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Hennessy Energy Transition Fund
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 * OVERVIEW
   
   PlusInTables
   PlusInTables
   Category
   Sector & Specialty - Energy
   Hennessy_UpdatedAsset_Final
   
   
   HENNESSY ENERGY TRANSITION FUND
   
   Actively managed, the Fund maintains a concentrated portfolio of companies
   across the full spectrum of the Energy sector.
   
   INVESTOR
   
   HNRGX
   
   INSTITUTIONAL
   
   HNRIX
   
   DOCUMENTS
   
    * PDF Fact Sheet
    * PDF Prospectus
   
   MORNINGSTAR STYLE BOX
   
   
   Portfolio Manager Commentary ArrowRight
   
   --------------------------------------------------------------------------------
   
   
   WHY INVEST
   
    * Opportunistically invests across the entire energy "value chain" seeking
      the best balance of reward and risk
    * Concentrated, actively managed portfolio of 25-40 companies
    * In-depth, rigorous "boots-on-the-ground" research led by managers with
      decades of combined energy investing experience
   
   --------------------------------------------------------------------------------
   
   
   INVESTMENT APPROACH
   
   The Hennessy Energy Transition Fund invests across the full spectrum of the
   energy supply/demand value chain, including upstream, midstream, and
   downstream energy companies, as well as energy end-users. The Fund's
   Portfolio Managers have the flexibility to opportunistically move up and down
   this energy value chain, overweighting sectors they believe will generate the
   best balance of reward and risk.
   
   The Portfolio Managers employ a fundamental, “boots-on-the-ground”
   research-intensive investment process to select holdings, focusing on four
   key steps:
   
   - Develop commodity forecasts and key sector investment themes
   
   - Identify primary beneficiaries of investment themes
   
   - Value companies on both a relative and absolute basis to uncover potential
   stock mispricing opportunities
   
   - Size position based on conviction, expected return, volatility, and
   liquidity
   
   
   PORTFOLIO MANAGERS
   
    * BEN COOK, CFA
      
      Portfolio Manager
       * 2
         Years on Fund
       * 22
         Years of Experience
   
    * L. JOSHUA WEIN, CAIA
      
      Portfolio Manager
       * 1
         Year on Fund
       * 25
         Years of Experience
   
   > “We carefully evaluate the best opportunities within the entire energy
   > "value chain," including renewables and end-users.”
   > 
   > - BEN COOK
   
   
   Share
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 * INSIGHTS & NEWS
   
   PlusInTables
   PlusInTables
    * Sector Highlight
      
      
      THE ROLE OF NATURAL GAS IN THE ENERGY TRANSITION
      
      Ryan C. Kelley, CFA
      Chief Investment Officer and Portfolio Manager
      Ben Cook, CFA
      Portfolio Manager
      
      With the coming energy transition where carbon emissions will be required
      to be significantly reduced, we believe natural gas plays a role as an
      essential bridge to a more sustainable and reliable energy future that
      will also help meet the needs of the growing global energy demand...
      
      Read the Sector Highlight ArrowRight
    * Investment Idea
      
      
      DEFINING THE ENERGY "VALUE CHAIN"
      
      December 2021
      
      Energy is a large and complex sector. The sector’s broad sub-industries
      can be divided into a “value chain,” each segment of which has different
      characteristics and offers different investment opportunities.
      
      Read the Investment Idea ArrowRight
   
   
    * TD AMERITRADE - THE "ENERGY TRANSITION IS UNDERWAY & PXD, LNG, CRK STOCKS"
      
      December 2021
      
      Ben Cook, Portfolio Manager of the Hennessy Energy Transition Fund, has a
      constructive view of crude oil going into 2022. He sees a favorable demand
      dynamic, improving international mobility trends He's equally optimistic
      on the supply side.
      
      View More ArrowRight
   
   
    * REFINITIV - "LIPPER LEADERS SPOTLIGHT - HENNESSY FUND GENERATES CONSISTENT
      RETURNS WITH ENERGY INVESTMENTS"
      
      September 2021
      
      Portfolio Manager Ben Cook explains that while many funds focus only on
      hydrocarbons or solely on renewables, the Hennessy BP Energy Transition
      Fund pivots between those sectors to maintain the best quality
      opportunities.
      
      View More ArrowRight
    * Market Outlook
      
      
      CIO MID-YEAR OUTLOOK: "PUNCTUATED EQUILIBRIUM"
      
      June 2021
      
      In his mid-year outlook, Hennessy Funds’ CIO Ryan Kelley reflects on the
      past year and shares his thoughts for the future.  
      
      Read the Commentary ArrowRight
   
   View All Fund Insights
   
   


 * PERFORMANCE
   
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   DAILY PRICING & PERFORMANCE
   
   as of 2/17/22
    * Investor Class (HNRGX)
      
      
       * NAV
         
         
         
         $18.22
      
       * $ CHANGE
         
         
         
         -$0.03
      
       * % CHANGE
         
         
         
         -0.16%
      
       * YTD
         
         
         
         16.87%
   
    * Institutional Class (HNRIX)
      
      
       * NAV
         
         
         
         $18.51
      
       * $ CHANGE
         
         
         
         -$0.03
      
       * % CHANGE
         
         
         
         -0.16%
      
       * YTD
         
         
         
         16.93%
   
   
   AVERAGE ANNUALIZED TOTAL RETURN
   
   Monthly Quarterly
   Monthly
   Quarterly
   as of 1/31/22
   
   Name 1 Mo YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) Investor Class
   (HNRGX) 12.57% 12.57% 62.77% 6.18% -0.98% 0.24% Institutional Class (HNRIX)
   12.57% 12.57% 63.27% 6.46% -0.71% 0.49% S&P 500® Energy Index 19.10% 19.10%
   77.47% 7.12% 2.81% 0.32% S&P 500® Index -5.17% -5.17% 23.29% 20.71% 16.78%
   13.86%
   
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   Please swipe to view table
   
   as of 12/31/21
   
   Name QTR YTD 1 yr 3 yr 5 yr Since Inception (12/31/13) Investor Class (HNRGX)
   4.01% 55.42% 55.42% 6.88% -3.05% -1.23% Institutional Class (HNRIX) 4.04%
   56.02% 56.02% 7.16% -2.78% -0.98% S&P 500® Energy Index 7.97% 54.65% 54.65%
   4.67% -1.45% -1.85% S&P 500® Index 11.03% 28.71% 28.71% 26.07% 18.47% 14.78%
   
   ArrowRight ArrowRight
   
   Please swipe to view table
   
   
   HYPOTHETICAL GROWTH OF $10,000
   
   as of 1/31/2022
   1 year 3 years 5 years Since Inception
   1 year
   3 years
   5 years
   Since Inception
   Created with Highcharts 6.0.4Investor Class (HNRGX)Institutional Class
   (HNRIX)S&P 500® Energy IndexS&P 500®
   Index12/29$7,500$10,000$12,500$15,000$17,500$20,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/31/2021 AND 1/31/2022
   
   Energy Transition Fund (HNRGX) $16,277 Energy Transition Fund (HNRIX) $16,327
   S&P 500® Energy Index $17,745 S&P 500® Index $12,329
   
   Created with Highcharts 6.0.4Investor Class (HNRGX)Institutional Class
   (HNRIX)S&P 500® Energy IndexS&P 500® Index12/24$0$5,000$10,000$15,000$20,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/31/2019 AND 1/31/2022
   
   Energy Transition Fund (HNRGX) $11,970 Energy Transition Fund (HNRIX) $12,067
   S&P 500® Energy Index $12,290 S&P 500® Index $17,590
   
   Created with Highcharts 6.0.4Investor Class (HNRGX)Institutional Class
   (HNRIX)S&P 500® Energy IndexS&P 500®
   Index12/49$0$5,000$10,000$15,000$20,000$25,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/31/2017 AND 1/31/2022
   
   Energy Transition Fund (HNRGX) $9,520 Energy Transition Fund (HNRIX) $9,649
   S&P 500® Energy Index $11,485 S&P 500® Index $21,721
   
   Created with Highcharts 6.0.4Investor Class (HNRGX)Institutional Class
   (HNRIX)S&P 500® Energy IndexS&P 500®
   Index01/1407/1401/1507/1501/1607/1601/1707/1701/1807/1801/1907/1901/2007/2001/2107/2101/22$0$10,000$20,000$30,000$40,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 12/31/2013 AND 1/31/2022
   
   Energy Transition Fund (HNRGX) $10,199 Energy Transition Fund (HNRIX) $10,405
   S&P 500® Energy Index $10,255 S&P 500® Index $28,562
   
   
   
   
   CALENDAR YEAR TOTAL RETURNS
   
   
   
     2014 2015 2016 2017 2018 2019 2020 2021
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   Investor Class (HNRGX) -1.75 -24.67 42.96 1.89 -31.16 5.74 -25.72 55.42
   
   Institutional Class (HNRIX) -1.75 -24.41 43.33 2.17 -30.94 6.05 -25.63 56.02
   
   S&P 500® Energy Index -7.78 -21.12 27.36 -1.01 -18.09 11.82 -33.68 54.65
   
   S&P 500® Index 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71
   
   
   RETURNS-BASED STATISTICS
   RELATIVE TO S&P 500® ENERGY INDEX
   
   as of 12/31/21
   Investor Class (HNRGX)
   
   Type 3 yr 5 yr Alpha 4.68 0.80 Beta 1.15 1.15 Upside Capture 111.76 106.31
   Downside Capture 107.51 109.63
   
   Institutional Class (HNRIX)
   
   Type 3 yr 5 yr Alpha 4.94 1.07 Beta 1.15 1.14 Upside Capture 112.00 106.57
   Downside Capture 107.20 109.19
   
   Alpha measures the fund’s excess return relative to the return of the
   benchmark. Beta measures the volatility of the fund compared to that of the
   benchmark. The beta of the benchmark is 1.00. Capture ratios measure the
   fund’s overall performance in up markets (positive return periods) and down
   markets (negative return periods).
   
   
   SHARPE RATIO
   
   as of 12/31/21
   Created with Highcharts
   6.0.40.380.380.110.110.380.380.120.120.290.290.090.090.300.300.030.03Investor
   Class (HNRGX)Institutional Class (HNRIX)S&P 500® Energy IndexEquity Energy
   Category Average3 yr5 yr00.10.20.30.4
   
   Type 3 yr 5 yr Investor Class (HNRGX) 0.38 0.11 Institutional Class (HNRIX)
   0.38 0.12 S&P 500® Energy Index 0.29 0.09 Equity Energy Category Average 0.30
   0.03
   
   Sharpe Ratio is a measure of risk-adjusted return, reflecting the average
   return earned in excess of the risk-free rate per unit of volatility.
   
   
   STANDARD DEVIATION
   
   as of 12/31/21
   Created with Highcharts
   6.0.448.9448.9440.4440.4448.9348.9340.4240.4240.6840.6833.7433.7443.6643.6636.6536.65Investor
   Class (HNRGX)Institutional Class (HNRIX)S&P 500® Energy IndexEquity Energy
   Category Average3 yr5 yr0204060
   
   Type 3 yr 5 yr Investor Class (HNRGX) 48.94 40.44 Institutional Class (HNRIX)
   48.93 40.42 S&P 500® Energy Index 40.68 33.74 Equity Energy Category Average
   43.66 36.65
   
   Standard deviation is a statistical measure of the historical volatility of a
   mutual fund or portfolio.
   
   
   FUND EXPENSES
   
    * Investor Class (HNRGX)
      
       * GROSS EXPENSE RATIO
         
         2.59%
   
    * Institutional Class (HNRIX)
      
       * GROSS EXPENSE RATIO
         
         2.01%
   
   Performance data quoted represents past performance; past performance does
   not guarantee future results. The investment return and principal value of an
   investment will fluctuate so that an investor's shares, when redeemed, may be
   worth more or less than their original cost. Current performance of the fund
   may be lower or higher than the performance quoted.
   
   Each Morningstar category average represents a universe of funds with similar
   objectives. The Morningstar Style Box reveals the fund's investment style as
   of 12/31/21. The vertical axis shows the market capitalization of the stocks
   owned and the horizontal axis shows investment style (value, blend, or
   growth). ©Morningstar, Inc. All Rights Reserved. Past performance is no
   guarantee of future results.
   
   The S&P 500® Energy Index is an index that comprises those companies included
   in the S&P 500 that are classified as members of the GICS energy sector. The
   S&P 500® Index is an unmanaged index commonly used to measure the performance
   of U.S. stocks. One cannot invest directly in an index.
   
   Standard & Poor’s Financial Services is the source and owner of the S&P® and
   S&P 500® trademarks.
   
   The performance shown for periods on or prior to 10/26/18 is that of the
   predecessor BP Capital TwinLine Energy Fund.
   
   Active share was calculated versus the Energy Select Sector SPDR Fund (XLE),
   which differs from the Fund's primary benchmark. References to other
   investment products should not be interpreted as an offer of these securities
   
   Fund holdings and sector allocations are subject to change and should not be
   considered a recommendation to buy or sell any security.
   
   Show More PlusInTables PlusInTables
   
   


 * PORTFOLIO
   
   PlusInTables
   PlusInTables
   
   
   PORTFOLIO ALLOCATION
   
   as of 12/31/21
   Created with Highcharts
   6.0.420142015201620172018201920202021202225%50%75%100%
   
   Allocation % of Net Assets Cash/Other 2.4% Renewable 0.0% End User 13.3%
   Downstream 6.5% Midstream 12.8% Upstream 65.1%
   
   
   PORTFOLIO CHARACTERISTICS
   
   as of 12/31/21
   
   Inception Date (HNRGX) 12/31/13 Inception Date (HNRIX) 12/31/13 Total Fund
   Assets $16 Million Active Share vs. Energy Select Sector SPDR Fund (XLE) 63%
   Portfolio Turnover 49% Median Market Cap $10.9 Billion Median Price/Earnings
   11.8x Median Price/Book 2.1x
   
   Price/Earnings measures a stock’s price per share compared to earnings.
   Price/Book measures a stock’s price per share to book value. Portfolio
   Turnover and Price/Earnings shown reflect the trailing 12-month period.
   
   
   SECTOR WEIGHTING
   
   as of 12/31/21
   
   Fund Energy 84.3% Utilities 6.9% Materials 3.8% Industrials 2.6% Consumer
   Discretionary 0.5% Cash & Other 1.9%
   
   Sub-Industry Weighting % of Net Assets Oil & Gas Exploration & Production
   36.2% Oil & Gas Equipment & Services 16.2% Oil & Gas Storage & Transportation
   12.8% Integrated Oil & Gas 12.7% Electric Utilities 6.9% Oil & Gas Refining &
   Marketing 6.5% Copper 3.8% Aerospace & Defense 2.6% Auto Parts & Equipment
   0.5%
   
   Show More PlusInTables PlusInTables
   
   
   PORTFOLIO HOLDINGS
   
   Top 10 Holdings All Holdings
   Top 10 Holdings
   All Holdings
   
   
   TOP 10 HOLDINGS
   
   as of 12/31/21
   
   % of Net Assets Top 10 Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year
   Holdings History (%) Time Held Diamondback Energy, Inc. FANG 5.04% -0.36%
   -0.67%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   8 Years EOG Resources, Inc. EOG 4.73% -0.48% -1.20%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   2 Years PDC Energy, Inc. PDCE 4.57% -0.85% -3.67%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   2 Years Plains All American Pipeline, LP PAA 4.51% +0.01% +0.06%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   3 Years Cheniere Energy, Inc. LNG 4.41% -0.78% +1.90%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Chevron Corp. CVX 4.31% +4.31% +4.31%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   < 1 Year Exxon Mobil Corp. XOM 4.24% -0.07% +4.24%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Suncor Energy, Inc. SU 4.14% -0.04% +1.00%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0$5
   
   1 Year Pioneer Natural Resources Co. PXD 4.07% -0.48% -1.74%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   6 Years ConocoPhillips COP 4.05% -0.59% +4.05%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Total as % of Net Assets 44.07%
   
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   Please swipe to view table
   
   
   TOTAL HOLDINGS: 30
   
   as of 12/31/21
   Print All Holdings
   
   
   % of Net Assets Equity Holdings Ticker Current Vs. 3Q21 Vs. 4Q20 10-Year
   Holdings History (%) Time Held Diamondback Energy, Inc. FANG 5.04% -0.36%
   -0.67%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   8 Years EOG Resources, Inc. EOG 4.73% -0.48% -1.20%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   2 Years PDC Energy, Inc. PDCE 4.57% -0.85% -3.67%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   2 Years Plains All American Pipeline, LP PAA 4.51% +0.01% +0.06%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   3 Years Cheniere Energy, Inc. LNG 4.41% -0.78% +1.90%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Chevron Corp. CVX 4.31% +4.31% +4.31%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   < 1 Year Exxon Mobil Corp. XOM 4.24% -0.07% +4.24%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Suncor Energy, Inc. SU 4.14% -0.04% +1.00%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0$5
   
   1 Year Pioneer Natural Resources Co. PXD 4.07% -0.48% -1.74%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   6 Years ConocoPhillips COP 4.05% -0.59% +4.05%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Freeport-McMoRan, Inc. FCX 3.79% +0.18% -3.42%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Valero Energy Corp. VLO 3.76% -0.55% -2.35%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year OGE Energy Corp. OGE 3.46% -0.17% +3.46%
   Created with Highcharts 6.0.401/1601/1801/2001/22$3
   
   1 Year Antero Resources Corp. AR 3.43% +0.61% +3.43%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   < 1 Year Solaris Oilfield Infrastructure, Inc. SOI 3.42% +1.09% +1.11%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0$3
   
   1 Year NextEra Energy, Inc. NEE 3.42% +1.09% +0.17%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   2 Years EQT Corp. EQT 3.27% -0.48% +0.75%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Schlumberger, NV SLB 3.27% -0.68% -3.62%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   2 Years Coterra Energy, Inc. CTRA 3.09% -1.96% -1.54%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   2 Years Halliburton Co. HAL 2.84% +0.86% +2.84%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year MPLX, LP MPLX 2.74% -0.48% -1.33%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   5 Years Marathon Petroleum Corp. MPC 2.71% +2.71% +2.71%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0$5
   
   < 1 Year BWX Technologies, Inc. BWXT 2.61% +2.61% +2.61%
   Created with Highcharts 6.0.401/1601/1801/2001/22$2.6
   
   < 1 Year TechnipFMC, PLC FTI 2.37% -1.31% -2.97%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0$5
   
   1 Year Newpark Resources, Inc. NR 2.27% -0.84% -0.14%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Select Energy Services, Inc. WTTR 2.01% -0.04% -1.09%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0$2
   
   1 Year Magnolia Oil & Gas Corp. MGY 1.97% +0.64% +1.97%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0$2
   
   < 1 Year Comstock Resources, Inc. CRK 1.97% -3.38% -4.14%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   1 Year Enterprise Products Partners, LP EPD 1.17% -0.24% -1.63%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0
   
   5 Years Solid Power, Inc. SLDP 0.48% +0.48% +0.48%
   Created with Highcharts 6.0.401/1601/1801/2001/22$0.5
   
   < 1 Year Total as % of Net Assets 98.1% Cash & Other Holdings % of Net Assets
   Cash & Other 1.9% Total as % of Net Assets 1.9%
   
   ArrowRight ArrowRight
   
   Please swipe to view table
   
   
   COUNTRY ALLOCATION
   
   as of 12/31/21
   
    * UNITED STATES
      
      88.3%
   
    * INTERNATIONAL
      
      9.8%
   
    * CASH & OTHER
      
      1.9%
   
   United States 88.3% Canada 4.1% Curacao 3.3% United Kingdom 2.4% Cash & Other
   1.9%

   
   


 * DISTRIBUTIONS
   
   PlusInTables
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   The Hennessy Energy Transition Fund pays capital gains (if any) once
   annually, usually in December. Ordinary income distributions (if any) are
   paid annually, usually in December.
   
   Investor Institutional
   Investor
   Institutional
   
   Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest
   Price 12/29/2021 $2.06575 -- -- $2.06575 $15.71 12/16/2014 -- $0.48157 --
   $0.48157 $17.72
   
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   Past performance is not a guarantee of future results.
   
   Download historical distributions and NAVs
    * Select a start date
      
    * Select an end date
      
    * 
   
   Date Paid Income Short-Term Gain Long-Term Gain Total Per Share Reinvest
   Price 12/29/2021 $2.11238 -- -- $2.11238 $15.95 12/27/2019 $0.03341 -- --
   $0.03341 $15.40 11/29/2016 $0.03302 -- -- $0.03302 $19.10 12/16/2014 --
   $0.48157 -- $0.48157 $17.72
   
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   Past performance is not a guarantee of future results.
   
   Download historical distributions and NAVs
    * Select a start date
      
    * Select an end date
      
    * 

   
   


 * FUND DOCUMENTS
   
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   Download PDF View Online Energy Transition Fund Documents Fact Sheet PDF
   Portfolio Perspective PDF View Summary Prospectus PDF Full Prospectus PDF
   Statement of Additional Information PDF Energy Transition Fund Shareholder
   Reports and Quarterly Holdings Q1 Holdings PDF Semi-Annual Report PDF Q3
   Holdings PDF Annual Report PDF
   
   Paper copies of the annual and semi-annual reports will no longer be sent by
   mail unless shareholders specifically request paper copies. You may elect to
   receive paper copies free of charge by calling U.S. Bank Global Fund Services
   at 1-800-261-6950 or, if you own shares through a financial intermediary, by
   contacting your financial intermediary.

   


EXPLORE MORE FUNDS


DOMESTIC EQUITY

 * Cornerstone Growth Fund
 * Focus Fund
 * Cornerstone Mid Cap 30 Fund
 * Cornerstone Large Growth Fund
 * Cornerstone Value Fund


MULTI-ASSET

 * Total Return Fund
 * Equity and Income Fund
 * Balanced Fund


SECTOR & SPECIALTY

 * Energy Transition Fund
 * Midstream Fund
 * Gas Utility Fund
 * Japan Fund
 * Japan Small Cap Fund
 * Large Cap Financial Fund
 * Small Cap Financial Fund
 * Technology Fund




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The Funds' investment objectives, risks, charges, and expenses must be
considered carefully before investing. The prospectus contains this and other
important information about the investment company. Please read it carefully
before investing. A hard copy of the prospectus can be requested by calling
1-800-966-4354.

Performance data quoted represents past performance; past performance does not
guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may be
worth more or less than their original cost. Current performance of the Fund may
be lower or higher than the performance quoted and can be found here. Neither
forward earnings nor earnings growth is a measure of a fund’s future
performance.

Mutual fund investing involves risk. Principal loss is possible. Small and
medium-capitalization companies may have more limited liquidity and greater
price volatility than large-capitalization companies. Investments in foreign
securities may involve greater volatility and political, economic, and currency
risk and differences in accounting methods. The Focus, Total Return, Balanced,
Large Cap Financial, Small Cap Financial, and BP Midstream Funds are considered
non-diversified funds. A non-diversified fund, which may concentrate its assets
in fewer individual holdings than a diversified fund, is more exposed to
individual stock volatility than a diversified fund. A fund that concentrates
its investments within one country, one sector, or a small group of industries,
such as Japan, Technology, Financials, or Energy, may be subject to a higher
degree of risk. Investments in debt securities typically decrease in value when
interest rates rise. The risk is greater for longer-term debt securities.
Investments in lower-rated and non-rated securities present a greater risk of
loss to principal and interest than higher-rated securities. Mortgage- and
asset-backed securities are subject to prepayment risk, which is the risk that
the borrower will prepay some or all of the principal owed to the issuer. Funds
that invest in pooled investment vehicles (including ETFs) may experience higher
fees. The formula-based strategy employed by some Funds may cause those Funds to
buy or sell securities at times when it may not be advantageous.

Master Limited Partnerships (MLPs) and MLP investments have unique
characteristics. A Fund does not receive the same tax benefits as a direct
investment in an MLP.

The prices of MLP units may fluctuate abruptly and trading volume may be low,
making it difficult for a Fund to sell its units at a favorable price. MLP
general partners have the power to take actions that adversely affect the
interests of unit holders. Most MLPs do not pay U.S. federal income tax at the
partnership level, but an adverse change in tax laws could result in MLPs being
treated as corporations for federal income tax purposes, which could reduce or
eliminate distributions paid by MLPs to the Fund. If the BP Energy Transition
Fund’s MLP investments exceed 25% of its assets, it may not qualify for
treatment as a regulated investment company (“RIC”) under the Internal Revenue
Code (“Code”), and the Fund would be taxed as an ordinary corporation, which
could substantially reduce its net assets and its distributions to shareholders.
The BP Midstream Fund is treated as a regular corporation, or “C” corporation,
for U.S. federal income tax purposes, and therefore, is subject to U.S. federal
income tax on its taxable income at the graduated rates applicable to
corporations (currently a maximum rate of 21%) as well as state and local income
taxes. The BP Midstream Fund will not benefit from current favorable federal
income tax rates on long-term capital gains, and Fund income and losses will not
be passed on to shareholders. The BP Midstream Fund accrues deferred income
taxes for future tax liabilities associated with the portion of MLP
distributions considered to be a tax-deferred return of capital and for any net
operating gains as well as capital appreciation of its investments. This
deferred tax liability is reflected in the daily NAV, and as a result, the
Fund’s after-tax performance could differ significantly from the underlying
assets even if the pre-tax performance is closely tracked.

Glossary of Terms contains definitions and additional information.

To view the top 10 holdings of a Fund, please click the Fund name: Cornerstone
Growth, Focus, Cornerstone Mid Cap 30, Cornerstone Large Growth, Cornerstone
Value, Total Return, Equity and Income, Balanced, BP Energy Transition, BP
Midstream, Gas Utility, Japan, Japan Small Cap, Large Cap Financial, Small Cap
Financial, Technology. Fund holdings are subject to change and not
recommendations to buy or sell any security.

Opinions expressed are subject to change at any time, are not guaranteed, and
should not be considered investment advice.

News and Media Page:

To view the Morningstar ratings for the Japan Fund, please click here. (Media -
TD Ameritrade)

To view the Morningstar ratings for the Focus Fund, please click here. (Media -
CNBC-B. Macualey).

1 USD = 105.36 Yen as of 07/27/2020 (Media - Ticker - M. Takeda)

Tom White is a TD Ameritrade Network contributor and is not affiliated with the
Hennessy Funds. Content is not investment advice, or a recommendation of any
security, strategy, or account type. Options involve risks and are not suitable
for all investors as the special risks inherent to options trading may expose
investors to potentially rapid and substantial losses.(Media - TD
Ameritrade-Rothberg)



To view the Morningstar ratings, please click here.

The Hennessy Funds are offered only to United States residents, and information
on this web site is intended only for such persons. Nothing on this web site
should be considered a solicitation to buy or an offer to sell shares of any
Hennessy Fund in any jurisdiction where the offer or solicitation would be
unlawful under the securities laws of such jurisdiction.

Quasar Distributors, LLC, Distributor.

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