Letter to Shareholders		2
Performance Overview		4
Financial Statements
Schedule of Investments		5
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to the Financial Statements		16
Expense Example		24
Proxy Voting Policy and Proxy Voting Records		26
Availability of Quarterly Portfolio Schedule		26
Federal Tax Distribution Information		26
Important Notice Regarding Delivery of Shareholder Documents		26
Electronic Delivery		26
Board Approval of Investment Advisory Agreement		27

HENNESSY FUNDS

1-800-966-4354

WWW.HENNESSYFUNDS.COM

LETTER TO SHAREHOLDERS

	Ryan C. Kelley, CFA
	Chief Investment Officer,
	Senior Vice President, and Portfolio Manager

1	S&P 500® Index monthly total returns: +5.59% in November 2022, -5.76% in December 2022, +6.28% in January 2023, -2.44% in February 2023, +3.67% in March 2023, and +1.56% in April 2023.
2	S&P 500® Financial Sector monthly total return: -9.55% in March 2023. KBW Bank Index monthly total return: -24.87% in March 2023. S&P 500® Information Technology sector total return: +18.88% for the six months ended April 30, 2023. S&P 500® Communication Services sector total return: +23.15% for the six months ended April 30, 2023.

	Six	One	Five	Ten
	Months(1)	Year	Years	Years
Hennessy Cornerstone Growth Fund –
Investor Class (HFCGX)	-7.67%	-3.50%	5.69%	8.41%
Hennessy Cornerstone Growth Fund –
Institutional Class (HICGX)	-7.56%	-3.21%	6.03%	8.73%
Russell 2000® Index	-3.45%	-3.65%	4.15%	7.88%
S&P 500® Index	8.63%	2.66%	11.45%	12.20%

(1)	Periods of less than one year are not annualized.

PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Schedule of Investments as of April 30, 2023 (Unaudited)

TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)	% NET ASSETS
Green Brick Partners, Inc.	2.43%
Carpenter Technology Corp.	2.37%
Exxon Mobil Corp.	2.30%
Super Micro Computer, Inc.	2.25%
Clean Harbors, Inc.	2.24%
Academy Sports & Outdoors, Inc.	2.21%
EMCOR Group, Inc.	2.19%
Comfort Systems USA, Inc.	2.18%
Insperity, Inc.	2.16%
O-I Glass, Inc.	2.16%

COMMON STOCKS – 95.48%		Number								% of
		of Shares				Value				Net Assets
Consumer Discretionary – 16.14%
Academy Sports & Outdoors, Inc.			51,300			$	3,258,576				2.21	%
BorgWarner, Inc.			64,000				3,080,320				2.09	%
Dillard’s, Inc.			9,200				2,745,188				1.86	%
Green Brick Partners, Inc. (a)			96,300				3,589,101				2.43	%
Modine Manufacturing Co. (a)			125,300				2,620,023				1.78	%
Oxford Industries, Inc.			27,800				2,868,682				1.95	%
Penske Automotive Group, Inc.			21,700				3,007,186				2.04	%
Visteon Corp. (a)			18,700				2,625,293				1.78	%
							23,794,369				16.14	%
Energy – 24.15%
CVR Energy, Inc.			99,300				2,615,562				1.78	%
Exxon Mobil Corp.			28,600				3,384,524				2.30	%
Marathon Petroleum Corp.			24,200				2,952,400				2.00	%
Oceaneering International, Inc. (a)			153,200				2,716,236				1.84	%
Oil States International, Inc. (a)			337,300				2,374,592				1.61	%
Par Pacific Holdings, Inc. (a)			111,300				2,607,759				1.77	%
PBF Energy, Inc., Class A			69,800				2,433,228				1.65	%
Teekay Corp. (a)(b)			513,700				2,902,405				1.97	%
Tsakos Energy Navigation Ltd. (b)			132,400				2,271,984				1.54	%
Valero Energy Corp.			23,400				2,683,278				1.82	%
Vertex Energy, Inc. (a)			322,100				2,544,590				1.73	%
Weatherford International PLC – (a)(b)			47,900				3,095,777				2.10	%
YPF SA – ADR (a)(b)			270,500				3,007,960				2.04	%
							35,590,295				24.15	%
Financials – 4.14%
StoneX Group, Inc. (a)			30,500				2,991,135				2.03	%
Unum Group			73,600				3,105,920				2.11	%
							6,097,055				4.14	%
Industrials – 30.55%
Applied Industrial Technologies, Inc.			22,400				3,038,784				2.06	%
CECO Environmental Corp. (a)			204,800				2,377,728				1.61	%
Clean Harbors, Inc. (a)			22,700				3,295,132				2.24	%
Comfort Systems USA, Inc.			21,500				3,214,035				2.18	%
EMCOR Group, Inc.			18,900				3,231,900				2.19	%

SCHEDULE OF INVESTMENTS

COMMON STOCKS		Number								% of
		of Shares				Value				Net Assets
Industrials (Continued)
Encore Wire Corp.			16,400			$	2,563,812				1.74	%
Fluor Corp. (a)			89,500				2,600,870				1.77	%
Granite Construction, Inc.			75,000				2,859,750				1.94	%
Insperity, Inc.			26,000				3,183,960				2.16	%
Sterling Infrastructure, Inc. (a)			76,800				2,835,456				1.92	%
Terex Corp.			54,000				2,407,860				1.63	%
The Timken Co.			36,100				2,774,285				1.88	%
Titan Machinery, Inc. (a)			75,100				2,354,385				1.60	%
United Airlines Holdings, Inc. (a)			58,900				2,579,820				1.75	%
Wabash National Corp.			117,500				3,016,225				2.05	%
WESCO International, Inc.			18,700				2,692,800				1.83	%
							45,026,802				30.55	%
Information Technology – 6.22%
Belden, Inc.			37,000				2,918,930				1.98	%
Jabil, Inc.			37,500				2,930,625				1.99	%
Super Micro Computer, Inc. (a)			31,400				3,310,502				2.25	%
							9,160,057				6.22	%
Materials – 14.28%
Alpha Metallurgical Resources, Inc.			18,000				2,638,080				1.79	%
ATI, Inc. (a)			77,200				2,981,464				2.02	%
Carpenter Technology Corp.			66,300				3,496,662				2.37	%
Materion Corp.			28,400				3,076,004				2.09	%
O-I Glass, Inc. (a)			141,900				3,188,493				2.16	%
Reliance Steel & Aluminum Co.			12,600				3,122,280				2.12	%
Steel Dynamics, Inc.			24,500				2,546,775				1.73	%
							21,049,758				14.28	%
Total Common Stocks
(Cost $138,088,146)							140,718,336				95.48	%
REITS – 1.73%
Real Estate – 1.73%
Service Properties Trust			290,900				2,551,193				1.73	%
Total REITS
(Cost $2,849,799)							2,551,193				1.73	%

SHORT-TERM INVESTMENTS – 2.83%		Number								% of
		of Shares				Value				Net Assets
Money Market Funds – 2.83%
First American Government Obligations Fund,
Institutional Class, 4.73% (c)			4,173,805			$	4,173,805				2.83	%
Total Short-Term Investments
(Cost $4,173,805)							4,173,805				2.83	%
Total Investments
(Cost $145,111,750) – 100.04%							147,443,334				100.04	%
Liabilities in Excess of Other Assets – (0.04)%							(65,276	)			(0.04	)%
TOTAL NET ASSETS – 100.00%						$	147,378,058				100.00	%

(a)	Non-income-producing security.
(b)	U.S.-traded security of a foreign corporation.
(c)	The rate listed is the fund’s seven-day yield as of April 30, 2023.

Common Stocks		Level 1				Level 2				Level 3				Total
Consumer Discretionary		$	23,794,369			$	—			$	—			$	23,794,369
Energy			35,590,295				—				—				35,590,295
Financials			6,097,055				—				—				6,097,055
Industrials			45,026,802				—				—				45,026,802
Information Technology			9,160,057				—				—				9,160,057
Materials			21,049,758				—				—				21,049,758
Total Common Stocks		$	140,718,336			$	—			$	—			$	140,718,336
REITS
Real Estate		$	2,551,193			$	—			$	—			$	2,551,193
Total REITS		$	2,551,193			$	—			$	—			$	2,551,193
Short-Term Investments
Money Market Funds		$	4,173,805			$	—			$	—			$	4,173,805
Total Short-Term Investments		$	4,173,805			$	—			$	—			$	4,173,805
Total Investments		$	147,443,334			$	—			$	—			$	147,443,334

SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Statement of Assets and Liabilities as of April 30, 2023 (Unaudited)

ASSETS:
Investments in securities, at value (cost $145,111,750)		$	147,443,334
Dividends and interest receivable			101,826
Receivable for fund shares sold			306,138
Prepaid expenses and other assets			25,182
Total assets			147,876,480
LIABILITIES:
Payable for fund shares redeemed			326,322
Payable to advisor			92,177
Payable to administrator			28,038
Payable to auditor			11,226
Accrued distribution fees			18,939
Accrued service fees			11,093
Accrued interest payable			1,652
Accrued trustees fees			4,733
Accrued expenses and other payables			4,242
Total liabilities			498,422
NET ASSETS		$	147,378,058
NET ASSETS CONSISTS OF:
Capital stock		$	149,882,997
Accumulated deficit			(2,504,939	)
Total net assets		$	147,378,058
NET ASSETS:
Investor Class
Shares authorized (no par value)		Unlimited
Net assets applicable to outstanding shares		$	130,580,523
Shares issued and outstanding			6,088,633
Net asset value, offering price, and redemption price per share		$	21.45
Institutional Class
Shares authorized (no par value)		Unlimited
Net assets applicable to outstanding shares		$	16,797,535
Shares issued and outstanding			750,158
Net asset value, offering price, and redemption price per share		$	22.39

Statement of Operations for the six months ended April 30, 2023 (Unaudited)

INVESTMENT INCOME:
Dividend income(1)		$	2,781,781
Interest income			77,316
Total investment income			2,859,097
EXPENSES:
Investment advisory fees (See Note 5)			623,300
Sub-transfer agent expenses – Investor Class (See Note 5)			113,041
Sub-transfer agent expenses – Institutional Class (See Note 5)			7,507
Distribution fees – Investor Class (See Note 5)			113,218
Administration, accounting, custody, and transfer agent fees (See Note 5)			84,734
Service fees – Investor Class (See Note 5)			75,479
Federal and state registration fees			18,500
Compliance expense (See Note 5)			11,844
Audit fees			11,227
Trustees’ fees and expenses			10,403
Reports to shareholders			7,576
Interest expense (See Note 7)			1,652
Legal fees			1,484
Other expenses			14,977
Total expenses			1,094,942
NET INVESTMENT INCOME		$	1,764,155
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized loss on investments		$	(4,171,171	)
Net change in unrealized appreciation/depreciation on investments			(10,536,283	)
Net loss on investments			(14,707,454	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	(12,943,299	)

(1)	Net of foreign taxes withheld and issuance fees of $97,491.

STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Statements of Changes in Net Assets

		Six Months Ended
		April 30, 2023				Year Ended
		(Unaudited)				October 31, 2022
OPERATIONS:
Net investment income		$	1,764,155			$	1,821,004
Net realized gain (loss) on investments			(4,171,171	)			4,008,127
Net change in unrealized
appreciation/depreciation on investments			(10,536,283	)			(4,443,482	)
Net increase (decrease) in net
assets resulting from operations			(12,943,299	)			1,385,649
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings – Investor Class			(5,391,788	)			(33,524,164	)
Distributable earnings – Institutional Class			(694,551	)			(3,505,908	)
Total distributions			(6,086,339	)			(37,030,072	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class			6,066,479				21,825,715
Proceeds from shares subscribed – Institutional Class			4,293,630				21,704,478
Dividends reinvested – Investor Class			5,220,465				32,429,645
Dividends reinvested – Institutional Class			627,346				3,066,398
Cost of shares redeemed – Investor Class			(17,904,448	)			(21,756,715	)
Cost of shares redeemed – Institutional Class			(4,666,414	)			(16,595,253	)
Net increase (decrease) in net assets derived
from capital share transactions			(6,362,942	)			40,674,268
TOTAL INCREASE (DECREASE) IN NET ASSETS			(25,392,580	)			5,029,845
NET ASSETS:
Beginning of period			172,770,638				167,740,793
End of period		$	147,378,058			$	172,770,638
CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class			252,082				919,385
Shares sold – Institutional Class			179,997				849,055
Shares issued to holders as reinvestment
of dividends – Investor Class			227,645				1,319,351
Shares issued to holders as reinvestment
of dividends – Institutional Class			26,211				119,641
Shares redeemed – Investor Class			(798,483	)			(925,080	)
Shares redeemed – Institutional Class			(191,967	)			(740,429	)
Net increase (decrease) in shares outstanding			(304,515	)			1,541,923

Financial Highlights

		Six Months Ended
		April 30, 2023
		(Unaudited)
PER SHARE DATA:
Net asset value, beginning of period		$	24.07
Income from investment operations:
Net investment income (loss)			0.24	(1)
Net realized and unrealized gains (losses) on investments			(2.04	)
Total from investment operations			(1.80	)
Less distributions:
Dividends from net investment income			(0.27	)
Dividends from net realized gains			(0.55	)
Total distributions			(0.82	)
Net asset value, end of period		$	21.45
TOTAL RETURN			-7.67	%(2)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)		$	130.58
Ratio of expenses to average net assets			1.33	%(3)
Ratio of net investment income (loss) to average net assets			2.06	%(3)
Portfolio turnover rate(4)			90	%(2)

(1)	Calculated using the average shares outstanding method.
(2)	Not annualized.
(3)	Annualized.
(4)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — INVESTOR CLASS

Year Ended October 31,
2022				2021				2020				2019				2018
$	29.83			$	19.91			$	19.15			$	22.17			$	24.16
	0.26	(1)			(0.14	)(1)			(0.08	)(1)			(0.01	)(1)			(0.17	)
	0.62				10.06				0.84				(1.19	)			(1.82	)
	0.88				9.92				0.76				(1.20	)			(1.99	)
	(6.64	)			—				—				(1.82	)			—
	(6.64	)			—				—				(1.82	)			—
$	24.07			$	29.83			$	19.91			$	19.15			$	22.17
	2.51	%			49.82	%			3.97	%			-5.19	%			-8.24	%
$	154.25			$	151.96			$	110.96			$	125.10			$	158.98
	1.33	%			1.34	%			1.36	%			1.34	%			1.30	%
	1.10	%			(0.51	)%			(0.45	)%			(0.07	)%			(0.56	)%
	102	%			98	%			98	%			95	%			133	%

Financial Highlights

		Six Months Ended
		April 30, 2023
		(Unaudited)
PER SHARE DATA:
Net asset value, beginning of period		$	25.17
Income from investment operations:
Net investment income (loss)			0.29	(1)
Net realized and unrealized gains (losses) on investments			(2.14	)
Total from investment operations			(1.85	)
Less distributions:
Dividends from net investment income			(0.35	)
Dividends from net realized gains			(0.58	)
Total distributions			(0.93	)
Net asset value, end of period		$	22.39
TOTAL RETURN			-7.56	%(2)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)		$	16.80
Ratio of expenses to average net assets:			1.02	%(3)
Ratio of net investment income (loss) to average net assets:			2.43	%(3)
Portfolio turnover rate(4)			90	%(2)

(1)	Calculated using the average shares outstanding method.
(2)	Not annualized.
(3)	Annualized.
(4)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS

Year Ended October 31,
2022				2021				2020				2019				2018
$	31.09			$	20.68			$	19.83			$	22.88			$	24.85
	0.34	(1)			(0.05	)(1)			(0.03	)(1)			0.05	(1)			0.11
	0.67				10.46				0.88				(1.22	)			(2.08	)
	1.01				10.41				0.85				(1.17	)			(1.97	)
	(6.93	)			—				—				(1.88	)			—
	(6.93	)			—				—				(1.88	)			—
$	25.17			$	31.09			$	20.68			$	19.83			$	22.88
	2.84	%			50.34	%			4.29	%			-4.86	%			-7.93	%
$	18.52			$	15.78			$	11.65			$	14.62			$	20.52
	1.01	%			1.01	%			1.05	%			1.01	%			0.96	%
	1.38	%			(0.17	)%			(0.14	)%			0.27	%			(0.23	)%
	102	%			98	%			98	%			95	%			133	%

Notes to the Financial Statements April 30, 2023 (Unaudited)

a).	Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
b).	Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of partnership income and wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
c).	Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

NOTES TO THE FINANCIAL STATEMENTS

d).	Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
e).	Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
f).	Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
g).	Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
h).	Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
i).	REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other times, investments in a REIT may result in the Fund’s receipt of cash in excess of the REIT’s earnings. If the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.
j).	Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the “Liquidity Program”). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

k).	Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations under the 1940 Act governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, generally eliminates the asset segregation framework used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund does not utilize derivatives and therefore has not adopted a derivatives risk management program.
	In December 2020, the SEC adopted a new rule under the 1940 Act providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements. The Fund has designated Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”), as its valuation designee under Rule 2a-5.

	Level 1 –	Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
	Level 2 –	Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
	Level 3 –	Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market (“Nasdaq”) generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price

NOTES TO THE FINANCIAL STATEMENTS

	reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
	Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
	Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.
	Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

NOTES TO THE FINANCIAL STATEMENTS

			Investments
	Cost of investments for tax purposes		$	161,148,951
	Gross tax unrealized appreciation		$	28,530,051
	Gross tax unrealized depreciation			(16,847,697	)
	Net tax unrealized appreciation/(depreciation)		$	11,682,354
	Undistributed ordinary income		$	829,382
	Undistributed long-term capital gains			4,012,963
	Total distributable earnings		$	4,842,345
	Other accumulated gain/(loss)		$	—
	Total accumulated gain/(loss)		$	16,524,699

NOTES TO THE FINANCIAL STATEMENTS

			Six Months Ended				Year Ended
			April 30, 2023				October 31, 2022
	Ordinary income(1)		$	2,073,342			$	—
	Long-term capital gains			4,012,997				37,030,072
	Total distributions		$	6,086,339			$	37,030,072

(1)  Ordinary income includes short-term capital gains.

EXPENSE EXAMPLE

			Expenses Paid
	Beginning	Ending	During Period(1)
	Account Value	Account Value	November 1, 2022 –
	November 1, 2022	April 30, 2023	April 30, 2023
Investor Class
Actual	$1,000.00	$   923.30	$12.79
Hypothetical (5% return before expenses)	$1,000.00	$1,036.70	$13.54
Institutional Class
Actual	$1,000.00	$   924.40	$  9.81
Hypothetical (5% return before expenses)	$1,000.00	$1,039.80	$10.40

(1)	Expenses are equal to the Fund’s annualized expense ratio of 1.33% for Investor Class shares or 1.02% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).

PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

	(1)	A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory agreement and the relevant factors for consideration;
	(2)	A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory agreement and also referenced the documents that had been provided to help the Board assess each such factor;
	(3)	The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
	(4)	A summary of the advisory agreement;
	(5)	A recent Fund fact sheet, which included, among other things, Fund performance over various periods;
	(6)	A description of the range of services provided by the Advisor and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
	(7)	A peer expense comparison of the net expense ratio and investment advisory fee of the Fund; and
	(8)	A memorandum from the Advisor regarding economies of scale.

	(1)	The nature and quality of the advisory services provided by the Advisor;
	(2)	A comparison of the fees and expenses of the Fund to other similar funds;
	(3)	Whether economies of scale are recognized by the Fund;

	(4)	The costs and profitability of the Fund to the Advisor;
	(5)	The performance of the Fund; and
	(6)	Any benefits to the Advisor from serving as an investment advisor to the Fund (other than the advisory fee).

(1)

The Trustees considered the services identified below that are provided by the Advisor. Based on this review and an assessment of the Advisor’s performance, the Trustees concluded that the Advisor provides high-quality services to the Fund, and they noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

(a)

The Advisor acts as the portfolio manager for the Fund. In this capacity, the Advisor does the following:

			(i)	manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;
			(ii)	seeks best execution for the Fund’s portfolio;
			(iii)	manages the use of soft dollars for the Fund; and
			(iv)	manages proxy voting for the Fund.

		(b)	The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
		(c)	The Advisor monitors the liquidity of each Fund.
		(d)	The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
		(e)	The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Fund’s service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Fund’s service providers, as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.
		(f)	The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
		(g)	The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

		(h)	The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
		(i)	For each annual report of the Fund, the Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.
		(j)	The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor participates in “no transaction fee” (“NTF”) programs with these companies on behalf of the Fund, which allow customers to purchase the Fund through third-party distribution channels without paying a transaction fee. The Advisor compensates, in part, a number of these third-party providers of NTF programs out of its own revenues.
		(k)	The Advisor pays the incentive compensation of the Fund’s compliance officer and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
		(l)	The Advisor provides a quarterly compliance certification to the Board.
		(m)	The Advisor prepares or reviews all Board materials, presents to and leads discussions with the Board, prepares or reviews all meeting minutes, and arranges for Board training and education.

	(2)	The Trustees compared the performance of the Fund to benchmark indices over various periods and noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor manages the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted the continuation of the advisory agreement.
	(3)	The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within a reasonable range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory agreement.
	(4)	The Trustees also considered whether the Advisor was realizing economies of scale that should be shared with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund were variable asset-based fees, so the Advisor would not realize material economies of scale relating to these expenses as the assets of the Fund increased. For example, third-party platform fees increase as the Fund’s assets grow.

	(5)	The Trustees considered the profitability of the Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
	(6)	The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees and concluded that this was beneficial to the Fund and its shareholders.
	(7)	The Trustees considered any benefits to the Advisor from serving as an advisor to the Fund (other than the advisory fee). The Trustees noted that the Advisor may derive ancillary benefits from, by way of example, its association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor from its relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ finding that the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s own efforts in the performance of its duties under the advisory agreement.

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

Letter to Shareholders		2
Performance Overview		4
Financial Statements
Schedule of Investments		5
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Financial Highlights		12
Notes to the Financial Statements		16
Expense Example		24
Proxy Voting Policy and Proxy Voting Records		26
Availability of Quarterly Portfolio Schedule		26
Federal Tax Distribution Information		26
Important Notice Regarding Delivery of Shareholder Documents		26
Electronic Delivery		26
Board Approval of Investment Advisory Agreements		27

LETTER TO SHAREHOLDERS

	Ryan C. Kelley, CFA
	Chief Investment Officer,
	Senior Vice President, and Portfolio Manager

1	S&P 500® Index monthly total returns: +5.59% in November 2022, -5.76% in December 2022, +6.28% in January 2023, -2.44% in February 2023, +3.67% in March 2023, and +1.56% in April 2023.
2	S&P 500® Financial Sector monthly total return: -9.55% in March 2023. KBW Bank Index monthly total return: -24.87% in March 2023. S&P 500® Information Technology sector total return: +18.88% for the six months ended April 30, 2023. S&P 500® Communication Services sector total return: +23.15% for the six months ended April 30, 2023.

	Six	One	Five	Ten
	Months(1)	Year	Years	Years
Hennessy Focus Fund –
Investor Class (HFCSX)	7.67%	-3.37%	6.50%	8.68%
Hennessy Focus Fund –
Institutional Class (HFCIX)	7.85%	-3.04%	6.89%	9.07%
Russell 3000® Index	7.30%	1.50%	10.60%	11.67%
Russell Midcap® Growth Index	6.60%	1.60%	8.96%	10.84%

(1)	Periods of less than one year are not annualized.

PERFORMANCE OVERVIEW/SCHEDULE OF INVESTMENTS

Schedule of Investments as of April 30, 2023 (Unaudited)

TOP TEN HOLDINGS (EXCLUDING MONEY MARKET FUNDS)	% NET ASSETS
Markel Corp.	8.23%
CarMax, Inc.	8.12%
Encore Capital Group, Inc.	8.05%
Aon PLC	7.98%
American Tower Corp., Class A	7.90%
O’Reilly Automotive, Inc.	7.57%
Brookfield Corp.	7.31%
Ashtead Group PLC	7.17%
SS&C Technologies Holdings, Inc.	5.16%
Restoration Hardware Holdings, Inc.	4.61%

COMMON STOCKS – 90.34%		Number								% of
		of Shares				Value				Net Assets
Communication Services – 8.09%
AST SpaceMobile, Inc. (a)			1,997,902			$	10,608,860				1.60	%
Cogent Communications Holdings, Inc.			308,047				21,267,565				3.22	%
Shenandoah Telecommunications Co.			796,737				16,580,097				2.51	%
Warner Music Group Corp.			165,601				5,045,862				0.76	%
							53,502,384				8.09	%
Consumer Discretionary – 23.40%
CarMax, Inc. (a)			766,122				53,651,524				8.12	%
Hilton Worldwide Holdings, Inc.			39,481				5,686,054				0.86	%
NVR, Inc. (a)			2,537				14,816,080				2.24	%
O’Reilly Automotive, Inc. (a)			54,531				50,021,831				7.57	%
Restoration Hardware Holdings, Inc. (a)			119,446				30,474,258				4.61	%
							154,649,747				23.40	%
Financials – 33.56%
Aon PLC (b)			162,177				52,736,717				7.98	%
Brookfield Asset Management Ltd. (b)			376,240				12,622,852				1.91	%
Brookfield Corp. (b)			1,489,242				48,340,795				7.31	%
Brookfield Reinsurance Ltd. (b)			15,721				510,933				0.08	%
Encore Capital Group, Inc. (a)(d)			1,035,743				53,216,475				8.05	%
Markel Corp. (a)			39,760				54,412,753				8.23	%
							221,840,525				33.56	%
Health Care – 0.74%
Danaher Corp.			20,677				4,898,588				0.74	%
Industrials – 17.40%
American Woodmark Corp. (a)			524,614				26,503,500				4.01	%
Ashtead Group PLC (b)			824,513				47,427,372				7.17	%
Mistras Group, Inc. (a)			21,401				173,776				0.03	%
SS&C Technologies Holdings, Inc.			582,330				34,089,598				5.16	%
TransDigm Group, Inc.			8,873				6,787,845				1.03	%
							114,982,091				17.40	%
Information Technology – 7.15%
Applied Materials, Inc.			166,465				18,815,539				2.85	%
CDW Corp.			167,589				28,421,418				4.30	%
							47,236,957				7.15	%
Total Common Stocks
(Cost $271,530,612)							597,110,292				90.34	%

SCHEDULE OF INVESTMENTS

REITS – 7.90%		Number								% of
		of Shares				Value				Net Assets
Real Estate – 7.90%
American Tower Corp., Class A			255,468			$	52,215,105				7.90	%
Total REITS
(Cost $196,711)							52,215,105				7.90	%
SHORT-TERM INVESTMENTS – 1.64%
Money Market Funds – 1.64%
First American Government Obligations Fund,
Institutional Class, 4.73% (c)			10,854,925				10,854,925				1.64	%
Total Short-Term Investments
(Cost $10,854,925)							10,854,925				1.64	%
Total Investments
(Cost $282,582,248) – 99.88%							660,180,322				99.88	%
Other Assets in Excess of Liabilities – 0.12%							781,490				0.12	%
TOTAL NET ASSETS – 100.00%						$	660,961,812				100.00	%

(a)	Non-income-producing security.
(b)	U.S.-traded security of a foreign corporation.
(c)	The rate listed is the fund’s seven-day yield as of April 30, 2023.
(d)	Investment in affiliated security. Investment represents five percent or more of the outstanding voting securities of the issuer, making the issuer an affiliate of the Fund, as defined in the Investment Company Act of 1940, as amended. Details of transactions with affiliated companies for the six months ended April 30, 2023, are as follows:

			Value at								Sales				Realized
	Common Stocks		November 1, 2022				Purchases				Proceeds				Gain/Loss
	Encore Capital Group, Inc.(1)(2)		$	74,084,017			$	—			$	(21,351,134	)		$	5,553,024
			$	74,084,017			$	—			$	(21,351,134	)		$	5,553,024
			Net Change
			in Unrealized
			Appreciation /								Value at
	Common Stocks		Depreciation				Dividends				April 30, 2023				Shares
	Encore Capital Group, Inc.(1)(2)		$	(5,069,432	)		$	—			$	53,216,475				1,035,743
			$	(5,069,432	)		$	—			$	53,216,475				1,035,743

(1)	As of April 30, 2023, this security represented 8.05% of the Fund’s net assets.
(2)	As of April 30, 2023, this security was no longer an affiliate of the Fund.

Common Stocks		Level 1				Level 2				Level 3				Total
Communication Services		$	53,502,384			$	—			$	—			$	53,502,384
Consumer Discretionary			154,649,747				—				—				154,649,747
Financials			221,840,525				—				—				221,840,525
Health Care			4,898,588				—				—				4,898,588
Industrials			114,982,091				—				—				114,982,091
Information Technology			47,236,957				—				—				47,236,957
Total Common Stocks		$	597,110,292			$	—			$	—			$	597,110,292
REITS
Real Estate		$	52,215,105			$	—			$	—			$	52,215,105
Total REITS		$	52,215,105			$	—			$	—			$	52,215,105
Short-Term Investments
Money Market Funds		$	10,854,925			$	—			$	—			$	10,854,925
Total Short-Term Investments		$	10,854,925			$	—			$	—			$	10,854,925
Total Investments		$	660,180,322			$	—			$	—			$	660,180,322

SCHEDULE OF INVESTMENTS/STATEMENT OF ASSETS AND LIABILITIES

Statement of Assets and Liabilities as of April 30, 2023 (Unaudited)

ASSETS:
Investments in securities, at value (cost $282,582,248)		$	660,180,322
Dividends and interest receivable			144,238
Receivable for fund shares sold			66,866
Receivable for securities sold			1,581,500
Prepaid expenses and other assets			37,278
Total assets		$	662,010,204
LIABILITIES:
Payable for fund shares redeemed			206,819
Payable to advisor			485,523
Payable to sub-transfer agents			109,322
Payable to administrator			122,824
Payable to auditor			11,221
Accrued distribution fees			68,058
Accrued service fees			33,372
Accrued trustees fees			9,179
Accrued expenses and other payables			2,074
Total liabilities			1,048,392
NET ASSETS		$	660,961,812
NET ASSETS CONSISTS OF:
Capital stock		$	192,038,790
Total distributable earnings			468,923,022
Total net assets		$	660,961,812
NET ASSETS:
Investor Class
Shares authorized (no par value)		Unlimited
Net assets applicable to outstanding shares		$	409,362,594
Shares issued and outstanding			8,530,622
Net asset value, offering price, and redemption price per share		$	47.99
Institutional Class
Shares authorized (no par value)		Unlimited
Net assets applicable to outstanding shares		$	251,599,218
Shares issued and outstanding			5,015,676
Net asset value, offering price, and redemption price per share		$	50.16

Statement of Operations for the six months ended April 30, 2023 (Unaudited)

INVESTMENT INCOME:
Dividend income(1)		$	2,408,378
Interest income			214,844
Total investment income			2,623,222
EXPENSES:
Investment advisory fees (See Note 5)			3,112,654
Sub-transfer agent expenses – Investor Class (See Note 5)			479,092
Sub-transfer agent expenses – Institutional Class (See Note 5)			147,980
Administration, accounting, custody, and transfer agent fees (See Note 5)			340,091
Distribution fees – Investor Class (See Note 5)			316,058
Service fees – Investor Class (See Note 5)			210,705
Reports to shareholders			26,648
Federal and state registration fees			23,953
Trustees’ fees and expenses			14,760
Compliance expense (See Note 5)			11,844
Audit fees			11,227
Legal fees			8,636
Interest expense (See Note 7)			1,138
Other expenses			68,766
Total expenses			4,773,552
NET INVESTMENT LOSS		$	(2,150,330	)
REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gain on investments:
Unaffiliated investments		$	102,036,728
Affiliated investments			5,553,024
Net change in unrealized appreciation/depreciation on investments
Unaffiliated investments			(47,076,334	)
Affiliated investments			(5,069,432	)
Net gain on investments			55,443,986
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	53,293,656

(1)	Net of foreign taxes withheld of $68,016.

STATEMENT OF OPERATIONS/STATEMENTS OF CHANGES IN NET ASSETS

Statements of Changes in Net Assets

		Six Months Ended
		April 30, 2023				Year Ended
		(Unaudited)				October 31, 2022
OPERATIONS:
Net investment loss		$	(2,150,330	)		$	(7,213,114	)
Net realized gain on investments			107,589,752				107,121,107
Net change in unrealized
appreciation/depreciation on investments			(52,145,766	)			(377,001,093	)
Net increase (decrease) in net
assets resulting from operations			53,293,656				(277,093,100	)
DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings – Investor Class			(55,979,529	)			(102,832,917	)
Distributable earnings – Institutional Class			(38,238,761	)			(74,423,824	)
Total distributions			(94,218,290	)			(177,256,741	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares subscribed – Investor Class			3,172,952				13,194,104
Proceeds from shares subscribed – Institutional Class			23,166,044				64,242,530
Dividends reinvested – Investor Class			54,418,111				100,142,196
Dividends reinvested – Institutional Class			35,095,377				68,169,964
Cost of shares redeemed – Investor Class			(55,616,816	)			(125,473,751	)
Cost of shares redeemed – Institutional Class			(98,970,623	)			(133,218,468	)
Net decrease in net assets derived
from capital share transactions			(38,734,955	)			(12,943,425	)
TOTAL DECREASE IN NET ASSETS			(79,659,589	)			(467,293,266	)
NET ASSETS:
Beginning of period			740,621,401				1,207,914,667
End of period		$	660,961,812			$	740,621,401
CHANGES IN SHARES OUTSTANDING:
Shares sold – Investor Class			66,049				208,254
Shares sold – Institutional Class			461,182				993,681
Shares issued to holders as reinvestment
of dividends – Investor Class			1,168,021				1,451,336
Shares issued to holders as reinvestment
of dividends – Institutional Class			721,681				950,104
Shares redeemed – Investor Class			(1,148,276	)			(2,029,388	)
Shares redeemed – Institutional Class			(1,959,785	)			(2,110,055	)
Net decrease in shares outstanding			(691,128	)			(536,068	)

Financial Highlights

		Six Months Ended
		April 30, 2023
		(Unaudited)
PER SHARE DATA:
Net asset value, beginning of period		$	51.12
Income from investment operations:
Net investment loss			(0.19	)(1)
Net realized and unrealized gains (losses) on investments			3.90
Total from investment operations			3.71
Less distributions:
Dividends from net realized gains			(6.84	)
Total distributions			(6.84	)
Net asset value, end of period		$	47.99
TOTAL RETURN			7.67	%(2)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)		$	409.36
Ratio of expenses to average net assets			1.52	%(3)
Ratio of net investment loss to average net assets			(0.76	)%(3)
Portfolio turnover rate(4)			9	%(2)

(1)	Calculated using the average shares outstanding method.
(2)	Not annualized.
(3)	Annualized.
(4)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — INVESTOR CLASS

Year Ended October 31,
2022				2021				2020				2019				2018
$	80.48			$	71.68			$	85.11			$	83.20			$	84.92
	(0.56	)(1)			(0.63	)(1)			(0.66	)(1)			(0.52	)(1)			(0.86	)
	(16.93	)			31.46				(4.21	)			16.90				(0.85	)
	(17.49	)			30.83				(4.87	)			16.38				(1.71	)
	(11.87	)			(22.03	)			(8.56	)			(14.47	)			(0.01	)
	(11.87	)			(22.03	)			(8.56	)			(14.47	)			(0.01	)
$	51.12			$	80.48			$	71.68			$	85.11			$	83.20
	-25.55	%			52.87	%			-6.79	%			24.16	%			-2.02	%
$	431.67			$	709.40			$	678.72			$	1,213.20			$	1,339.45
	1.52	%			1.49	%			1.51	%			1.47	%			1.47	%
	(0.92	)%			(0.88	)%			(0.88	)%			(0.67	)%			(0.72	)%
	5	%			4	%			5	%			2	%			13	%

Financial Highlights

		Six Months Ended
		April 30, 2023
		(Unaudited)
PER SHARE DATA:
Net asset value, beginning of period		$	53.34
Income from investment operations:
Net investment loss			(0.10	)(1)
Net realized and unrealized gains (losses) on investments			4.06
Total from investment operations			3.96
Less distributions:
Dividends from net realized gains			(7.14	)
Total distributions			(7.14	)
Net asset value, end of period		$	50.16
TOTAL RETURN			7.85	%(2)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (millions)		$	251.60
Ratio of expenses to average net assets			1.16	%(3)
Ratio of net investment loss to average net assets			(0.40	)%(3)
Portfolio turnover rate(4)			9	%(2)

(1)	Calculated using the average shares outstanding method.
(2)	Not annualized.
(3)	Annualized.
(4)	Calculated on the basis of the Fund as a whole.

FINANCIAL HIGHLIGHTS — INSTITUTIONAL CLASS

Year Ended October 31,
2022				2021				2020				2019				2018
$	83.66			$	74.24			$	87.83			$	85.66			$	87.10
	(0.34	)(1)			(0.37	)(1)			(0.39	)(1)			(0.25	)(1)			(0.28	)
	(17.63	)			32.62				(4.36	)			17.41				(1.15	)
	(17.97	)			32.25				(4.75	)			17.16				(1.43	)
	(12.35	)			(22.83	)			(8.84	)			(14.99	)			(0.01	)
	(12.35	)			(22.83	)			(8.84	)			(14.99	)			(0.01	)
$	53.34			$	83.66			$	74.24			$	87.83			$	85.66
	-25.27	%			53.43	%			-6.45	%			24.59	%			-1.65	%
$	308.95			$	498.51			$	387.55			$	586.25			$	811.96
	1.13	%			1.12	%			1.14	%			1.12	%			1.09	%
	(0.53	)%			(0.50	)%			(0.51	)%			(0.32	)%			(0.34	)%
	5	%			4	%			5	%			2	%			13	%

Notes to the Financial Statements April 30, 2023 (Unaudited)

a).	Securities Valuation – All investments in securities are valued in accordance with the Fund’s valuation policies and procedures, as described in Note 3.
b).	Federal Income Taxes – The Fund has elected to be taxed as a regulated investment company and intends to distribute substantially all of its taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As a result, the Fund has made no provision for federal income taxes or excise taxes. Net investment income/loss and realized gains/losses for federal income tax purposes may differ from those reported in the financial statements because of temporary book-basis and tax-basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. The Fund recognizes interest and penalties related to income tax benefits, if any, in the Statement of Operations as an income tax expense. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes. The Fund may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as part of the dividends paid deduction for income tax purposes.
c).	Accounting for Uncertainty in Income Taxes – The Fund has accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The tax returns of the Fund for the prior three fiscal years are open for examination. The Fund has reviewed all open tax years in major tax jurisdictions and concluded that there is no impact on the Fund’s net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund’s major tax jurisdictions are U.S. federal and Delaware.

NOTES TO THE FINANCIAL STATEMENTS

d).	Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Fund. Interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Market discounts, original issue discounts, and market premiums on debt securities are accreted or amortized to interest income over the life of a security with a corresponding increase or decrease, as applicable, in the cost basis of such security using the yield-to-maturity method or, where applicable, the first call date of the security. Other non-cash dividends are recognized as investment income at the fair value of the property received. The Fund is charged for those expenses that are directly attributable to its portfolio, such as advisory, administration, and certain shareholder service fees. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains/losses on investments are allocated to each class of shares based on such class’s net assets.
e).	Distributions to Shareholders – Dividends from net investment income for the Fund, if any, are declared and paid annually, usually in December. Distributions of net realized capital gains, if any, are declared and paid annually, usually in December.
f).	Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Fund determines the realized gain/loss from an investment transaction by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted or amortized, respectively, over the life of each such security.
g).	Use of Estimates – Preparing financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported change in net assets during the reporting period. Actual results could differ from those estimates.
h).	Share Valuation – The net asset value (“NAV”) per share of the Fund is calculated by dividing (i) the total value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by (ii) the total number of Fund shares outstanding, rounded to the nearest $0.01. Fund shares are not priced on days the New York Stock Exchange is closed for trading. The offering and redemption price per share for the Fund is equal to the Fund’s NAV per share.
i).	Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market exchange rate at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market exchange rate prevailing on the respective dates of such transactions. The Fund does not isolate the portion of the results of operations resulting from fluctuations in foreign exchange rates on investments from fluctuations resulting from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain/loss on investments. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards, and other factors.
j).	REIT Equity Securities – Distributions received from real estate investment trusts (“REITs”) may be classified as dividends, capital gains, or return of capital. Investments in REITs may require the Fund to accrue and distribute income not yet received. To generate sufficient cash to make any required distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. At other

	times, investments in a REIT may result in the Fund’s receipt of cash in excess of the REIT’s earnings. If the Fund distributes these amounts, these distributions could constitute a return of capital to Fund shareholders for U.S. federal income tax purposes. Dividends received by the Fund from a REIT generally do not constitute qualified dividend income and do not qualify for the dividends-received deduction.
k).	Partnership Accounting Policy – To the extent the Fund receives distributions from underlying partnerships in which it invests, the Fund records its pro rata share of income/loss and capital gains/losses and accordingly adjusts the cost basis of the underlying partnerships for return of capital.
l).	Illiquid Securities – Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Liquidity Risk Management Program (the “Liquidity Program”). The Liquidity Program requires, among other things, that the Fund limit its illiquid investments to no more than 15% of its net assets. An illiquid investment is any investment that the Fund reasonably expects cannot be sold or disposed of by the Fund in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.
m).	Recent Accounting Pronouncements and Regulatory Updates – In October 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations under the 1940 Act governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, generally eliminates the asset segregation framework used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund does not utilize derivatives and therefore has not adopted a derivatives risk management program.
	In December 2020, the SEC adopted a new rule under the 1940 Act providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements. The Fund has designated Hennessy Advisors, Inc., the Fund’s investment advisor (the “Advisor”), as its valuation designee under Rule 2a-5.

	Level 1 –	Unadjusted, quoted prices in active markets for identical instruments that the Fund has the ability to access at the date of measurement.
	Level 2 –	Other significant observable inputs (including, but not limited to, quoted prices in active markets for similar instruments, quoted prices in markets

NOTES TO THE FINANCIAL STATEMENTS

		that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, such as interest rates, prepayment speeds, credit risk curves, default rates, and similar data).
	Level 3 –	Significant unobservable inputs (including the Fund’s own assumptions about what market participants would use to price the asset or liability based on the best available information) when observable inputs are unavailable.

	Equity Securities – Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed-end mutual funds, partnerships, rights, and real estate investment trusts, that are traded on a securities exchange for which a last-quoted sales price is readily available generally are valued at the last sales price as reported by the primary exchange on which the securities are listed. Securities listed on The Nasdaq Stock Market (“Nasdaq”) generally are valued at the Nasdaq Official Closing Price, which may differ from the last sales price reported. Securities traded on a securities exchange for which a last-quoted sales price is not readily available generally are valued at the mean between the bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified in Level 1 of the fair value hierarchy. Securities traded on foreign exchanges generally are not valued at the same time the Fund calculates its NAV because most foreign markets close well before such time. The earlier close of most foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. In certain circumstances, it may be determined that a foreign security needs to be fair valued because it appears that the value of the security might have been materially affected by events occurring after the close of the market in which the security is principally traded, but before the time the Fund calculates its NAV, such as by a development that affects an entire market or region (e.g., a weather-related event) or a potentially global development (e.g., a terrorist attack that may be expected to have an effect on investor expectations worldwide).
	Registered Investment Companies – Investments in open-end registered investment companies, commonly referred to as mutual funds, generally are priced at the ending NAV provided by the applicable mutual fund’s service agent and are classified in Level 1 of the fair value hierarchy.
	Debt Securities – Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate observable market data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. These securities are generally classified in Level 2 of the fair value hierarchy.
	Short-Term Securities – Short-term equity investments, including money market funds, are valued in the manner specified above for equity securities. Short-term debt investments with an original term to maturity of 60 days or less are valued at

amortized cost, which approximates fair market value. If the original term to maturity of a short-term debt investment exceeds 60 days, then the values as of the 61st day prior to maturity are amortized. Amortized cost is not used if its use would be inappropriate due to credit or other impairments of the issuer, in which case the security’s fair value would be determined as described below. Short-term securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.

NOTES TO THE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

			Investments
	Cost of investments for tax purposes		$	310,845,913
	Gross tax unrealized appreciation		$	447,244,293
	Gross tax unrealized depreciation			(17,500,453	)
	Net tax unrealized appreciation/(depreciation)		$	429,743,840
	Undistributed ordinary income		$	—
	Undistributed long-term capital gains			94,218,241
	Total distributable earnings		$	94,218,241
	Other accumulated gain/(loss)		$	(14,114,425	)
	Total accumulated gain/(loss)		$	509,847,656

			Six Months Ended				Year Ended
			April 30, 2023				October 31, 2022
	Ordinary income(1)		$	—			$	—
	Long-term capital gains			94,218,290				177,256,741
	Total distributions		$	94,218,290			$	177,256,741
	(1)  Ordinary income includes short-term capital gains.

EXPENSE EXAMPLE

			Expenses Paid
	Beginning	Ending	During Period(1)
	Account Value	Account Value	November 1, 2022 –
	November 1, 2022	April 30, 2023	April 30, 2023
Investor Class
Actual	$1,000.00	$1,076.70	$15.78
Hypothetical (5% return before expenses)	$1,000.00	$1,034.80	$15.46
Institutional Class
Actual	$1,000.00	$1,078.50	$12.06
Hypothetical (5% return before expenses)	$1,000.00	$1,038.40	$11.82

(1)	Expenses are equal to the Fund’s annualized expense ratio of 1.52% for Investor Class shares or 1.16% for Institutional Class shares, as applicable, multiplied by the average account value over the period, multiplied by 181/365 days (to reflect the half-year period).

PROXY VOTING — BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

	(1)	A memorandum from outside legal counsel that described the fiduciary duties of the Board with respect to approving the continuation of the advisory and sub-advisory agreements and the relevant factors for consideration;
	(2)	A memorandum from the Advisor that listed the factors relevant to the Board’s approval of the continuation of the advisory and sub-advisory agreements and also referenced the documents that had been provided to help the Board assess each such factor;
	(3)	The Advisor’s financial statements from its most recent Form 10-K and Form 10-Q;
	(4)	Summaries of the advisory and sub-advisory agreements;
	(5)	A recent Fund fact sheet, which included, among other things, Fund performance over various periods;
	(6)	A description of the range of services provided by the Advisor and the Sub-Advisor and the distinction between the Advisor-provided services and the Sub-Advisor-provided services;
	(7)	A peer expense comparison of the net expense ratio and investment advisory fee of the Fund;
	(8)	A memorandum from the Advisor regarding economies of scale;
	(9)	A completed questionnaire from the Sub-Advisor;
	(10)	A summary of the Sub-Advisor’s responses to the questionnaire, as well as relevant information from the Sub-Advisor’s Form ADVs Parts 1 and 2 and the certifications submitted by the Sub-Advisor each quarter;
	(11)	Financial information of the Sub-Advisor; and
	(12)	The Sub-Advisor’s Code of Ethics.

	(1)	The nature and quality of the advisory services provided by the Advisor and the Sub-Advisor;
	(2)	A comparison of the fees and expenses of the Fund to other similar funds;
	(3)	Whether economies of scale are recognized by the Fund;
	(4)	The costs and profitability of the Fund to the Advisor and the Sub-Advisor;
	(5)	The performance of the Fund; and
	(6)	Any benefits to the Advisor and the Sub-Advisor from serving as an investment advisor to the Fund (other than the advisory and sub-advisory fees).

(1)

The Trustees considered the services identified below that are provided by the Advisor. Based on this review and an assessment of the Advisor’s performance, the Trustees concluded that the Advisor provides high-quality services to the Fund, and they noted that their overall confidence in the Advisor was high. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Advisor and that the nature and extent of the services provided by the Advisor were appropriate to assure that the Fund’s operations are conducted in compliance with applicable laws, rules, and regulations.

		(a)	The Advisor oversees the Sub-Advisor for the Fund, and the Sub-Advisor acts as the portfolio manager for the Fund by providing portfolio management services.
		(b)	The Advisor performs a daily reconciliation of portfolio positions and cash for the Fund.
		(c)	The Advisor monitors the liquidity of each Fund.
		(d)	The Advisor monitors the Fund’s compliance with its investment objectives and restrictions and federal securities laws.
		(e)	The Advisor maintains a compliance program (including a code of ethics), conducts ongoing reviews of the compliance programs of the Sub-Advisor and the Fund’s other service providers (including their codes of ethics, as appropriate), conducts on-site visits to the Sub-Advisor and the Fund’s other service providers, as feasible, monitors incidents of abusive trading practices, reviews Fund expense accruals, payments, and fixed expense ratios, evaluates insurance providers for fidelity bond, D&O/E&O insurance, and cybersecurity insurance coverage, manages regulatory examination compliance and responses, conducts employee compliance training, reviews reports provided by service providers, and maintains books and records.

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

		(f)	The Advisor oversees the selection and continued employment of the Sub-Advisor, reviews the Fund’s investment performance, and monitors the Sub-Advisor’s adherence to the Fund’s investment objectives, policies, and restrictions.
		(g)	The Advisor oversees service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the Fund.
		(h)	The Advisor maintains in-house marketing and distribution departments on behalf of the Fund.
		(i)	The Advisor prepares or directs the preparation of all regulatory filings for the Fund, including writing and annually updating the Fund’s prospectus and related documents.
		(j)	For each annual report of the Fund, the Advisor reviews the written summary prepared by the Sub-Advisor of the Fund’s performance during the most recent 12-month period.
		(k)	The Advisor oversees distribution of the Fund through third-party broker/dealers and independent financial institutions such as Charles Schwab, Inc., Fidelity, TD Ameritrade, and Pershing. The Advisor participates in “no transaction fee” (“NTF”) programs with these companies on behalf of the Fund, which allow customers to purchase the Fund through third-party distribution channels without paying a transaction fee. The Advisor compensates, in part, a number of these third-party providers of NTF programs out of its own revenues.
		(l)	The Advisor pays the incentive compensation of the Fund’s compliance officer and employs other staff, such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives.
		(m)	The Advisor provides a quarterly compliance certification to the Board.
		(n)	The Advisor prepares or reviews all Board materials, presents to and leads discussions with the Board, prepares or reviews all meeting minutes, and arranges for Board training and education.

(2)

The Trustees considered the services identified below that are provided by the Sub-Advisor. Based on this review and an assessment of the Sub-Advisor’s performance, the Trustees concluded that the Sub-Advisor provides high-quality services to the Fund. The Trustees also concluded that they were satisfied with the nature, extent, and quality of the advisory services provided to the Fund by the Sub-Advisor and that the nature and extent of the services provided by the Sub-Advisor were appropriate to assure that the Fund’s portfolio aligns properly with its investment objective and principal investment strategies.

(a)

The Sub-Advisor acts as the portfolio manager for the Fund. In this capacity, the Sub-Advisor does the following:

(i)

manages the composition of the Fund’s portfolio, including the purchase, retention, and disposition of portfolio securities in accordance with the Fund’s investment objectives, policies, and restrictions;

			(ii)	seeks best execution for the Fund’s portfolio; and
			(iii)	manages proxy voting for the Fund.

		(b)	The Sub-Advisor ensures that its compliance program includes policies and procedures relevant to the Fund and the Sub-Advisor’s duties as a portfolio manager to the Fund.
		(c)	For each annual report of the Fund, the Sub-Advisor prepares a written summary of the Fund’s performance during the most recent 12-month period.
		(d)	The Sub-Advisor provides a quarterly compliance certification to the Board regarding trading and allocation practices, supervisory matters, the Sub-Advisor’s compliance program (including its code of ethics), compliance with the Fund’s policies, and general firm updates.

	(3)	Trustees considered the distinction between the services performed by the Advisor and the Sub-Advisor. The Trustees noted that the management of the Fund, including the oversight of the Sub-Advisor, involves more comprehensive and substantive duties than the duties of the Sub-Advisor. Specifically, the Trustees considered the lists of Advisor services previously identified and concluded that the services performed by the Advisor for the Fund require a higher level of service and oversight than the services performed by the Sub-Advisor. Based on this determination, the Trustees concluded that the differential in advisory fees between the Advisor and the Sub-Advisor is reasonable.
	(4)	The Trustees compared the performance of the Fund to benchmark indices over various periods and noted that the Trustees review and discuss reports comparing the investment performance of the Fund to various indices at each quarterly Board meeting. Based on such information, the Trustees determined that the Advisor and the Sub-Advisor manage the Fund in a manner materially consistent with its stated investment objective and style. The Trustees concluded that the performance of the Fund over various periods warranted the continuation of the advisory and sub-advisory agreements.
	(5)	The Trustees reviewed the advisory fees and overall expense ratios of the Fund compared to other funds similar in asset size and investment objective to the Fund using data from Morningstar. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used to determine the mutual funds included in the Morningstar categories for purposes of the materials considered at the meeting. The Trustees determined that the advisory fee and overall expense ratio of the Fund falls within a reasonable range of the advisory fees and overall expense ratios of other comparable funds and concluded that they are reasonable and warranted continuation of the advisory and sub-advisory agreements.
	(6)	The Trustees also considered whether the Advisor was realizing economies of scale that should be shared with the Fund’s shareholders. The Trustees noted that many of the expenses incurred to manage the Fund were variable asset-based fees, so the Advisor would not realize material economies of scale relating to these expenses as the assets of the Fund increased. For example, third-party platform fees and sub-advisory fees increase as the Fund’s assets grow.

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS

	(7)	The Trustees considered the profitability of the Advisor and the Sub-Advisor, including the impact of mutual fund platform fees on the Advisor’s profitability, and also considered the resources and revenues that the Advisor has put into managing and distributing the Fund. The Trustees then concluded that the profits of the Advisor and the Sub-Advisor are reasonable and not excessive when compared to profitability guidelines set forth in relevant court cases.
	(8)	The Trustees considered the high level of professionalism and knowledge of the Advisor’s employees and concluded that this was beneficial to the Fund and its shareholders.
	(9)	The Trustees considered any benefits to the Advisor and the Sub-Advisor from serving as an advisor to the Fund (other than the advisory and sub-advisory fees). The Trustees noted that the Advisor and the Sub-Advisor may derive ancillary benefits from, by way of example, their association with the Fund in the form of proprietary and third-party research products and services received from broker-dealers that execute portfolio trades for the Fund. The Trustees determined that any such products and services have been used for legitimate purposes relating to the Fund by providing assistance in the investment decision-making process. The Trustees concluded that any additional benefits realized by the Advisor and the Sub-Advisor from their relationship with the Fund were reasonable, which was based on, among other things, the Trustees’ findings that (i) the research, analytical, statistical, and other information and services provided by brokers are merely supplemental to the Advisor’s and the Sub-Advisor’s own efforts in the performance of their duties under the advisory and sub-advisory agreements and (ii) although the Sub-Advisor could derive benefits from the conversion of Fund shareholders into separate account clients, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund.