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 * Overview
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Hennessy Large Cap Financial Fund
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HLFNX
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HILFX
 * Overview
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 * OVERVIEW
   
   PlusInTables
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   Category
   Sector & Specialty - Financial
   Hennessy_UpdatedAsset_Final
   
   
   HENNESSY LARGE CAP FINANCIAL FUND
   
   Actively managed, the Fund maintains a concentrated portfolio of large-cap
   Financial Services sector stocks.
   
   INVESTOR
   
   HLFNX
   
   INSTITUTIONAL
   
   HILFX
   
   DOCUMENTS
   
    * PDF Fact Sheet
    * PDF Prospectus
   
   MORNINGSTAR STYLE BOX
   
   
   
   OVERALL MORNINGSTAR RATING
   
    * Star
    * Star
    * Star
    * Star
   
    * INVESTOR
   
    * HLFNX
   
    * Star
    * Star
    * Star
    * Star
   
    * INSTITUTIONAL
   
    * HILFX
   
   Among 97 Financial Funds (Based on risk-adjusted returns, as of 12/31/21)
   
   Investment Overview Video ArrowRight
   
   
   FINANCIAL FUNDS INVESTMENT STRATEGY
   
   Portfolio Managers Dave Ellison and Ryan Kelley describe their investment
   strategy, which seeks high-quality and well managed Financial Services
   companies.
   
   
   
   
   --------------------------------------------------------------------------------
   
   
   WHY INVEST
   
    * An opportunity to invest in a select group of larger banks and financial
      services companies
    * Managed by Dave Ellison, the most tenured fund manager in the Financial
      Services sector
    * Concentrated, actively managed portfolio of 25-50 stocks
   
   --------------------------------------------------------------------------------
   
   
   INVESTMENT APPROACH
   
   From a universe of banks and Financial Services companies with market
   capitalizations over $3 billion, the Hennessy Large Cap Financial Fund seeks
   stocks that offer value and/or a catalyst for positive change. The Managers
   seeks businesses with the following characteristics:
   
   - High-quality management team with a long-term view and experience through
   market cycles
   
   - Uncomplicated business model with a low-cost operating structure
   
   - Conservative lending culture with high-quality deposits
   
   - Well-capitalized, well-structured balance sheets
   
   - Sustainable earnings and book value growth opportunities
   
   - Attractive valuation relative to peers 
   
   
   PORTFOLIO MANAGERS
   
    * DAVID ELLISON
      
      Portfolio Manager
       * 25
         Years on Fund
       * 39
         Years of Experience
   
    * RYAN C. KELLEY, CFA
      
      Chief Investment Officer and Portfolio Manager
       * 17
         Years on Fund
       * 26
         Years of Experience
   
   > “With stronger economic growth and higher interest rates, the opportunity
   > in Financials appears promising.”
   > 
   > - DAVE ELLISON
   
   
   Share
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 * INSIGHTS & NEWS
   
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    * TDAMERITRADE - "FORECASTING 2022 PERFORMANCE FOR FINANCIALS"
      
      David Ellison
      Portfolio Manager
      
      Dave Ellison, Portfolio Manager of the Hennessy Large Cap Financial Fund,
      says big banks have the earnings, network effect and ability to invest in
      the future and compete with what the tech companies are doing...
      
      View More ArrowRight
    * Sector Highlight
      
      
      BANKING ON MORE MERGERS AND ACQUISITIONS IN 2022
      
      January 2022
      
      While the pandemic slowed deal activity, the stage is set for deal making
      in 2022, we examine several trends that could reshape the banking
      ecosystem and likely provide a tailwind to bank stocks over the years to
      come.
      
      Read the Sector Highlight ArrowRight
   
   
    * TDAMERITRADE – “TECH SECTOR STRENGTH LIFTING MARKETS HIGHER”
      
      November 2021
      
      David Ellison, Portfolio Manager of Hennessy Large Cap Financial and Small
      Cap Financial Funds, believes the financial sector has changed
      significantly over time, becoming a very complex business. Smaller banks
      may not be able to compete technologically or with the newer companies in
      fintech, so he expects consolidation to continue.
      
      View More ArrowRight
    * Sector Highlight
      
      
      BANKING ON CONTINUED GROWTH
      
      November 2021
      
      Despite exceptional YTD performance, Financials sector stocks are trading
      at a historically low relative discount to the market. The banking
      industry is healthy, and a number of catalysts, including robust M&A
      activity, higher interest rates, and accelerated loan growth, could push
      bank stocks higher.
      
      Read the Sector Highlight ArrowRight
    * Portfolio Perspective
      
      
      OPPORTUNITIES FOR GROWTH IN THE FINANCIALS SECTOR
      
      October 2021
      
      Portfolio Managers Dave Ellison and Ryan Kelley discuss performance and
      valuations within the Financials sector, buybacks, record merger and
      acquisition activity, and how investors may be underestimating the
      attractiveness of investing in banks.
      
      Read the Commentary ArrowRight
   
   View All Fund Insights
   
   


 * PERFORMANCE
   
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   DAILY PRICING & PERFORMANCE
   
   as of 2/10/22
    * Investor Class (HLFNX)
      
      
       * NAV
         
         
         
         $31.68
      
       * $ CHANGE
         
         
         
         -$0.30
      
       * % CHANGE
         
         
         
         -0.94%
      
       * YTD
         
         
         
         -1.03%
   
    * Institutional Class (HILFX)
      
      
       * NAV
         
         
         
         $31.99
      
       * $ CHANGE
         
         
         
         -$0.31
      
       * % CHANGE
         
         
         
         -0.96%
      
       * YTD
         
         
         
         -0.99%
   
   
   AVERAGE ANNUALIZED TOTAL RETURN
   
   Monthly Quarterly
   Monthly
   Quarterly
   as of 1/31/22
   
   Name 1 Mo YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class
   (HLFNX) -3.41% -3.41% 18.79% 16.63% 12.83% 13.59% 8.86% Institutional Class
   (HILFX) -3.37% -3.37% 19.24% 17.02% 13.23% 13.87% 8.96% Russell 1000® Index
   Financials -0.31% -0.31% 36.78% 20.90% 16.45% 16.59% 8.52% Russell 1000®
   Index -5.64% -5.64% 20.32% 20.51% 16.59% 15.32% 9.58%
   
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   Please swipe to view table
   
   as of 12/31/21
   
   Name QTR YTD 1 yr 3 yr 5 yr 10 yr Since Inception (1/3/97) Investor Class
   (HLFNX) 0.46% 18.80% 18.80% 21.57% 13.62% 14.87% 9.04% Institutional Class
   (HILFX) 0.53% 19.24% 19.24% 21.99% 14.00% 15.15% 9.15% Russell 1000® Index
   Financials 5.38% 35.04% 35.04% 24.65% 16.69% 17.44% 8.57% Russell 1000® Index
   9.78% 26.46% 26.46% 26.21% 18.43% 16.54% 9.86%
   
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   HYPOTHETICAL GROWTH OF $10,000
   
   as of 1/31/2022
   1 year 3 years 5 years 10 years Since Inception
   1 year
   3 years
   5 years
   10 years
   Since Inception
   Created with Highcharts 6.0.4Investor Class (HLFNX)Institutional Class
   (HILFX)Russell 1000® Index FinancialsRussell 1000®
   Index12/29$9,000$10,000$11,000$12,000$13,000$14,000$15,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/31/2021 AND 1/31/2022
   
   Large Cap Financial Fund (HLFNX) $11,879 Large Cap Financial Fund (HILFX)
   $11,924 Russell 1000® Index Financials $13,678 Russell 1000® Index $12,032
   
   Created with Highcharts 6.0.4Investor Class (HLFNX)Institutional Class
   (HILFX)Russell 1000® Index FinancialsRussell 1000®
   Index12/24$7,500$10,000$12,500$15,000$17,500$20,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/31/2019 AND 1/31/2022
   
   Large Cap Financial Fund (HLFNX) $15,863 Large Cap Financial Fund (HILFX)
   $16,025 Russell 1000® Index Financials $17,672 Russell 1000® Index $17,503
   
   Created with Highcharts 6.0.4Investor Class (HLFNX)Institutional Class
   (HILFX)Russell 1000® Index FinancialsRussell 1000®
   Index12/49$5,000$10,000$15,000$20,000$25,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/31/2017 AND 1/31/2022
   
   Large Cap Financial Fund (HLFNX) $18,288 Large Cap Financial Fund (HILFX)
   $18,608 Russell 1000® Index Financials $21,416 Russell 1000® Index $21,546
   
   Created with Highcharts 6.0.4Investor Class (HLFNX)Institutional Class
   (HILFX)Russell 1000® Index FinancialsRussell 1000®
   Index12/99$0$10,000$20,000$30,000$40,000$50,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/31/2012 AND 1/31/2022
   
   Large Cap Financial Fund (HLFNX) $35,762 Large Cap Financial Fund (HILFX)
   $36,658 Russell 1000® Index Financials $46,408 Russell 1000® Index $41,591
   
   Created with Highcharts 6.0.4Investor Class (HLFNX)Institutional Class
   (HILFX)Russell 1000® Index FinancialsRussell 1000®
   Index01/9801/0001/0201/0401/0601/0801/1001/1201/1401/1601/1801/2001/22$0$25,000$50,000$75,000$100,000$125,000
   
   
   
   
   
   
   VALUE OF $10,000 INVESTED BETWEEN 1/3/1997 AND 1/31/2022
   
   Large Cap Financial Fund (HLFNX) $83,985 Large Cap Financial Fund (HILFX)
   $86,091 Russell 1000® Index Financials $77,737 Russell 1000® Index $99,066
   
   This data illustrates the performance of a hypothetical $10,000 investment
   made in the Fund for the period noted, and it assumes reinvestment of
   dividends and capital gains. This chart does not imply future performance.
   
   
   CALENDAR YEAR TOTAL RETURNS
   
   
   
     2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   Investor Class (HLFNX) 27.77 42.03 7.85 -6.11 14.96 19.38 -11.73 29.75 16.55
   18.80
   
   Institutional Class (HILFX) 27.77 42.03 7.85 -5.88 15.53 19.73 -11.40 30.21
   16.92 19.24
   
   Russell 1000® Index Financials 27.21 34.80 14.66 0.70 16.54 21.57 -8.11 33.76
   7.23 35.04
   
   Russell 1000® Index 16.42 33.11 13.24 0.92 12.05 21.69 -4.78 31.43 20.96
   26.46
   
   Year
   
   Investor Class (HLFNX)
   
   Institutional Class (HILFX)
   
   Russell 1000® Index Financials
   
   Russell 1000® Index 2011 -18.38% -18.38% -12.95% 1.50% 2010 7.42% 7.42%
   11.73% 16.10% 2009 33.23% 33.23% 20.14% 28.43% 2008 -29.11% -29.11% -51.13%
   -37.60% 2007 -11.95% -11.95% -16.23% 5.77% 2006 14.15% 14.15% 19.36% 15.46%
   2005 -0.45% -0.45% 6.97% 6.27% 2004 11.73% 11.73% 12.73% 11.40% 2003 32.52%
   32.52% 31.13% 29.89% 2002 -4.06% -4.06% -13.64% -21.65% 2001 -1.72% -1.72%
   -5.94% -12.45% 2000 47.19% 47.19% 25.42% -7.79% 1999 -16.55% -16.55% 2.88%
   20.91% 1998 3.56% 3.56% 10.09% 27.02%
   
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   RETURNS-BASED STATISTICS
   RELATIVE TO RUSSELL 1000® INDEX FINANCIALS
   
   as of 12/31/21
   Investor Class (HLFNX)
   
   Type 3 yr 5 yr 10 yr Alpha -2.73 -3.04 -3.19 Beta 1.02 1.04 1.08 Upside
   Capture 93.82 96.57 101.58 Downside Capture 100.13 109.30 118.67
   
   Institutional Class (HILFX)
   
   Type 3 yr 5 yr 10 yr Alpha -2.39 -2.70 -2.95 Beta 1.03 1.04 1.08 Upside
   Capture 94.42 97.26 102.06 Downside Capture 99.58 108.58 117.96
   
   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 6.0.4Investor Class (HLFNX)Institutional Class
   (HILFX)Russell 1000® Index FinancialsFinancial Category Average3 yr5 yr10
   yr00.250.50.7511.25
   
   Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 0.90 0.67 0.82 Institutional
   Class (HILFX) 0.92 0.69 0.83 Russell 1000® Index Financials 1.08 0.86 1.05
   Financial Category Average 0.80 0.56 0.78
   
   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 6.0.4Investor Class (HLFNX)Institutional Class
   (HILFX)Russell 1000® Index FinancialsFinancial Category Average3 yr5 yr10
   yr0102030
   
   Type 3 yr 5 yr 10 yr Investor Class (HLFNX) 24.01 20.69 18.31 Institutional
   Class (HILFX) 24.02 20.70 18.30 Russell 1000® Index Financials 22.16 18.85
   16.05 Financial Category Average 24.75 20.86 17.38
   
   Standard deviation is a statistical measure of the historical volatility of a
   mutual fund or portfolio.
   
   
   FUND EXPENSES
   
    * Investor Class (HLFNX)
      
       * GROSS EXPENSE RATIO
         
         1.75%
   
    * Institutional Class (HILFX)
      
       * GROSS EXPENSE RATIO
         
         1.45%
   
   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.
   
   Morningstar Proprietary Ratings reflect risk-adjusted performance as of
   12/31/21. The Morningstar Rating™ for funds, or "star rating", is calculated
   for managed products (including mutual funds, variable annuity and variable
   life subaccounts, exchange-traded funds, closed-end funds, and separate
   accounts) with at least a three-year history. Exchange-traded funds and
   open-ended mutual funds are considered a single population for comparative
   purposes. It is calculated based on a Morningstar Risk-Adjusted Return
   measure that accounts for variation in a managed product's monthly excess
   performance, placing more emphasis on downward variations and rewarding
   consistent performance. The top 10% of products in each product category
   receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3
   stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The
   Overall Morningstar Rating™ for a managed product is derived from a weighted
   average of the performance figures associated with its three-, five-, and
   10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100%
   three-year rating for 36-59 months of total returns, 60% five-year rating/40%
   three-year rating for 60-119 months of total returns, and 50% 10-year
   rating/30% five-year rating/20% three-year rating for 120 or more months of
   total returns. While the 10-year overall star rating formula seems to give
   the most weight to the 10-year period, the most recent three-year period
   actually has the greatest impact because it is included in all three rating
   periods. Institutional Class (HILFX) received 4 stars for the three-year, 4
   stars for the five-year and 4 stars for the ten-year periods ended 12/31/21 /
   Investor Class (HLFNX) received 4 stars for the three-year, 4 stars for the
   five-year and 3 stars for the ten-year periods ended 12/31/21 among 97, 86
   and 73 Financial Funds, respectively. Each share class is counted as a
   fraction of one fund within this scale and rated separately, which may cause
   slight variations in distribution percentage. The 10-year Morningstar Rating
   is an extended performance rating based on the historically adjusted returns
   prior to the inception date of the Institutional Class share class (6/15/15)
   and reflects the historical performance, fees, and expenses of the Investor
   share class.
   
   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 performance shown for Institutional Class shares / HILFX prior to 6/15/15
   represents the performance of Investor Class shares of the Fund and includes
   expenses that are not applicable to and are higher than those of
   Institutional Class shares.
   
   The performance shown for periods prior to 10/26/12 is that of the
   predecessor FBR Fund.
   
   The Russell 1000® Index Financials is an unmanaged index commonly used to
   measure the performance of U.S. large-capitalization financial sector stocks.
   The Russell 1000® Index is an unmanaged index commonly used to measure the
   performance of U.S. large-capitalization stocks. One cannot invest directly
   in an index.
   
   Frank Russell Company (“Russell”) is the source and owner of the trademarks,
   service marks, and copyrights related to the Russell Indexes. Russell® is a
   trademark of Russell. Neither Russell nor its licensors accept any liability
   for any errors or omissions in the Russell Indexes or Russell ratings or
   underlying data, and no party may rely on any Russell Indexes or Russell
   ratings or underlying data contained in this communication. No further
   distribution of Russell data is permitted without Russell’s express written
   consent. Russell does not promote, sponsor, or endorse the content of this
   communication.
   
   Fund holdings and sector allocations are subject to change and should not be
   considered a recommendation to buy or sell any security.
   
   
   
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 * PORTFOLIO
   
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   PORTFOLIO CHARACTERISTICS
   
   as of 12/31/21
   
   Inception Date (HLFNX) 1/3/97 Inception Date (HILFX) 6/15/15 Total Fund
   Assets $72 Million Active Share vs. Russell 1000® Index Financials 70%
   Portfolio Turnover 60% Median Market Cap $100.6 Billion Median Price/Earnings
   16.0x Median Price/Book 2.2x
   
   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 Financials 71.5% Information Technology 24.8% Cash & Other 3.7%
   
   Sub-Industry Weighting % of Net Assets Data Processing & Outsourced Services
   19.7% Diversified Banks 18.4% Asset Management & Custody Banks 13.3% Consumer
   Finance 12.5% Financial Exchanges & Data 9.9% Investment Banking & Brokerage
   9.3% Regional Banks 8.1% Technology Hardware, Storage & Peripherals 5.1%
   
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   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 Apple, Inc. AAPL 5.15% +0.59% +0.04%
   Created with Highcharts 6.0.401/1501/20$4
   
   1 Year Bank of America Corp. BAC 5.04% -0.24% +0.47%
   Created with Highcharts 6.0.401/1501/20$0
   
   24 Years Mastercard, Inc. MA 4.96% +0.63% +0.48%
   Created with Highcharts 6.0.401/1501/20$0
   
   5 Years Visa, Inc. V 4.94% +0.43% +0.55%
   Created with Highcharts 6.0.401/1501/20$0
   
   13 Years Tradeweb Markets, Inc. TW 4.84% +0.48% +0.76%
   Created with Highcharts 6.0.401/1501/20$4
   
   1 Year J.P. Morgan Chase & Co. JPM 4.83% +0.17% +0.79%
   Created with Highcharts 6.0.401/1501/20$0
   
   14 Years Capital One Financial Corp. COF 4.75% -0.35% +0.12%
   Created with Highcharts 6.0.401/1501/20$0
   
   13 Years Goldman Sachs Group, Inc. GS 4.70% -0.34% +0.07%
   Created with Highcharts 6.0.401/1501/20$0
   
   13 Years BlackRock, Inc. BLK 4.68% +0.28% +4.68%
   Created with Highcharts 6.0.401/1501/20$0$4
   
   < 1 Year The Blackstone Inc. BX 4.64% -0.07% +0.19%
   Created with Highcharts 6.0.401/1501/20$0$4
   
   2 Years Total as % of Net Assets 48.53%
   
   ArrowRight ArrowRight
   
   Please swipe to view table
   
   
   TOTAL HOLDINGS: 24
   
   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 Apple, Inc. AAPL 5.15% +0.59% +0.04%
   Created with Highcharts 6.0.401/1501/20$4
   
   1 Year Bank of America Corp. BAC 5.04% -0.24% +0.47%
   Created with Highcharts 6.0.401/1501/20$0
   
   24 Years Mastercard, Inc. MA 4.96% +0.63% +0.48%
   Created with Highcharts 6.0.401/1501/20$0
   
   5 Years Visa, Inc. V 4.94% +0.43% +0.55%
   Created with Highcharts 6.0.401/1501/20$0
   
   13 Years Tradeweb Markets, Inc. TW 4.84% +0.48% +0.76%
   Created with Highcharts 6.0.401/1501/20$4
   
   1 Year J.P. Morgan Chase & Co. JPM 4.83% +0.17% +0.79%
   Created with Highcharts 6.0.401/1501/20$0
   
   14 Years Capital One Financial Corp. COF 4.75% -0.35% +0.12%
   Created with Highcharts 6.0.401/1501/20$0
   
   13 Years Goldman Sachs Group, Inc. GS 4.70% -0.34% +0.07%
   Created with Highcharts 6.0.401/1501/20$0
   
   13 Years BlackRock, Inc. BLK 4.68% +0.28% +4.68%
   Created with Highcharts 6.0.401/1501/20$0$4
   
   < 1 Year The Blackstone Inc. BX 4.64% -0.07% +0.19%
   Created with Highcharts 6.0.401/1501/20$0$4
   
   2 Years Wells Fargo & Co. WFC 4.64% -0.20% -0.11%
   Created with Highcharts 6.0.401/1501/20$0
   
   14 Years Morgan Stanley MS 4.62% -0.41% +4.62%
   Created with Highcharts 6.0.401/1501/20$0
   
   1 Year Moody's Corp. MCO 4.42% +0.16% +0.34%
   Created with Highcharts 6.0.401/1501/20$0$5
   
   4 Years PayPal Holdings, Inc. PYPL 4.22% -0.46% -0.88%
   Created with Highcharts 6.0.401/1501/20$0
   
   5 Years State Street Corp. STT 3.98% +3.98% +3.98%
   Created with Highcharts 6.0.401/1501/20$0
   
   < 1 Year SoFi Technologies, Inc. SOFI 3.94% +1.08% +3.94%
   Created with Highcharts 6.0.401/1501/20$0
   
   < 1 Year Citigroup, Inc. C 3.89% -0.69% -0.44%
   Created with Highcharts 6.0.401/1501/20$0
   
   13 Years Ally Financial, Inc. ALLY 3.85% -0.82% +3.85%
   Created with Highcharts 6.0.401/1501/20$0
   
   < 1 Year Adyen NV ADYEY 3.31% -1.15% -1.58%
   Created with Highcharts 6.0.401/1501/20$0
   
   1 Year Huntington Bancshares, Inc. HBAN 3.30% -0.71% +3.30%
   Created with Highcharts 6.0.401/1501/20$0
   
   1 Year KeyCorp KEY 3.19% -0.05% +3.19%
   Created with Highcharts 6.0.401/1501/20$0
   
   < 1 Year Block, Inc. SQ 2.23% -0.83% -2.69%
   Created with Highcharts 6.0.401/1501/20$0
   
   2 Years Signature Bank SBNY 1.56% -2.32% +1.56%
   Created with Highcharts 6.0.401/1501/20$0
   
   1 Year FactSet Research Systems, Inc. FDS 0.67% +0.67% +0.67%
   Created with Highcharts 6.0.401/1501/20$0.7
   
   < 1 Year Total as % of Net Assets 96.4% Cash & Other Holdings % of Net Assets
   Cash & Other 3.7% Total as % of Net Assets 3.7%
   
   ArrowRight ArrowRight
   
   Please swipe to view table
   
   
   COUNTRY ALLOCATION
   
   as of 12/31/21
   
    * UNITED STATES
      
      93.0%
   
    * INTERNATIONAL
      
      3.3%
   
    * CASH & OTHER
      
      3.7%
   
   United States 93.0% Netherlands 3.3% Cash & Other 3.7%

   
   


 * DISTRIBUTIONS
   
   PlusInTables
   PlusInTables
   
   The Hennessy Large Cap Financial 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 12/07/2021 -- -- $1.65118 $1.65118 $32.56 12/07/2018 -- -- $0.58896
   $0.58896 $19.74 12/07/2017 -- -- $1.00493 $1.00493 $21.75 12/28/2016 $0.10420
   -- -- $0.10420 $19.26 12/29/2015 $0.02138 -- -- $0.02138 $17.02 12/09/2015 --
   -- $1.69087 $1.69087 $16.78 12/08/2014 -- $0.10319 $2.01658 $2.11977 $19.71
   12/10/2013 -- -- $0.57670 $0.57670 $19.42 12/31/2012 $0.01278 -- -- $0.01278
   $14.63 12/31/2008 $0.11509 -- -- $0.11509 $9.81 12/31/2007 $0.18441 -- --
   $0.18441 $14.00 12/14/2007 -- -- $3.68369 $3.68369 $13.96 12/29/2006 $0.11145
   -- -- $0.11145 $20.36 12/15/2006 -- -- $2.01751 $2.01751 $20.38 12/30/2005
   $0.15866 -- -- $0.15866 $19.71 12/16/2005 -- -- $2.85624 $2.85624 $20.14
   12/31/2004 $0.07948 -- -- $0.07948 $22.79 12/17/2004 -- $0.82152 $2.00040
   $2.82192 $22.46 12/30/2003 $0.06798 -- $0.03448 $0.10246 $23.00 12/17/2003 --
   -- $0.04650 $0.04650 $22.44 12/30/2002 $0.08613 -- -- $0.08613 $17.53
   12/28/2001 $0.07567 -- -- $0.07567 $18.41 12/20/2001 -- -- $1.15335 $1.15335
   $18.26 12/20/2000 $0.15844 -- -- $0.15844 $18.92 12/21/1999 $0.08350 --
   $0.13280 $0.21630 $13.39 12/14/1998 $0.11980 $0.32080 $0.96940 $1.41000
   $15.58 12/12/1997 $0.04300 $0.19010 -- $0.23310 $17.07
   
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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 12/07/2021 -- -- $1.66621 $1.66621 $32.86 12/07/2018 -- -- $0.59199
   $0.59199 $19.71 12/07/2017 -- -- $1.00418 $1.00418 $21.64 12/28/2016 $0.30751
   -- -- $0.30751 $19.11 12/29/2015 $0.09017 -- -- $0.09017 $16.99 12/09/2015 --
   -- $1.69707 $1.69707 $16.82
   
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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 Large Cap Financial Fund Documents Fact Sheet PDF
   Portfolio Perspective PDF View Summary Prospectus PDF Full Prospectus PDF
   Statement of Additional Information PDF Large Cap Financial 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.

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