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2025-12-31 0000891944 hft:C000118918Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000891944 hft:C000118918Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000891944 hft:C000118918Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000891944 hft:C000118918Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000891944 hft:C000118918Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000891944 hft:C000118919Member 2025-01-01 2025-12-31 0000891944 hft:C000118919Member 2021-01-01 2025-12-31 0000891944 hft:C000118919Member 2016-01-01 2025-12-31 0000891944 hft:Russell2000IndexFinancialsMember 2025-01-01 2025-12-31 0000891944 hft:Russell2000IndexFinancialsMember 2021-01-01 2025-12-31 0000891944 hft:Russell2000IndexFinancialsMember 2016-01-01 2025-12-31 0000891944 hft:C000118920Member 2021-01-01 2025-12-31 0000891944 hft:C000118920Member 2016-01-01 2025-12-31 0000891944 hft:C000118920Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000891944 hft:C000118920Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0000891944 hft:C000118920Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000891944 hft:C000118920Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000891944 hft:C000118920Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0000891944 hft:C000118920Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000891944 hft:C000118921Member 2025-01-01 2025-12-31 0000891944 hft:C000118921Member 2021-01-01 2025-12-31 0000891944 hft:C000118921Member 2016-01-01 2025-12-31 0000891944 hft:NasdaqIndexMember 2025-01-01 2025-12-31 0000891944 hft:NasdaqIndexMember 2021-01-01 2025-12-31 0000891944 hft:NasdaqIndexMember 2016-01-01 2025-12-31 0000891944 hft:C000239897Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0000891944 hft:C000239897Member oef:AfterTaxesOnDistributionsMember 2021-03-15 2025-12-31 0000891944 hft:C000239897Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0000891944 hft:C000239897Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-03-15 2025-12-31 0000891944 hft:SAndP500EqualWeightIndexMember 2025-01-01 2025-12-31 0000891944 hft:SAndP500EqualWeightIndexMember 2021-03-15 2025-12-31 0000891944 hft:SAndP500IndexMember 2021-03-15 2025-12-31 iso4217:USD pure false 485BPOS 0000891944 2026-03-02 N-1A HENNESSY FUNDS TRUST 2026-03-02 HENNESSY CORNERSTONE GROWTH FUND Investment Objective The Hennessy Cornerstone Growth Fund seeks long-term growth of capital. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_z1Amwv50ji52"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zJ4SBg1YSZK4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_98C_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044800Member_gBFSFC-UG_z6993Cx2AX22" style="width: 65%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES </td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Investor</td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 11%">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zeQ8hr45kQgf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z5onVMmJAzs1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_981_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044800Member_gBFOEC-YQGQJZ_zeHPR1Oviorb" style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 65%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 11%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139151Member_zxon0wr7FsW8" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.74%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_98E_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139152Member_zbTBI96iMUm7" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.74%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139151Member_zP0qiQxnLrA2" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Distribution and Service (12b-1) Fees">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_985_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139151Member_zdOHiJ9qixtb" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">0.43%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139152Member_zMDXPEsEu2z8" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">0.26%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; padding-left: 0.25in; color: #262526">Shareholder Servicing</td> <td id="xdx_98D_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139151Member_zM8Xee0wdDYk" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Shareholder Servicing">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; padding-left: 0.25in; color: #262526">Remaining Other Expenses</td> <td id="xdx_983_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139151Member_zJ4uqxZUMFT6" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Remaining Other Expenses">0.33%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_980_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139152Member_zIkl4Cx5FzTd" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Remaining Other Expenses">0.26%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_989_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139151Member_zIVaZzRnML58" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">1.32%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_984_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139152Member_zTOJOzSniiza" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">1.00%</td></tr> </table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0.0015 0 0.0043 0.0026 0.0010 0 0.0033 0.0026 0.0132 0.0100 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5Mk9ZhvPIfg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zjiLyiGaOHr7" style="font: 10pt Times New Roman, Times, Serif; width: 70%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 22%; padding-right: 5.4pt; color: #262526"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zn8bwJCe2Irc" style="width: 20%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zMzG3HYQYhI1" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zYdvibwpjLi5" style="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_zLO49GN2io28" style="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_41D_20260302__20260302__oef--ClassAxis__custom--C000139151Member_z3viDAZ6whgl" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$134</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$418</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$723</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,590</td></tr> <tr id="xdx_411_20260302__20260302__oef--ClassAxis__custom--C000139152Member_zzSJc9EVCGSf" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$102</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$318</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$552</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,225</td></tr> </table> 134 418 723 1590 102 318 552 1225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 99% of the average value of its portfolio. 0.99 Principal Investment Strategy The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in growth-oriented common stocks by utilizing a quantitative formula known as the Cornerstone Growth Strategy (the “Growth Strategy”). From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations exceeding $175 million, the Growth Strategy identifies the 50 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria: <div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 27pt; text-align: left">•</td><td style="text-align: justify">Price-to-sales ratio below 1.5</td> </tr></table> The Growth Strategy uses price-to-sales as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company’s potential value. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 27pt; text-align: left">•</td><td style="text-align: justify">Annual earnings that are higher than the previous year</td> </tr></table> The Growth Strategy considers improved earnings to be a key indicator of a company’s financial strength. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 27pt; text-align: left">•</td><td style="text-align: justify">Positive stock price appreciation over the past three-month and six-month periods</td> </tr></table></div> The Growth Strategy considers stock price appreciation because it is often associated with positive fundamentals, such as strong growth or improving profitability. The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Growth Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Growth Strategy’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting. As of January 31, 2026, the average and median market capitalizations of the stocks held by the Fund were $33.8 billion and $6.6 billion, respectively. The value of your investment will fluctuate over time, and it is possible to lose money. Formula Investing Risk: The Fund will adhere to the Growth Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors. Growth and Value Investing Risk: Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value. Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The industries in which the Fund concentrates its investments at any given time are solely the result of the Growth Formula and may change significantly when the Fund is rebalanced. The Fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate fluctuations, and other factors. High Portfolio Turnover Risk: High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund’s performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 2000® Index and the S&P 500® Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 2000® Index and the S&P 500® Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <div id="xdx_A81_eoef--BarChartTableTextBlock_zJEwDNITBcUf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_znLFJPvfov0b" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000139151Member_zgAvDLeB6ufg" style="display: none; width: 50%">8.37</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000139151Member_zG9SFkqBCR9g" style="display: none">16.60</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000139151Member_zzf1VdFRqzy6" style="display: none">-21.22</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000139151Member_zi1xAYJmpRQf" style="display: none">20.70</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000139151Member_zhiPtuTfDkk2" style="display: none">17.73</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td style="display: none">28.89</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000139151Member_zgri0FuYxdx6" style="display: none">-4.93</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000139151Member_zxAjxctv5POh" style="display: none">19.58</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000139151Member_zxup6cgXFXo6" style="display: none">31.64</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139151Member_zG9dq8jPAHce" style="display: none">4.78</td></tr> </table> <img alt="" src="hennessy485bpos004.jpg"/> 0.0837 0.1660 -0.2122 0.2070 0.1773 0.2889 -0.0493 0.1958 0.3164 0.0478 For the period shown in the bar chart, the Fund’s highest quarterly return was 36.11% for the quarter ended June 30, 2020, and the lowest quarterly return was -39.27% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses. highest quarterly return 0.3611 2020-06-30 lowest quarterly return -0.3927 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A87_eoef--PerformanceTableTextBlock_z0Qw5QFfpSA4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zRdVZJvJ3y2h" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0pt; color: #262526">Hennessy Cornerstone Growth</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526"> Fund – Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.8pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td id="xdx_982_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139151Member_znuSAftD2nE6" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">4.78%</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000139151Member_z9uLV6aBHX8l" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">15.11%</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000139151Member_zMT6d78UqF85" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">11.08%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.8pt; padding-left: 13.5pt; color: #262526"> on distributions</td> <td id="xdx_983_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139151Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIh2qsbdWAn4" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">4.78%</td> <td id="xdx_984_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000139151Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zFw5Nnivn5bc" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">13.08%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000139151Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zAGNbgTQmsgc" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">9.86%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.8pt; padding-left: 13.5pt; color: #262526"> sale of Fund shares</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139151Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXVvsDwyZpkh" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">2.83%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000139151Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zgFQY7rWsXOc" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">11.78%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000139151Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zEZVL4uFEN2e" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">8.88%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0pt; color: #262526">Hennessy Cornerstone Growth</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526"> Fund – Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.8pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139152Member_z3265jvxs4Lb" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">5.09%</td> <td id="xdx_987_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000139152Member_zNu0KJpKRzH" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">15.49%</td> <td id="xdx_986_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000139152Member_zuwxkZGM7hG7" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">11.44%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0pt; color: #262526">Russell 2000® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000IndexMember_zPmeilFSso37" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">12.81%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000IndexMember_zC68cLPggYv2" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">6.09%</td> <td id="xdx_98B_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--Russell2000IndexMember_zMmhtY2aZQ3e" style="padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">9.62%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0pt; color: #262526">S&P 500® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td id="xdx_981_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zdaYNbFyslU7" style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td id="xdx_98D_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z4BgJiSU7Mrb" style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td id="xdx_985_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zCfhtOyzG9B7" style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> 0.0478 0.1511 0.1108 0.0478 0.1308 0.0986 0.0283 0.1178 0.0888 0.0509 0.1549 0.1144 (reflects no deduction for fees, expenses, or taxes) 0.1281 0.0609 0.0962 0.1788 0.1442 0.1482 The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY FOCUS FUND Investment Objective The Hennessy Focus Fund seeks capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_z2mSMv59Rddk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z932vTxu7USj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_982_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038529Member_gBFSFC-BAT_z9KJ2rCh3xih" style="width: 62%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES </td> <td style="width: 11%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: right"> </td> <td style="width: 9%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Investor</td> <td style="width: 7%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: right"> </td> <td style="width: 11%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zxYEBmKa5Kd2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zGLOgd9jt769" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98C_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038529Member_gBFOEC-OZGE_zrpitEeSE4Ld" style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 62%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: right; width: 11%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 9%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: right; width: 7%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 11%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td id="xdx_98E_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118915Member_ze3uOH7sIfj8" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.90%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td id="xdx_986_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118916Member_z62jP36QmaQ4" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.90%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118915Member_ztEkmqDJJ51d" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td id="xdx_983_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118915Member_z5onjKK5zHY9" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.43%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118916Member_z3FvloWUEQrc" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.20%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; padding-left: 0.25in; color: #262526">Shareholder Servicing</td> <td id="xdx_984_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118915Member_zuZnIMgGf7Ek" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; padding-left: 0.25in; color: #262526">Remaining Other Expenses</td> <td id="xdx_98A_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118915Member_zNywGHYGY3P5" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right">0.33%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118916Member_zE1nfbfHZKJ9" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right">0.20%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td id="xdx_98B_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118915Member_zsH62ngp8GVe" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.48%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td> <td id="xdx_989_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118916Member_zxqoYnIf9Qnf" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.10%</td></tr> </table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0015 0 0.0043 0.0020 0.0010 0 0.0033 0.0020 0.0148 0.0110 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNoyVJhTkuOh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zOsfBMt3Qdii" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 46%; padding-right: 5.4pt; color: #262526"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_z5onEooZCh72" style="width: 13%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zZgj3puIXJOc" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zpxxl0YwNOmh" style="width: 13%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_znQv2A3UTGag" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_41E_20260302__20260302__oef--ClassAxis__custom--C000118915Member_zbF6DYsD8ogd" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$151</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$468</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$808</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,768</td></tr> <tr id="xdx_41B_20260302__20260302__oef--ClassAxis__custom--C000118916Member_zlIa4wSqKUJf" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$112</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$350</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$606</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,340</td></tr> </table> 151 468 808 1768 112 350 606 1340 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 1% of the average value of its portfolio. 0.01 Principal Investment Strategy The Fund invests in (i) domestic companies whose securities are listed on U.S. national securities exchanges, (ii) foreign companies listed on U.S. national securities exchanges, (iii) foreign companies through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges, and (iv) foreign companies traded on foreign exchanges. Investments consist primarily of common stocks. As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. The Fund invests without regard to market capitalization. The Portfolio Managers implement the Fund’s strategy through a concentrated portfolio of approximately 25 companies that the Portfolio Managers believe are high-quality businesses with large growth opportunities, excellent management, low tail risk, and discount valuations. The Fund’s holdings are conviction-weighted with the top ten positions comprising approximately 60-80% of the Fund’s assets. Once a potential investment is identified, the Portfolio Managers attempt to purchase shares at a price they believe represents a discount to a conservative estimate of the company’s intrinsic value. Generally, the Portfolio Managers may sell a business for a variety of reasons, including (i) source of funds for what they believe is a superior investment idea, (ii) adverse change in their assessment of a business’s quality, growth, or management, (iii) valuation, or (iv) risk management at the company or portfolio level. The Fund may from time to time hold a significant portion of its portfolio in cash or cash equivalents. If market conditions reduce the availability of securities with acceptable valuations, the Fund may hold larger than usual cash reserves for extended periods until securities with acceptable valuations become available. The value of your investment will fluctuate over time, and it is possible to lose money. Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities. As of January 31, 2026, approximately 72% of the Fund’s assets were invested in its top 10 holdings. Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Communication Services and Financials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Communication Services sector may be affected by industry competition, substantial capital requirements, government regulation, cyclicality of revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals, and changing consumer tastes and interests. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate fluctuations, and other factors. Real Estate Investment Risk: The Fund invests in real estate investments, including real estate investment trusts (REITs), and is therefore subject to risks associated with the real estate market. Real estate investments are particularly susceptible to economic downturns, changes in regulations, and fluctuating interest rates. Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 3000® Index, as well as an additional index that includes securities with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities in which the Fund invests, the Russell Midcap® Growth Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 3000® Index, as well as an additional index that includes securities with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities in which the Fund invests, the Russell Midcap® Growth Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com Calendar Year TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos005.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zPxxz2RVOuHi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000118915Member_zFRYGu9oOyJ1" style="display: none; width: 50%">7.16</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000118915Member_zS13KgswfB5e" style="display: none">19.27</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000118915Member_zj8hFQj8SGI5" style="display: none">-10.47</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000118915Member_zK08TjCuuU3b" style="display: none">34.86</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000118915Member_zqrX7d4xjne3" style="display: none">5.49</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000118915Member_zHhcCh4tcRPc" style="display: none">31.55</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000118915Member_zbKUq5cGk6x9" style="display: none">-24.99</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000118915Member_zYKgnZr12lYe" style="display: none">20.85</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000118915Member_zm4HXcGICsyj" style="display: none">14.79</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000118915Member_zFJUwJAKjS0l" style="display: none">26.73</td></tr> </table> 0.0716 0.1927 -0.1047 0.3486 0.0549 0.3155 -0.2499 0.2085 0.1479 0.2673 For the period shown in the bar chart, the Fund’s highest quarterly return was 29.66% for the quarter ended June 30, 2020, and the lowest quarterly return was -30.24% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates. highest quarterly return 0.2966 2020-06-30 lowest quarterly return -0.3024 2020-03-31 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zfBkT4uNkGqd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_98D_eoef--PerformanceTableHeading_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038529Member_gBFPTH-HV_z6Sqlci01cp5" style="width: 54%; padding-top: 5.4pt; padding-right: 5.4pt; padding-left: 0pt; color: #262526">Average Annual Total Returns</td> <td id="xdx_494_20250101__20251231_zlzRtM0ux7sc" style="width: 12%; padding-top: 5.4pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_49E_20210101__20251231_z39mDNGowwNj" style="width: 12%; padding-top: 5.4pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_498_20160101__20251231_zOfd6krthQ0b" style="width: 12%; padding-top: 5.4pt; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 0pt; color: #262526">(for the periods ended December 31, 2025)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Hennessy Focus Fund – </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Investor Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118915Member_zTXhqjNZhx6a" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">26.73%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">11.65%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">10.94%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118915Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zRNnHjoHgxuk" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526"> on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">16.87%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">6.63%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.01%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118915Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zayIInn1q9ii" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526"> sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">22.83%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">8.51%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">8.12%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0pt; color: #262526">Hennessy Focus Fund – </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Institutional Shares</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118916Member_zTk12IY5raTb" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">27.22%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">12.07%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">11.35%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0pt; color: #262526">Russell 3000® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zqBXC4Mmhc3a" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">13.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.29%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0pt; color: #262526">Russell Midcap®</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> Growth Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RussellMidcapGrowthIndexMember_zyXPQq1bjzTd" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">8.66%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">6.65%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">12.49%</td></tr> </table> Average Annual Total Returns(for the periods ended December 31, 2025) 0.2673 0.1165 0.1094 0.1687 0.0663 0.0701 0.2283 0.0851 0.0812 0.2722 0.1207 0.1135 (reflects no deduction for fees, expenses, or taxes) 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 We use the Russell Midcap® Growth Index as an additional index because it reflects the performance of investments with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities held by the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. We use the Russell Midcap® Growth Index as an additional index because it reflects the performance of investments with market capitalizations and certain other attributes similar to the average market capitalization and attributes of the securities held by the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. HENNESSY CORNERSTONE MID CAP 30 FUND Investment Objective The Hennessy Cornerstone Mid Cap 30 Fund seeks long-term growth of capital. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_ziTken5Roye4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zsHQTWNTn0Yb" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_983_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044801Member_gBFSFC-RH_zdUKLOtxLZQd" style="width: 60%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES  </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Investor</td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES  (fees paid directly from your investment) 0 0 <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zZYDQCX8qto4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zXr4yv8jVf21" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_982_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044801Member_gBFOEC-SKFO_zK79Mhj7muCk" style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 60%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139153Member_zexkxgzrJ33j" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.74%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139154Member_zeBlldSB7ytb" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.74%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_986_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139153Member_zkGAKolnYkA7" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; padding-left: 0pt">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98B_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139153Member_zzTnVGayTcac" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.45%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139154Member_zWhNCYwOgLih" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.24%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_98E_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139153Member_zhI4PeIpS3L" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_983_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139153Member_znH1MqQbRH3b" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.35%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139154Member_zjoewwns3C2j" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.24%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139153Member_zlIzNlnOrM62" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: rgb(38,37,38); text-align: center">1.34%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_982_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139154Member_z7ENawVahDFb" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.98%</td></tr> </table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0.0015 0 0.0045 0.0024 0.0010 0 0.0035 0.0024 0.0134 0.0098 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgYynS2Nek31"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zl6buP4o7vl3" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 44%; padding-right: 5.4pt; color: #262526"> </td> <td id="xdx_486_eoef--ExpenseExampleYear01_zdVOJJzgai56" style="width: 14%; padding-right: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_z4EEVs2BPGfi" style="width: 14%; padding-right: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zOUZyjz1yP5" style="width: 14%; padding-right: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_zol8HbRcorkl" style="width: 14%; padding-right: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_41C_20260302__20260302__oef--ClassAxis__custom--C000139153Member_zcLTE1n8FdS4" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$136</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$425</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$734</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$1,613</td></tr> <tr id="xdx_419_20260302__20260302__oef--ClassAxis__custom--C000139154Member_zjJlqpEVOcl3" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$100</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$312</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$542</td> <td style="padding-right: 5.4pt; color: #262526; text-align: center">$1,201</td></tr> </table> 136 425 734 1613 100 312 542 1201 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 129% of the average value of its portfolio. 1.29 Principal Investment Strategy The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, but not through American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Under normal circumstances, the Fund invests at least 80% of its net assets in mid-cap growth-oriented common stocks by utilizing a quantitative formula known as the Cornerstone Mid Cap 30 Formula (the “Mid Cap 30 Formula”). From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations between $2 billion and $25 billion, the Mid Cap 30 Formula identifies the 30 common stocks with the highest one-year price appreciation as of the date of purchase that also meet the following criteria: <div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">Price-to-sales ratio below 1.5</td> </tr></table> The Mid Cap 30 Formula uses price-to-sales as its value criterion because sales figures are more difficult for a company to manipulate than earnings and frequently provide a clearer picture of a company’s potential value. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">Annual earnings that are higher than the previous year</td> </tr></table> The Mid Cap 30 Formula considers improved earnings to be a key indicator of a company’s financial strength. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">•</td><td style="text-align: justify">Positive stock price appreciation over the past three-month and six-month periods</td> </tr></table></div> The Mid Cap 30 Formula considers stock price appreciation because it is often associated with positive fundamentals, such as strong growth or improving profitability. The Fund purchases these 30 stocks weighted equally by dollar amount, with 3.33% of the portfolio’s assets invested in each. Using the Mid Cap 30 Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the fall. Stocks meeting the Mid Cap 30 Formula’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 3.33% weighting. Under normal circumstances, the Fund invests at least 80% of its net assets in mid-cap growth-oriented common stocks by utilizing a quantitative formula known as the Cornerstone Mid Cap 30 Formula (the “Mid Cap 30 Formula”). The value of your investment will fluctuate over time, and it is possible to lose money. Formula Investing Risk: The Fund will adhere to the Mid Cap 30 Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors. Growth and Value Investing Risk: Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value. Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The industries in which the Fund concentrates its investments at any given time are solely the result of the Mid Cap 30 Formula and may change significantly when the Fund is rebalanced. The Fund is currently substantially invested in the Consumer Discretionary and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Consumer Discretionary sector may be affected by commodity price volatility, consumer preferences, competition, changing demographics, and labor relations. These companies depend heavily on disposable household income and consumer spending, and social trends and marketing campaigns may significantly affect demand for their products. Consumer Discretionary companies may also lose value more quickly in periods of economic downturns because their products are viewed as nonessential luxury items. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability. High Portfolio Turnover Risk: High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund’s performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell Midcap® Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell Midcap® Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos006.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zQGhudledmqi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000139153Member_ze6lfdkDSFQe" style="display: none; width: 50%">5.82</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000139153Member_zEkmXMq6Gf71" style="display: none">20.51</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000139153Member_zi9qGBG5ikEc" style="display: none">-22.78</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000139153Member_zhQVAumSXcLd" style="display: none">15.76</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000139153Member_zCanzCsP7ge3" style="display: none">23.37</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000139153Member_zgjGlPMet0t6" style="display: none">27.22</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000139153Member_zg73hAPE4zI5" style="display: none">2.79</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000139153Member_zJ9igJ4PId6b" style="display: none">30.78</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000139153Member_zyV6kMm1oZlk" style="display: none">34.29</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139153Member_zLhNvkF20oz2" style="display: none">2.68</td></tr> </table> 0.0582 0.2051 -0.2278 0.1576 0.2337 0.2722 0.0279 0.3078 0.3429 0.0268 For the period shown in the bar chart, the Fund’s highest quarterly return was 37.39% for the quarter ended June 30, 2020, and the lowest quarterly return was -37.29% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates. highest quarterly return 0.3739 2020-06-30 lowest quarterly return -0.3729 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_z37Ub4zmoppg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zCCwGDjqbFc5" style="width: 80%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 52%; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td id="xdx_494_20250101__20251231_zfiCfksmi2Lj" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_493_20210101__20251231_z5KcgNCRvxdg" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_499_20160101__20251231_zHzS7Eg72TW2" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Hennessy Cornerstone Mid Cap 30</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; color: #262526; padding-left: 11.87pt">Fund – Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139153Member_zLVa46uj8Mz5" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 23.74pt">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">2.68%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">18.72%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">12.74%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 23.74pt">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139153Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGLUyRgISxbe" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 35.61pt">on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">2.51%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">16.16%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">10.31%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 23.74pt">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 35.61pt">on distributions and </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139153Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJwUgLG0wX8d" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 35.61pt">sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">1.71%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">14.71%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">9.73%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Hennessy Cornerstone Mid Cap 30</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 2.85pt; color: #262526; padding-left: 11.87pt">Fund – Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 2.85pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.85pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.85pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139154Member_zO9YjFghpxaa" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 23.74pt">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">3.04%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">19.16%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">13.15%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Russell Midcap® Index </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 11.87pt">(reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RussellMidcapIndexMember_z4lT8kxxi5Wc" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; color: #262526; padding-left: 11.87pt">fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">10.60%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">8.67%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">11.01%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">S&P 500® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 11.87pt">(reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zsop5ujxgDNj" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; color: #262526; padding-left: 11.87pt">fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> 0.0268 0.1872 0.1274 0.0251 0.1616 0.1031 0.0171 0.1471 0.0973 0.0304 0.1916 0.1315 (reflects no deduction for fees, expenses, or taxes) 0.1060 0.0867 0.1101 0.1788 0.1442 0.1482 We use the Russell Midcap® Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. We use the Russell Midcap® Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY CORNERSTONE LARGE GROWTH FUND Investment Objective The Hennessy Cornerstone Large Growth Fund seeks long-term growth of capital. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zXE66MbxdcN6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z9Z0u7JxqKna" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_983_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000019531Member_gBFSFC-HSZKOTL_zIAxwd5riIRb" style="width: 60%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Investor</td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z5tLCsXaSkOl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zbBro2hnXkpl" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_981_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000019531Member_gBFOEC-IDY_zJeWf4v20ewl" style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 60%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000054248Member_zyZFbBIIZcXh" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.74%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98E_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000074662Member_zgmcUv6Cdf5j" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.74%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000054248Member_zKd34iB7s2z2" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000054248Member_zo8N1ctlx21e" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.40%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000074662Member_zxooi4wn0xZg" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.26%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Shareholder Servicing </td> <td id="xdx_98B_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000054248Member_zRNvWezcQYG3" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_988_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000054248Member_zhNb0Oodww82" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.30%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000074662Member_zj7t8ZGMV40i" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.26%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98D_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000054248Member_zmsJPUR9UTEi" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.29%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000074662Member_zrOYzyypoQP1" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.00%</td></tr> </table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0.0015 0 0.0040 0.0026 0.0010 0 0.0030 0.0026 0.0129 0.0100 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z9B5PWw4fms4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zr2I33vA8ZAb" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 44%; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zBATa6rsCLtk" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zkD0jyJzH73l" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zBw7jbwI2NP7" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zVSo6lCjePNj" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_419_20260302__20260302__oef--ClassAxis__custom--C000054248Member_zCj7WyLRSwi3" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$131</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$409</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$708</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,556</td></tr> <tr id="xdx_411_20260302__20260302__oef--ClassAxis__custom--C000074662Member_zc1WYtDEemgi" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$102</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$318</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$552</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,225</td></tr> </table> 131 409 708 1556 102 318 552 1225 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 46% of the average value of its portfolio. 0.46 Principal Investment Strategy The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, but not through American Depositary Receipts, which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in growth-oriented common stocks of larger companies by utilizing a quantitative formula known as the Cornerstone Large Growth Formula (the “Large Growth Formula”). Beginning with the investable common stocks of public companies in the S&P Capital IQ Database, the Large Growth Formula identifies the 50 common stocks that meet the following criteria, in the specified order: <div> 1) Above-average market capitalization 2) Price-to-cash flow ratio less than the median of the remaining securities 3) Positive total capital 4) Highest one-year return on total capital The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Large Growth Formula, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Large Growth Formula’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.</div> The value of an investment will fluctuate over time, and it is possible to lose money. Formula Investing Risk: The Fund will adhere to the Large Growth Formula during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund in a given year are experiencing financial difficulty or are out of favor with investors. Growth and Value Investing Risk: Growth and value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Growth securities typically are very sensitive to market movements because their market prices tend to reflect future expectations. When it appears those expectations will not be met, the prices of growth securities typically fall. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value. Medium-Sized Company Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 1000® Index and the S&P 500® Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell 1000® Index and the S&P 500® Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos007.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zNSukHwaAxI2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000054248Member_zL1OtmG84HPd" style="display: none; width: 50%">14.69</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000054248Member_z6QYGm9l44a1" style="display: none">17.08</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000054248Member_zngHA134VNtf" style="display: none">-8.98</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000054248Member_zR38b4VrUDx5" style="display: none">27.53</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000054248Member_zmH8s8xZZjgd" style="display: none">5.49</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000054248Member_zoGkRQfekzV2" style="display: none">34.66</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000054248Member_zjqdEjpRNvBb" style="display: none">-13.31</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000054248Member_zcEp7t0Ey6n4" style="display: none">21.71</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000054248Member_zlmBDgG2JkT2" style="display: none">4.40</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000054248Member_zLOLh8qxrkK8" style="display: none">7.41</td></tr> </table> 0.1469 0.1708 -0.0898 0.2753 0.0549 0.3466 -0.1331 0.2171 0.0440 0.0741 For the period shown in the bar chart, the Fund’s highest quarterly return was 22.43% for the quarter ended June 30, 2020, and the lowest quarterly return was -28.85% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses. highest quarterly return 0.2243 2020-06-30 lowest quarterly return -0.2885 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zVgtdY0IH70c"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zFFXB2aUslEi" style="width: 80%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 52%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_49B_20250101__20251231_zLsMuskVoMei" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49B_20210101__20251231_z8tHJQ3pgrEk" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_499_20160101__20251231_z1pgv5UbKl3a" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0in; color: #262526">Hennessy Cornerstone Large</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> Growth Fund – Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000054248Member_zhOQRHXcNBT2" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.41%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.76%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">10.11%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000054248Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zS3wZ0LKInH8" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">5.95%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.54%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">8.12%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000054248Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5DC3jHSQAn5" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">5.45%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.46%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.86%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Cornerstone Large</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> Growth Fund – Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000074662Member_zQ3nchberiUi" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.70%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">10.08%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">10.42%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell 1000® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000IndexMember_zzT7R89XRK0e" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">17.37%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">13.59%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">14.59%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">S&P 500® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zTFvWxjEy90i" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> 0.0741 0.0976 0.1011 0.0595 0.0754 0.0812 0.0545 0.0746 0.0786 0.0770 0.1008 0.1042 (reflects no deduction for fees, expenses, or taxes) 0.1737 0.1359 0.1459 0.1788 0.1442 0.1482 The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY CORNERSTONE VALUE FUND Investment Objective The Hennessy Cornerstone Value Fund seeks total return, consisting of capital appreciation and current income. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zEQ2F6s0epA4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zi37xIcVO5yh" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_988_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044802Member_gBFSFC-TFN_zEXWg8OEAknl" style="width: 60%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Investor</td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 0 <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zU1LElkYC8xf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zT5rH9c5JaF8" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044802Member_gBFOEC-VDPDJAI_zQ0KqeidhNna" style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 60%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139155Member_za9iUlbD4qqd" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.74%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139156Member_zijEnhsUW3i2" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.74%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_985_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139155Member_z2dt4NTAWvC9" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139155Member_znbQcx8FvTo2" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.32%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139156Member_zSz5QO8S4DRh" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.25%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_987_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139155Member_zuvAy4CjFe5h" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_989_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139155Member_zGNDEA4TFnY5" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.22%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--Component2OtherExpensesOverAssets_dpn_c20260302__20260302__oef--ClassAxis__custom--C000139156Member_zF0vMpRBnZA2" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.25%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139155Member_zUYjwRTuiSkb" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.21%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98D_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139156Member_zYcJ3pnniUz6" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.99%</td></tr> </table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0.0015 0 0.0032 0.0025 0.0010 0 0.0022 0.0025 0.0121 0.0099 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMrsNuDDJhof"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zj8fvcw2IPze" style="width: 100%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 44%; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zZPP7QSSYLZb" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zwTGi3zu98S8" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_zlauhDDxRVr4" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_zFFcV9AGpEC3" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_41C_20260302__20260302__oef--ClassAxis__custom--C000139155Member_zfyrtZSr0RQk" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$123</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$384</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$665</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,466</td></tr> <tr id="xdx_414_20260302__20260302__oef--ClassAxis__custom--C000139156Member_z3BsNY6ifyk2" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$101</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$315</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$547</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,213</td></tr> </table> 123 384 665 1466 101 315 547 1213 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio. 0.27 Principal Investment Strategy The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund invests in larger, dividend-paying common stocks by utilizing a quantitative formula known as the Cornerstone Value Strategy (the “Value Strategy”). From the investable common stocks of public companies in the S&P Capital IQ Database, the Value Strategy identifies the 50 common stocks with the highest dividend yield as of the date of purchase that also meet the following criteria: <div> • Above-average market capitalization • Above-average number of shares outstanding • Twelve-month sales that are 50% greater than the average • Above-average cash flow The Fund purchases these 50 stocks weighted equally by dollar amount, with 2% of the portfolio’s assets invested in each. Using the Value Strategy, the universe of stocks is re-screened and the portfolio is rebalanced annually, generally in the winter. Stocks meeting the Value Strategy’s criteria not currently in the portfolio are purchased, and stocks that no longer meet the criteria are sold. Holdings of all stocks in the Fund that continue to meet the criteria are appropriately increased or decreased to result in an equal 2% weighting.</div> As of January 31, 2026, the average and median market capitalizations of the stocks held by the Fund were $217.5 billion and $186.1 billion, respectively. The value of your investment will fluctuate over time, and it is possible to lose money. Formula Investing Risk: The Fund will adhere to the Value Strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund’s portfolio in a given year are experiencing financial difficulty or are out of favor with investors. Value Investing Risk: Value securities may perform differently from the market as a whole and may fall out of favor with investors at times. Value securities may remain undervalued, their undervaluation may become more severe, or their perceived undervaluation may actually represent their intrinsic value. Medium-Sized Companies Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000® Value Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the types of securities in which the Fund invests, the Russell 1000® Value Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos008.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zxE76IfB5Et8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Retuns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000139155Member_zM5tA6H3ZyJ8" style="display: none; width: 50%">17.25</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000139155Member_zTTUJkIy8n57" style="display: none">19.16</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000139155Member_zvtGhcL2Vb8k" style="display: none">-9.34</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000139155Member_zEpriPz8D9Hb" style="display: none">20.79</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000139155Member_zJbxrKwk63Th" style="display: none">-6.38</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000139155Member_ztnIejnY1kWh" style="display: none">29.91</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000139155Member_z1I8AOcsAa04" style="display: none">6.13</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000139155Member_zmqUApCOUnZ8" style="display: none">5.81</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000139155Member_zJN8UdqVEyQ8" style="display: none">9.59</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139155Member_znYniDa4nqNl" style="display: none">18.27</td></tr> </table> 0.1725 0.1916 -0.0934 0.2079 -0.0638 0.2991 0.0613 0.0581 0.0959 0.1827 For the period shown in the bar chart, the Fund’s highest quarterly return was 16.26% for the quarter ended December 31, 2022, and the lowest quarterly return was -28.40% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates. highest quarterly return 0.1626 2022-12-31 lowest quarterly return -0.2840 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A85_eoef--PerformanceTableTextBlock_zOLQrfHXQN8a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z3TshFxp2Vs3" style="width: 80%; border-collapse: collapse; font-size: 10pt" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 52%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_49E_20250101__20251231_zg5KuC3L1JUh" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_491_20210101__20251231_zwjazeak613a" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_496_20160101__20251231_ziNMz70VjiV6" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0in; color: #262526">Hennessy Cornerstone Value</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Fund – Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139155Member_zYu81tiWEvc4" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">18.27%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">13.59%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">10.48%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139155Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zFZclbXWvWWj" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526"> on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">16.30%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">12.02%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">8.61%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139155Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwy8hJN9F7y2" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526"> sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">12.21%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">10.67%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">8.05%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Cornerstone Value</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Fund – Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139156Member_zq5Jsfk52lI8" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">18.60%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">13.85%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">10.73%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell 1000® Value Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000ValueIndexMember_zSoDoET9Vw9l" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">15.91%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">11.33%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">10.53%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">S&P 500® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z8E4qZlZfcxj" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> 0.1827 0.1359 0.1048 0.1630 0.1202 0.0861 0.1221 0.1067 0.0805 0.1860 0.1385 0.1073 (reflects no deduction for fees, expenses, or taxes) 0.1591 0.1133 0.1053 0.1788 0.1442 0.1482 We use the Russell 1000® Value Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. We use the Russell 1000® Value Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY TOTAL RETURN FUND Investment Objective The Hennessy Total Return Fund seeks total return, consisting of capital appreciation and current income. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zEAlmbTNsIJc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zzSDAVKHLth1" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_988_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044803Member_gBFSFC-MIZB_zwXWBEc2i86k" style="padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; width: 65%">SHAREHOLDER FEES </td> <td style="width: 10%; padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zFXiamDudj22"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zdzaxEqbOioa" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_989_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044803Member_gBFOEC-HD_zrvbE1WsL2Ld" style="padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; width: 65%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_987_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139157Member_zAn3MRCgsSsa" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.60%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139157Member_z4Vv0MOXoCIf" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139157Member_zc6MOjzsXYQ4" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">2.50%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_985_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139157Member_z02mlKLmowzk" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Interest Expense</td> <td id="xdx_983_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139157Member_zrbkCMeepXif" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.98%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Remaining Other Expenses</td> <td id="xdx_984_eoef--Component3OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139157Member_zTrYD6gFAQY3" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.42%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139157Member_zxgJvUNS0Lb8" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">3.25%</td></tr> </table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0015 0.0250 0.0010 0.0198 0.0042 0.0325 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on the assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuNNQJQcZN7i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zmtla7ymmySe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 15%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_485_eoef--ExpenseExampleYear01_zlMuQ4rzBDU6" style="width: 18%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zOf9nOxs4Cmi" style="width: 17%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zV2yTYzRGL0h" style="width: 17%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zm79YV8AnaNk" style="width: 18%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td> <td style="width: 15%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td></tr> <tr id="xdx_417_20260302__20260302__oef--ClassAxis__custom--C000139157Member_ztYvhrGL08Nd" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$328</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,001</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,698</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">$3,549</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td></tr> </table> 328 1001 1698 3549 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio. 0.35 Principal Investment Strategy The Fund invests in the 10 highest dividend-yielding Dow Jones Industrial Average (“DJIA”) stocks (known as the “Dogs of the Dow”) and in U.S. Treasury securities with a maturity of less than one year. The Fund invests approximately 50% of its assets in the 10 Dogs of the Dow stocks in roughly equal dollar amounts and approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year. The Fund then utilizes a borrowing strategy that allows the Fund’s performance to approximate what it would be if the Fund had an asset allocation of roughly 75% Dogs of the Dow stocks and 25% U.S. Treasury securities. The Fund typically borrows money by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities. The total portfolio is divided into multiple sub-portfolios, each of which uses the Dogs of the Dow strategy. On various dates throughout the year, each of these sub-portfolios is reviewed. In a review, the Investment Manager determines the 10 highest yielding common stocks in the DJIA by annualizing the last quarterly or semi-annual ordinary dividend declared on each stock and dividing the result by the market value of that stock. The Fund then purchases those stocks in approximately equal amounts for the sub-portfolio being reviewed. From time to time, the Fund also may purchase an approximately equal amount of U.S. Treasury securities having a remaining maturity of less than one year for the sub-portfolio being reviewed. On the next date, another sub-portfolio is reviewed in a similar manner. Regardless of whether they remain in the DJIA or retain the characteristics of Dogs of the Dow Stocks, the Fund generally holds the stock investments within each sub-portfolio for one year, at which time the applicable sub-portfolio is up for another review. At the end of the one-year period, the Fund sells any stocks in the applicable sub-portfolio that are no longer Dogs of the Dow stocks and replaces them with stocks that are Dogs of the Dow stocks. Additionally, the Fund may sell a portion of the stocks that remain in the applicable sub-portfolio so that the rebalanced portion of the sub-portfolio adheres to the Fund’s asset allocation strategy. The Fund invests approximately 50% of its assets in the 10 Dogs of the Dow stocks in roughly equal dollar amounts and approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year. The value of your investment will fluctuate over time, and it is possible to lose money. Borrowing Risk: The Fund borrows against its investments by entering into reverse repurchase agreements secured by its portfolio of U.S. Treasury securities. Purchasing U.S. Treasury securities with borrowed money is an investment technique that increases investment risk because if the securities purchased with borrowed money decline in value, the Fund’s losses would be greater than if it had used cash to make purchases. Also, the Fund incurs interest costs when it borrows money, and these costs may exceed the investment returns it earns on the securities purchased with borrowed money. Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when the Fund seeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer, trustee, or receiver may receive an extension of time to determine whether to enforce the Fund’s obligation to repurchase the securities, and the Fund’s use of the proceeds from the reverse repurchase agreement may effectively be restricted pending such decision. Formula Investing Risk: The Fund will adhere to its strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund’s portfolio in a given year are experiencing financial difficulty or are out of favor with investors. Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Hennessy Total Return Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 75/25 Blended DJIA/Treasury Index (which consists of 75% common stocks represented by the DJIA and 25% short-duration Treasury securities represented by the ICE BofAML U.S. 3-Month Treasury Bill Index). For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Hennessy Total Return Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 75/25 Blended DJIA/Treasury Index (which consists of 75% common stocks represented by the DJIA and 25% short-duration Treasury securities represented by the ICE BofAML U.S. 3-Month Treasury Bill Index). The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS <img alt="" src="hennessy485bpos009.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zpMdf7rmYEZ3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000139157Member_zEJFJrioOdZk" style="display: none; width: 50%">12.92</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000139157Member_zGapwcVKkjj6" style="display: none">11.17</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000139157Member_zKfvnoa8qKUi" style="display: none">0.11</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000139157Member_zzo7ungAvEN7" style="display: none">12.56</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000139157Member_zEcapBB3pD38" style="display: none">-4.83</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000139157Member_zrYhIcAZvSbd" style="display: none">11.81</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000139157Member_zSeDXqRlB2D9" style="display: none">1.39</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000139157Member_zHAQekwbdP28" style="display: none">8.02</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000139157Member_zgODuWXEjmPi" style="display: none">2.89</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139157Member_zpyjUMPVxsHj" style="display: none">14.29</td></tr> </table> 0.1292 0.1117 0.0011 0.1256 -0.0483 0.1181 0.0139 0.0802 0.0289 0.1429 For the period shown on the bar chart, the Fund’s highest quarterly return was 12.66% for the quarter ended December 31, 2022, and the lowest quarterly return was -17.87% for the quarter ended March 31, 2020. highest quarterly return 0.1266 2022-12-31 lowest quarterly return -0.1787 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A89_eoef--PerformanceTableTextBlock_zHC1Rn4n6zq4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zQxR976oi6yg" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 50%; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td id="xdx_499_20250101__20251231_zTKrViANbzFk" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49E_20210101__20251231_zkshW0ixhHLi" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_499_20160101__20251231_zxcgiCBx8k64" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Hennessy Total Return Fund</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139157Member_z8V7Ohyvm1mi" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 13.5pt">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">14.29%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.57%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">6.84%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 13.5pt">Return after taxes</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139157Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zqtb5ocqpXlf" style="vertical-align: top"> <td style="padding-bottom: 4.45pt; color: #262526; padding-left: 17pt">on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">13.68%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">6.47%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">5.49%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 13.5pt">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 17pt">on distributions and</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139157Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zNAyHjR9Bhma" style="vertical-align: top"> <td style="padding-bottom: 4.45pt; color: #262526; padding-left: 17pt">sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">8.86%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">5.79%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">5.22%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">75/25 Blended </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 5.4pt">DJIA/Treasury Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 5.4pt">(reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SeventyFiveOrTwentyFiveDJLATreasuryIndexMember_zJOuC36oghKf" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; color: #262526; padding-left: 5.4pt">fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">12.25%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">9.64%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">10.52%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Dow Jones </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 5.4pt">Industrial Average</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 5.4pt">(reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--DowJonesIndustrialAverageIndexMember_z23XnYEbYZjb" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; color: #262526; padding-left: 5.4pt">fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">14.92%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">11.58%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.45pt; padding-left: 5.4pt; color: #262526; text-align: center">13.11%</td></tr> </table> 0.1429 0.0757 0.0684 0.1368 0.0647 0.0549 0.0886 0.0579 0.0522 (reflects no deduction for fees, expenses, or taxes) 0.1225 0.0964 0.1052 0.1492 0.1158 0.1311 We use the 75/25 Blended DJIA/Treasury Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. We use the 75/25 Blended DJIA/Treasury Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. HENNESSY EQUITY AND INCOME FUND Investment Objective The Hennessy Equity and Income Fund seeks long-term capital growth and current income. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zawIWHH4tpS2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zjSkaOnqiZxc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_98E_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038534Member_gBFSFC-YBM_zJ1ahrl3e3R2" style="width: 64%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526">Shareholder Fees </td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 9%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Investor</td> <td style="width: 9%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zwJzOz69qrx6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zAU7tnjgyQM9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_982_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038534Member_gBFOEC-SVD_zla57EzKQB26" style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 64%">Annual Fund Operating Expenses </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 9%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 9%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118924Member_zmBDE6Dsxp19" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.80%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118923Member_zccMo9npTnA6" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.80%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_980_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118924Member_zm0FiDlbCqAk" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118924Member_zr1LJJ7KKcS4" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.68%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98A_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118923Member_z440Yu6zzgd8" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.46%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_989_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118924Member_zCAlVU3VhOJ5" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_980_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118924Member_zhbICY9bKWB" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.58%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118923Member_zyIFDEaS4UQ" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">0.46%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_989_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118924Member_z7Zx4Gpv3lOj" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.63%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118923Member_zjNRfaTSY0Yd" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">1.26%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your 0.0080 0.0080 0.0015 0 0.0068 0.0046 0.0010 0 0.0058 0.0046 0.0163 0.0126 Example This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMWQK2LctiH5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zeTpxJzl8KBi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 46%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_487_eoef--ExpenseExampleYear01_zMM4haDtMT2b" style="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_z3mmlLy0W4Ql" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_zOeGHSVBCmZf" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zCp806HZcQOi" style="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_415_20260302__20260302__oef--ClassAxis__custom--C000118924Member_zX13mLhiKs5g" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$166</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$514</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$887</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,933</td></tr> <tr id="xdx_415_20260302__20260302__oef--ClassAxis__custom--C000118923Member_zBD4i0svMm9c" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$128</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$400</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$692</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,523</td></tr> </table> 166 514 887 1933 128 400 692 1523 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 27% of the average value of its portfolio. 0.27 Principal Investment Strategy The Fund is designed as a balanced fund that seeks income and long-term capital appreciation with reduced volatility of returns. The Portfolio Managers’ approach places a focus on seeking downside protection. Under normal circumstances, the Fund will invest up to 70% of its assets in equity securities and its remaining assets in fixed income securities. The Fund invests primarily in domestic companies whose securities are listed on U.S. national securities exchanges. The Fund may also invest in (i) foreign companies listed on U.S. national securities exchanges and (ii) foreign companies through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of common stocks, asset-backed and mortgage-backed securities, and debt instruments. As a non-principal investment strategy, the Fund may also invest in preferred stocks, equity-like instruments, and high-yield bonds. The Fund may invest directly in fixed income securities or it may invest indirectly in fixed income securities by investing in other investment companies (including exchange-traded funds, referred to as ETFs) that invest in fixed income securities. The Fund invests without regard to market capitalization. Equity Allocation The equity Portfolio Managers utilize a fundamental, value-oriented investment approach, focusing on larger, high-quality companies with demonstrated market dominance, low business risk, and solid long-term growth prospects. In choosing which securities to purchase, the equity Portfolio Managers give consideration to companies that have shareholder-oriented management, with a history of alignment with shareholder interests through stock incentives, insider buying, and corporate stock buybacks. Many of the stocks held by the Fund are expected to pay dividends. Generally, the equity Portfolio Managers may choose to sell a position if it begins to have a significant negative effect on total portfolio value, if they believe it has reached an excessive valuation level, when the company’s fundamentals deteriorate, or when a more attractive candidate is identified through the screening process. Fixed Income Allocation The fixed income Portfolio Managers focus on higher quality, intermediate-term fixed income securities, but they may invest up to 10% of the Fund’s assets in high-yield bonds. The fixed income Portfolio Managers continuously analyze and assess the variables that influence bond prices. They use this proprietary approach, which combines economic data and technical factors, to evaluate the probability of interest rate movements in order to manage the duration of the portfolio in an effort to mitigate downside risk and maximize total return. They purchase and sell securities in accordance with these principles to meet previously identified sector allocations, duration targets, and curve strategies for the fixed income allocation of the Fund. As of January 31, 2026, the bonds and cash equivalents held in the fixed income allocation of the Fund had a dollar-weighted average effective maturity of 4.42 years. Under normal circumstances, the Fund will invest up to 70% of its assets in equity securities and its remaining assets in fixed income securities. The value of your investment will fluctuate over time, and it is possible to lose money. Debt Investments Risk: The yields and principal values of debt securities fluctuate. Generally, values of debt securities change inversely with interest rates. That is, as interest rates go up, the values of debt securities tend to go down and vice versa. These fluctuations tend to increase in magnitude as a bond’s maturity increases such that a longer-term bond will increase or decrease more significantly with a given change in interest rates than a shorter-term bond. Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors. Asset-Backed and Mortgage-Backed Securities Risk: Asset-backed and mortgage-backed securities are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Investment Company Securities Risk: When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company’s losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company. ETF Risk: In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with an index that reflects a broad measure of market performance, the S&P 500® Index. For additional information on this index, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with an index that reflects a broad measure of market performance, the S&P 500® Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos010.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zaQ3Mtz7lOn" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000118924Member_zzpQDMesjZw8" style="display: none; width: 50%">5.73</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000118924Member_znb3kCncfycd" style="display: none">13.51</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000118924Member_zpkl9f2BVUY7" style="display: none">-4.33</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000118924Member_zJFY6J6n5rWh" style="display: none">15.99</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000118924Member_zFeZ96tox109" style="display: none">8.97</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000118924Member_zKwKRVELdlZd" style="display: none">16.71</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000118924Member_z07tYYcf6mfc" style="display: none">-13.85</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000118924Member_z4IbeotoJSU5" style="display: none">10.43</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000118924Member_zakDPUPOZM7i" style="display: none">10.23</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000118924Member_zHoiOvjmx6n4" style="display: none">6.73</td></tr> </table> 0.0573 0.1351 -0.0433 0.1599 0.0897 0.1671 -0.1385 0.1043 0.1023 0.0673 For the period shown in the bar chart, the Fund’s highest quarterly return was 12.62% for the quarter ended June 30, 2020, and the lowest quarterly return was -14.79% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses. highest quarterly return 0.1262 2020-06-30 lowest quarterly return -0.1479 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zy5uqZYYEFA9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zFQwz7paeFPk" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 50%; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td id="xdx_499_20250101__20251231_zdiADGkABC62" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49E_20210101__20251231_zUcTshe0Et3" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_499_20160101__20251231_z4pdhlhkhB2d" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Hennessy Equity and Income</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; color: #262526; padding-left: 6pt">Fund – Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118924Member_z5myVEBw5FXh" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 13.5pt">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">6.73%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">5.49%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">6.60%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 13.5pt">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118924Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zh7FJB5PcQD" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 17pt">on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">4.00%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">3.46%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">4.65%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 13.5pt">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 17pt">on distributions and </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118924Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSHGdfb7qxWj" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 17pt">sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">5.94%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">4.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">4.99%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Hennessy Equity and Income</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; color: #262526; padding-left: 6pt">Fund – Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118923Member_zqz6K5cg0VS2" style="vertical-align: top"> <td style="padding-bottom: 4.5pt; color: #262526; padding-left: 13.5pt">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.24%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">5.88%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.01%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">S&P 500® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 6pt">(reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zP7yKi73HHK3" style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 6pt">fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> 0.0673 0.0549 0.0660 0.0400 0.0346 0.0465 0.0594 0.0415 0.0499 0.0724 0.0588 0.0701 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. HENNESSY BALANCED FUND Investment Objective The Hennessy Balanced Fund seeks a combination of capital appreciation and current income. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zyjVa73bQ90f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zH7C8VTJKQZ2" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044804Member_gBFSFC-QBUG_zzgYPltqHcFl" style="width: 81%; padding-top: 4.45pt; padding-bottom: 1pt; color: #262526">SHAREHOLDER FEES </td> <td style="width: 10%; padding-top: 4.45pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="width: 9%; padding-top: 4.45pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_ztLYiVOrKuB7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zLeLV1slKz31" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044804Member_gBFOEC-AAWWK_zAlQ3QI6ZQe8" style="padding-top: 4.45pt; padding-bottom: 1pt; color: #262526; width: 81%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 4.45pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 10%"> </td> <td style="padding-top: 4.45pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 9%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139158Member_zunmLwgiMSll" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.60%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_985_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139158Member_zCwerLTZBtlh" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Distribution and Service (12b-1) Fees">0.15%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_980_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139158Member_z7yQrCDg0GJ9" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">1.13%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_983_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139158Member_zCYnfZCgx6L4" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_986_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139158Member_zsLWjeqUk90g" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">1.03%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139158Member_zcaJ1FjEPJGf" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">1.88%</td></tr> </table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.0015 0.0113 0.0010 0.0103 0.0188 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zU5iINvepqX3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zttRFEHi2q1g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_489_eoef--ExpenseExampleYear01_zWIdqHhahkUl" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_z6Ir3Uv2kHNf" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zXP2ujAeXZMh" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_z4ePQOwzDeEj" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td></tr> <tr id="xdx_41F_20260302__20260302__oef--ClassAxis__custom--C000139158Member_z9d6gfJrBMv3" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$191</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$591</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,016</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$2,201</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td></tr> </table> 191 591 1016 2201 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 39% of the average value of its portfolio. 0.39 Principal Investment Strategy The Fund invests approximately 50% of its assets in roughly equal dollar amounts in the 10 highest dividend-yielding Dow Jones Industrial Average (“DJIA”) stocks (known as the “Dogs of the Dow”), but limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year. The total portfolio is divided into multiple sub-portfolios, each of which uses the Dogs of the Dow strategy. On various dates throughout the year, each of these sub-portfolios is reviewed. During the review, the Investment Manager determines the 10 highest yielding common stocks in the DJIA by annualizing the last quarterly or semi-annual ordinary dividend declared on each stock and dividing the result by the market value of that stock. The Fund then purchases those stocks in approximately equal amounts for the sub-portfolio being reviewed. From time to time, the Fund also may purchase an approximately equal amount of U.S. Treasury securities having a remaining maturity of less than one year for the sub-portfolio being reviewed. On the next date, another sub-portfolio is reviewed in a similar manner. Regardless of whether they remain in the DJIA or retain the characteristics of Dogs of the Dow stocks, the Fund generally holds the stock investments within each sub-portfolio for one year, at which time the applicable sub-portfolio is up for another review. At the end of the one-year period, the Fund sells any stocks in the applicable sub-portfolio that are no longer Dogs of the Dow stocks and replaces them with stocks that are Dogs of the Dow stocks. Additionally, the Fund may sell a portion of the stocks that remain in the applicable sub-portfolio so that the rebalanced portion of the sub-portfolio adheres to the Fund’s asset allocation strategy. The Fund invests approximately 50% of its assets in roughly equal dollar amounts in the 10 highest dividend-yielding Dow Jones Industrial Average (“DJIA”) stocks (known as the “Dogs of the Dow”), but limits exposure to market risk and volatility by investing approximately 50% of its assets in U.S. Treasury securities with a maturity of less than one year. The value of your investment will fluctuate over time, and it is possible to lose money. Formula Investing Risk: The Fund will adhere to its strategy during the course of the year, subject to applicable Securities and Exchange Commission requirements and federal tax requirements relating to mutual funds, regardless of any adverse developments that may arise. This could result in substantial losses to the Fund if, for example, the stocks selected for the Fund’s portfolio in a given year are experiencing financial difficulty or are out of favor with investors. Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Hennessy Balanced Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 50/50 Blended DJIA/Treasury Index (which consists of 50% common stocks represented by the DJIA and 50% short-duration Treasury securities represented by the ICE BofAML 1-Year Treasury Note Index). For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Hennessy Balanced Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the DJIA, as well as an additional index that reflects the types of securities in which the Fund invests, the 50/50 Blended DJIA/Treasury Index (which consists of 50% common stocks represented by the DJIA and 50% short-duration Treasury securities represented by the ICE BofAML 1-Year Treasury Note Index). The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS <img alt="" src="hennessy485bpos011.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zM3QRt8C3Wfi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000139158Member_zKMtWb0c6t99" style="display: none; width: 50%">9.15</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000139158Member_z8A6tlEb9hUf" style="display: none">8.35</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000139158Member_znujJLcFNDS7" style="display: none">0.10</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000139158Member_zv48nHevxtte" style="display: none">9.69</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000139158Member_zk8Dq87L1E85" style="display: none">-2.98</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000139158Member_zcl62gDGYsr8" style="display: none">7.99</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000139158Member_zfcm5yTFmTe" style="display: none">-1.20</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000139158Member_zPU5MtykbAk2" style="display: none">5.24</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000139158Member_zwgA2JQiOfu6" style="display: none">3.24</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139158Member_zNdzKZ4LBGL6" style="display: none">9.89</td></tr> </table> 0.0915 0.0835 0.0010 0.0969 -0.0298 0.0799 -0.0120 0.0524 0.0324 0.0989 For the period shown on the bar chart, the Fund’s highest quarterly return was 7.31% for the quarter ended December 31, 2022, and the lowest quarterly return was -12.19% for the quarter ended March 31, 2020. highest quarterly return 0.0731 2022-12-31 lowest quarterly return -0.1219 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_z0yFEAFptnw2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z3PiybW4pNc4" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 50%; padding-right: 5.4pt; color: #262526"> </td> <td id="xdx_499_20250101__20251231_zgF9uisJTLKl" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49E_20210101__20251231_zP18x44bsa84" style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_499_20160101__20251231_zUeyXe1YaNVj" style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; color: #262526">Hennessy Balanced Fund</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139158Member_z7X2feV0MfU7" style="vertical-align: top"> <td style="padding-bottom: 0.05in; color: #262526; padding-left: 13.5pt">Return before taxes</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">9.89%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">4.96%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">4.84%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 13.5pt">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139158Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZ9ymn6vuP8g" style="vertical-align: top"> <td style="padding-bottom: 0.05in; color: #262526; padding-left: 17pt">on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">9.34%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">4.11%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">3.78%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 13.5pt">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 17pt">on distributions and</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139158Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zCNh76IPkdy8" style="vertical-align: top"> <td style="padding-bottom: 0.05in; color: #262526; padding-left: 17pt">sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">6.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">3.74%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">3.66%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">50/50 Blended </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 6pt">DJIA/Treasury Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 6pt">(reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FiftyFiftyBlendedDJIATreasuryIndexMember_zL3tqWy4GMA6" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; color: #262526; padding-left: 6pt">fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">9.67%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.27%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.77%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526">Dow Jones </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 6pt">Industrial Average</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; color: #262526; padding-left: 6pt">(reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--DowJonesIndustrialAverageIndexMember_zihRDTvEqvwc" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; color: #262526; padding-left: 6pt">fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.92%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">11.58%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">13.11%</td></tr> </table> 0.0989 0.0496 0.0484 0.0934 0.0411 0.0378 0.0615 0.0374 0.0366 (reflects no deduction for fees, expenses, or taxes) 0.0967 0.0727 0.0777 0.1492 0.1158 0.1311 We use the 50/50 Blended DJIA/Treasury Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. We use the 50/50 Blended DJIA/Treasury Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. HENNESSY ENERGY TRANSITION FUND Investment Objective The Hennessy Energy Transition Fund seeks total return. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zfmdxRl2Ehyj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zLKqTbOv9HL" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_98F_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000063244Member_gBFSFC-JUG_zK1QOfZDNuWj" style="width: 63%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES </td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 9%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Investor</td> <td style="width: 9%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center"> </td> <td style="width: 11%; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 0 <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zMXUhJlQ5Cqb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zR1qEdqtT6Si" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000063244Member_gBFOEC-XB_z9QVngBIIGVi" style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 63%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 9%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 9%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; width: 11%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_988_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_zc6T14Hjf1Q4" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">1.25%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_989_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205117Member_zPi0eaZrMQG8" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">1.25%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_zcVNHRi5Cll3" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Distribution and Service (12b-1) Fees">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_zSSx6Ct8MK8d" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">1.30%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_987_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205117Member_zztSYA4uXxBl" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">1.12%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_983_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_zHw3vusPwJJ5" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Shareholder Servicing">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1.15pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_989_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_zrq4hhAqaCtl" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">1.20%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_980_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205117Member_z4DUzRLaN4l6" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">1.12%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98A_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_zLt6cw3NwCh8" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">2.70%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205117Member_zAsePrdYKeMf" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">2.37%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Service Provider Expense Waiver1</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_987_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_fMQ_____zGK7lcSOMGre" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Service Provider Expense Waiver">(0.17)%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98B_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205117Member_fMQ_____zUH08uU8Hdka" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Service Provider Expense Waiver">(0.17)%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Net Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98A_eoef--NetExpensesOverAssets_iT_dp_c20260302__20260302__oef--ClassAxis__custom--C000205118Member_zugH0IqOCWe9" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Net Annual Fund Operating Expenses">2.53%</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_987_eoef--NetExpensesOverAssets_iT_dp_c20260302__20260302__oef--ClassAxis__custom--C000205117Member_z2gfjKhxQGCa" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Net Annual Fund Operating Expenses">2.20%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 9pt">1</td><td style="text-align: justify">Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million.</td></tr></table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0125 0.0015 0 0.0130 0.0112 0.0010 0 0.0120 0.0112 0.0270 0.0237 -0.0017 -0.0017 0.0253 0.0220 July 31, 2028 July 31, 2028 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFio7FffN9S4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zlZrDJ9UfKyb" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 44%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_48B_eoef--ExpenseExampleYear01_z4PgootChuuk" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_zh9VO7Qzyyk9" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_zlyJx9FcJEG7" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_480_eoef--ExpenseExampleYear10_z3n134Y1Rd17" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_414_20260302__20260302__oef--ClassAxis__custom--C000205118Member_zWDL2OfEwyFi" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$256</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$805</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,399</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$3,006</td></tr> <tr id="xdx_41F_20260302__20260302__oef--ClassAxis__custom--C000205117Member_ztR7futKOIqi" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$223</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$706</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,234</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$2,679</td></tr> </table> 256 805 1399 3006 223 706 1234 2679 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 33% of the average value of its portfolio. 0.33 Principal Investment Strategy The Fund invests in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of common stocks. The Fund may also invest up to 25% of its total assets in securities of energy-related master limited partnerships (“MLPs”). As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. With respect to up to 10% of its total assets, the Fund may invest in high-yield debt securities, preferred shares, and convertible securities. The Fund invests without regard to market capitalization. Under normal circumstances, the Fund invests at least 80% of its net assets in companies operating in the United States across the full spectrum of the energy supply/demand value chain, including traditional upstream, midstream, and downstream energy companies, as well as renewable energy companies and energy end users. The Portfolio Managers use a proprietary research and investment process that involves fundamental and quantitative analysis of various macroeconomic and commodity price and other factors to select the Fund’s investments and determine the weighting of each investment. The Portfolio Managers may sell all or a portion of a position of the Fund’s portfolio holding for a number of reasons, including (1) the issuer’s fundamentals deteriorating, (2) the parameters established for the security’s profits or losses being realized, or (3) the Fund requiring cash to meet redemption requests. Under normal circumstances, the Fund invests at least 80% of its net assets in companies operating in the United States across the full spectrum of the energy supply/demand value chain, including traditional upstream, midstream, and downstream energy companies, as well as renewable energy companies and energy end users. The value of your investment will fluctuate over time, and it is possible to lose money. Industry Concentration Risk: The Fund concentrates its investments in the Energy sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets. MLP Risk: Investment in securities of an MLP involves risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. MLPs are generally considered interest-rate sensitive investments. During periods when interest rates are rising, these investments may not provide attractive returns. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund will be taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099. MLP Tax Risk: A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation or other form of taxable entity for U.S. federal income tax purposes. This would require the MLP to pay U.S. federal income tax, excise tax, or another form of tax on its taxable income, thereby reducing the amount of cash available for distribution by the MLP and potentially causing any distributions received by the Fund to be taxed as dividend income, return of capital, or capital gain. Therefore, if any MLPs owned by the Fund were treated as corporations or other forms of taxable entity for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs could be materially reduced, which could cause a material decrease in the net asset value per share of the Fund’s shares. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund are taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099. Furthermore, because the MLP itself does not pay federal income tax, its income or loss is allocated to its shareholders, including the Fund, regardless of whether the shareholders receive any cash payment from the MLP. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. Cash Flow Risk: The Fund expects that a substantial portion of the cash flow it receives will be derived from its investments in MLPs. The amount and tax characterization of cash available for distribution by such companies depends upon the amount of cash generated by the such companies’ operations. Cash available for distribution may vary widely from quarter to quarter and will be affected by various factors affecting each company’s operations. The Fund periodically will distribute more than its income and net realized capital gains, which means a portion of each shareholder’s distribution would be a return of capital. A return of capital distribution reduces the basis of a shareholder’s shares so the shareholder may be required to recognize a capital gain when the shareholder sells shares. RIC Qualification Risk: To qualify for treatment as a regulated investment company (“RIC”) under the Code, the Fund must meet certain income source, asset diversification, and annual distribution requirements. The Fund’s MLP investments may make it more difficult for the Fund to meet these requirements. The asset diversification requirements include a requirement that, at the end of each quarter of each taxable year, not more than 25% of the value of the Fund’s total assets is invested in the securities (including debt securities) of one or more qualified publicly traded partnerships. The Fund anticipates that the MLPs in which it invests will be qualified publicly traded partnerships. If the Fund’s MLP investments exceed this 25% limitation, which could occur if the Fund’s investment in an MLP affiliate were recharacterized as an investment in an MLP, then the Fund would not satisfy the diversification requirements and could fail to qualify as a RIC. If, in any year, the Fund fails to qualify as a RIC for any reason, the Fund would be taxed as a corporation and would become subject to corporate income tax. The resulting corporate taxes could substantially reduce the Fund’s net assets, the amount of income available for distribution, and the amount of the Fund’s distributions. Liquidity Risk: The Fund may not be able to sell some or all of the investments that it holds due to a lack of demand in the marketplace or other factors such as market turmoil, or the Fund may be forced to sell an illiquid asset to meet redemption requests or other cash needs and may only be able to sell those investments at a loss. Illiquid assets may also be difficult to value. Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the market sector in which the Fund invests, the S&P 500® Energy Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the BP Capital TwinLine Energy Fund, a series of Professionally Managed Portfolios (the “Predecessor BP TwinLine Energy Fund”), pursuant to a reorganization that took place on October 26, 2018. The performance information provided for the periods on or prior to October 26, 2018, is historical information for the Predecessor BP TwinLine Energy Fund. The Predecessor BP TwinLine Energy Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the market sector in which the Fund invests, the S&P 500® Energy Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <div id="xdx_A81_eoef--BarChartTableTextBlock_zaBrTL9frEic"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zQaHhXtZnp8h" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000205118Member_zF0SUwqI0Kn6" style="display: none; width: 50%">42.96</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000205118Member_ztheg1jdMU9" style="display: none">1.89</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000205118Member_zfQbabbRw4Rf" style="display: none">-31.16</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000205118Member_zjt0SuKKmtN2" style="display: none">5.74</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000205118Member_zA6mFwgydB76" style="display: none">-25.72</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000205118Member_zpRhC1h9fGm2" style="display: none">55.42</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000205118Member_zTQoBJx1viPl" style="display: none">47.53</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000205118Member_zFSUuEGiyAf4" style="display: none">3.72</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000205118Member_z3guptCMnDOi" style="display: none">13.49</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000205118Member_zAdyKT3w64od" style="display: none">12.48</td></tr> </table> <img alt="" src="hennessy485bpos012.jpg"/> 0.4296 0.0189 -0.3116 0.0574 -0.2572 0.5542 0.4753 0.0372 0.1349 0.1248 For the period shown in the bar chart, the Fund’s highest quarterly return was 49.76% for the quarter ended June 30, 2020, and the lowest quarterly return was -59.88% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses. highest quarterly return 0.4976 2020-06-30 lowest quarterly return -0.5988 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A82_eoef--PerformanceTableTextBlock_zhwJbgWtAGgl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zr5tpLI8Fuxg" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_499_20250101__20251231_zira1oloAeZh" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49E_20210101__20251231_zYgfWbyzLZ0h" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_499_20160101__20251231_zhPsTuHfI4o2" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">Hennessy Energy </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> Transition Fund – </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> Investor Shares1 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205118Member_zhlBnh88pxPe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">12.48%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">24.87%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.11%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205118Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9IbYNYNdu" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> on distributions 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">12.34%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">23.68%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">8.59%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205118Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSBzXX0ejDzb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> sale of Fund shares 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.49%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">19.87%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">Hennessy Energy </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> Transition Fund – </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526"> Institutional Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205117Member_zOsGzZNmFn0b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">12.86%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">25.30%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">S&P 500® Energy Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for  </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500EnergyIndexMember_zp4VPrHkJ4h5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">8.67%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">23.78%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">8.32%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">S&P 500® Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zwdxQ1lF5zhg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">1 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load.</td></tr></table> 0.1248 0.2487 0.0911 0.1234 0.2368 0.0859 0.0749 0.1987 0.0718 0.1286 0.2530 0.0943 (reflects no deduction for fees, expenses, or taxes) 0.0867 0.2378 0.0832 0.1788 0.1442 0.1482 <p id="xdx_A87_eoef--PerformanceTableClosingTextBlock_z1cv6MoOxw7a" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We use the S&P 500® Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. We use the S&P 500® Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY MIDSTREAM FUND Investment Objective The Hennessy Midstream Fund seeks capital appreciation through distribution growth and current income. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zNkvnVhrIe7g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z9iOluJ7PDIk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98E_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000063245Member_gBFSFC-RNPOXGP_z5acXwLJOJK5" style="font: 10pt Times New Roman, Times, Serif; width: 65%; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td></tr> </table> SHAREHOLDER FEES  (fees paid directly from your investment) 0 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zgl99ZAs0B75"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zQyFVpqGNBt5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_986_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000063245Member_gBFOEC-OJWVZ_zC5wNgUVZikd" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1.15pt; color: #262526; width: 65%">ANNUAL FUND OPERATING EXPENSES </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1.15pt; color: #262526; text-align: center; width: 8%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1.15pt; color: #262526; text-align: center; width: 8%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1.15pt; color: #262526; text-align: center; width: 8%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1.15pt; color: #262526; text-align: center; width: 11%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_980_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_zjng1MgT2Bdi" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Management Fees">1.10%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_98A_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205120Member_z4fjSoC72ja1" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Management Fees">1.10%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_984_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_zd3C37XfaiQc" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Distribution and Service (12b-1) Fees">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_zoEJnPKJvwz6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Other Expenses">0.67%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205120Member_zdAjyqtyyk8f" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Other Expenses">0.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.15pt; padding-left: 13.5pt; color: #262526">Shareholder Servicing</td> <td id="xdx_983_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_zQS0XOpwefK3" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Shareholder Servicing">0.10%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.15pt; padding-left: 13.5pt; color: #262526">Franchise and Income</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.15pt; padding-left: 13.5pt; color: #262526"> Tax Expenses1 </td> <td id="xdx_98C_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_fMQ_____zlFujpA4Behd" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Remaining Other Expenses">0.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_985_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205120Member_fMQ_____zoN0eP8cILX7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Remaining Other Expenses">0.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.15pt; padding-left: 13.5pt; color: #262526">Remaining Other Expenses2 </td> <td id="xdx_983_eoef--Component3OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_fMg_____zpc0tn7WdIJc" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Remaining Other Expenses">0.57%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_983_eoef--Component3OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205120Member_fMg_____zE8xrttbHCR6" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Remaining Other Expenses">0.43%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_982_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_zuUFDg7fxHT5" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Total Annual Fund Operating Expenses">1.92%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_98E_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205120Member_ziZp90ELcWJ8" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Total Annual Fund Operating Expenses">1.53%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Expense Reimbursement3,4 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_987_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_fMyA0_zNdxL2Ahqhyl" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Expense Reimbursement">(0.16)%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_980_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000205120Member_fMyA0_zw2ebPp0nIba" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Expense Reimbursement">(0.08)%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526">Total Annual Fund Operating Expenses </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526"> After Expense Reimbursement</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_989_eoef--NetExpensesOverAssets_iT_dp_c20260302__20260302__oef--ClassAxis__custom--C000205119Member_zirO6hPgCI3d" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Total Annual Fund Operating Expenses After Expense Reimbursement">1.76%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_98D_eoef--NetExpensesOverAssets_iT_dp_c20260302__20260302__oef--ClassAxis__custom--C000205120Member_zfLUg9Mrc9u7" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.15pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Total Annual Fund Operating Expenses After Expense Reimbursement">1.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">1 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Includes state franchise taxes and federal and state income tax expenses, including deferred tax expenses (benefits). The Fund accrues a deferred tax liability (or asset) for its future tax liability associated with the Fund’s potential tax expense (benefit) if it were to recognize the unrealized gains (losses) in its portfolio. Such deferred tax expenses (benefits) may vary greatly from year to year and from day to day depending on the nature of the Fund’s investments, the performance of those investments, and general market conditions, and any estimate of deferred income tax expense (benefit) cannot be reliably predicted from year to year.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">2 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Includes 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, so the information presented in the expense table may differ from that presented in the financial highlights.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">3 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">The Fund’s investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 1.75% and 1.50% of the average daily net assets of the Investor Class and Institutional Class shares of the Fund, respectively. The contractual arrangement will continue until February 28, 2027, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date). The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">4 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million.</td></tr></table> ANNUAL FUND OPERATING EXPENSES  (expenses that you pay each year as a percentage of the value of your investment) 0.0110 0.0110 0.0015 0 0.0067 0.0043 0.0010 0 0.0000 0.0000 0.0057 0.0043 0.0192 0.0153 -0.0016 -0.0008 0.0176 0.0145 Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights. February 28, 2027 February 28, 2027 EXAMPLE This Example is intended to help you compare the cost of investing in shares of this Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdQQ5RWl5Pqe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zLWrbbGbNSyl" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 42%; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_z7SmaYAwBo61" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z60xFTW9MLM3" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_zDspcWUVEKm4" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_ze7Nl9FlFrHi" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_41B_20260302__20260302__oef--ClassAxis__custom--C000205119Member_zdAd843zwJ5c" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$179</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$577</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,012</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$2,222</td></tr> <tr id="xdx_41A_20260302__20260302__oef--ClassAxis__custom--C000205120Member_zIwBEbIUVUN3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Institutional</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$148</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$467</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$ 819</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,810</td></tr> </table> 179 577 1012 2222 148 467 819 1810 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 6% of the average value of its portfolio. 0.06 Principal Investment Strategy The Fund invests in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Investments consist primarily of master limited partnerships (“MLPs”) and common stocks. As a non-principal investment strategy, the Fund may also invest in securities such as preferred stocks, warrants, equity-like instruments, and debt instruments. With respect to up to 10% of its total assets, the Fund may invest in high-yield debt securities, preferred shares, and convertible securities. The Fund invests without regard to market capitalization. Under normal circumstances, the Fund invests at least 80% of its net assets in midstream energy infrastructure companies. An issuer is considered to be a midstream energy infrastructure company if it owns and operates assets used in energy logistics, including, without limitation, assets used in transporting, storing, gathering, processing, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products, coal, or electricity, or provides energy-related equipment and services. In selecting investments for the Fund, the Portfolio Managers combine a top-down deductive reasoning approach with a detailed bottom-up analysis of individual companies that have exposure to the trends identified. The Portfolio Managers may sell all or a portion of a position of the Fund’s portfolio holding for a number of reasons, including (1) the issuer’s fundamentals deteriorating, (2) the parameters established for the security’s profits or losses being realized, or (3) the Fund requiring cash to meet redemption requests. The Fund is non-diversified under the Investment Company Act and under Subchapter M of the Internal Revenue Code (the “Code”). Accordingly, the Fund typically invests a greater portion of its assets, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. In addition, as a “C” corporation, the Fund generally will be subject to U.S. federal income tax on its taxable income at the tax rate applicable to corporations (currently 21%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local income taxes by reason of its investments in equity securities of MLPs. Under normal circumstances, the Fund invests at least 80% of its net assets in midstream energy infrastructure companies. The value of your investment will fluctuate over time, and it is possible to lose money. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zglU1bPtU5J4" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Industry Concentration Risk: The Fund concentrates its investments in the Energy sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Energy sector may be adversely affected by fluctuations in commodity prices, reduced supply or demand of energy commodities, the disruption of energy supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on energy assets. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zUTKquljkqCe" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act and employs a concentrated investment strategy. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified, less concentrated fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities. As of January 31, 2026, approximately 90% of the Fund’s assets were invested in its top 10 holdings. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRisksMember_zjltOidwBt5f" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Tax Risks: Tax risks associated with investments in the Fund include, but are not limited to, the following: <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FundStructureRiskMember_zS90bxF42Oqk" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.7pt">Fund Structure Risk. Unlike most open-end mutual funds that are structured as regulated investment companies for U.S. federal income tax purposes and unlike entities treated as partnerships for tax purposes, the Fund will be taxable as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. This means the Fund generally will be subject to U.S. federal income tax on its taxable income at the tax rate applicable to corporations (currently 21%), will not benefit from current favorable federal income tax rates on long-term capital gains, and will be subject to state and local income taxes by reason of its investments in equity securities of MLPs. Fund income and losses will not be passed through to shareholders. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MlpTaxRiskMember_zmhIBJIl7fBl" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.7pt">MLP Tax Risk. A change in current tax law, or a change in the business of a given MLP, could result in an MLP being treated as a corporation or other form of taxable entity for U.S. federal income tax purposes. This would require the MLP to pay U.S. federal income tax, excise tax, or another form of tax on its taxable income, thereby reducing the amount of cash available for distribution by the MLP and potentially causing any distributions received by the Fund to be taxed as dividend income, return of capital, or capital gain. Therefore, if any of the MLPs owned by the Fund were treated as corporations or other form of taxable entity for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs could be materially reduced, which could cause a material decrease in the net asset value of the Fund’s shares. If the Fund holds an MLP until its cost basis for tax purposes is reduced to zero, subsequent distributions received by the Fund are taxed at ordinary income rates, and a shareholder may receive a corrected Form 1099. Furthermore, because the MLP itself does not pay federal income tax, its income or loss is allocated to its shareholders, including the Fund, regardless of whether the shareholders receive any cash payment from the MLP. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxEstimationnavRiskMember_z4MnpPiFPi6g" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.7pt">Tax Estimation/NAV Risk. In calculating the Fund’s net asset value, the Fund will account for its current taxes and deferred tax liability or asset balances. The Fund will accrue a deferred income tax liability balance, at the then-effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with the capital appreciation of its investments and the distributions received by the Fund from the companies in which it invests that are considered to be return of capital and for any net operating gains. Any deferred tax liability balance reduces the Fund’s net asset value. The Fund may also accrue a deferred tax asset balance, which reflects an estimate of the Fund’s future tax benefit associated with net operating losses and unrealized losses. Any deferred tax asset balance will increase the Fund’s net asset value. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MLPRiskMember_ziu0msvtmnEh" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">MLP Risk: Investments in securities of an MLP involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. MLPs are generally considered interest-rate sensitive investments. During periods when interest rates are rising, these investments may not provide attractive returns. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendDistributionRiskMember_zqblo07zfGV5" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Dividend Distribution Risk: The Fund’s dividend distribution policy is intended to provide consistent distributions to its shareholders at a rate that over time is similar to the distribution rate the Fund receives from the companies in which it invests, without offset for the expenses of the Fund. The amount of the Fund’s distributions is based on, among other considerations, cash and stock distributions the Fund actually receives from portfolio investments, including returns of capital and any special cash payments received to offset distribution reductions resulting from restructurings. Furthermore, the Fund’s total distribution payment amount may be derived from net income, net profit from the sale of securities, or other capital sources (the latter of which represents a return of capital). A return of capital occurs when some or all of the money that a shareholder invested in the Fund is paid back to the shareholder. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” Shareholders should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions. For certain securities held by the Fund, such as MLP units, the percentages attributed to each category (net income, net profit from sale, and other capital sources) are estimated using historical information because the character of the amounts received from such entities is unknown until after the end of the calendar year. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashFlowRiskMember_z4RQC7VFSDg1" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Cash Flow Risk: The Fund expects that a substantial portion of the cash flow it receives will be derived from its investments in MLPs. The amount and tax characterization of cash available for distribution by such companies depends upon the amount of cash generated by such companies’ operations. Cash available for distribution may vary widely from quarter to quarter and will be affected by various factors affecting each company’s operations. The Fund periodically will distribute more than its income and net realized capital gains, which means a portion of a shareholder’s distribution would be a return of capital. A return of capital distribution reduces the basis of a shareholder’s shares so a shareholder may be required to recognize a capital gain when the shareholder sells shares. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediumsizedCompanyRiskMember_z2CW9XPNlTId" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Medium-Sized Company Risk: The Fund invests in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zIn8NacbOCT3" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Liquidity Risk: MLP common units and equity securities of MLP affiliates, including I-Shares, often trade on national securities exchanges. However, certain securities, including those of issuers with smaller capitalizations, may trade less frequently. The market movements of such securities with limited trading volumes may be more abrupt or erratic than those with higher trading volumes. As a result of the limited liquidity of such securities, the Fund could have greater difficulty selling such securities at the time and price that the Fund would like. This may also adversely affect the Fund’s ability to remit dividend payments to shareholders. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zooQNvlSnnXi" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEquityInvestmentsRiskMember_zP1hQLziZcTc" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_zde1D0Es6kRf" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TemporaryDefensivePositionsRiskMember_zpWobgDyYdE3" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political other conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Alerian US Midstream Energy Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund is the successor to the BP Capital TwinLine MLP Fund, a series of Professionally Managed Portfolios (the “Predecessor BP TwinLine MLP Fund”), pursuant to a reorganization that took place on October 26, 2018. The performance information provided for the periods on or prior to October 26, 2018, is historical information for the Predecessor BP TwinLine MLP Fund. The Predecessor BP TwinLine MLP Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Alerian US Midstream Energy Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos013.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zjAmy2zouomh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center; visibility: hidden"> <th style="display: none; visibility: hidden">Years</th> <th style="display: none; visibility: hidden">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden">2016</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000205119Member_zfcJIrhKjIEh" style="display: none; width: 50%; visibility: hidden">21.55</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000205119Member_zTflp6pcjnEk" style="display: none; visibility: hidden">-4.97</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000205119Member_zTxG4Rh0TZKk" style="display: none; visibility: hidden">-21.20</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000205119Member_zSq7LkgParUa" style="display: none; visibility: hidden">11.76</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000205119Member_z0Oi6iHWPVHc" style="display: none; visibility: hidden">-31.28</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000205119Member_zYKFEOTn6CN5" style="display: none; visibility: hidden">35.93</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000205119Member_z3qrbE2UIqN3" style="display: none; visibility: hidden">28.82</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000205119Member_zTrNwaB3Bz59" style="display: none; visibility: hidden">23.39</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000205119Member_zN5biiJwGg03" style="display: none; visibility: hidden">35.94</td></tr> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000205119Member_z97M87jn0Wpa" style="display: none; visibility: hidden">-0.74</td></tr> </table> 0.2155 -0.0497 -0.2120 0.1176 -0.3128 0.3593 0.2882 0.2339 0.3594 -0.0074 For the period shown in the bar chart, the Fund’s highest quarterly return was 37.93% for the quarter ended June 30, 2020, and the lowest quarterly return was -53.24% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses. highest quarterly return 0.3793 2020-06-30 lowest quarterly return -0.5324 2020-03-31 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A84_eoef--PerformanceTableTextBlock_zMNqlLRJtt8g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zYljrWEr1ZL2" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_499_20250101__20251231_zAtgqkW5DFr7" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49E_20210101__20251231_zZGZAkNKHifd" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_499_20160101__20251231_zLeQb7GlgEcj" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">Hennessy Midstream Fund – </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> Investor Shares1 </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205119Member_zt4ZqwKnVvM" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.7pt; padding-left: 13.5pt; color: #262526">Return before taxes 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">-0.74%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">23.86%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">7.38%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205119Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zus4A6Cd987e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.7pt; padding-left: 13.5pt; color: #262526"> on distributions 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">-1.76%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">22.99%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">6.96%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205119Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zn1Jw4JEXQH4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.7pt; color: #262526"> sale of Fund shares 1</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">0.32%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">19.57%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">5.91%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">Hennessy Midstream Fund – </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> Institutional Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000205120Member_zt6RovF2NDQ6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.7pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">-0.47%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">24.17%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">7.65%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">Alerian US Midstream </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> Energy Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for  </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--AlerianUSMidstreamEnergyIndexMember_zgpdjLRfB9Pj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">2.73%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">28.23%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">12.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">S&P 500® Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zmsDahoY3tm4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">1 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load.</td></tr></table> -0.0074 0.2386 0.0738 -0.0176 0.2299 0.0696 0.0032 0.1957 0.0591 -0.0047 0.2417 0.0765 (reflects no deduction for fees, expenses, or taxes) 0.0273 0.2823 0.1292 0.1788 0.1442 0.1482 <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zoXuMIpmBdk3" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We use the Alerian US Midstream Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. We use the Alerian US Midstream Energy Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. HENNESSY GAS UTILITY FUND Investment Objective The Hennessy Gas Utility Fund seeks income and capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zw5R44WS9zv9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zDp80Ki4R7C9" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98C_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038533Member_gBFOEC-QAXJK_zendpEjyEoR4" style="font: 10pt Times New Roman, Times, Serif; width: 57%; padding-bottom: 1pt; color: #262526">Shareholder Fees </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 7%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 11%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td></tr> </table> Shareholder Fees  (fees paid directly from your investment) 0 0 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zxlH1Ox5S9H4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zPn5pX8qbtOe" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_985_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038533Member_gBFOEC-UU_zJWugVnfaDUc" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; width: 57%">Annual Fund Operating Expenses </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1pt; color: #262526; text-align: center; width: 7%"> </td> <td id="xdx_492_20260302__20260302__oef--ClassAxis__custom--C000118922Member_zBNTXTYdoyPj" style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1pt; color: #262526; text-align: center; width: 8%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1pt; color: #262526; text-align: center; width: 7%"> </td> <td id="xdx_490_20260302__20260302__oef--ClassAxis__custom--C000179119Member_zrXRbEHE6gse" style="font: 10pt Times New Roman, Times, Serif; padding: 5.4pt 5.4pt 1pt; color: #262526; text-align: center; width: 11%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dp_zy38axKmvDVb" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">0.40%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">0.40%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dp_zmZabfKwKkY4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">0.42%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">0.27%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 13.5pt; color: #262526">Shareholder Servicing</td> <td id="xdx_988_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118922Member_zXPX0OMjwlEe" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Shareholder Servicing">0.10%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 13.5pt; color: #262526">Remaining Other Expenses</td> <td id="xdx_980_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118922Member_zpe9FViisAE4" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Remaining Other Expenses">0.32%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td id="xdx_98F_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000179119Member_z98rovOTXDte" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt" title="Remaining Other Expenses">0.27%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dp_zu8voGU82PIg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">0.97%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; padding-left: 5.4pt">0.67%</td></tr> </table> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) 0.0040 0.0040 0.0015 0 0.0042 0.0027 0.0010 0 0.0032 0.0027 0.0097 0.0067 Example This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQWl382ZLDKa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zPfcT76UEdp7" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 47%; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> </td> <td id="xdx_486_eoef--ExpenseExampleYear01_zTRBkKgPGef" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_ziVWCaROj8wl" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zOrr0VtOQik5" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_zKXGQnTWqAff" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_416_20260302__20260302__oef--ClassAxis__custom--C000118922Member_zguTaUUiciA9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$99</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$309</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$536</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,190</td></tr> <tr id="xdx_41A_20260302__20260302__oef--ClassAxis__custom--C000179119Member_zBmG0Bx7aAae" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Institutional</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$68</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$214</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$373</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$ 835</td></tr> </table> 99 309 536 1190 68 214 373 835 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 26% of the average value of its portfolio. 0.26 Principal Investment Strategy The Fund may invest in any company whose securities are listed on a U.S. national securities exchange, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund intends to provide investment results that replicate the performance of the American Gas Association Stock Index (the “AGA Stock Index”). The AGA Stock Index is maintained by the American Gas Association, a national trade association of natural gas distribution companies, and is licensed exclusively to the Investment Manager for use as an investment strategy. Calculated monthly, the AGA Stock Index consists of all member companies of the American Gas Association whose securities are traded on a U.S. stock exchange, which include natural gas distribution, gas pipeline, diversified gas, and combination gas and electric companies. The stocks included in the Fund are chosen solely on the basis of their inclusion in the AGA Stock Index. Under normal circumstances, the Fund intends to invest at least 85% of its net assets in the common stock of companies that have natural gas distribution and transmission operations, and no attempt is made to actively manage the Fund’s portfolio by using economic, financial, or market analysis. The adverse financial situation of a company will not result in its elimination from the Fund’s portfolio unless the company is removed from the AGA Stock Index. The percentage of the Fund’s assets invested in the stock of a particular company is approximately the same as the percentage weighting of such company in the AGA Stock Index. The percentage weighting of each company in the AGA Stock Index is an amount equal to such company’s market capitalization multiplied by the percentage of such company’s assets devoted to natural gas distribution and transmission. The latter component of this calculation is used to recognize the natural gas distribution and transmission component of the company’s asset base. There is no predetermined acceptable range of the difference between the total return of the AGA Stock Index and the total return of the Fund. Any difference is likely the result of various expenses incurred by the Fund, such as management fees, transaction costs, and other operating expenses, as well as subscription and redemption activity. On the other hand, the Fund does attempt to achieve a correlation of monthly returns with the AGA Stock Index of approximately 95% or better. A correlation of 100% would mean the total return of the Fund’s assets would increase and decrease at exactly the same rate as the total return of the AGA Stock Index. Under normal circumstances, the Fund intends to invest at least 85% of its net assets in the common stock of companies that have natural gas distribution and transmission operations, and no attempt is made to actively manage the Fund’s portfolio by using economic, financial, or market analysis. The value of an investment will fluctuate over time, and it is possible to lose money. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zP3gmuGRnJQ6" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Industry Concentration Risk: The Fund concentrates its investments in the natural gas and transmission industry and its performance is therefore tied closely to, and affected by, developments in this industry. Natural gas companies may be adversely affected by fluctuations in natural gas prices, reduced supply or demand of natural gas, the disruption of natural gas supplies transported on interstate pipelines, depletion of reserves, extreme weather or environmental hazards, accidents or other operating issues, changes in the regulatory environment, slowdowns in new construction, rising interest rates, and terrorist threats on natural gas assets. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexTrackingRiskMember_z5MPLUa3tj9d" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Index Tracking Risk: While the Fund seeks to track the performance of the AGA Stock Index as closely as possible, the Fund’s return may not always be able to match or achieve a high correlation due to factors such as the expenses incurred by the Fund, such as management fees, transaction costs, and other operating expenses, that are not incurred by the AGA Stock Index and the possibility that the Fund may experience significant subscriptions or redemptions. In addition, the Fund may not be fully invested at all times as a result of cash flows into the Fund or reserves of cash that are maintained in order to cover operating expenses and meet redemption requests. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zaDAxAaL4y2f" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEquityInvestmentsRiskMember_zkzfblEraAV9" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_znHSqSAwuBw7" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index reflecting a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the market sector in which the Fund invests, the AGA Stock Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index reflecting a broad measure of market performance, the S&P 500® Index, as well as an additional index that reflects the market sector in which the Fund invests, the AGA Stock Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos014.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zsUfh550H8Hc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000118922Member_zrUEKbAJLUoi" style="display: none; width: 50%">20.70</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000118922Member_zVblJVKm2Yrd" style="display: none">7.03</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000118922Member_zKEGp4IlqeM9" style="display: none">-3.51</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000118922Member_zeMeN8X6p8P9" style="display: none">20.78</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000118922Member_zNLWftOrIVJ4" style="display: none">-9.32</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000118922Member_z0My7zZJQBv9" style="display: none">19.52</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000118922Member_zTEfVncGiBvh" style="display: none">6.15</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000118922Member_z0arABFGLkl1" style="display: none">0.27</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000118922Member_zPtMtF81T0k2" style="display: none">24.95</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000118922Member_zXYHsFSAVNZ" style="display: none">10.40</td></tr> </table> 0.2070 0.0703 -0.0351 0.2078 -0.0932 0.1952 0.0615 0.0027 0.2495 0.1040 For the period shown in the bar chart, the Fund’s highest quarterly return was 14.07% for the quarter ended March 31, 2019, and the lowest quarterly return was -19.09% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class differs from that of the Fund’s Investor Class shares because the share classes have different expenses. highest quarterly return 0.1407 2019-03-31 lowest quarterly return -0.1909 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zQJMqGS5gAg1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zOnC4Pqn2w3g" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_498_20250101__20251231_zmIOF4R0vA1k" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_492_20210101__20251231_zrtsDx7ZTdN9" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_49D_20160101__20251231_zTXATPqqMzm8" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">Hennessy Gas Utility</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Fund – Investor Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118922Member_zvSxRf3YuGBc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">10.40%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">11.90%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.13%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118922Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zG6w2Z39OgR3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> on distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.55%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.62%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.13%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118922Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zLSMntotW9I5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> sale of Fund shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">8.22%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.14%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">7.00%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">Hennessy Gas Utility</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Fund – Institutional Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000179119Member_zCYMrb8CPAV4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">10.70%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">12.24%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.43%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">AGA Stock Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--AGAStockIndexMember_z9ID4MuEHXBk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">11.24%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">12.65%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">10.18%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; color: #262526">S&P 500® Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zNRTwwjyujC" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> 0.1040 0.1190 0.0913 0.0755 0.0962 0.0713 0.0822 0.0914 0.0700 0.1070 0.1224 0.0943 (reflects no deduction for fees, expenses, or taxes) 0.1124 0.1265 0.1018 0.1788 0.1442 0.1482 <p id="xdx_A8A_eoef--PerformanceTableClosingTextBlock_zSllR99vETxa" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We use the AGA Stock Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. The inception date of the Fund’s Institutional Class shares is March 1, 2017. Performance shown prior to the inception of Institutional Class shares reflects the performance of the Fund’s Investor Class shares and includes expenses that are not applicable to, and are higher than, the Fund’s Institutional Class shares. We use the AGA Stock Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. HENNESSY JAPAN FUND Investment Objective The Hennessy Japan Fund seeks long-term capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zUOz88UZJ2Ri"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zkQKVr354UCi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_987_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044805Member_gBFSFC-ACGAWF_zNdNoBJcDgk9" style="font: 10pt Times New Roman, Times, Serif; width: 64%; padding-bottom: 1pt; color: #262526">Shareholder Fees </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 9%; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 9%; padding-bottom: 1pt; color: #262526; text-align: center">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-bottom: 1pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 0in; color: #262526"> (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> Shareholder Fees  (fees paid directly from your investment) 0 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zCHuU2ChJSe3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zHrz3gxdAI1e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_98D_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044805Member_gBFOEC-QNVC_zL6Eeqx92Rac" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; width: 64%">Annual Fund Operating Expenses </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 9%"> </td> <td id="xdx_492_20260302__20260302__oef--ClassAxis__custom--C000139160Member_zpc7U9FoJV89" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 9%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 8%"> </td> <td id="xdx_490_20260302__20260302__oef--ClassAxis__custom--C000139159Member_zmjPt8oGFjXf" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 0in; color: #262526"> (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dp_zzMxUXVAttbj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 0in; color: #262526">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.80%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 0in; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_z3AWfWEBIzP2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 0in; color: #262526">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.46%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.25%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 13.5pt; color: #262526">Shareholder Servicing</td> <td id="xdx_98D_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139160Member_zypvgkF7Kn8f" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Shareholder Servicing">0.10%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 13.5pt; color: #262526">Remaining Other Expenses1 </td> <td id="xdx_98A_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139160Member_fMQ_____zuDgLTkQM5rj" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.36%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98A_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139159Member_fMQ_____zKrCrefXQiBc" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.25%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dp_zFXePqO1N9Pa" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 0in; color: #262526">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">1.41%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">1.05%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">1 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Includes 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, so the information presented in the expense table may differ from that presented in the financial highlights.</td></tr></table> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0015 0 0.0046 0.0025 0.0010 0 0.0036 0.0025 0.0141 0.0105 Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights. Example This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zudxqDXtjvH"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zgkPgXwiTKI8" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 47%; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zTICZoEJkNd9" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_z2bsBAKWRjKg" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_489_eoef--ExpenseExampleYear05_zsVHZG7qSFj2" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_zgHk1eBGVyje" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_416_20260302__20260302__oef--ClassAxis__custom--C000139160Member_zgTScTbIEvg1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$144</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$446</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$771</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,691</td></tr> <tr id="xdx_41A_20260302__20260302__oef--ClassAxis__custom--C000139159Member_z4F6FHrNnT17" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Institutional</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$107</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$334</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$579</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,283</td></tr> </table> 144 446 771 1691 107 334 579 1283 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 16% of the average value of its portfolio. 0.16 Principal Investment Strategy Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of Japanese companies. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies. The Fund invests in companies regardless of market capitalization. As of January 31, 2026, the average market capitalization of the stocks held by the Fund was $62.40 billion. While the Fund is considered a diversified mutual fund, it employs a relatively concentrated investment strategy and may hold securities of fewer issuers than other diversified funds. Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential “value gap” by screening for companies that they identify as having strong businesses and management, trading at attractive prices. The Portfolio Managers limit the portfolio to what they consider to be their best ideas and maintain a concentrated number of holdings. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company’s prospects have changed, that a company’s stock is fully valued by the market, or that the company is beginning to show deteriorating fundamentals. They also may sell an investment if it becomes, in their determination, too large of a position in the Fund. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of Japanese companies. The value of aninvestment will fluctuate over time, and it is possible to lose money. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesForeignCurrencyandJapanSpecificRiskMember_zT3wlBakwodc" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Foreign Securities, Foreign Currency, and Japan-Specific Risk: There are specific risks associated with investing in the securities of foreign companies, including fluctuations in the exchange rates of foreign currencies that impact the U.S. dollar value of a security. The Fund concentrates its investments in the securities of Japanese companies, and the Fund’s performance may be affected by the social, political, regulatory, and economic conditions in Japan. The Japanese economy has at times been negatively affected by government intervention and protectionism, excessive regulation, periods of deflation or low economic growth, an unstable financial services sector, a heavy reliance on international trade, and natural disasters such as earthquakes, tsunamis, and typhoons. Japan also faces structural challenges, including a large government debt burden, an aging and shrinking population, and changes in corporate governance practices. These issues, as well as changes in Japan’s fiscal, monetary, or trade policies, may adversely affect Japanese issuers and the Fund’s performance. Japan’s international trade impacts Japan’s economic growth, and adverse economic conditions in the United States or other trading partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political, and social instability, territorial disputes, or other adverse developments in those countries or in the broader Asian region. In addition, Japan’s relations with neighboring countries have at times been strained, which could create uncertainty in Japanese markets and adversely affect the Fund. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zBLEcbQ3LUlc" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Financials and Industrials sectors, and its performance is therefore tied closely to, and affected by, developments in these industries. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallSizedAndMediumSizedCompaniesRiskMember_zPNdaWOZQqk" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Small-Sized and Medium-Sized Companies Risk: The Fund may invest in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanySecuritiesRiskMember_zlvsbwpuwinh" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Investment Company Securities Risk: When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company’s losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zGAxtwwGZqkc" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">ETF Risk: In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEquityInvestmentsRiskMember_zqo2IFvcGqD1" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_z3hCgEf2hSvg" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell/Nomura Total Market™ Index and the Tokyo Stock Price Index (TOPIX). For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Russell/Nomura Total Market™ Index and the Tokyo Stock Price Index (TOPIX). The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos015.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zbnDsgU9S6l2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000139160Member_z6fUy6kS0Ah8" style="display: none; width: 50%">11.26</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000139160Member_z1g9dMfNwhH6" style="display: none">32.04</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000139160Member_zDQu1A0G9Uei" style="display: none">-6.57</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000139160Member_z3mYWhlbFcNc" style="display: none">18.04</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000139160Member_zQ6ATYUCD9Mh" style="display: none">25.52</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000139160Member_zktb9baBZsUa" style="display: none">-3.07</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000139160Member_zQSVK8VVLOI9" style="display: none">-30.65</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000139160Member_zYCNmKaR7ZX4" style="display: none">22.85</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000139160Member_zBUFxPXXZTcl" style="display: none">18.72</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139160Member_zxISlH9A3xDf" style="display: none">14.50</td></tr> </table> 0.1126 0.3204 -0.0657 0.1804 0.2552 -0.0307 -0.3065 0.2285 0.1872 0.1450 For the period shown in the bar chart, the Fund’s highest quarterly return was 20.72% for the quarter ended June 30, 2020, and the lowest quarterly return was -18.44% for the quarter ended March 31, 2022. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses. highest quarterly return 0.2072 2020-06-30 lowest quarterly return -0.1844 2022-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_z2uhNiqJVTek"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zKOMz2mM9s6c" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center; vertical-align: bottom"> </td> <td id="xdx_498_20250101__20251231_ztxteJgAejE4" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-bottom: 1pt; color: #262526; text-align: center; vertical-align: bottom">One</td> <td id="xdx_492_20210101__20251231_zFLeBrqEuNO" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-bottom: 1pt; color: #262526; text-align: center; vertical-align: bottom">Five</td> <td id="xdx_49D_20160101__20251231_zyMULIepTkPa" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-bottom: 1pt; color: #262526; text-align: center; vertical-align: bottom">Ten</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Japan Fund – </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> Investor Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139160Member_zYx2r5P4sI9e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">14.50%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">2.34%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">8.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139160Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zddHvytIOiil" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> on distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">10.12%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">1.00%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">7.91%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139160Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zsbH5qdhqUg7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526"> sale of Fund shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">9.57%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">1.53%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">6.92%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Japan Fund – </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> Institutional Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139159Member_zj3vrYUzlTOh" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0.05in; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">14.88%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">2.72%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">9.03%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell/Nomura </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> Total Market Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RussellNomuraTotalMarketIndexMember_zO96myYLNhRe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">27.51%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">7.23%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1.8pt; padding-left: 5.4pt; color: #262526; text-align: center">8.12%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">TOPIX</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--TOPIXMember_zSNwBgv4vNk5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">25.79%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">7.02%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">7.92%</td></tr> </table> 0.1450 0.0234 0.0860 0.1012 0.0100 0.0791 0.0957 0.0153 0.0692 0.1488 0.0272 0.0903 (reflects no deduction for fees, expenses, or taxes) 0.2751 0.0723 0.0812 0.2579 0.0702 0.0792 <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zGWRAQzuhit3" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. Returns are presented in U.S. dollar terms. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. HENNESSY JAPAN SMALL CAP FUND Investment Objective The Hennessy Japan Small Cap Fund seeks long-term capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zy5b0p0VofU7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zKMNcLXuiJj4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_986_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044806Member_gBFSFC-AEICK_zfrStZ8FnA8h" style="font: 10pt Times New Roman, Times, Serif; width: 63%; padding-right: 5.4pt; color: #262526">Shareholder Fees </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 9%; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-bottom: 1pt; color: #262526; text-align: center">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; width: 8%; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-bottom: 1pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526"> (fees paid directly from your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> Shareholder Fees  (fees paid directly from your investment) 0 0 <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z1WRpDRwRhQ4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_ziU299fPbV49" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td id="xdx_984_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000044806Member_gBFOEC-VUFSP_zD7p3Plhjp35" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-right: 5.4pt; padding-left: 0in; color: #262526; width: 63%">Annual Fund Operating Expenses </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 9%"> </td> <td id="xdx_492_20260302__20260302__oef--ClassAxis__custom--C000139161Member_z499tG8wAAD8" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 10%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 8%"> </td> <td id="xdx_490_20260302__20260302__oef--ClassAxis__custom--C000157631Member_zATmSp4rnYzk" style="font: 10pt Times New Roman, Times, Serif; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526"> (expenses that you pay each year as a percentage of the value of your investment)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zDHNh4UZwfA3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Management Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.80%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.80%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.15%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dp_zs8ySELRq5Ng" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Other Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.55%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">0.31%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Shareholder Servicing</td> <td id="xdx_98A_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139161Member_zaL4gDOh8vEk" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Shareholder Servicing">0.10%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Remaining Other Expenses1 </td> <td id="xdx_988_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000139161Member_fMQ_____zZGVC6atZawd" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.45%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98B_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000157631Member_fMQ_____zuHEKgObroHj" style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.31%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dp_zCxW126VNCn4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Total Annual Fund Operating Expenses</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">1.50%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">1.11%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 8pt Times New Roman, Times, Serif; width: 0"></td><td style="font: 8pt Times New Roman, Times, Serif; width: 9pt">1 </td><td style="font: 8pt Times New Roman, Times, Serif; text-align: justify">Includes 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, so the information presented in the expense table may differ from that presented in the financial highlights. </td></tr></table> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0080 0.0015 0 0.0055 0.0031 0.0010 0 0.0045 0.0031 0.0150 0.0111 Acquired fund fees and expenses are not reflected in the Fund’s financial statements, so the information presented in the expense table may differ from that presented in the financial highlights. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVeSaBhUR6e5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zw2a4xcNLcC1" style="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 47%; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> </td> <td id="xdx_48F_eoef--ExpenseExampleYear01_zzezvxi5gPLh" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zjd7nKED0vVl" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zDGwK0cIbdea" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_zYm4VfAEZ61d" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_416_20260302__20260302__oef--ClassAxis__custom--C000139161Member_zyELE46vURAk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Investor</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$153</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$474</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$818</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,791</td></tr> <tr id="xdx_41A_20260302__20260302__oef--ClassAxis__custom--C000157631Member_zSzg0mDBF0Ni" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Institutional</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$113</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$353</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$612</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,352</td></tr> </table> 153 474 818 1791 113 353 612 1352 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 45% of the average value of its portfolio. 0.45 Principal Investment Strategy Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of smaller Japanese companies, typically considered to be companies with market capitalizations in the bottom 20% of all publicly traded Japanese companies. As of December 31, 2025, the bottom 20% of publicly traded Japanese companies had market capitalizations below approximately 705.6 billion Japanese yen, or the equivalent of $4.6 billion. This market capitalization range will vary due to market conditions. The Fund considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan. Investments primarily include common stocks. As a non-principal investment strategy, the Fund may also invest in preferred stocks, warrants and other rights, securities convertible into or exchangeable for common stocks, such as convertible bonds, and investments in Japan real estate investment trusts or other investment companies (including exchange-traded funds, referred to as ETFs) that invest in equity securities of Japanese companies. Using in-depth analysis and on-site research, the Portfolio Managers focus on stocks with a potential “value gap” by screening for small-cap companies that they identify as having strong businesses and management, trading at attractive prices. The portfolio is limited to what the Portfolio Managers consider to be their best ideas and is unconstrained by its benchmarks. The Portfolio Managers typically sell an investment when the reasons for buying it no longer apply, such as when they determine that a company’s prospects have changed, that a company’s stock is fully valued by the market, or that the company is beginning to show deteriorating fundamentals. They also may sell an investment if it becomes, in their determination, too large of a position in the Fund. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of smaller Japanese companies, typically considered to be companies with market capitalizations in the bottom 20% of all publicly traded Japanese companies. The value of an investment will fluctuate over time, and it is possible to lose money. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesForeignCurrencyandJapanSpecificRiskMember_z7KFx2vVdMo9" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Foreign Securities, Foreign Currency, and Japan-Specific Risk: There are specific risks associated with investing in the securities of foreign companies, including fluctuations in the exchange rates of foreign currencies that impact the U.S. dollar value of a security. The Fund concentrates its investments in the securities of Japanese companies, and the Fund’s performance may be affected by the social, political, regulatory, and economic conditions in Japan. The Japanese economy has at times been negatively affected by government intervention and protectionism, excessive regulation, periods of deflation or low economic growth, an unstable financial services sector, a heavy reliance on international trade, and natural disasters such as earthquakes, tsunamis, and typhoons. Japan also faces structural challenges, including a large government debt burden, an aging and shrinking population, and changes in corporate governance practices. These issues, as well as changes in Japan’s fiscal, monetary, or trade policies, may adversely affect Japanese issuers and the Fund’s performance. Japan’s international trade impacts Japan’s economic growth, and adverse economic conditions in the United States or other trading partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political, and social instability, territorial disputes, or other adverse developments in those countries or in the broader Asian region. In addition, Japan’s relations with neighboring countries have at times been strained, which could create uncertainty in Japanese markets and adversely affect the Fund. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustryConcentrationRiskMember_zRy2NnOYF0He" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Industry Concentration Risk: From time to time, the Fund may concentrate its investments in one or more industry sectors. The Fund is currently substantially invested in the Industrials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, environmental liabilities, and product liability. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallSizedAndMediumSizedCompaniesRiskMember_zgqfxsxPKzO2" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentCompanySecuritiesRiskMember_zqzwHaXiFvj4" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Investment Company Securities Risk: When the Fund invests in another investment company (including an ETF), it will indirectly bear its proportionate share of any fees and expenses payable directly by the other investment company. Therefore, the Fund will incur higher expenses, many of which may be duplicative. In addition, the Fund may be affected by the other investment company’s losses and the level of risk arising from its investment practices (such as the use of leverage). The Fund has no control over the risks taken by the other investment company. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zBw9cPnP5wa1" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">ETF Risk: In addition to risks generally associated with investments in investment company securities, investments in ETFs are subject to the following additional risks that do not apply to non-ETFs: (i) an ETF’s shares may trade at a market price that is above or below their net asset value; (ii) an active trading market for an ETF’s shares may not develop or be maintained; (iii) the ETF may employ an investment strategy that utilizes high leverage ratios; and (iv) trading of an ETF’s shares may be halted if the listing exchange’s officials deem such action appropriate, the shares are de-listed from the exchange, or the activation of market-wide “circuit breakers” (which are tied to large decreases in stock prices) halts stock trading generally. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndEquityInvestmentsRiskMember_zZXSqTJTEuQg" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxLawChangeRiskMember_z7LqID3LzTQb" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Tokyo Stock Price Index (TOPIX), as well as an additional index that reflects the types of securities in which the Fund invests, the Russell/Nomura Small Cap™ Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Tokyo Stock Price Index (TOPIX), as well as an additional index that reflects the types of securities in which the Fund invests, the Russell/Nomura Small Cap™ Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos016.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zGEY4YtvTki6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Yeras</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000139161Member_z73O2ALtD6vj" style="display: none; width: 50%">8.52</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000139161Member_zI9ZqjxcMj4i" style="display: none">49.58</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000139161Member_zyfrnObcGz08" style="display: none">-12.51</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000139161Member_zsvHEFOgI3l2" style="display: none">19.95</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000139161Member_zf1OjShyzpmd" style="display: none">13.43</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000139161Member_zzBwPyO1nzD" style="display: none">-4.65</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000139161Member_zUa15jk9CEI" style="display: none">-16.34</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000139161Member_zhDNlj4EofQj" style="display: none">16.29</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000139161Member_zwxIoxk8K1Dh" style="display: none">8.23</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000139161Member_ziyFy7iGWcU" style="display: none">28.89</td></tr> </table> 0.0852 0.4958 -0.1251 0.1995 0.1343 -0.0465 -0.1634 0.1629 0.0823 0.2889 For the period shown in the bar chart, the Fund’s highest quarterly return was 19.35% for the quarter ended June 30, 2020, and the lowest quarterly return was -23.20% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates. highest quarterly return 0.1935 2020-06-30 lowest quarterly return -0.2320 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8E_eoef--PerformanceTableTextBlock_z3K8X2vgPWNh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zqGZAQoXPt81" style="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 44%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_498_20250101__20251231_zfrQqoMiUe6l" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_492_20210101__20251231_zED5HN4Kyrnh" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_49D_20160101__20251231_zQF9dZue1n4d" style="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Japan Small Cap </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Fund – Investor Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139161Member_z8EOG8Zd6Fwd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">28.89%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">5.29%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">9.60%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139161Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z40XXbBf3Wu2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526"> on distributions</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">25.33%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">4.58%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">9.06%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526">Return after taxes </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 13.5pt; color: #262526"> on distributions and </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000139161Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zhLYCsxFfbc4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526"> sale of Fund shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">19.78%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">4.23%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.95%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Japan Small Cap</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> Fund – Institutional Shares</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000157631Member_zm0yIJIPLIM1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4.5pt; padding-left: 13.5pt; color: #262526">Return before taxes</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">29.42%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">5.71%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">10.01%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell/Nomura </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> Small Cap™ Index</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RussellNomuraSmallCapIndexMember_zg8aPIfdCP6d" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">29.53%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">5.96%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">7.07%</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 0in; color: #262526">TOPIX</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--TOPIXMember_zNslGz3o0ZA7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">25.79%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">7.02%</td> <td style="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">7.92%</td></tr> </table> 0.2889 0.0529 0.0960 0.2533 0.0458 0.0906 0.1978 0.0423 0.0795 0.2942 0.0571 0.1001 (reflects no deduction for fees, expenses, or taxes) 0.2953 0.0596 0.0707 0.2579 0.0702 0.0792 <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_znHDFkHF2Qj8" style="font: 10pt Times New Roman, Times, Serif; color: #262526; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">We use the Russell/Nomura Small Cap™ Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. Returns are presented in U.S. dollar terms. We use the Russell/Nomura Small Cap™ Index as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY LARGE CAP FINANCIAL FUND Investment Objective The Hennessy Large Cap Financial Fund seeks capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zuvpRodmvyx4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zkSD6MkLZ3S1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038530Member_gBFSFC-QU_zcO4mCCNxhki" style="width: 66%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526">Shareholder Fees </td> <td style="width: 7%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="width: 9%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center">Investor</td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z17J1dHgigD"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zLGqCpalzs16" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_98B_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038530Member_gBFOEC-MMJIPH_zxEkAKZxAESi" style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; width: 66%">Annual Fund Operating Expenses </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 7%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 9%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118917Member_zyJd4DdKfI81" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.90%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000157630Member_z4j6IxJlZrfe" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.90%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118917Member_zL7ldJpIAXT" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Distribution and Service (12b-1) Fees">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118917Member_zE0lTIpGRyne" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">0.83%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000157630Member_zmOHkNFA5xDd" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">0.65%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_989_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118917Member_zOHybfUSwTai" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Shareholder Servicing">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_987_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118917Member_zv2A9tCNPh3l" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.73%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_987_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000157630Member_zHrHxRVeYd93" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.65%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98A_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118917Member_zg8zC4a7CRF7" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">1.88%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_985_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000157630Member_zz3cWIwOWmu1" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">1.55%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0015 0 0.0083 0.0065 0.0010 0 0.0073 0.0065 0.0188 0.0155 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQEsslfH0zTh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zIc6Gnd1Dt61" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 44%; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> </td> <td id="xdx_48C_eoef--ExpenseExampleYear01_zeNnNP1lXxIf" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_z1un8HBjYapa" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zN2bjdM7TcZe" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zTqjwpfesNJb" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_417_20260302__20260302__oef--ClassAxis__custom--C000118917Member_z89xDhv3ulsd" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$191</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$591</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,016</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$2,201</td></tr> <tr id="xdx_41C_20260302__20260302__oef--ClassAxis__custom--C000157630Member_zXoAFc8zRjN8" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$158</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$490</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$ 845</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,845</td></tr> </table> 191 591 1016 2201 158 490 845 1845 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 48% of the average value of its portfolio. 0.48 Principal Investment Strategy The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund’s investments consist primarily of common stocks. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of large-cap companies principally engaged in the business of providing financial services, including information technology companies that are primarily engaged in providing products or services to financial services companies. An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate. Investments may include mortgage banking companies, discount brokerage companies, insurance companies, consumer finance companies, payment processing companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, and real estate investment trusts. The Fund considers a large-cap company to be one that has a market capitalization of $3 billion or more, measured at the time of purchase. When evaluating securities to purchase in the banking industry, the Portfolio Managers generally select companies that have low price-to-earnings and low price-to-book ratios relative to peers. When evaluating other financial service companies, the Portfolio Managers generally focus on companies using technology to develop and grow alternative delivery channels of traditional financial products. They view digital financial services as a long-term growth opportunity. The Portfolio Managers may choose to sell a security if they believe it has reached an excessive valuation level, when the company’s specific metrics or industry fundamentals deteriorate, or if the investment process identifies a potentially superior investment idea. They may also choose to sell a position when the company’s market capitalization drops below $3 billion. The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of large-cap companies principally engaged in the business of providing financial services, including information technology companies that are primarily engaged in providing products or services to financial services companies. The value of your investment will fluctuate over time, and it is possible to lose money. Industry Concentration Risk: The Fund primarily invests in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors. Mortgage and Real Estate Investments Risk: Because the Fund focuses on financial services companies that issue mortgages and invest in mortgage-backed securities and other real estate investments, the Fund is subject to risks associated with the real estate market. Mortgages and real estate investments are particularly sensitive to economic downturns, changes in regulations, and fluctuating interest rates. In particular, they are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns. Medium-Sized Companies Risk: The Fund may invest in medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 1000® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 1000® Index Financials. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 1000® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 1000® Index Financials. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos017.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zMnED8WBGLAl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000118917Member_zzOlpkdMlCol" style="display: none; width: 50%">14.96</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000118917Member_zzC37qkkj8z7" style="display: none">19.38</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000118917Member_zG696JwfuKy2" style="display: none">-11.73</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000118917Member_zTbzJSbdns0i" style="display: none">29.75</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000118917Member_zBx42BoouEL4" style="display: none">16.55</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000118917Member_zeiRgI5YZtRg" style="display: none">18.80</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000118917Member_zpE6vQOH0lv1" style="display: none">-24.88</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000118917Member_zm03E2L1K9s9" style="display: none">4.57</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000118917Member_zmUAbHb2wrG" style="display: none">28.46</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000118917Member_zTYNUj7VJ34c" style="display: none">22.00</td></tr> </table> 0.1496 0.1938 -0.1173 0.2975 0.1655 0.1880 -0.2488 0.0457 0.2846 0.2200 For the period shown in the bar chart, the Fund’s highest quarterly return was 22.26% for the quarter ended December 31, 2016, and the lowest quarterly return was -25.61% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates. highest quarterly return 0.2226 2016-12-31 lowest quarterly return -0.2561 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zmJsOvecLlpe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zVkC6usS9x87" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 53%; padding-right: 5.4pt; padding-left: 0in; color: #262526"> </td> <td id="xdx_49F_20250101__20251231_zdsEKJoW1ysh" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49E_20210101__20251231_zdEu3sDhSZ3h" style="width: 15%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_49D_20160101__20251231_zanPrvQ2ofqi" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Large Cap Financial</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 0in; color: #262526"> Fund – Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118917Member_zj2mzkzGTYWj" style="vertical-align: top"> <td style="padding-bottom: 2.7pt; padding-left: 0.125in; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">22.00%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">7.90%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">10.36%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118917Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zwftjaXWCJgk" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 0.125in; color: #262526"> on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">19.85%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">6.80%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">9.59%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526"> on distributions and </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118917Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zupXZMtNcxo6" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 0.125in; color: #262526"> sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">14.53%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">6.05%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">8.40%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Large Cap Financial</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 0in; color: #262526"> Fund – Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000157630Member_zHXUQ7yOaqY9" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 0.125in; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">22.41%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">8.26%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">10.75%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell 1000® Index Financials</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000IndexFinancialsMember_zURXlekDwxF2" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 0in; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">18.65%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">16.79%</td> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526; text-align: center">15.03%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell 1000® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> (reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell1000IndexMember_zbs6Ufuze349" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.37%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">13.59%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.59%</td></tr> </table> 0.2200 0.0790 0.1036 0.1985 0.0680 0.0959 0.1453 0.0605 0.0840 0.2241 0.0826 0.1075 (reflects no deduction for fees, expenses, or taxes) 0.1865 0.1679 0.1503 0.1737 0.1359 0.1459 We use the Russell 1000® Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. We use the Russell 1000® Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY SMALL CAP FINANCIAL FUND Investment Objective The Hennessy Small Cap Financial Fund seeks capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zX2sxtit5U84"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zJUDhWMTVyk5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_98B_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038531Member_gBFSFC-XMDE_zInYfbTpCSJe" style="width: 66%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526">Shareholder Fees </td> <td style="width: 7%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="width: 9%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center">Investor</td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="width: 10%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zIcpZhJYcCk2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zF5rqcTgL6T4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_983_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038531Member_gBFOEC-VSDUMN_z9bvKdqZIlX1" style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; width: 66%">Annual Fund Operating Expenses </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 7%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 9%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 10%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118918Member_zhzgp5x68qai" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.90%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118919Member_zvamoudPBze8" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.90%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_987_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118918Member_ztrpgiGaD8Re" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Distribution and Service (12b-1) Fees">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118918Member_zWD12Hqpdokh" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">0.60%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_983_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118919Member_zaAvgmS5nOo3" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">0.43%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_987_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118918Member_zy32KsrCf5ej" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Shareholder Servicing">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_989_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118918Member_zJuj5mTAg26j" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.50%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98B_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118919Member_zIrT1DIYQaUi" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">0.43%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98D_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118918Member_zBsCKYErPHYh" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">1.65%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98E_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118919Member_zIMdiIN5DHFf" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">1.33%</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0090 0.0090 0.0015 0 0.0060 0.0043 0.0010 0 0.0050 0.0043 0.0165 0.0133 Example This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCqzzLeytwGk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zxR1jGzIYj9a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 44%; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> </td> <td id="xdx_481_eoef--ExpenseExampleYear01_zF1PNztNf0J7" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_485_eoef--ExpenseExampleYear03_zEdfbfXKoRaa" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_489_eoef--ExpenseExampleYear05_z28rvIVCrrX1" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_zJAwe75y0qL7" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_41A_20260302__20260302__oef--ClassAxis__custom--C000118918Member_zZ5JEKXxpiL2" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$168</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$520</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$897</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,955</td></tr> <tr id="xdx_415_20260302__20260302__oef--ClassAxis__custom--C000118919Member_zCwT0nwRUWJ" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$135</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$421</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$729</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,601</td></tr> </table> 168 520 897 1955 135 421 729 1601 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio. 0.35 Principal Investment Strategy The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. The Fund’s investments consist primarily of common stocks. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-cap companies principally engaged in the business of providing financial services. An issuer is considered principally engaged in the business of providing financial services if at least 50% of its assets, gross income, or net profits are committed to, or derived from, financial services activities. Financial services activities are activities primarily related to consumer and commercial banking, global payments, insurance, securities and investments, specialty finance, and real estate. Investments may include mortgage banking companies, discount brokerage companies, insurance companies, consumer finance companies, savings and loan associations, savings banks, leasing companies, building and loan associations, cooperative banks, commercial banks, investment companies, other depository institutions, companies in the information technology industries that are primarily engaged in providing products or services to the types of companies listed above, and real estate investment trusts. The Fund considers a small-cap company to be one that has a market capitalization of less than $3 billion, measured at the time of purchase. When evaluating securities to purchase, the Portfolio Managers generally look for companies that have low price-to-earnings ratios and low price-to-book ratios relative to other financial services companies. The Portfolio Managers may choose to sell a security if they believe it has reached an excessive valuation level, when the company’s specific metrics or industry fundamentals deteriorate, or if the investment process identifies a potentially superior investment idea. They may also choose to sell a position when the company’s market capitalization rises above $3 billion. The Fund will not invest more than 5% of its total assets in the equity-related securities of any one company that derives more than 15% of its revenues from brokerage or investment management activities. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of small-cap companies principally engaged in the business of providing financial services. The value of your investment will fluctuate over time, and it is possible to lose money. Industry Concentration Risk: The Fund primarily invests in the Financials sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Companies in the Financials sector may be adversely affected by changes in the regulatory environment, interest rate changes, and other factors. Mortgage and Real Estate Investments Risk: Because the Fund focuses on financial services companies that issue mortgages and invest in mortgage-backed securities and other real estate investments, the Fund is subject to risks associated with the real estate market. Mortgages and real estate investments are particularly sensitive to economic downturns, changes in regulations, and fluctuating interest rates. In particular, they are subject to the risk that borrowers default on their loans and the risk that borrowers prepay some or all of the principal owed to the issuer, in each case causing the investments to fail to realize expected returns. Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. Non-Diversification Risk: The Fund is non-diversified under the Investment Company Act. Accordingly, the Fund typically invests a greater portion of its assets in, and its performance may be affected by, a smaller number of issuers than if it were a diversified fund. Further, the Fund may experience greater losses as a result of a single issuer’s unfavorable market or economic conditions or other adverse developments impacting the market value of the issuer’s securities. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Temporary Defensive Positions Risk: From time to time, the Fund may take temporary defensive positions in response to adverse market, economic, or political conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash or short-term obligations. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 2000® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 2000® Index Financials. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of an index that reflects a broad measure of market performance, the Russell 2000® Index, as well as an additional index that reflects the market sector in which the Fund invests, the Russell 2000® Index Financials. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos018.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zJ5fxvWx6Gf8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000118918Member_zVR3wN08ZWla" style="display: none; width: 50%">33.41</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000118918Member_zHfFvtASml9k" style="display: none">-0.20</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000118918Member_zJ0F9II17BW8" style="display: none">-15.86</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000118918Member_z9pDSUP6gTYg" style="display: none">19.88</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000118918Member_zL7QbHYlsJq5" style="display: none">2.58</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000118918Member_ziBFtVQm9Yx6" style="display: none">42.75</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000118918Member_zKvqXMvMzCc2" style="display: none">-11.16</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000118918Member_zupF70oFoUGl" style="display: none">4.58</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000118918Member_zZlP5tRyEUJ" style="display: none">10.82</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000118918Member_z3TyV3T6vzTk" style="display: none">12.78</td></tr> </table> 0.3341 -0.0020 -0.1586 0.1988 0.0258 0.4275 -0.1116 0.0458 0.1082 0.1278 For the period shown in the bar chart, the Fund’s highest quarterly return was 57.27% for the quarter ended December 31, 2020, and the lowest quarterly return was -38.05% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates. highest quarterly return 0.5727 2020-12-31 lowest quarterly return -0.3805 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zyQWz3FJOmjk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_ztMupT5giFJb" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 52%; padding-right: 5.4pt; padding-left: 0in; color: #262526"> </td> <td id="xdx_49F_20250101__20251231_zF063XnnZysl" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_491_20210101__20251231_zvBL4LyL5D27" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_496_20160101__20251231_zdvRMJtQYHl6" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Small Cap Financial</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 0in; color: #262526"> Fund – Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118918Member_z5wortLqtKK9" style="vertical-align: top"> <td style="padding-bottom: 5.4pt; padding-left: 0.125in; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">12.78%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">10.64%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">8.61%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118918Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z6PuGfIwnJrd" style="vertical-align: top"> <td style="padding-bottom: 5.4pt; padding-left: 0.125in; color: #262526"> on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">10.13%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">9.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">7.08%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526"> on distributions and </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118918Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z493AhIy3DE8" style="vertical-align: top"> <td style="padding-bottom: 5.4pt; padding-left: 0.125in; color: #262526"> sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">9.49%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">8.32%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">6.70%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Small Cap Financial</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 0in; color: #262526"> Fund – Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118919Member_zCtK7sV5UcM5" style="vertical-align: top"> <td style="padding-bottom: 5.4pt; padding-left: 0.125in; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">13.17%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">11.03%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">8.99%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell 2000® Index Financials</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2000IndexFinancialsMember_zjD8DskH8Kc3" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 0in; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">7.85%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">9.16%</td> <td style="padding-right: 5.4pt; padding-bottom: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">8.85%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Russell 2000® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> (reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell2000IndexMember_zzHrjy9Rmrxa" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">12.81%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">6.09%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">9.62%</td></tr> </table> 0.1278 0.1064 0.0861 0.1013 0.0910 0.0708 0.0949 0.0832 0.0670 0.1317 0.1103 0.0899 (reflects no deduction for fees, expenses, or taxes) 0.0785 0.0916 0.0885 0.1281 0.0609 0.0962 We use the Russell 2000® Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. We use the Russell 2000® Index Financials as an additional index because it reflects the performance of investments similar to those of the Fund. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. HENNESSY TECHNOLOGY FUND Investment Objective The Hennessy Technology Fund seeks long-term capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_z68ZY3xPh82f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zE4IpBhqNLBh" style="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_98B_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038532Member_gBFSFC-ZCJHXQ_zF43sB66cf46" style="width: 67%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526">Shareholder Fees </td> <td style="width: 7%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="width: 8%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center">Investor</td> <td style="width: 7%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center"> </td> <td style="width: 11%; padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center">Institutional</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> </table> Shareholder Fees (fees paid directly from your investment) 0 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zgbdBYs67Pqb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zGRG9qNSysrb" style="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_984_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000038532Member_gBFOEC-BDM_zxcL4hmXO7Fk" style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; width: 67%">Annual Fund Operating Expenses </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 7%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 8%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 7%"> </td> <td style="padding-top: 5.4pt; padding-bottom: 1pt; color: #262526; text-align: center; width: 11%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Management Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_zp7XFVffbWEl" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.74%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_981_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118921Member_z8CgzKa4MDmk" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Management Fees">0.74%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_zemmbAHHTz7e" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Distribution and Service (12b-1) Fees">0.15%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Other Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_986_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_zdT20D9Ef1Uh" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">1.99%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_988_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118921Member_zwxftiJI9Eml" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Other Expenses">1.86%</td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Shareholder Servicing</td> <td id="xdx_982_eoef--Component1OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_zYgeecm9blWi" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Shareholder Servicing">0.10%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">None</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-bottom: 1pt; color: #262526; padding-left: 0.125in">Remaining Other Expenses</td> <td id="xdx_98A_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_zSWFOqWmuVM9" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">1.89%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_984_eoef--Component2OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118921Member_zuWUqvPXpv6j" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Remaining Other Expenses">1.86%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_982_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_zCOVEhnQ3vE2" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">2.88%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98F_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118921Member_zSzZT9ULJdFk" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses">2.60%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Expense Reimbursement1,2</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98C_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_fMSAy_zDJHjJ8Ifaw3" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Expense Reimbursement">(1.64)%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_980_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000118921Member_fMSAy_zQl4Z1A0r422" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Expense Reimbursement">(1.61)%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> After Expense Reimbursement</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_98D_eoef--NetExpensesOverAssets_iT_dp_c20260302__20260302__oef--ClassAxis__custom--C000118920Member_ztX4r8WyL2Zd" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses After Expense Reimbursement">1.24%</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td id="xdx_988_eoef--NetExpensesOverAssets_iT_dp_c20260302__20260302__oef--ClassAxis__custom--C000118921Member_zRiHTzgvwOnf" style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center" title="Total Annual Fund Operating Expenses After Expense Reimbursement">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">1</td><td style="text-align: justify">The Fund’s investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Fund’s investment manager, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 0.98% of the average daily net assets of Investor Class and Institutional Class shares of the Fund. The contractual arrangement will continue until February 28, 2027, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date). The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">2</td><td style="text-align: justify">Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million.</td></tr></table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0074 0.0074 0.0015 0 0.0199 0.0186 0.0010 0 0.0189 0.0186 0.0288 0.0260 -0.0164 -0.0161 0.0124 0.0099 February 28, 2027 February 28, 2027 Example This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses are equal to the total annual fund operating expenses after expense reimbursement for the first year and equal to total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvBbHpupDRna"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zf1xhAuY45X2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 47%; padding-right: 5.4pt; padding-bottom: 1pt; color: #262526"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_z3w6BKzEfDMd" style="width: 13%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zOjn7X3cCVm3" style="width: 13%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zevWRAFTZ6Bb" style="width: 13%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_zv30kJvgwk4k" style="width: 14%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td></tr> <tr id="xdx_41C_20260302__20260302__oef--ClassAxis__custom--C000118920Member_zgOGpkbAHq18" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Investor</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$126</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$713</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,351</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$3,068</td></tr> <tr id="xdx_418_20260302__20260302__oef--ClassAxis__custom--C000118921Member_z78JVqi4owwb" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1pt; color: #262526">Institutional</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$101</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$631</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,213</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">$2,795</td></tr> </table> 126 713 1351 3068 101 631 1213 2795 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 99% of the average value of its portfolio. 0.99 Principal Investment Strategy The Fund invests primarily in companies whose securities are listed on U.S. national securities exchanges, including through American Depositary Receipts (“ADRs”), which are U.S. dollar-denominated securities of foreign issuers listed on U.S. national securities exchanges. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies that are principally engaged in the research, design, development, manufacturing, or distributing of products or services in the technology industry. Potential investments include, but are not limited to, the following sub-industries: IT consulting and other services, internet services and infrastructure, application software, systems software, communications equipment, technology hardware, storage and peripherals, electronic equipment and instruments, electronic components, electronic manufacturing services, technology distributors, semiconductor materials and equipment, semiconductors, interactive home entertainment, and interactive media and services. From the investable common stocks of public companies in the S&P Capital IQ Database with market capitalizations exceeding $175 million, the portfolio management team identifies approximately 60 stocks (weighted equally by dollar amount) with the following attributes: • Sector-leading cash flows and profits • History of delivering returns in excess of cost of capital • Attractive relative valuation • Ability to generate cash • Attractive balance sheet risk profile • Prospects for sustainable profitability The universe of stocks is re-screened and the portfolio is rebalanced at least quarterly. Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies that are principally engaged in the research, design, development, manufacturing, or distributing of products or services in the technology industry. The value of your investment will fluctuate over time, and it is possible to lose money. Industry Concentration Risk: The Fund concentrates its investments within the Information Technology sector, and its performance is therefore tied closely to, and affected by, developments in this industry. Technology companies face intense competition and may be subject to extensive regulatory requirements. They may have limited product lines, markets, financial resources, or personnel. The products of technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, and unpredictable changes in growth rates. High Portfolio Turnover Risk: High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund’s performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account. Small-Sized and Medium-Sized Companies Risk: The Fund may invest in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. Foreign Securities Risk: The Fund may invest in foreign companies (i) whose securities are listed on U.S. national securities exchanges or (ii) through ADRs. There are specific risks associated with investing in foreign companies not typically associated with investing in domestic companies. Risks include the possibility of substantial price volatility or reduced liquidity as a result of political and economic instability or policy and legislative changes in the foreign country and reduced earnings potential due to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation. In addition, ADRs may not track the price of the underlying foreign securities on which they are based, and their value may change materially at times when U.S. markets are not open for trading. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Nasdaq Composite Index and the S&P 500® Index. For additional information on these indices, please see “Descriptions of Indices” on page 68 of this Prospectus. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyfunds.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one, five, and ten years compare with those of indices that reflect broad measures of market performance, the Nasdaq Composite Index and the S&P 500® Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyfunds.com CALENDAR YEAR TOTAL RETURNS OF INVESTOR SHARES <img alt="" src="hennessy485bpos019.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zERtiw4ICOt2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000118920Member_zBMzAqTIjOJ2" style="display: none; width: 50%">2.03</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000118920Member_zn6sgNZoKql8" style="display: none">20.20</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000118920Member_zycTlO4w31d8" style="display: none">-1.82</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000118920Member_z4VLaeldamxb" style="display: none">39.10</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000118920Member_zTrkV5vHLjIg" style="display: none">32.98</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000118920Member_zrvY59OoI1Ha" style="display: none">13.37</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000118920Member_z8lHdEldKgYe" style="display: none">-26.28</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000118920Member_z1Yt0NrFBoP1" style="display: none">35.95</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000118920Member_z2woOy9wkkJ4" style="display: none">17.35</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000118920Member_zVl3ZSXz54w5" style="display: none">15.38</td></tr> </table> 0.0203 0.2020 -0.0182 0.3910 0.3298 0.1337 -0.2628 0.3595 0.1735 0.1538 For the period shown in the bar chart, the Fund’s highest quarterly return was 26.01% for the quarter ended June 30, 2020, and the lowest quarterly return was -22.30% for the quarter ended March 31, 2020. Performance of the Fund’s Institutional Class shares differs from that of the Fund’s Investor Class shares because the share classes have different expenses and inception dates. highest quarterly return 0.2601 2020-06-30 lowest quarterly return -0.2230 2020-03-31 Average Annual Total Returns (for the periods ended December 31, 2025) <div id="xdx_A84_eoef--PerformanceTableTextBlock_z654wPUOLtd1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_ztAwaa9pzDq7" style="font: 10pt Times New Roman, Times, Serif; width: 85%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 53%; padding-right: 5.4pt; padding-left: 0in; color: #262526"> </td> <td id="xdx_49F_20250101__20251231_zEJ8fa2XuKbd" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49D_20210101__20251231_zeh6yONeCdrj" style="width: 15%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Five</td> <td id="xdx_492_20160101__20251231_zvpY2p4HHKGg" style="width: 16%; padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td> <td style="padding-right: 5.4pt; padding-bottom: 1pt; padding-left: 5.4pt; color: #262526; text-align: center">Years</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Technology Fund –</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 0in; color: #262526"> Investor Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118920Member_zZh124xt5Q5g" style="vertical-align: top"> <td style="padding-bottom: 2.7pt; padding-left: 0.125in; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">15.38%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">9.00%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">13.11%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118920Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3jEAJ3nbNV4" style="vertical-align: top"> <td style="padding-bottom: 2.7pt; padding-left: 0.125in; color: #262526"> on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">9.45%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">5.79%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">10.30%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0.125in; color: #262526"> on distributions and </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118920Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zmpDvHv8fx3h" style="vertical-align: top"> <td style="padding-bottom: 2.7pt; padding-left: 0.125in; color: #262526"> sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">11.39%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">6.08%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">9.79%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Hennessy Technology Fund –</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 0in; color: #262526"> Institutional Shares</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000118921Member_zPzdwUKlatjg" style="vertical-align: top"> <td style="padding-bottom: 2.7pt; padding-left: 0.125in; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">15.61%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">9.27%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">13.40%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">Nasdaq Composite Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--NasdaqIndexMember_zPkrjB2ErhW7" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 0in; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">21.14%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">13.35%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.7pt; padding-left: 5.4pt; color: #262526; text-align: center">17.66%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526">S&P 500® Index</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> (reflects no deduction for</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zE1IcOgA0Ihl" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 0in; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.42%</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">14.82%</td></tr> </table> 0.1538 0.0900 0.1311 0.0945 0.0579 0.1030 0.1139 0.0608 0.0979 0.1561 0.0927 0.1340 (reflects no deduction for fees, expenses, or taxes) 0.2114 0.1335 0.1766 0.1788 0.1442 0.1482 The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. The after-tax returns are calculated using the highest historical individual stated federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. The Fund’s “return after taxes on distributions and sale of Fund shares” may be higher than its “return after taxes on distributions” because it may include a tax benefit due to the capital losses generated by the sale of Fund shares. SUMMARY INFORMATION Investment Objective The Hennessy Sustainable ETF seeks to achieve long-term capital appreciation. Fund Fees and Expenses The following table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zx9PIB0jZUi9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zVXUt8wHSFbe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: top"> <td id="xdx_98B_eoef--ShareholderFeesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000079062Member_gBFSFC-XDF_zbe0C7xMnoy1" style="width: 93%; padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526">SHAREHOLDER FEES </td> <td style="width: 7%; padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; text-align: right"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">(fees paid directly from your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right">None</td></tr> </table> SHAREHOLDER FEES (fees paid directly from your investment) 0 <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zDwMFCcD3wu4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zSMFbyaX3tDb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top"> <td id="xdx_988_eoef--OperatingExpensesCaption_dU_c20260302__20260302__dei--LegalEntityAxis__custom--S000079062Member_gBFOEC-SV_z95TEszuthn" style="padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; width: 93%">ANNUAL FUND OPERATING EXPENSES </td> <td style="padding-top: 4.45pt; padding-bottom: 1.15pt; color: #262526; text-align: right; width: 7%"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">(expenses that you pay each year as a percentage of the value of your investment)</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Management Fees</td> <td id="xdx_988_eoef--ManagementFeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000239897Member_zbnqhd03kLMe" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Management Fees">0.95%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Distribution and Service (12b-1) Fees</td> <td id="xdx_985_eoef--DistributionAndService12b1FeesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000239897Member_zDvPn0xm1oLj" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Distribution and Service (12b-1) Fees">0.00%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Other Expenses</td> <td id="xdx_98B_eoef--OtherExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000239897Member_zDhFQI0ZMi3i" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Other Expenses">0.00%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Total Annual Fund Operating Expenses</td> <td id="xdx_98D_eoef--ExpensesOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000239897Member_zEAGgOgRNhMc" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Total Annual Fund Operating Expenses">0.95%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Expense Reimbursement1</td> <td id="xdx_98E_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20260302__20260302__oef--ClassAxis__custom--C000239897Member_fMQ_____zXCRro4ZT3c1" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Expense Reimbursement">(0.10)%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 0pt; color: #262526">Total Annual Fund Operating Expenses</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526"> After Expense Reimbursement</td> <td id="xdx_98C_eoef--NetExpensesOverAssets_iT_dp_c20260302__20260302__oef--ClassAxis__custom--C000239897Member_z4v7qmMSmJvl" style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: right" title="Total Annual Fund Operating Expenses After Expense Reimbursement">0.85%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; color: #262526; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 9pt">1 </td><td style="text-align: justify">The Fund’s investment manager has contractually agreed to ensure that total operating expenses (excluding brokerage commissions, taxes, interest expense, acquired fund fees and expenses, and any extraordinary expenses) do not exceed 0.85% of the Fund’s average daily net assets. The contractual arrangement will continue until February 28, 2027, at which time it will automatically terminate (and it may not be terminated prior to that date). The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.</td></tr></table> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0095 0.0000 0.0000 0.0095 -0.0010 0.0085 February 28, 2027 EXAMPLE This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that you reinvest all dividends and distributions, that your investment has a 5% return each year, and that the Fund’s operating expenses are equal to the total annual fund operating expenses after expense reimbursement for the first year and equal to total annual fund operating expenses for the remaining years. Although your actual costs may be higher or lower, based on those assumptions, your costs would be: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrgQrcShLPa8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zmn6kZMrKtN6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td style="width: 127px; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_48E_eoef--ExpenseExampleYear01_zc4nQOsl7Tbh" style="width: 120px; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">One Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zg6jUn5gBjtf" style="width: 120px; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Three Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zjBJUcE1kysf" style="width: 120px; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Five Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zG96cszv60Md" style="width: 126px; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">Ten Years</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td></tr> <tr id="xdx_418_20260302__20260302__oef--ClassAxis__custom--C000239897Member_zY0yUfRR0rqi" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$87</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$293</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$516</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center">$1,157</td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td></tr> </table> 87 293 516 1157 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities, or “turns over” its portfolio. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 275% of the average value of its portfolio. 2.75 Principal Investment Strategy The Fund is an actively managed exchange-traded fund (“ETF”) that will invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in exchange-traded equity securities of U.S. issuers that meet sustainability standards, as determined by the Portfolio Managers. The Portfolio Managers also screen on the basis of fundamental financial standards. The Fund primarily invests in large-capitalization issuers but may also invest in small- and medium-capitalization issuers. The Fund considers companies within the Russell 1000® Index and S&P 500® Index to be large-capitalization issuers. In identifying investments for the Fund, the Portfolio Managers utilize three independent processes. First, the Portfolio Managers apply a rules-based sustainability methodology that seeks to identify the strong companies from each industry and sub-industry group in the universe of large-capitalization companies, medium-capitalization companies, or small-capitalization companies, as applicable. Companies that have exclusively or primarily engaged in weapons, tobacco, or fossil fuel extraction are excluded from consideration. The remaining universe is then quantitatively scored against industry group peers on up to 25 sustainability-related key performance indicators (“KPIs”) such as energy productivity, carbon intensity, water dependence, waste profile, and KPIs relating to governance, including capacity to innovate, unfunded pension fund liabilities, chief executive officer/average worker pay, safety performance, employee turnover, leadership diversity, percentage tax paid, and percent of bonus linked to sustainability performance. The securities deemed by the Portfolio Managers to be strong may be retained. This generally results in the Portfolio Managers retaining securities in the top 50%, but the Portfolio Managers have discretion to retain more than that. The Portfolio Managers utilize data feeds from third parties that the Portfolio Managers consider, in their sole discretion, as trustworthy or have the expertise in specific KPI areas. The current primary external data source is Corporate Knights Research, an affiliate of Stance Capital, LLC, but such firm or firms may change in the Portfolio Managers’ discretion. Corporate Knights Research is based in Toronto, and is a leading media firm in Canada focused on climate risk. For over 20 years, it has published an annual ranking of the most sustainable companies in the world. Its methodology is rules-based and forms the foundation of the Portfolio Managers’ approach to sustainability scoring. Second, the Portfolio Managers apply a machine-learning model that uses financial, risk, and other factors to identify companies that are most likely to outperform both in the absolute returns and in risk-adjusted returns over the next quarter. In the final process, the portfolio is optimized to minimize tail risk and maximize diversification. Tail risk is the risk that an investment’s return will move significantly beyond expectations (namely, more than three standard deviations from its mean). The Portfolio Managers target a maximum weighting of 3.5% of any single position upon rebalancing, but retain discretion to adjust this target percentage. The Portfolio Managers generally rebalance the portfolio quarterly. Positions are sold quarterly if the Portfolio Managers decide they are no longer optimal in the portfolio. The Fund’s investment portfolio is generally composed of around 40 investment positions. While investing in a particular sector is not a principal investment strategy of the Fund, its portfolio may be significantly invested in a sector as a result of the portfolio management decisions made pursuant to its principal investment strategy. While the Fund does not place any restrictions on its level of sector concentration, it will limit its investments in industries within any particular sector to less than 25% of the Fund’s total assets. On each rebalancing date, investments within a particular sector will also be capped at up to twice the weight of the sector within the S&P 500® Index. The Fund is an actively managed exchange-traded fund (“ETF”) that will invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in exchange-traded equity securities of U.S. issuers that meet sustainability standards, as determined by the Portfolio Managers. The value of your investment will fluctuate over time, and it is possible to lose money. Structural ETF Risks: The Fund is an ETF. Accordingly, it is subject to certain risks associated with its unique structure. Cash Transactions Risk. The Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund’s net asset value (“NAV”) to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant (“AP”). Shareholders may be subject to tax on gains they would not otherwise have been subject to, or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis. Market Participants Risk. Only an AP may engage in creation or redemption transactions directly with the Fund, and none of those APs is obligated to engage in creation or redemption transactions. The Fund has a limited number of institutions that may act as APs on an agency basis (i.e., on behalf of other market participants). To the extent that APs exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other AP is able to step forward to create or redeem, the Fund’s shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. The Fund may also rely on a small number of third-party market makers to provide a market for the purchase and sale of the Fund’s shares but such market makers are under no obligation to do so. Decisions by APs or market makers to reduce their role or step away from these activities in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of the Fund’s portfolio securities and the Fund’s market price. Any trading halt or other problem relating to the trading activity of these market makers or any issues disrupting the AP’s ability to proceed with creation or redemption orders could result in a dramatic change in the spread between the Fund’s net asset value and the price at which the Fund’s shares are trading on The Nasdaq Stock Market LLC (the “Exchange”), which could result in a decrease in value of the Fund’s shares. This reduced effectiveness could result in the Fund’s shares trading at a premium or discount to net asset value and also in greater than normal intraday bid-ask spreads of the Fund’s shares. “Bid” refers to the highest price a buyer will pay to buy a specified number of shares of a stock at any given time. “Ask” refers to the lowest price at which a seller will sell the stock. The difference between the bid price and the ask price is called the “spread.” Costs of Buying and Selling Fund Shares. Due to the costs of buying or selling the Fund’s shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of the Fund’s shares may significantly reduce investment results and an investment in the Fund’s shares may not be advisable for investors who anticipate regularly making small investments. Premium/Discount Risk. As with ETFs generally, the Fund’s shares may be bought and sold in the secondary market at market prices. The trading prices of the Fund’s shares in the secondary market may differ from the Fund’s daily net asset value per share and there may be times when the market price of the shares is more than the NAV per share (premium) or less than the NAV per share (discount). If a shareholder purchases the Fund’s shares at a time when the market price is at a premium to the net asset value or sells the Fund’s shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Fund’s NAV per share, respectively. This risk is heightened in times of market volatility or periods of steep market declines. Trading Risks. Although the Fund’s shares are listed for trading on the Exchange, there can be no assurance that the Fund’s shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of the Fund’s shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than the Fund’s shares. Trading in shares on the Exchange may be halted by the Exchange because of market conditions that, in the view of the Exchange, make trading in the Fund inadvisable. If a trading halt or unanticipated early closing of the Exchange occurs, a shareholder may be unable to purchase or sell shares of the Fund or may only be able to do so at an increased premium or discount. Early Close/Trading Halt Risk: An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may result in the Fund being unable to buy or sell certain securities or financial instruments. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments, or may incur substantial losses and may limit or stop purchases of the Fund. Sustainability Investing Risk: Sustainability investing risk is the risk that applying sustainable investment analysis to the Portfolio Managers’ investment decisions regarding the Fund’s portfolio may forgo certain investment opportunities otherwise available to the Fund. The Fund intends to invest in companies with measurably high sustainability ratings relative to their sector peers, and screen out particular companies that do not meet its sustainability criteria. This may affect the Fund’s exposure to certain companies or industries and the relevance and weighting of sustainability criteria may vary significantly among issuers and third-party data providers. Sustainability is a subjective assessment and it is not uniformly defined. Sustainability data may be incomplete, delayed, inaccurate, or unavailable, which could lead to an incorrect assessment of a company’s sustainability characteristics. The Fund’s returns may be lower than other funds that do not seek to invest in companies based on sustainability ratings or screen out certain companies or industries. The Fund seeks to identify companies that it believes may have higher sustainability ratings, but investors may differ in their views of sustainability characteristics. As a result, the Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Regulatory changes regarding the definition or use of sustainability criteria could have a material adverse effect on the Fund’s ability to invest in accordance with its sustainability strategy. Third-Party Data Provider Risk: In evaluating issuers, the Portfolio Managers rely upon information and data, including from third-party data providers, that may be incomplete, inaccurate, or unavailable, or that may present conflicting information and data with respect to an issuer, which in each case could cause the Portfolio Manager to incorrectly assess an issuer’s business practices with respect to sustainability metrics. As a result, the Fund may underperform funds that do not screen or score companies based on sustainability factors or funds that use different third-party data providers. Market and Equity Investments Risk: The market value of a security may move up or down, and these fluctuations may cause a security to be worth more or less than the price originally paid for it. Market risk may affect a single company, an industry, a sector of the economy, or the market as a whole. The value of equity securities fluctuate due to many factors, including the past and predicted earnings of the issuer, the quality of the issuer’s management, general market conditions, political and other events, forecasts for the issuer’s industry, and the value of the issuer’s assets. Large-Sized Companies Risk: The stocks of large-capitalization companies as a group could fall out of favor with the market, causing the Fund to underperform investments that focus solely on small- or medium- capitalization stocks. Small-Sized and Medium-Sized Companies Risk: The Fund invests in small-sized and medium-sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Smaller companies may have limited product lines, markets, and financial resources, and their management may be dependent on fewer key individuals. Model Risk: The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, and issues in the construction and implementation of the models (including, but not limited to, software issues and other technological issues). There is no guarantee that the Portfolio Managers’ use of these models will result in effective investment decisions for the Fund. The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may limit the effectiveness of the models. In addition, some of the data that the models use may be historical data, which may not accurately predict future market movement. There is a risk that the models will not be successful in selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve its investment objective. High Portfolio Turnover Risk: High portfolio turnover will produce higher transaction costs (such as brokerage commissions and dealer markups) that the Fund must pay, thus reducing the Fund’s performance. High portfolio turnover may also result in higher taxes when Fund shares are held in a taxable account. Tax Law Change Risk: Tax law is subject to change at any time, possibly with retroactive effect, or to different interpretations. For example, the Inflation Reduction Act of 2022 added a 15% alternative minimum tax on large corporations and a 1% excise tax on repurchases of stock by publicly traded corporations and certain affiliates. The recently enacted One Big Beautiful Bill Act made significant other changes to the U.S. Internal Revenue Code of 1986, as amended, including permanent reductions to tax rates and disallowance of deductions, that will materially impact funds and their investors. Moreover, future U.S. tax legislation and administrative guidance could materially affect the value of or tax consequences of your investment in the Fund. Prospective shareholders should consult their own tax advisors regarding the impact to them of possible changes in tax laws. Performance Information The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one year and since inception compare with those of indices that reflect broad measures of market performance, the S&P 500® Equal Weight Index and the S&P 500® Index. The Fund is the successor to the Stance Equity ESG Large Cap Core ETF, a series of The RBB Fund, Inc. (the “Predecessor Fund”), pursuant to a reorganization that took place after the close of business on December 22, 2022. The performance information provided for the periods on or prior to December 22, 2022, is historical information for the Predecessor Fund. The Predecessor Fund had a substantially similar investment objective and investment strategy as the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. Performance may be higher or lower in the future. Updated performance information is available at www.hennessyetfs.com. The following performance information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and how the Fund’s average annual returns for one year and since inception compare with those of indices that reflect broad measures of market performance, the S&P 500® Equal Weight Index and the S&P 500® Index. The Fund’s past performance (before and after taxes) is not necessarily an indication of future performance. www.hennessyetfs.com CALENDAR YEAR TOTAL RETURNS <img alt="" src="hennessy485bpos024.jpg"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zTAroq45RhYj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000239897Member_za5kWlCX5yKb" style="display: none; width: 50%">-12.78</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000239897Member_zvevQ8GCCvCa" style="display: none">11.40</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000239897Member_zUhr6Iuas378" style="display: none">8.94</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000239897Member_zKxkPaEULXLh" style="display: none">10.18</td></tr> </table> -0.1278 0.1140 0.0894 0.1018 For the period shown in the bar chart, the Fund’s highest quarterly return was 11.65% for the quarter ended December 31, 2023, and the lowest quarterly return was -10.81% for the quarter ended June 30, 2022. highest quarterly return 0.1165 2023-12-31 lowest quarterly return -0.1081 2022-06-30 AVERAGE ANNUAL TOTAL RETURNS (for the periods ended December 31, 2025) <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zJgKnyeXNAE2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z34roGMBSuO6" style="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="width: 62%; padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td id="xdx_49F_20250101__20251231_zKcYJZSOavI5" style="width: 13%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">One</td> <td id="xdx_49D_20210315__20251231_zan8cR16vOp8" style="width: 15%; padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Since Inception</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> </td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">Year</td> <td style="padding-right: 5.4pt; padding-bottom: 1.15pt; padding-left: 5.4pt; color: #262526; text-align: center">(March 15, 2021)</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526">Hennessy Sustainable ETF</td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000239897Member_zSX6SbEeRKw" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 9pt; color: #262526">Return before taxes</td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center">10.18%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center">6.69%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 9pt; color: #262526">Return after taxes </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000239897Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zkJlty61n8sk" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 9pt; color: #262526"> on distributions</td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center">9.91%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center">6.53%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 9pt; color: #262526">Return after taxes on distributions </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000239897Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zg8HWeNHPo3f" style="vertical-align: top"> <td style="padding-bottom: 0.05in; padding-left: 9pt; color: #262526"> and sale of Fund shares</td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center">6.21%</td> <td style="padding-right: 5.4pt; padding-bottom: 2.15pt; padding-left: 5.4pt; color: #262526; text-align: center">5.23%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526">S&P 500® Equal Weight Index </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for  </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500EqualWeightIndexMember_zoa8H2fyIED2" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 0.05in; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">11.43%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">8.34%</td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526">S&P 500® Index </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526"> (reflects no deduction for </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td> <td style="padding-right: 5.4pt; padding-left: 5.4pt; color: #262526; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zBEo6CoE6q9k" style="vertical-align: top"> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526"> fees, expenses, or taxes)</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">17.88%</td> <td style="padding-right: 5.4pt; padding-bottom: 4.5pt; padding-left: 5.4pt; color: #262526; text-align: center">13.68%</td></tr> </table> 2021-03-15 0.1018 0.0669 0.0991 0.0653 0.0621 0.0523 (reflects no deduction for fees, expenses, or taxes) 0.1143 0.0834 0.1788 0.1368 The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The after-tax returns are calculated using the highest historical individual stated federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an individual investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million. Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load. Includes state franchise taxes and federal and state income tax expenses, including deferred tax expenses (benefits). The Fund accrues a deferred tax liability (or asset) for its future tax liability associated with the Fund’s potential tax expense (benefit) if it were to recognize the unrealized gains (losses) in its portfolio. Such deferred tax expenses (benefits) may vary greatly from year to year and from day to day depending on the nature of the Fund’s investments, the performance of those investments, and general market conditions, and any estimate of deferred income tax expense (benefit) cannot be reliably predicted from year to year. Includes 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, so the information presented in the expense table may differ from that presented in the financial highlights. The Fund’s investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state, and local taxes, interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 1.75% and 1.50% of the average daily net assets of the Investor Class and Institutional Class shares of the Fund, respectively. The contractual arrangement will continue until February 28, 2027, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date). The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment. Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million. Prior to the reorganization that took place on October 26, 2018, Investor Class shares of the Fund were subject to a sales charge (load) on purchases. In connection with the reorganization, performance information has been restated to reflect the removal of the sales load. Includes 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, so the information presented in the expense table may differ from that presented in the financial highlights. Includes 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, so the information presented in the expense table may differ from that presented in the financial highlights. The Fund’s investment manager has contractually agreed to ensure that total operating expenses (exclusive of all federal, state and local taxes, interest, brokerage commissions, 12b-1 fees, shareholder servicing fees payable to the Fund’s investment manager, acquired fund fees and expenses and other costs incurred in connection with the purchase and sale of securities, and extraordinary items) do not exceed 0.98% of the average daily net assets of Investor Class and Institutional Class shares of the Fund. The contractual arrangement will continue until February 28, 2027, at which time the contractual arrangement will automatically terminate (and it may not be terminated prior to that date). The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment. Certain service provider expenses will be voluntarily waived through July 31, 2028, at which time the arrangement will automatically terminate. In addition, the arrangement will not apply at any time the Fund’s net assets exceed $125 million. The Fund’s investment manager has contractually agreed to ensure that total operating expenses (excluding brokerage commissions, taxes, interest expense, acquired fund fees and expenses, and any extraordinary expenses) do not exceed 0.85% of the Fund’s average daily net assets. The contractual arrangement will continue until February 28, 2027, at which time it will automatically terminate (and it may not be terminated prior to that date). The Fund’s investment manager may recoup reimbursed amounts for three years after the reimbursement occurred if total expenses, including such recoupment, do not exceed the annual expense limit in effect at the time of such reimbursement or such recoupment.