(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 Small Cap Financial Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 12.34 | $ | 10.55 | $ | 11.70 | $ | 10.34 | $ | 9.96 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.14 | 0.16 | 0.19 | (1) | 0.09 | 0.19 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
3.66 | 1.98 | (1.09 | ) | 1.40 | 0.40 | ||||||||||||||
Total from investment operations
|
3.80 | 2.14 | (0.90 | ) | 1.49 | 0.59 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.18 | ) | (0.35 | ) | (0.12 | ) | (0.13 | ) | (0.21 | ) | ||||||||||
Dividends from net realized gains
|
— | — | (0.13 | ) | — | — | ||||||||||||||
Total distributions
|
(0.18 | ) | (0.35 | ) | (0.25 | ) | (0.13 | ) | (0.21 | ) | ||||||||||
Paid-in capital from redemption fees
|
— | 0.00 | (2) | — | 0.00 | (2) | — | |||||||||||||
Net asset value, end of year
|
$ | 15.96 | $ | 12.34 | $ | 10.55 | $ | 11.70 | $ | 10.34 | ||||||||||
TOTAL RETURN
|
31.18 | % | 20.95 | % | (8.00 | )% | 14.52 | % | 6.14 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 68.80 | $ | 43.79 | $ | 19.89 | $ | 25.01 | $ | 10.64 | ||||||||||
Ratio of expenses to average net assets
|
1.15 | % | 1.25 | % | 1.34 | % | 1.23 | % | 1.56 | % | ||||||||||
Ratio of net investment income to average net assets
|
0.74 | % | 0.72 | % | 1.00 | % | 0.61 | % | 0.04 | % | ||||||||||
Portfolio turnover rate
(3)
|
57 | % | 43 | % | 70 | % | 89 | % | 118 | % |
(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 Large Cap Financial Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 14.16 | $ | 11.91 | $ | 12.88 | $ | 12.61 | $ | 11.14 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.03 | ) | 0.01 | (0.04 | ) (1) | (0.08 | ) | 0.00 | (2) | |||||||||||
Net realized and unrealized gains (losses) on investments
|
4.89 | 2.24 | (0.93 | ) | 0.35 | 1.58 | ||||||||||||||
Total from investment operations
|
4.86 | 2.25 | (0.97 | ) | 0.27 | 1.58 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.01 | ) | — | — | — | (0.10 | ) | |||||||||||||
Distribution in excess of net investment income
|
— | — | — | — | (0.02 | ) | ||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.01 | ) | — | — | — | (0.12 | ) | |||||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.01 | |||||||||||
Net asset value, end of year
|
$ | 19.01 | $ | 14.16 | $ | 11.91 | $ | 12.88 | $ | 12.61 | ||||||||||
TOTAL RETURN
|
34.37 | % | 18.89 | % | (7.53 | )% | 2.14 | % | 14.52 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 88.30 | $ | 64.66 | $ | 55.68 | $ | 48.72 | $ | 37.20 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
1.57 | % | 1.57 | % | 1.61 | % | 1.78 | % | 1.81 | % | ||||||||||
After expense reimbursement
|
1.57 | % | 1.57 | % | 1.61 | % | 1.78 | % | 1.81 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
(0.22 | )% | 0.09 | % | (0.34 | )% | (0.73 | )% | (0.08 | )% | ||||||||||
After expense reimbursement
|
(0.22 | )% | 0.09 | % | (0.34 | )% | (0.73 | )% | (0.08 | )% | ||||||||||
Portfolio turnover rate
|
75 | % | 93 | % | 97 | % | 150 | % | 220 | % |
(1)
|
Calculated based on average shares outstanding method.
|
(2)
|
Amount is less than $0.01.
|
Hennessy Technology Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.67 | $ | 10.86 | $ | 11.00 | $ | 9.05 | $ | 6.96 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.20 | ) | (0.15 | ) | (0.17 | ) (1) | (0.14 | ) | (0.08 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments
|
3.10 | (0.04 | ) | 0.03 | 2.08 | 2.16 | ||||||||||||||
Total from investment operations
|
2.90 | (0.19 | ) | (0.14 | ) | 1.94 | 2.08 | |||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
— | — | — | — | — | |||||||||||||||
Paid-in capital from redemption fees
|
— | 0.00 | (2) | 0.00 | (2) | 0.01 | 0.01 | |||||||||||||
Net asset value, end of year
|
$ | 13.57 | $ | 10.67 | $ | 10.86 | $ | 11.00 | $ | 9.05 | ||||||||||
TOTAL RETURN
|
27.18 | % | (1.75 | )% | (1.27 | )% | 21.55 | % | 30.03 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 4.49 | $ | 4.44 | $ | 5.70 | $ | 8.21 | $ | 8.39 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
3.04 | % | 3.20 | % | 2.79 | % | 2.50 | % | 3.00 | % | ||||||||||
After expense reimbursement
|
1.95 | % | 1.95 | % | 1.95 | % | 1.95 | % | 1.95 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
(2.36 | )% | (2.39 | )% | (2.38 | )% | (1.64 | )% | (2.10 | )% | ||||||||||
After expense reimbursement
|
(1.27 | )% | (1.14 | )% | (1.54 | )% | (1.10 | )% | (1.05 | )% | ||||||||||
Portfolio turnover rate
(3)
|
164 | % | 138 | % | 141 | % | 353 | % | 211 | % |
(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 Technology Fund
|
Period
|
||||||||||||||||
Ended
|
||||||||||||||||
Year Ended October 31, |
October 31,
|
|||||||||||||||
2013
|
2012
|
2011
|
2010
(1)
|
|||||||||||||
PER SHARE DATA:
|
||||||||||||||||
Net asset value, beginning of year
|
$ | 10.73 | $ | 10.89 | $ | 11.00 | $ | 10.46 | ||||||||
Income from investment operations:
|
||||||||||||||||
Net investment income (loss)
|
(0.12 | ) | (0.11 | ) | (0.14 | ) (2) | (0.07 | ) | ||||||||
Net realized and unrealized gains (losses) on investments
|
3.07 | (0.05 | ) | 0.03 | 0.61 | |||||||||||
Total from investment operations
|
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 year
|
$ | 13.68 | $ | 10.73 | $ | 10.89 | $ | 11.00 | ||||||||
TOTAL RETURN
|
27.49 | % | (1.47 | )% | (1.00 | )% | 5.16 | % (4) | ||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||
Net assets, end of year (millions)
|
$ | 1.19 | $ | 0.93 | $ | 1.16 | $ | 4.61 | ||||||||
Ratio of expenses to average net assets
|
||||||||||||||||
Before expense reimbursement
|
2.76 | % | 4.11 | % | 3.45 | % | 2.34 | % (5) | ||||||||
After expense reimbursement
|
1.70 | % | 1.70 | % | 1.70 | % | 1.70 | % (5) | ||||||||
Ratio of net investment income/(loss) to average net assets
|
||||||||||||||||
Before expense reimbursement
|
(2.10 | )% | (3.31 | )% | (2.99 | )% | (1.41 | )% (5) | ||||||||
After expense reimbursement
|
(1.04 | )% | (0.90 | )% | (1.24 | )% | (0.77 | )% (5) | ||||||||
Portfolio turnover rate
(6)
|
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)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Japan Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 15.40 | $ | 13.99 | $ | 12.58 | $ | 11.38 | $ | 9.73 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.04 | ) | (0.02 | ) | (0.10 | ) | (0.04 | ) | 0.02 | |||||||||||
Net realized and unrealized gains (losses) on securities
|
4.33 | 1.43 | 1.51 | 1.25 | 1.66 | |||||||||||||||
Total from investment operations
|
4.29 | 1.41 | 1.41 | 1.21 | 1.68 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | (0.01 | ) | (0.03 | ) | |||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Return of capital
|
(0.01 | ) | — | — | (0.01 | ) | — | |||||||||||||
Total distributions
|
(0.01 | ) | — | — | (0.02 | ) | (0.03 | ) | ||||||||||||
Paid-in capital from redemption fees
|
— | — | — | 0.01 | 0.00 | (2) | ||||||||||||||
Net asset value, end of year
|
$ | 19.68 | $ | 15.40 | $ | 13.99 | $ | 12.58 | $ | 11.38 | ||||||||||
TOTAL RETURN
|
27.87 | % | 10.08 | % | 11.21 | % | 11.04 | % | 17.36 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 31.32 | $ | 10.38 | $ | 14.81 | $ | 20.01 | $ | 28.29 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
1.90 | % | 2.03 | % | 1.86 | % | 1.71 | % | 1.75 | % | ||||||||||
After expense reimbursement
|
1.90 | % | 2.03 | % | 1.86 | % | 1.59 | % | 1.24 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
(0.35 | )% | (0.09 | )% | (0.54 | )% | (0.27 | )% | (0.34 | )% | ||||||||||
After expense reimbursement
|
(0.35 | )% | (0.09 | )% | (0.54 | )% | (0.15 | )% | 0.17 | % | ||||||||||
Portfolio turnover rate
(3)
|
6 | % | 2 | % | 166 | % | 8 | % | 17 | % |
(1)
|
The financial highlights set forth for periods prior to September 17, 2009 represent the historical financial highlights of the SPARX Japan Fund. On September 17, 2009, Hennessy Advisors, Inc. became the investment advisor to the Fund and the Fund changed its name to Hennessy Select SPARX Japan Fund. In addition, the Investor Class shares were redesignated Original Class shares. In October 2012, the Fund changed its name to Hennessy Japan Fund and redesignated the Original Class shares to Investor Class shares.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Japan Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 15.60 | $ | 14.14 | $ | 12.66 | $ | 11.44 | $ | 9.78 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.03 | ) | 0.02 | 0.03 | 0.01 | 0.03 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
4.42 | 1.44 | 1.45 | 1.23 | 1.66 | |||||||||||||||
Total from investment operations
|
4.39 | 1.46 | 1.48 | 1.24 | 1.69 | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | (0.01 | ) | (0.03 | ) | |||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Return of capital
|
(0.01 | ) | — | — | (0.01 | ) | — | |||||||||||||
Total distributions
|
(0.01 | ) | — | — | (0.02 | ) | (0.03 | ) | ||||||||||||
Paid-in capital from redemption fees
|
— | — | — | — | 0.00 | (2) | ||||||||||||||
Net asset value, end of year
|
$ | 19.98 | $ | 15.60 | $ | 14.14 | $ | 12.66 | $ | 11.44 | ||||||||||
TOTAL RETURN
|
28.19 | % | 10.33 | % | 11.69 | % | 11.07 | % | 17.37 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 9.07 | $ | 8.94 | $ | 9.70 | $ | 23.57 | $ | 25.55 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
1.66 | % | 1.85 | % | 1.64 | % | 1.45 | % | 1.75 | % | ||||||||||
After expense reimbursement
|
1.66 | % | 1.85 | % | 1.64 | % | 1.40 | % | 1.24 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
(0.20 | )% | 0.13 | % | 0.19 | % | 0.02 | % | (0.34 | )% | ||||||||||
After expense reimbursement
|
(0.20 | )% | 0.13 | % | 0.19 | % | 0.07 | % | 0.17 | % | ||||||||||
Portfolio turnover rate
(3)
|
6 | % | 2 | % | 166 | % | 8 | % | 17 | % |
(1)
|
The financial highlights set forth for periods prior to September 17, 2009 represent the historical financial highlights of the SPARX Japan Fund. On September 17, 2009 Hennessy Advisors, Inc. became the investment advisor to the Fund and the Fund changed its name to Hennessy Select SPARX Japan Fund. In October 2012, the Fund changed its name to Hennessy Japan Fund.
|
(2)
|
Amount is less than $0.01 or $(0.01).
|
(3)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Japan Small Cap Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.54 | $ | 10.09 | $ | 9.23 | $ | 9.74 | $ | 6.87 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.06 | (0.68 | ) | 0.06 | — | (2) | 0.07 | |||||||||||||
Net realized and unrealized gains (losses) on securities
|
3.44 | 1.17 | 0.80 | (0.10 | ) | 2.80 | ||||||||||||||
Total from investment operations
|
3.50 | 0.49 | 0.86 | (0.10 | ) | 2.87 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | (0.04 | ) | — | (0.42 | ) | — | |||||||||||||
Dividends from net realized gains
|
(2.34 | ) | — | — | — | — | ||||||||||||||
Total distributions
|
(2.34 | ) | (0.04 | ) | — | (0.42 | ) | — | ||||||||||||
Paid-in capital from redemption fees
|
— | — | — | 0.01 | 0.00 | (2) | ||||||||||||||
Net asset value, end of year
|
$ | 11.70 | $ | 10.54 | $ | 10.09 | $ | 9.23 | $ | 9.74 | ||||||||||
TOTAL RETURN
|
40.59 | % | 4.91 | % | 9.32 | % | (0.72 | )% | 41.78 | % | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 14.82 | $ | 5.11 | $ | 24.08 | $ | 15.17 | $ | 16.20 | ||||||||||
Ratio of expenses to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
2.39 | % | 2.33 | % | 2.10 | % | 2.14 | % | 3.10 | % | ||||||||||
After expense reimbursement
|
2.39 | % | 2.33 | % | 2.10 | % | 2.01 | % | 1.60 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
||||||||||||||||||||
Before expense reimbursement
|
(0.11 | )% | (0.66 | )% | 0.17 | % | (0.14 | )% | (0.86 | )% | ||||||||||
After expense reimbursement
|
(0.11 | )% | (0.66 | )% | 0.17 | % | (0.01 | )% | 0.64 | % | ||||||||||
Portfolio turnover rate
|
141 | % | 49 | % | 61 | % | 100 | % | 138 | % |
(1)
|
The financial highlights set forth for periods prior to September 17, 2009 represent the historical financial highlights of the SPARX Japan Smaller Companies Fund. On September 17, 2009 Hennessy Advisors, Inc. became the investment advisor to the Fund and the Fund changed its name to Hennessy Select SPARX Japan Smaller Companies Fund. In addition, the Original Class shares were redesignated Investor Class shares. In October 2012, the Fund changed its name to Hennessy Japan Small Cap Fund and redesignated the Original Class shares to Investor Class shares.
|
(2)
|
Amount is less than $0.01 or $(0.01).
|
•
|
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.
|
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 Index 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
|
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 Technology Fund
|
HTCIX
|
42588P841
|
Hennessy Japan Fund
|
HJPIX
|
425894201
|
Hennessy Funds
|
|
7250 Redwood Blvd.
|
|
Suite 200
|
|
Novato, CA 94945
|
Public Reference Section
|
|
Securities and Exchange Commission
|
|
Washington, D.C. 20549-1520
|
HENNESSY FUNDS
|
1-800-966-4354
|
STATEMENT OF ADDITIONAL INFORMATION
|
February 28, 2014
|
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 Index Fund
|
GASFX
|
|
Hennessy Small Cap Financial Fund
|
HSFNX
|
HISFX
|
Hennessy Large Cap Financial Fund
|
HLFNX
|
|
Hennessy Technology Fund
|
HTECX
|
HTCIX
|
Hennessy Japan Fund
|
HJPNX
|
HJPIX
|
Hennessy Japan Small Cap Fund
|
HJPSX
|
l
|
The Hennessy Cornerstone Growth Fund, a series of Hennessy Funds Trust (“
HFT
”), is the successor to the Hennessy Cornerstone Growth Fund, a series of HMFI (the “
Predecessor Growth Fund
”);
|
l
|
The Hennessy Cornerstone Mid Cap 30 Fund, a series of HFT, is the successor to the Hennessy Cornerstone Mid Cap 30 Fund, a series of HMFI (the “
Predecessor Mid Cap 30 Fund
”);
|
l
|
The Hennessy Cornerstone Value Fund, a series of HFT, is the successor to the Hennessy Cornerstone Value Fund, a series of HMFI (the “
Predecessor Value Fund
”);
|
l
|
The Hennessy Total Return Fund, a series of HFT, is the successor to the Hennessy Total Return Fund, a series of HFI (the “
Predecessor Total Return Fund
”);
|
l
|
The Hennessy Balanced Fund, a series of HFT, is the successor to the Hennessy Balanced Fund, a series of HFI (the “
Predecessor Balanced Fund
”);
|
l
|
The Hennessy Japan Fund, a series of HFT, is the successor to the Hennessy Japan Fund, a series of HSFT (the “
Predecessor Japan Fund
”); and
|
l
|
The Hennessy Japan Small Cap Fund, a series of HFT, is the successor to the Hennessy Japan Small Cap Fund, a series of HSFT (the “
Predecessor Japan Small Cap Fund
”).
|
FUND HISTORY AND CLASSIFICATION
|
1 | ||
INVESTMENT RESTRICTIONS
|
2 | ||
INVESTMENT CONSIDERATIONS
|
11 | ||
TRUSTEES AND OFFICERS
|
54 | ||
OWNERSHIP OF MANAGEMENT AND PRINCIPAL SHAREHOLDERS
|
71 | ||
MANAGEMENT OF THE FUNDS
|
85 | ||
PORTFOLIO TRANSACTIONS
|
109 | ||
DISCLOSURE OF PORTFOLIO HOLDINGS
|
115 | ||
ADDITIONAL PURCHASE AND REDEMPTION INFORMATION
|
117 | ||
ABANDONED PROPERTY
|
118 | ||
VALUATION OF SHARES
|
118 | ||
ADDITIONAL INFORMATION ABOUT DISTRIBUTIONS AND TAXES
|
119 | ||
DESCRIPTION OF SECURITIES RATINGS
|
125 | ||
ANTI-MONEY LAUNDERING PROGRAM
|
130 | ||
OTHER INFORMATION
|
131 |
Company
|
Exchange
|
Symbol
|
Industry
|
3M Company
|
NYSE
|
MMM
|
Conglomerate
|
American Express Company
|
NYSE
|
AXP
|
Consumer finance
|
AT&T, Inc.
|
NYSE
|
T
|
Telecommunication
|
Boeing Company
|
NYSE
|
BA
|
Aerospace and defense
|
Caterpillar Inc.
|
NYSE
|
CAT
|
Construction and mining equipment
|
Chevron Corporation
|
NYSE
|
CVX
|
Oil & gas
|
Cisco Systems, Inc.
|
NASDAQ
|
CSCO
|
Computer networking
|
Coca-Cola Company
|
NYSE
|
KO
|
Beverages
|
E. I. du Pont de Nemours and Co
|
NYSE
|
DD
|
Chemical industry
|
Exxon Mobil Corporation
|
NYSE
|
XOM
|
Oil & gas
|
General Electric Company
|
NYSE
|
GE
|
Conglomerate
|
Goldman Sachs Group, Inc.
|
NYSE
|
GS
|
Banking, Financial Services
|
Home Depot, Inc.
|
NYSE
|
HD
|
Home improvement retailer
|
Intel Corporation
|
NASDAQ
|
INTC
|
Semiconductors
|
International Business Machines Corporation
|
NYSE
|
IBM
|
Computers and technology
|
Johnson & Johnson
|
NYSE
|
JNJ
|
Pharmaceuticals
|
JPMorgan Chase & Co.
|
NYSE
|
JPM
|
Banking
|
McDonald’s Corp.
|
NYSE
|
MCD
|
Fast food
|
Merck & Co. Inc.
|
NYSE
|
MRK
|
Pharmaceuticals
|
Microsoft Corporation
|
NASDAQ
|
MSFT
|
Software
|
Nike, Inc.
|
NYSE
|
NKE
|
Apparel
|
Pfizer Inc.
|
NYSE
|
PFE
|
Pharmaceuticals
|
Procter & Gamble Company
|
NYSE
|
PG
|
Consumer goods
|
Travelers Companies, Inc.
|
NYSE
|
TRV
|
Insurance
|
UnitedHealth Group Incorporated
|
NYSE
|
UNH
|
Managed health care
|
United Technologies Corp.
|
NYSE
|
UTX
|
Conglomerate
|
Verizon Communications Inc.
|
NYSE
|
VZ
|
Telecommunication
|
Visa Inc.
|
NYSE
|
V
|
Consumer banking
|
Wal-Mart Stores Inc.
|
NYSE
|
WMT
|
Retail
|
Walt Disney Company
|
NYSE
|
DIS
|
Broadcasting and entertainment
|
l
|
Certificates of deposit, bankers’ acceptances and other short-term obligations must be issued domestically by United States commercial banks having assets of at least $1 billion, which are members of the Federal Deposit Insurance Corporation or holding companies of such banks.
|
l
|
Commercial paper or commercial paper master notes must be rated, at the time of purchase, A-1 or A-2 by Standard & Poor’s or Prime-1 or Prime-2 by Moody’s. If not rated by either Moody’s or Standard & Poor’s, a company’s commercial paper may be purchased, if the company has an outstanding bond issue rated Aa or higher by Moody’s or AA or higher by Standard & Poor’s. Commercial paper master notes are demand instruments without a fixed maturity bearing interest at rates that are fixed to known lending rates and automatically adjusted when such lending rates change.
|
l
|
The Large Value Fund will purchase only negotiable certificates of deposit and other short-term debt obligations of savings and loan associations having assets of at least $1 billion, which are members of the Federal Home Loan Banks Association and insured by the Federal Savings and Loan Insurance Corporation.
|
(1)
|
All Officers of the Hennessy Funds and employees of the Manager are Interested Persons of the Funds.
|
(1)
|
All Officers of the Hennessy Funds and employees of the Manager are Interested Persons of the Funds.
|
Name, Address, and Age
|
Position(s) Held
with the Fund
|
Term of Office
and Length of
Time Served
|
Principal Occupation(s) During Past Five Years
|
Number of Portfolios in the Fund Complex
Overseen by Trustee
|
Other
Directorships
Held by Trustee
|
Interested Persons | |||||
David Ellison
(1)
Age: 55
Address:
100 Federal Street
29
th
Floor
Boston, MA 02110
|
Senior Vice President
|
1 year term
Served since October 2012 for the Funds (or
Predecessor Funds)
|
Mr. Ellison has served as Portfolio Manager of the Large Cap Financial Fund, the Small Cap Financial Fund, and the Technology Fund since inception.
Mr. Ellison previously served as Director, CIO and President of FBR Advisers, Inc. from December 1999 to October 2012.
|
N/A
|
N/A
|
Brian Peery
(1)
Age: 44
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Co-Portfolio Manager and Vice President
|
1 year term
Served since March
2003 as Vice President
for the Funds (or Predecessor Funds)
Served since February 2011 as Co-Portfolio Manager for the Funds (or Predecessor Funds)
|
Mr. Peery has been employed by Hennessy Advisors, Inc., the Funds’ investment advisor, since 2002.
|
N/A
|
N/A
|
Winsor (Skip) Aylesworth
(1)
Age: 66
Address:
100 Federal Street
29
th
Floor
Boston, MA 02110
|
Vice President and Portfolio Manager
|
1 year term
Served since October 2012 for the Funds (or Predecessor Funds)
|
Mr. Aylesworth has been Portfolio Manager of the Gas Utility Index Fund since 2001 and Portfolio Manager of the Technology Fund since inception.
Mr. Aylesworth previously served as Executive Vice President of The FBR Funds from 1998 to October 2012.
|
N/A
|
N/A
|
(1)
|
All Officers of the Hennessy Funds and employees of the Manager are Interested Persons of the Funds.
|
(1)
|
All Officers of the Hennessy Companies and employees of the Manager are Interested Persons of the Fund.
|
(1)
|
The Hennessy Funds are the only funds in the fund complex.
|
(2) This amount includes $14,063 in salary and $1,612 in benefits (health and life insurance premiums and payroll expenses).
|
(3) This amount includes $75,000 in salary and $8,599 in benefits (health and life insurance premiums and payroll expenses).
|
(4) This amount includes $16,443 in salary and $5,542 in benefits (health and life insurance premiums and payroll expenses).
|
(5) This amount includes $87,696 in salary and $29,556 in benefits (health and life insurance premiums and payroll expenses).
|
(1)
|
The Hennessy Funds are the only funds in the fund complex.
|
(2) This amount includes $42,188 in salary and $4,836 in benefits (health and life insurance premiums and payroll expenses).
|
(3) This amount includes $75,000 in salary and $8,599 in benefits (health and life insurance premiums and payroll expenses).
|
(4) This amount includes $49,329 in salary and $16,625 in benefits (health and life insurance premiums and payroll expenses).
|
(5) This amount includes $87,696 in salary and $29,556 in benefits (health and life insurance premiums and payroll expenses).
|
(1)
|
The Hennessy Funds are the only funds in the fund complex.
|
(2) This amount includes $9,375 in salary and $1,075 in benefits (health and life insurance premiums and payroll expenses).
|
(3) This amount includes $75,000 in salary and $8,599 in benefits (health and life insurance premiums and payroll expenses).
|
(4) This amount includes $10,962 in salary and $3,694 in benefits (health and life insurance premiums and payroll expenses).
|
(5) This amount includes $87,696 in salary and $29,556 in benefits (health and life insurance premiums and payroll expenses).
|
(1)
|
The Hennessy Funds are the only funds in the fund complex.
|
(2) This amount includes $9,375 in salary and $1,075 in benefits (health and life insurance premiums and payroll expenses).
|
(3) This amount includes $75,000 in salary and $8,599 in benefits (health and life insurance premiums and payroll expenses).
|
(4) This amount includes $10,962 in salary and $3,694 in benefits (health and life insurance premiums and payroll expenses).
|
(5) This amount includes $87,696 in salary and $29,556 in benefits (health and life insurance premiums and payroll expenses).
|
Jennifer Cheskiewicz
|
$190,419
(2)
|
$0
|
$0
|
$222,930
(3)
|
Joe Fahy, Jr.
|
$103,233
(4)
|
$0
|
$0
|
$120,858
(5)
|
(1)
|
The Hennessy Funds are the only funds in the fund complex.
|
(2) This amount includes $170,833 in salary and $19,586 in benefits (health and life insurance premiums and payroll expenses).
|
(3) This amount includes $200,00 in salary and $22,930 in benefits (health and life insurance premiums and payroll expenses).
|
(4) This amount includes $76,875 in salary and $26,358 in benefits (health and life insurance premiums and payroll expenses).
|
(5) This amount includes $90,000 in salary and $30,858 in benefits (health and life insurance premiums and payroll expenses).
|
Name, Address, and Age
|
Position(s) Held
with the Fund
|
Term of Office
and Length of
Time Served
|
Principal Occupation(s) During Past Five Years
|
Number of Portfolios in the Fund Complex
Overseen by Trustee
|
Other
Directorships
(During Past Five
Years)
Held by Trustee
|
Michael A. Willner
Age: 57
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board
Member
|
Until October 26, 2014
Served since October 26, 2012
|
CEO AlphaGrip, Inc. since 2001.
|
10
|
None.
|
Charles O. Heller
Age: 78
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board
Member
|
Until October 26, 2014
Served since October 26, 2012
|
President, Annapolis Capital Group, since 2005 and Athlone Global Security (venture capital firm) from 2006-2008.
|
10
|
None.
|
David B. Adcock
Age: 62
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board
Member
|
Until October 26, 2014
Served since October 26, 2012
|
Consultant, since 2006; General Counsel, Duke University and Duke University Health System
1982-2006.
|
10
|
The Victory
Portfolios
(16 portfolios);
The Victory
Institutional Funds
(one portfolio);
The Victory
Variable Insurance
Funds (one
portfolio).
|
William E. Cole, Jr.
Age: 64
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board
Member
|
Until October 26, 2014
Served since October 26, 2012
|
Retired, 2006. Partner, Ernst
& Young LLP, 1972 -2006.
|
10
|
None.
|
Name of
Advisory Board Member
|
Dollar Range of
Equity Securities
in the Predecessor
Growth Fund
|
Dollar Range of
Equity Securities
in the
Focus Fund
|
Dollar Range of
Equity Securities
in the
Predecessor
Mid Cap 30 Fund
|
Dollar Range of
Equity Securities
in
the Cornerstone
Large
Growth Fund
|
Michael A. Willner
|
None
|
None
|
None
|
None
|
Charles O. Heller
|
None
|
None
|
None
|
None
|
David B. Adcock
|
None
|
None
|
None
|
None
|
William E. Cole, Jr.
|
None
|
None
|
None
|
None
|
Name of
Advisory Board Member
|
Dollar Range of
Equity Securities
in the
Small Cap
Financial Fund
|
Dollar Range of
Equity Securities
in the
Large Cap
Financial Fund
|
Dollar Range of
Equity Securities
in the
Technology Fund
|
Dollar Range of
Equity Securities in
the Gas Utility
Index Fund
|
Michael A. Willner
|
None
|
None
|
None
|
None
|
Charles O. Heller
|
None
|
None
|
None
|
None
|
David B. Adcock
|
None
|
None
|
None
|
None
|
William E. Cole, Jr.
|
None
|
None
|
None
|
None
|
Name of
Advisory Board Member
|
Dollar Range of
Equity Securities
in the Equity and
Income Fund
|
Dollar Range of
Equity Securities
in the
Core Bond Fund
|
Aggregate Dollar
Range of Equity
Securities in All
Registered
I
nvestment
Companies
Overseen by
Trustee in Family
of Investment
Companies
(1)
|
|
Michael A. Willner
|
None
|
None
|
None
|
|
Charles O. Heller
|
None
|
None
|
None
|
|
David B. Adcock
|
None
|
None
|
None
|
|
William E. Cole, Jr.
|
None
|
None
|
None
|
|
|
(1)
|
The Hennessy Funds are the only funds in the fund complex.
|
Predecessor Growth Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for the Benefit of Customers
Attn: Mutual Funds
San Francisco, CA 94105-1905
|
4,599,018
|
34.06%
|
|
National Financial Services LLC
*
Attn: Mutual Funds Dept. 5
th
FL
Jersey City, NJ 07310-2010
|
2,125,581
|
15.74%
|
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
769,483
|
5.70%
|
|
Predecessor Growth Fund – Institutional Class
|
Shares
|
Percentage
|
|
First Clearing LLC
*
Saint Louis, MO 63103-2523
|
242,346
|
15.79%
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
Attn: Mutual Funds
San Francisco, CA 94105-1905
|
223,669
|
14.57%
|
|
National Financial Services Corp.
*
For the Benefit of our Customers
Jersey City, NJ 07310-2010
|
177,306
|
11.55%
|
|
Pershing LLC
*
P.O. Box 2052
Jersey City, NJ 07303-2052
|
98,768
|
6.43%
|
|
Focus Fund – Institutional Class
|
Shares
|
Percentage
|
|
First Clearing LLC
*
For Benefit of its Customers
Saint Louis, MO 63103
|
735,542
|
21.76%
|
|
Merrill Lynch Pierce Fenner & Smith, Inc.
*
For the Sole Benefit of its Customers
Jacksonville, FL 32246-6484
|
504,963
|
14.94%
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
466,715
|
13.81%
|
|
National Financial Services LLC
*
For Exclusive Benefit of our Customers
Jersey City, NJ 07310-2010
|
423,351
|
12.52%
|
|
Trukan & Co.
*
P.O. Box 3699
Wichita, KS 67201-3699
|
178,658
|
5.28%
|
|
Strafe & Co.
*
For Benefit of Stephen A. Schwarzman
P.O. Box 6924
Newark, DE 19714-6924
|
174,658
|
5.17%
|
|
Predecessor Mid Cap 30 Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
For the Benefit of Customers
San Francisco, CA 94105-1905
|
3,026,893
|
31.38%
|
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
New York, NY 10281-1003
|
2,132,359
|
22.11%
|
|
UBS WM USA
*
1000 Harbor Blvd 5
th
Floor
Weehawken, NJ 07086-6761
|
682,915
|
7.08%
|
|
Morgan Stanley Smith Barney
Plaza 2 3rd Floor
Jersey City, NJ 07311
|
502,805
|
5.21%
|
|
Predecessor Mid Cap 30 Fund – Institutional Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
1,376,149
|
45.88%
|
|
National Financial Services Corp.
*
For the Benefit of our Customers
Jersey City, NJ 07310-2010
|
546,652
|
18.24%
|
|
First Clearing LLC
*
For Benefit of its Customers
Saint Louis, MO 63103-2523
|
364,322
|
12.15%
|
|
Cornerstone Large Growth Fund –Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94105-1905
|
391,979
|
5.76%
|
|
Cornerstone Large Growth Fund – Institutional Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
188,380
|
15.73%
|
|
Armed Forces Benefit Assoc
*
909 N. Washington St.
Alexandria, VA 22314-1555
|
183,319
|
15.30%
|
|
National Financial Services Corp.
*
For the Benefit of our Customers
Jersey City, NJ 07310-2010
|
164,992
|
13.77%
|
|
Predecessor Value Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
886,235
|
10.81%
|
|
National Financial Services Corp.
*
For the Benefit of our Customers
Jersey City, NJ 07310-2010
|
654,022
|
7.98%
|
|
Large Value Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94105-1905
|
760,192
|
16.49%
|
|
National Financial Services Corp.
*
For Exclusive Benefit of Customers
Jersey City, NJ 07310-2010
|
345,271
|
7.49%
|
|
Large Value Fund – Institutional Class
|
Shares
|
Percentage
|
|
First Clearing LLC
*
For Benefit of its Customers
Saint Louis, MO 63103-2523
|
8,896
|
79.69%
|
|
Hennessy Advisors, Inc.
*
FBO Neil J. Hennessy
Novato, CA 94945-3272
|
851
|
7.62%
|
|
Predecessor Total Return Fund – Investor Class
|
Shares
|
Percentage
|
|
National Financial Services Corp.
*
For the Benefit of our Customers
Jersey City, NJ 07310-2010
|
1,045,411
|
17.04%
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94105-1905
|
633,690
|
10.33%
|
|
Equity and Income Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
6,015,351
|
40.29%
|
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
Jersey City, NJ 07310-2010
|
3,425,095
|
22.94%
|
|
UBS WM USA
*
1000 Harbor Blvd 5
th
Floor
Weehawken, NJ 07086-6761
|
1,334,115
|
8.94%
|
|
Equity and Income Fund –Institutional Class
|
Shares
|
Percentage
|
|
Merrill Lynch Pierce Fenner & Smith, Inc.
*
For the Sole Benefit of its Customers
Jacksonville, FL 32246-6484
|
1,547,628
|
25.40%
|
|
LPL Financial
*
For the Benefit of its Customers
San Diego, CA 92121-1968
|
1,131,414
|
18.57%
|
|
First Clearing LLC
*
For Benefit of its Customers
Saint Louis, MO 63103-2523
|
888,838
|
14.59%
|
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
Jersey City, NJ 07310-2010
|
786,850
|
12.92%
|
|
Pershing LLC
*
P.O. Box 2052
Jersey City, NJ 07303-2052
|
586,414
|
9.63%
|
|
Predecessor Balanced Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94104-4151
|
206,527
|
21.73%
|
|
Lovi Family Living Trust
*
Leo Lovi & Lorraine Lovi
Redwood City, CA 94061-3920
|
71,982
|
7.57%
|
|
Core Bond Fund – Institutional Class
|
Shares
|
Percentage
|
|
PIMS Prudential Retirement
*
P.O. Box 25587
Alexandria, VA 22313-5587
|
140,992
|
28.40%
|
|
Joan Lee Lawson
*
Clifton, VA 20124-1524
|
138,724
|
27.95%
|
|
Gas Utility Index Fund – Investor Class
|
Shares
|
Percentage
|
|
National Financial Services, LLC
*
For the Exclusive Benefit of Customers
Jersey City, NJ 07310-2010
|
18,055,960
|
36.20%
|
|
Charles Schwab & Co., Inc.
*
For the Exclusive Benefit of our Customers
San Francisco, CA 94105-1905
|
11,554,409
|
23.16%
|
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
2,887,225
|
5.79%
|
|
Small Cap Financial Fund – Investor Class
|
Shares
|
Percentage
|
|
NFS LLC FEBO
*
Covington, KY 41015-1987
|
4,019,610
|
40.22%
|
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
3,158,539
|
31.60%
|
|
Small Cap Financial Fund – Institutional Class
|
Shares
|
Percentage
|
|
Merrill Lynch Pierce Fenner & Smith
*
For the Sole Benefit of its Customers
Jacksonville, FL 32246-6434
|
1,131,056
|
24.83%
|
|
Pershing LLC
*
For the Benefit of its Customers
P.O. Box 2052
Jersey City, NJ 07303-2052
|
980,314
|
21.58%
|
|
National Financial Services, LLC
*
For the Exclusive Benefit of Customers
Jersey City, NJ 07310-2010
|
795,072
|
17.50%
|
|
Morgan Stanley Smith Barney
*
Harborside Financial Center
Jersey City, NJ 07311
|
563,534
|
12.41%
|
|
Charles Atwood Company
*
Kalamazoo, MI 49007-3918
|
540,064
|
11.89%
|
|
Large Cap Financial Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
3,329,660
|
61.80%
|
|
National Financial Services LLC
*
For Exclusive Benefit of our Customers
Jersey City, NJ 07310-2010
|
1,074,216
|
19.94%
|
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
338,931
|
6.29%
|
|
Technology Fund – Investor Class
|
Shares
|
Percentage
|
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
Jersey City, NJ 07310-2010
|
109,592
|
32.62%
|
|
Schwab Omnibus
*
Attn: Mutual Funds
San Francisco, CA 94105-1905
|
50,944
|
15.17%
|
|
US Bank NA
*
Custody Mahmoud Yassin Sep IRA
Toms River, NJ 08755-1166
|
37,546
|
11.18%
|
|
E Trade Clearing LLC
*
For the Benefit of its Customers
P.O. Box 484
Jersey City, NJ 07303-0484
|
29,423
|
8.76%
|
|
Technology Fund –Institutional Class
|
Shares
|
Percentage
|
|
PIMS Prudential Retirement
*
P.O. Box 25587
Alexandria, VA 22313-5587
|
27,071
|
29.74%
|
|
5 Star Financial Def Comp Plan 4
*
c/o Mark A. Centanni
P.O. Box 25587
Alexandria, VA 22303-5587
|
5,023
|
5.53%
|
|
Predecessor Japan Fund – Investor Class
|
Shares
|
Percentage
|
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
885,768
|
45.04%
|
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
Jersey City, NJ 07310-2010
|
497,138
|
25.28%
|
|
UBS WM USA
*
1000 Harbor Blvd 5
th
Floor
Weehawken, NJ 07086-6761
|
317,791
|
16.16%
|
|
Predecessor Japan Small Cap Fund – Investor Class
|
Shares
|
Percentage
|
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
Jersey City, NJ 07310-2010
|
726,678
|
44.50%
|
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
486,462
|
29.79%
|
|
Pershing LLC
*
For the Benefit of its Customers
P.O. Box 2052
Jersey City, NJ 07303-2052
|
124,393
|
7.62%
|
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
94,958
|
5.82%
|
|
Cornerstone Growth Fund
|
0.74%
|
|
Focus Fund
|
0.90%
|
|
Cornerstone Mid Cap 30 Fund
|
0.74%
|
|
Cornerstone Large Growth Fund
|
0.74%
|
|
Cornerstone Value Fund
|
0.74%
|
|
Large Value Fund
|
0.85%
|
|
Total Return Fund
|
0.60%
|
|
Equity and Income Fund
|
0.80%
|
|
Balanced Fund
|
0.60%
|
|
Core Bond Fund
|
0.80%
|
|
Gas Utility Index Fund
|
0.40%
|
|
Small Cap Financial Fund
|
0.90%
|
|
Large Cap Financial Fund
|
0.90%
|
|
Technology Fund
|
0.90%
|
|
Japan Fund
|
1.00%
|
|
Japan Small Cap Fund
|
1.20%
|
Fiscal Year Ended
October 31, 2013
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
|
Predecessor Growth Fund
|
$2,115,901
|
$1,612,148
|
$1,444,144
|
Predecessor Mid Cap 30 Fund
|
$1,466,415
|
$1,205,874
|
$1,193,413
|
Cornerstone Large Growth Fund
|
$750,272
|
$574,284
|
$605,779
|
Predecessor Value Fund
|
$995,223
|
$912,705
|
$1,016,889
|
Fiscal Year Ended
October 31, 2013
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31,
|
Large Value Fund
|
$1,154,401
|
$1,065,815
|
$1,129,883
|
Predecessor Total Return Fund
|
$487,175
|
$425,005
|
$392,389
|
Predecessor Balanced Fund
|
$84,997
|
$136,881
|
$81,461
|
Predecessor Japan Fund
|
$275,793
|
$205,473
|
$310,543
|
Predecessor Japan Small Cap Fund
|
$171,427
|
$179,755
|
$290,179
|
Fund
|
Gross
Advisory Fees
|
Advisory Fee
Waivers
|
Net Advisory Fees
|
Expense
Reimbursements
|
||||
Focus Fund
|
$8,639,619
|
—
|
$8,639,619
|
—
|
||||
Equity and Income Fund
|
$2,342,811
|
$(67,819)
|
$2,274,992
|
—
|
||||
Core Bond Fund
|
$126,942
|
$(111,481)
|
$15,461
|
—
|
||||
Gas Utility Index Fund
|
$3,712,821
|
—
|
$3,712,821
|
—
|
||||
Small Cap Financial Fund
|
$2,354,715
|
—
|
$2,354,715
|
—
|
||||
Large Cap Financial Fund
|
$622,343
|
—
|
$622,343
|
—
|
||||
Technology Fund
|
$49,272
|
$(49,272)
|
—
|
$(10,227)
|
Fund
|
Gross
Advisory Fees
|
Advisory Fee
Waivers
|
Net Advisory Fees
|
Expense
Reimbursements
|
||||
Focus Fund/FBR Focus Fund
|
$6,539,937
|
—
|
$6,539,937
|
—
|
||||
Equity and Income Fund/
FBR Balanced Fund
|
$1,726,176
|
$(179,947)
|
$1,546,229
|
—
|
||||
Core Bond Fund/
FBR Core Bond Fund
|
$251,697
|
$(102,642)
|
$149,055
|
—
|
||||
Gas Utility Index Fund/
FBR Gas Utility Index Fund
|
$2,427,576
|
—
|
$2,427,576
|
—
|
||||
Small Cap Financial Fund/
FBR Small Cap Financial Fund
|
$1,647,875
|
—
|
$1,647,875
|
—
|
||||
Large Cap Financial Fund/
FBR Large Cap Financial Fund
|
$549,491
|
—
|
$549,491
|
—
|
||||
Technology Fund/
FBR Technology Fund
|
$60,210
|
$(60,210)
|
—
|
$(35,857)
|
Fund
|
Gross
Advisory Fees
|
Advisory Fee
Waivers
|
Net Advisory Fees
|
Expense
Reimbursements
|
||||
FBR Focus Fund
|
$6,543,033
|
—
|
$6,543,033
|
—
|
||||
FBR Balanced Fund
|
$721,246
|
$(188,312)
|
$532,934
|
—
|
||||
FBR Core Bond Fund
|
$218,849
|
$(132,417)
|
$86,432
|
—
|
||||
FBR Gas Utility Index Fund
|
$1,199,584
|
—
|
$1,199,584
|
—
|
||||
FBR Small Cap Financial Fund
|
$2,287,766
|
$(1,024)
|
$2,286,742
|
—
|
||||
FBR Large Cap Financial Fund
|
$543,524
|
—
|
$543,524
|
—
|
||||
FBR Technology Fund
|
$79,949
|
$(79,949)
|
—
|
$(8,290)
|
Form of Compensation
|
Source of Compensation
|
Method Used to Determine Compensation
(
Including Any Differences in Method Between Account Types)
|
Salary
|
Hennessy Advisors, Inc.
|
The Board of Directors of the Manager determines the amount of
each portfolio manager’s salary on an annual basis, and such
amount remains fixed throughout the year. Salaries are not based
on the performance of the Funds or on the value of the assets
held in the Funds’ portfolios.
|
Performance Bonus
|
Hennessy Advisors, Inc.
|
The Board of Directors of the Manager has contractually granted
to Mr. Hennessy a performance bonus, payable quarterly, equal
to 10% of the pre-tax profit of Hennessy Advisors, Inc., as c
omputed for financial reporting purposes in accordance with
generally accepted accounting principles subject to certain
exceptions as set forth in his employment agreement. Each of
Messrs. Aylesworth, Kelley, and Peery is eligible for a
discretionary bonus each year, the amount of which is
determined by the executive officers of the Manager.
|
Asset-Based Fees
|
Hennessy Advisors, Inc.
|
Mr. Ellison receives a performance bonus, payable quarterly,
based on the average net assets for the applicable quarter of the
Small Cap Financial Fund and Large Cap Financial Fund.
|
Equity Awards
|
Hennessy Advisors, Inc.
|
Each portfolio manager is eligible for grants of restricted stock
units, which typically vest over a four-year period. The amount
of the equity pool in total is set subjectively based on the
Manager’s budget limitations for future years. The quantities are
adjusted based on the fair value of the equity at the date of grant,
which determines the total cost to the Manager. The equity
awards are granted annually, if at all, after the compensation
committee of the Board of Directors of the Manager completes
its annual review of the Manager’s executive officers.
|
Company 401(k) Contributions
|
Hennessy Advisors, Inc.
|
Each portfolio manager is eligible for a 401(k) contribution by
the Manager. The 401(k) contribution by the Manager is optional
from year to year and is not based on performance or goal
achievement. The percentage level of the contribution is
subjective and is determined by the Manager’s executive
management team annually and approved by the compensation
committee of the Board of Directors of the Manager with respect
to the executive officers of the Manager.
|
Name
|
Dollar Range of
Equity Securities in the
Predecessor Growth Fund
|
Dollar Range of
Equity Securities in the
Predecessor
Mid Cap 30 Fund
|
Dollar Range of
Equity Securities in the
Cornerstone
Large Growth Fund
|
Neil J. Hennessy
|
$50,001-$100,000
|
$100,001-$500,000
|
$10,001-$50,000
|
Brian Peery
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
David H. Ellison
|
N/A
|
N/A
|
N/A
|
Winsor H. Aylesworth
|
N/A
|
N/A
|
N/A
|
Ryan Kelley
|
N/A
|
N/A
|
N/A
|
Name
|
Dollar Range of
Equity Securities in the
Predecessor Value Fund
|
Dollar Range of
Equity Securities in the
Predecessor
Total Return Fund
|
Dollar Range of
Equity Securities in the
Predecessor
Balanced Fund
|
Neil J. Hennessy
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
Brian Peery
|
$10,001-$50,000
|
$1-$10,000
|
$1-$10,000
|
David H. Ellison
|
N/A
|
N/A
|
N/A
|
Winsor H. Aylesworth
|
N/A
|
N/A
|
N/A
|
Ryan Kelley
|
N/A
|
N/A
|
N/A
|
Name
|
Dollar Range of
Equity Securities in the
Gas Utility Index Fund
|
Dollar Range of
Equity Securities in the
Small Cap Financial Fund
|
Dollar Range of
Equity Securities in the
Large Cap Financial Fund
|
Neil J. Hennessy
|
N/A
|
N/A
|
N/A
|
Brian Peery
|
N/A
|
N/A
|
N/A
|
David H. Ellison
|
N/A
|
$10,001-$50,000
|
Over $1,000,000
|
Winsor H. Aylesworth
|
$10,001-$50,000
|
N/A
|
N/A
|
Ryan Kelley
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
Name
|
Dollar Range of
Equity Securities in the
Technology Fund
|
||
Neil J. Hennessy
|
N/A
|
||
Brian Peery
|
N/A
|
||
David H. Ellison
|
None
|
||
Winsor H. Aylesworth
|
$50,001 - $100,000
|
||
Ryan Kelley
|
N/A
|
Number of Other Accounts Managed and
Total Assets by Account Type
*
|
Number of Accounts and Total Assets
for which
Advisory Fee is Performance-Based
*
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
David S. Rainey
|
0
$0
|
0
$0
|
27
$20.48 million
|
0
$0
|
0
$0
|
0
$0
|
Brian E. Macauley
|
0
$0
|
0
$0
|
27
$20.48 million
|
0
$0
|
0
$0
|
0
$0
|
Ira M. Rothberg
|
0
$0
|
0
$0
|
27
$20.48 million
|
0
$0
|
0
$0
|
0
$0
|
*
|
If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.
|
Number of Other Accounts Managed
and Total Assets by Account Type
|
Number of Accounts and Total Assets for
Which Advisory Fee is Performance-Based
|
|||||
Name of
Portfolio Manager
|
Registered Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered Investment
Companies
|
Other Pooled Investment
Vehicles
|
Other
Accounts
|
Stuart A. Lippe
(lead manager)
|
0
$0
|
2
$899.41 million
|
9
$409.63 million
|
0
$0
|
0
$0
|
0
$0
|
Barbara S. Browning
|
0
$0
|
2
$899.41 million
|
9
$409.63 million
|
0
$0
|
0
$0
|
0
$0
|
Adam D. Scheiner
|
0
$0
|
2
$899.41 million
|
9
$409.63 million
|
0
$0
|
0
$0
|
0
$0
|
Name
|
Dollar Range of
Equity Securities in the
Large Value Fund
|
|
Stuart A. Lippe (lead manager)
|
None
|
|
Barbara S. Browning
|
$10,001-$50,000
|
|
Adam D. Scheiner
|
None
|
Number of Other Accounts Managed and
Total Assets by Account Type
*
|
Number of Accounts and Total Assets for
which
Advisory Fee is Performance-Based
*
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Stephen M. Goddard
|
3
$1.3 billion
|
0
$0
|
638
$6.2 billion
|
0
$0
|
0
$0
|
2
$6.4 million
|
Jonathan T. Moody
|
3
$1.3 billion
|
0
$0
|
638
$6.2 billion
|
0
$0
|
0
$0
|
0
$0
|
J. Brian Campbell
|
3
$1.3 billion
|
0
$0
|
638
$6.2 billion
|
0
$0
|
0
$0
|
0
$0
|
Mark DeVaul
|
3
$1.3 billion
|
0
$0
|
638
$6.2 billion
|
0
$0
|
0
$0
|
0
$0
|
*
|
If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.
|
Number of Other Accounts Managed and
Total Assets by Account Type
*
|
Number of Accounts and Total Assets for which
Advisory Fee is Performance-Based
*
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Gary B. Cloud
|
1
$49.87 million
|
0
$0
|
46
$480.10 million
|
0
$0
|
0
$0
|
0
$0
|
Peter G. Greig
|
0
$0
|
0
$0
|
976
$754.28 million
|
0
$0
|
0
$0
|
0
$0
|
|
* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.
|
Number of Other Accounts Managed and
Total Assets by Account Type
*
|
Number of Accounts and Total Assets for which
Advisory Fee is Performance-Based
*
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Masakazu Takeda
|
0
$0
|
4
$247 million
|
1
$81 million
|
0
$0
|
0
$0
|
0
$0
|
Tadahiro Fujimura
|
0
$0
|
3
$224 million
|
3
$987 million
|
0
$0
|
1
$9 million
|
1
$37 million
|
Yu Shimizu
|
0
$0
|
3
$88 million
|
0
|
0
$0
|
1
$28 million
|
0
$0
|
Hidehiro Moriya
|
0
$0
|
3
$63 million
|
0
|
0
$0
|
1
$38 million
|
0
$0
|
|
* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.
|
Fund
|
Fiscal Year Ended
October 31, 2013
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
Predecessor Growth Fund
|
$549,354
|
$551,531
|
$494,629
|
Focus Fund
|
$1,151,949
|
$447,417
|
(see below)
|
Predecessor Mid Cap 30 Fund
|
$341,692
|
$373,051
|
$374,949
|
Cornerstone Large Growth Fund
|
$184,200
|
$195,254
|
$208,593
|
Predecessor Value Fund
|
$275,072
|
$310,284
|
$348,642
|
Large Value Fund
|
$279,817
|
$319,627
|
$338,873
|
Predecessor Total Return Fund
|
$166,811
|
$180,627
|
$166,765
|
Equity and Income Fund
|
$351,422
|
$170,311
|
(see below)
|
Predecessor Balanced Fund
|
$29,749
|
$58,174
|
$34,621
|
Core Bond Fund
|
$19,131
|
$33,803
|
(see below)
|
Gas Utility Index Fund
|
$1,113,846
|
$412,865
|
(see below)
|
Small Cap Financial Fund
|
$313,962
|
$113,213
|
(see below)
|
Large Cap Financial Fund
|
$82,979
|
$36,758
|
(see below)
|
Technology Fund
|
$6,570
|
$14,992
|
(see below)
|
Predecessor Japan Fund
|
$57,317
|
$52,396
|
$79,189
|
Predecessor Japan Small Cap Fund
|
$29,500
|
$38,198
|
$61,663
|
Fund
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
||||||||
FBR Focus Fund
|
$ | 290,664 | $ | 290,804 | ||||||
FBR Balanced Fund
|
$ | 86,309 | $ | 36,063 | ||||||
FBR Core Bond Fund
|
$ | 12,585 | $ | 10,943 | ||||||
FBR Gas Utility Index Fund
|
$ | 242,758 | $ | 119,959 | ||||||
FBR Small Cap Financial Fund
|
$ | 73,239 | $ | 101,679 | ||||||
FBR Large Cap Financial Fund
|
$ | 24,422 | $ | 24,157 | ||||||
FBR Technology Fund
|
$ | 2,676 | $ | 3,553 |
Fiscal Year Ended
October 31, 2013
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
$371,282
|
$242,758
|
$119,959
|
l
|
vote for measures that act to increase the independence of the board of directors;
|
l
|
support measures intended to increase stock ownership by executives and the use of employee stock purchase plans to increase company stock ownership by employees;
|
l
|
vote for proposals that promote the exercise of investors’ rights; and
|
l
|
vote against shareholder rights plans.
|
l
|
SPARX Japan generally votes proxies in a manner consistent with decisions of the Investment Committee of SPARX Japan (the “
Committee
”), which makes voting decisions pursuant to its Equity Voting Guidelines (the “
Guidelines
”), unless otherwise permitted by the Policy (such as when specific interests and issues require that a client’s vote be cast differently from the Committee’s decision in order to act in the best economic interests of clients).
|
l
|
Where a material conflict of interest has been identified and the matter is covered by the Guidelines, proxies are voted in accordance with the Guidelines. Where a conflict of interest has been identified and the matter is not covered in the Guidelines, SPARX Japan will disclose the conflict and the determination of the manner in which to vote to the Board of Directors of the Manager.
|
l
|
support management in most elections for directors, unless there are clear concerns about the past performance of the company or the board fails to meet minimum corporate governance standards;
|
l
|
support option plans that motivate participants to focus on long-term investor value and returns, encourage employee stock ownership and more closely align employee interests with those of investors; and
|
l
|
vote for mergers, acquisitions, and sales of business operations, unless the impact on earnings or voting rights for one class or group of investors is disproportionate to the relative contributions of the group or the company’s structure following the acquisition or merger does not reflect good corporate governance, and vote against such actions if the companies do not provide sufficient information upon request concerning the transaction.
|
Fund
|
Fiscal Year Ended
|
Brokerage
Commissions Paid
|
Transactions for which Brokerage Commissions Were Paid |
Predecessor Growth Fund
|
October 31, 2013
|
$844,435
|
$684,200,833
|
|||||
October 31, 2012
|
$849,614
|
$419,198,893
|
||||||
October 31, 2011
|
$1,107,485
|
$499,939,260
|
||||||
Focus Fund
|
October 31, 2013
|
$162,436
|
$251,350,496
|
|||||
October 31, 2012
|
$123,999
|
$189,290,332
|
||||||
October 31, 2011
|
(see below)
|
(see below)
|
||||||
Predecessor Mid Cap 30 Fund
|
October 31, 2013
|
$1,063,386
|
$831,594,643
|
|||||
October 31, 2012
|
$96,700
|
$92,915,453
|
||||||
October 31, 2011
|
$404,314
|
$333,050,379
|
||||||
Cornerstone Large Growth Fund
|
October 31, 2013
|
$161,651
|
$169,962,403
|
|||||
October 31, 2012
|
$8,768
|
$8,675,086
|
||||||
October 31, 2011
|
$100,412
|
$118,405,978
|
||||||
Predecessor Value Fund
|
October 31, 2013
|
$122,550
|
$117,859,686
|
|||||
October 31, 2012
|
$167,836
|
$114,517,504
|
||||||
October 31, 2011
|
$177,744
|
$150,407,884
|
||||||
Fund
|
Fiscal Year Ended
|
Brokerage
Commissions Paid
|
Transactions for which Brokerage Commissions Were Paid |
Large Value Fund
|
October 31, 2013
|
$224,169
|
$253,096,288
|
|||||
October 31, 2012
|
$346,674
|
$289,226,709
|
||||||
October 31, 2011
|
$467,093
|
$407,047,645
|
||||||
Predecessor Total Return Fund
|
October 31, 2013
|
$17,927
|
$37,497,856
|
|||||
October 31, 2012
|
$11,842
|
$24,100,606
|
||||||
October 31, 2011
|
$15,966
|
$26,941,171
|
||||||
Equity and Income Fund
|
October 31, 2013
|
$79,182
|
$119,278,433
|
|||||
October 31, 2012
|
$86,482
|
$125,035,954
|
||||||
October 31, 2011
|
(see below)
|
(see below)
|
||||||
Predecessor Balanced Fund
|
October 31, 2013
|
$5,661
|
$10,861,500
|
|||||
October 31, 2012
|
$3,449
|
$6,669,444
|
||||||
October 31, 2011
|
$3,791
|
$6,828,701
|
||||||
Core Bond Fund
|
October 31, 2013
|
$7,993
|
$3,802,051
|
|||||
October 31, 2012
|
$7,744
|
$4,317,161
|
||||||
October 31, 2011
|
(see below)
|
(see below)
|
||||||
Gas Utility Index Fund
|
October 31, 2013
|
$293,516
|
$604,343,191
|
|||||
October 31, 2012
|
$103,230
|
$477,859,274
|
||||||
October 31, 2011
|
(see below)
|
(see below)
|
||||||
Small Cap Financial Fund
|
October 31, 2013
|
$492,614
|
$329,423,394
|
|||||
October 31, 2012
|
$245,221
|
$150,364,751
|
||||||
October 31, 2011
|
(see below)
|
(see below)
|
||||||
Large Cap Financial Fund
|
October 31, 2013
|
$56,180
|
$106,306,099
|
|||||
October 31, 2012
|
$53,700
|
$108,521,362
|
||||||
October 31, 2011
|
(see below)
|
(see below)
|
||||||
Fund
|
Fiscal Year Ended
|
Brokerage
Commissions Paid
|
Transactions for which Brokerage Commissions Were Paid |
Technology Fund
|
October 31, 2013
|
$7,915
|
$17,921,428
|
|||||
October 31, 2012
|
$5,070
|
$18,647,642
|
||||||
October 31, 2011
|
(see below)
|
(see below)
|
||||||
Predecessor Japan Fund
|
October 31, 2013
|
$17,256
|
$17,738,916
|
|||||
October 31, 2012
|
$96,784
|
$444,346,126
|
||||||
October 31, 2011
|
$68,764
|
$107,664,172
|
||||||
Predecessor Japan Small Cap Fund
|
October 31, 2013
|
$37,867
|
$41,469,168
|
|||||
October 31, 2012
|
$26,056
|
$34,672,351
|
||||||
October 31, 2011
|
$38,411
|
$35,894,117
|
Fund
|
Total
Brokerage
Commissions Paid
|
Commissions
Paid to
FBRCM
|
% of
Aggregate
Commissions
Paid to
FBRCM
|
% of Aggregate
Dollar Amount
of Transactions
Effected through
FBRCM
|
|||||||||||
FBR Focus Fund
|
$266,734
|
—
|
—
|
—
|
|||||||||||
FBR Balanced Fund
|
$50,471
|
—
|
—
|
—
|
|||||||||||
FBR Core Bond Fund
|
$14,877
|
—
|
—
|
—
|
|||||||||||
FBR Gas Utility Index Fund
|
$72,223
|
—
|
—
|
—
|
|||||||||||
FBR Small Cap Financial Fund
|
$673,858
|
$23,568
|
3.5%
|
2.3%
|
|||||||||||
FBR Large Cap Financial Fund
|
$68,140
|
$1,250
|
1.8%
|
0.2%
|
|||||||||||
FBR Technology Fund
|
$8,793
|
—
|
—
|
—
|
Fund
|
Fiscal Year Ended
October 31, 2013
|
Fiscal Year Ended
October 31, 2012
|
|||||
Predecessor Growth Fund
|
105%
|
90%
|
|||||
Focus Fund
|
4%
|
13%
|
|||||
Predecessor Mid Cap 30 Fund
|
212%
|
25%
|
|||||
Cornerstone Large Growth Fund
|
73%
|
0%
|
|||||
Predecessor Value Fund
|
41%
|
47%
|
|||||
Large Value Fund
|
91%
|
111%
|
|||||
Predecessor Total Return Fund
|
31%
|
22%
|
|||||
Equity and Income Fund
|
52%
|
34%
|
|||||
Predecessor Balanced Fund
|
22%
|
17%
|
|||||
Core Bond Fund
|
74%
|
75%
|
|||||
Gas Utility Index Fund
|
18%
|
16%
|
|||||
Small Cap Financial Fund
|
57%
|
43%
|
|||||
Large Cap Financial Fund
|
75%
|
93%
|
|||||
Technology Fund
|
164%
|
138%
|
|||||
Predecessor Japan Fund
|
6%
|
2%
|
|||||
Predecessor Japan Small Cap Fund
|
141%
|
49%
|
Predecessor Growth Fund
|
$10,518,607
|
10/31/16
|
|
$183,155,263
|
10/31/17
|
||
Predecessor Mid Cap 30 Fund
|
$1,481,017
|
10/31/16
|
|
Cornerstone Large Growth Fund
|
$3,045,759
|
10/31/16
|
|
Predecessor Value Fund
|
$32,066,745
|
10/31/17
|
|
Large Value Fund
|
$12,049,003
|
10/31/17
|
l
|
Leading market positions in well-established industries.
|
l
|
High rates of return on funds employed.
|
l
|
Conservative capitalization structure with moderate reliance on debt and ample asset protection.
|
l
|
Broad margins in earnings coverage of fixed financial charges and high internal cash generation.
|
l
|
Well-established access to a range of financial markets and assured sources of alternate liquidity.
|
Fund
|
Amount Paid | ||||
Focus Fund
|
$2,175,926
|
||||
Predecessor Total Return Fund
|
$121,794
|
||||
Predecessor Balanced Fund
|
$21,249
|
||||
Equity and Income Fund
|
$511,180
|
||||
Core Bond Fund
|
$9,571
|
||||
Small Cap Financial Fund
|
$530,455
|
||||
Large Cap Financial Fund
|
$172,873
|
||||
Technology Fund
|
$11,111
|
l
|
maintaining an “800” number that current shareholders may call to ask questions about these Funds or their accounts with the Funds;
|
l | assisting shareholders in processing exchange and redemption requests; |
l | assisting shareholders in changing dividend options, account designations and addresses; |
l |
responding generally to questions of shareholders; and
|
l |
providing such other similar services as these Funds may request.
|
l
|
Statements of Assets and Liabilities
|
l
|
Statements of Operations
|
l
|
Statement of Cash Flows (Total Return Fund only)
|
l
|
Statements of Changes in Net Assets
|
l
|
Financial Highlights
|
l
|
Schedules of Investments
|
l
|
Notes to the Financial Statements
|
l
|
Reports of Independent Registered Public Accounting Firms
|
Item 28
.
|
Exhibits
|
||
(a)
|
Organizational Documents:
|
||
(1)
|
Certificate of Trust.
(1)
|
||
(2)
|
Certificate of Amendment to the Certificate of Trust.
(2)
|
||
(3)
|
Trust Instrument (restated in electronic format to include all amendments through December 12, 2008).
(3)
|
||
(b)
|
Bylaws, as amended and restated as of June 3, 2008.
(3)
|
||
(c)
|
None.
|
||
(d)
|
Investment Advisory Contracts:
|
||
(1)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Large Growth Fund.
(4)
|
||
(2)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Large Value Fund.
(4)
|
||
(3)
|
Sub-Advisory Agreement between Hennessy Advisors, Inc. and Voyageur Asset Management, Inc. for the Hennessy Large Value Fund.
(4)
|
||
(4)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund.
(6)
|
||
(5)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Balanced Fund, the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund.
|
||
(6)
|
Sub-Advisory Agreement for the Hennessy Focus Fund between Hennessy Advisors, Inc. and Broad Run Investment Management, LLC.
(6)
|
||
(7)
|
Sub-Advisory Agreement for the Hennessy Equity and Income Fund (equity sleeve) between Hennessy Advisors, Inc. and The London Company of Virginia, LLC.
(6)
|
||
(8)
|
Sub-Advisory Agreement for the Hennessy Equity and Income Fund (fixed income sleeve) between Hennessy Advisors, Inc. and Financial Counselors, Inc.
(6)
|
(9)
|
Sub-Advisory Agreement for the Hennessy Core Bond Fund between Hennessy Advisors, Inc. and Financial Counselors, Inc.
(6)
|
||
(10)
|
Sub-Advisory Agreement for the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund between Hennessy Advisors, Inc. and
SPARX Asset Management Co., Ltd.
|
(e)
|
Distribution Agreement among Registrant, Hennessy Advisors, Inc. and Quasar Distributors, LLC.
(2)
and Amended and Restated
Exhibit A
.
|
||
(f)
|
None.
|
||
(g)
|
Custody Agreement between Registrant and U.S. Bank, National Association.
(2)
and Amended and Restated
Exhibit C
.
|
||
(h)
|
Other Material Contracts:
|
(1)
|
Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC
(2)
and Amended and Restated
Exhibit A
.
|
(2)
|
Transfer Agent Agreement between Registrant and U.S. Bancorp Fund Services, LLC
(2)
and Amended and Restated
Exhibit A
.
|
||
(3)
|
Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC
(2)
and Amended and Restated
Exhibit A
.
|
||
(4)
|
Amended and Restated Servicing Agreement between Registrant and Hennessy Advisors, Inc.
|
||
(5)
|
Power of Attorney.
(2)
|
||
(6)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund.
(6)
|
||
(7)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund and the Hennessy Cornerstone Value Fund.
|
(8)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Large Growth Fund.
|
|
(9)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for, n/k/a, the Hennessy Large Value Fund.
|
(i)
|
Opinion of Foley & Lardner LLP.
|
||
(j)
|
Consent of Independent Registered Public Accounting Firm:
|
(1)
|
Consent of KPMG LLP.
|
||
(2)
|
Consent of Tait, Weller & Baker LLP.
|
(k)
|
None.
|
|
(l)
|
Subscription Agreement.
(1)
|
|
(m)
|
Distribution (Rule 12b-1) Plans:
|
(1)
|
Distribution (Rule 12b-1) Plan for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund.
(6)
|
||
(2)
|
Distribution (Rule 12b-1) Plan for the Hennessy Total Return Fund.
|
||
(3)
|
Distribution (Rule 12b-1) Plan for the Hennessy Balanced Fund.
|
(n)
|
Amended and Restated Rule 18f-3 Multi-Class Plan. | ||
(p)
|
(1)
|
Amended and Restated Code of Ethics of The Hennessy Funds, Inc., Hennessy Mutual Funds, Inc., Registrant, Hennessy SPARX Funds Trust and Hennessy Advisors, Inc.
(8)
|
(2)
|
Code of Ethics of Financial Counselors, Inc.
(5)
|
||
(3)
|
Code of Ethics of The London Company of Virginia, LLC.
(5)
|
||
(4)
|
Code of Ethics of Broad Run Investment Management, LLC.
|
||
(5)
|
Code of Ethics of
SPARX Asset Management Co., Ltd
.
(7)
|
(1)
|
Previously filed as an exhibit to Post-Effective Amendment No. 6 to the Registration Statement and incorporated by reference thereto. Post-Effective Amendment No. 6 was filed on October 28, 1997 and its accession number is 0000897069-97-000422.
|
(2)
|
Previously filed as an exhibit to Post-Effective Amendment No. 16 to the Registration Statement. Post-Effective Amendment No. 16 was filed on July 1, 2005 and its accession number is 0000897069-05-001653.
|
(3)
|
Previously filed as an exhibit to Post-Effective Amendment No. 24 to the Registration Statement. Post-Effective Amendment No. 24 was filed on December 15, 2008 and its accession number is 0000897069-08-001905.
|
(4)
|
Previously filed as an exhibit to Post-Effective Amendment No. 26 to the Registration Statement. Post-Effective Amendment No. 26 was filed on November 23, 2009 and its accession number is 0000898531-09-000435.
|
(5)
|
Previously filed as an exhibit to Post-Effective Amendment No. 32 to the Registration Statement. Post-Effective Amendment No. 32 was filed on July 30, 2012 and its accession number is 0000898531-12-000311.
|
(6)
|
Previously filed as an exhibit to Post-Effective Amendment No. 34 to the Registration Statement. Post-Effective Amendment No. 34 was filed on February 28, 2013 and its accession number is 0000898531-13-000110.
|
(7)
|
Previously filed as an exhibit to Post-Effective Amendment No. 3 to the Form N-1A Registration Statement of Hennessy SPARX Funds Trust. Post-Effective Amendment No. 3 was filed on February 28, 2006 and its accession number is 0000899681-06-000086.
|
(8)
|
Previously filed as an exhibit to Post-Effective Amendment No. 37 to the Registration Statement. Post-Effective Amendment No. 37 was filed on January 21, 2014 and its accession number is 0000898531-14-000036.
|
|
(A)
|
by the court or other body approving the settlement;
|
|
(B)
|
by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or
|
|
(C)
|
by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry);
|
(a)
|
Quasar Distributors, LLC, the Registrant’s principal underwriter, acts as principal underwriter for the following investment companies:
|
Academy Funds Trust
|
Jensen Portfolio, Inc.
|
Advisors Series Trust
|
Kirr Marbach Partners Funds, Inc.
|
Aegis Funds
|
KKR Alternative Corporate Opportunities Fund P
|
Aegis Value Fund, Inc.
|
KKR Series Trust
|
Allied Asset Advisors Funds
|
Litman Gregory Funds Trust
|
Alpine Equity Trust
|
LKCM Funds
|
Alpine Income Trust
|
LoCorr Investment Trust
|
Alpine Series Trust
|
Loeb King Trust
|
Appleton Funds
|
Lord Asset Management Trust
|
Barrett Opportunity Fund, Inc.
|
MainGate Trust
|
Brandes Investment Trust
|
Managed Portfolio Series
|
Bridge Builder Trust
|
Matrix Advisors Value Fund, Inc.
|
Bridges Investment Fund, Inc.
|
Merger Fund
|
Brookfield Investment Funds
|
Monetta Trust
|
Brown Advisory Funds
|
Nicholas Family of Funds, Inc.
|
Buffalo Funds
|
Permanent Portfolio Family of Funds, Inc.
|
Capital Guardian Funds Trust
|
Perritt Funds, Inc.
|
Cushing Funds Trust
|
PRIMECAP Odyssey Funds
|
DoubleLine Funds Trust
|
Professionally Managed Portfolios
|
ETF Series Solutions
|
Prospector Funds, Inc.
|
Evermore Funds Trust
|
Provident Mutual Funds, Inc.
|
FactorShares Trust
|
Purisima Funds
|
First American Funds, Inc.
|
Rainier Investment Management Mutual Funds
|
First American Investment Funds, Inc.
|
RBC Funds Trust
|
First American Strategy Funds, Inc.
|
SCS Financial Funds
|
Glenmede Fund, Inc.
|
Stone Ridge Trust
|
Glenmede Portfolios
|
Thompson IM Funds, Inc.
|
Greenspring Fund, Inc.
|
TIFF Investment Program, Inc.
|
Guinness Atkinson Funds
|
Trust for Professional Managers
|
Harding Loevner Funds, Inc.
|
Trust for Advised Portfolios
|
Hennessy Funds Trust
|
USA Mutuals
|
Hennessy Funds, Inc.
|
USFS Funds Trust
|
Hennessy Mutual Funds, Inc.
|
Wall Street Fund, Inc.
|
Hennessy SPARX Funds Trust
|
Westchester Capital Funds
|
Hotchkis & Wiley Funds
|
Wexford Trust/PA
|
Intrepid Capital Management Funds Trust
|
Wisconsin Capital Funds, Inc.
|
IronBridge Funds, Inc.
|
WY Funds
|
Jacob Funds, Inc.
|
YCG Funds
|
(b)
|
To the best of the Registrant’s knowledge, the directors and executive officers of Quasar Distributors, LLC are as follows:
|
(c)
|
Not applicable.
|
Name
|
Title
|
Date
|
/s/Neil J. Hennessy
Neil J. Hennessy
|
Chairman of the Board and President (Principal Executive Officer)
and a Trustee
|
February 28, 2014
|
Robert T. Doyle*
|
Trustee
|
*
|
J. Dennis DeSousa*
|
Trustee
|
*
|
Gerald P. Richardson*
|
Trustee
|
*
|
/s/
Teresa M. Nilsen
Teresa M. Nilsen
|
Executive Vice President and Treasurer
(Principal Financial and Accounting Officer)
|
February 28, 2014
|
Exhibit No.
|
Exhibit Description
|
||
(a)
|
Organizational Documents:
|
||
(1)
|
Certificate of Trust.
*
|
||
(2)
|
Certificate of Amendment to the Certificate of Trust.
*
|
||
(3)
|
Trust Instrument (restated in electronic format to include all amendments through December 12, 2008).
*
|
||
(b)
|
Bylaws, as amended and restated as of June 3, 2008.
*
|
||
(c)
|
None.
|
||
(d)
|
Investment Advisory Contracts:
|
||
(1)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Large Growth Fund.
*
|
||
(2)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Large Value Fund.
*
|
||
(3)
|
Sub-Advisory Agreement between Hennessy Advisors, Inc. and Voyageur Asset Management, Inc. for the Hennessy Large Value Fund.
*
|
||
(4)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund.
*
|
||
(5)
|
Investment Advisory Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Balanced Fund, the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund.
|
||
(6)
|
Sub-Advisory Agreement for the Hennessy Focus Fund between Hennessy Advisors, Inc. and Broad Run Investment Management, LLC.
*
|
(7)
|
Sub-Advisory Agreement for the Hennessy Equity and Income Fund (equity sleeve) between Hennessy Advisors, Inc. and The London Company of Virginia, LLC.
*
|
||
(8)
|
Sub-Advisory Agreement for the Hennessy Equity and Income Fund (fixed income sleeve) between Hennessy Advisors, Inc. and Financial Counselors, Inc.
*
|
(9)
|
Sub-Advisory Agreement for the Hennessy Core Bond Fund between Hennessy Advisors, Inc. and Financial Counselors, Inc.
*
|
||
(10)
|
Sub-Advisory Agreement for the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund between Hennessy Advisors, Inc. and
SPARX Asset Management Co., Ltd.
|
(e)
|
Distribution Agreement among Registrant, Hennessy Advisors, Inc. and Quasar Distributors, LLC
*
and Amended and Restated
Exhibit A
.
|
||
(f)
|
None.
|
||
(g)
|
Custody Agreement between Registrant and U.S. Bank, National Association
*
and Amended and Restated
Exhibit C
.
|
||
(h)
|
Other Material Contracts:
|
(1)
|
Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC
*
and Amended and Restated
Exhibit A
.
|
||
(2)
|
Transfer Agent Agreement between Registrant and U.S. Bancorp Fund Services, LLC
*
and Amended and Restated
Exhibit A
.
|
||
(3)
|
Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC
*
and Amended and Restated
Exhibit A
.
|
||
(4)
|
Amended and Restated Servicing Agreement between Registrant and Hennessy Advisors, Inc.
|
||
(5)
|
Power of Attorney.
*
|
||
(6)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund.
*
|
(7)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund and the Hennessy Cornerstone Value Fund
|
(8)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for the Hennessy Cornerstone Large Growth Fund.
|
|
(9)
|
Expense Limitation Agreement between Registrant and Hennessy Advisors, Inc. for, n/k/a, the Hennessy Large Value Fund.
|
(i)
|
Opinion of Foley & Lardner LLP.
|
|
(j)
|
Consent of Independent Registered Public Accounting Firm:1
|
(1)
|
Consent of KPMG LLP.
|
||
(2)
|
Consent of Tait, Weller & Baker LLP.
|
(k)
|
None.
|
|
(l)
|
Subscription Agreement.
*
|
|
(m)
|
Distribution (Rule 12b-1) Plans:
|
(1)
|
Distribution (Rule 12b-1) Plan for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund and the Hennessy Technology Fund.
*
|
||
(2)
|
Distribution (Rule 12b-1) Plan for the Hennessy Total Return Fund.
|
||
(3)
|
Distribution (Rule 12b-1) Plan for the Hennessy Balanced Fund.
|
||
(n)
|
Amended and Restated Rule 18f-3 Multi-Class Plan. | ||
(p)
|
(1)
|
Amended and Restated Code of Ethics of The Hennessy Funds, Inc., Hennessy Mutual Funds, Inc., Registrant, Hennessy SPARX Funds Trust and Hennessy Advisors, Inc.
*
|
|
(2)
|
Code of Ethics of Financial Counselors, Inc.
*
|
||
(3)
|
Code of Ethics of The London Company of Virginia, LLC.
*
|
||
(4)
|
Code of Ethics of Broad Run Investment Management, LLC.
|
||
(5)
|
Code of Ethics of
SPARX Asset Management Co., Ltd
.
*
|