REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | [x] | |
Pre-Effective Amendmet No. | [ ] | |
Post-Effective Amendment No. 17 | [x] | |
and/or | ||
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | [x] |
Amendment No. 20 [x]
(Check appropriate box or boxes.)
___________________________________
|
||
HENNESSY SPARX FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)
|
||
7250 Redwood Blvd.
|
||
Suite 200
|
Novato, California
|
94945
|
|
(Address of Principal Executive Offices)
|
(ZIP Code)
|
(800) 966-4354
(Registrant’s Telephone Number, including Area Code)
|
Neil J. Hennessy
|
Copy to:
|
Hennessy Advisors, Inc.
|
Peter D. Fetzer
|
7250 Redwood Blvd.
|
Foley & Lardner LLP
|
Suite 200
|
777 East Wisconsin Avenue
|
Novato, California 94945
|
Milwaukee, Wisconsin 53202-5306
|
(Name and Address of Agent for Service)
|
£
|
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
|
Investor
|
Institutional
|
|
DOMESTIC EQUITY
|
||
Hennessy Cornerstone Growth Fund
|
HFCGX
|
HICGX
|
Hennessy Focus Fund
|
HFCSX
|
HFCIX
|
Hennessy Cornerstone Mid Cap 30 Fund
|
HFMDX
|
HIMDX
|
Hennessy Cornerstone Large Growth Fund
|
HFLGX
|
HILGX
|
Hennessy Cornerstone Value Fund
|
HFCVX
|
HICVX
|
Hennessy Large Value Fund
|
HLVFX
|
HLVIX
|
Hennessy Total Return Fund
|
HDOGX
|
|
BALANCED & FIXED INCOME
|
||
Hennessy Equity and Income Fund
|
HEIFX
|
HEIIX
|
Hennessy Balanced Fund
|
HBFBX
|
|
Hennessy Core Bond Fund
|
HCBFX
|
HCBIX
|
SECTOR & SPECIALTY
|
||
Hennessy Gas Utility Index Fund
|
GASFX
|
|
Hennessy Small Cap Financial Fund
|
HSFNX
|
HISFX
|
Hennessy Large Cap Financial Fund
|
HLFNX
|
|
Hennessy Technology Fund
|
HTECX
|
HTCIX
|
Hennessy Japan Fund
|
HJPNX
|
HJPIX
|
Hennessy Japan Small Cap Fund
|
HJPSX
|
Summary Information:
|
|
Domestic Equity
|
|
Hennessy Cornerstone Growth Fund
|
2
|
Hennessy Focus Fund
|
5
|
Hennessy Cornerstone Mid Cap 30 Fund
|
8
|
Hennessy Cornerstone Large Growth Fund
|
11
|
Hennessy Cornerstone Value Fund
|
14
|
Hennessy Large Value Fund
|
17
|
Hennessy Total Return Fund
|
20
|
Balanced & Fixed Income
|
|
Hennessy Equity and Income Fund
|
23
|
Hennessy Balanced Fund
|
27
|
Hennessy Core Bond Fund
|
30
|
Sector & Specialty
|
|
Hennessy Gas Utility Index Fund
|
33
|
Hennessy Small Cap Financial Fund
|
36
|
Hennessy Large Cap Financial Fund
|
39
|
Hennessy Technology Fund
|
42
|
Hennessy Japan Fund
|
45
|
Hennessy Japan Small Cap Fund
|
48
|
Important Additional Fund Information
|
51
|
Additional Investment Information
|
52
|
Historical Performance
|
53
|
Management of the Funds
|
56
|
Shareholder Information
|
|
Pricing of Fund Shares
|
60
|
Account Minimum Investments
|
60
|
Market Timing Policy
|
61
|
Telephone Privileges
|
61
|
How to Purchase Shares
|
61
|
Automatic Investment Plan
|
63
|
Retirement Plans
|
63
|
How to Sell Shares
|
63
|
How to Exchange Shares
|
65
|
Systematic Cash Withdrawal Program
|
66
|
Dividends and Distributions
|
66
|
Tax Information
|
66
|
Index Descriptions
|
67
|
Householding
|
67
|
Electronic Delivery
|
68
|
Financial Highlights
|
69
|
HENNESSY FUNDS
|
1-800-966-4354
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.74 | % | 0.74 | % | ||||||||||||
Distribution and Service
(12b-1)
Fees
|
None
|
None
|
||||||||||||||
Other Expenses
1
|
0.61 | % | 0.38 | % | ||||||||||||
Shareholder Servicing
|
0.10 | % |
None
|
|||||||||||||
All Remaining
|
||||||||||||||||
Other Expenses
|
0.51 | % | 0.38 | % | ||||||||||||
Total Annual Fund
|
||||||||||||||||
Operating Expenses
|
1.35 | % | 1.12 | % | ||||||||||||
Expense Reimbursement
|
N/A | (0.13 | )% 2 | |||||||||||||
Net Expenses
|
1.35 | % | 0.99 | % |
1
|
Other expenses include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
2
|
The Fund’s investment manager has contractually agreed to insure that net expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Directors terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$137
|
$428
|
$739
|
$1,624
|
Institutional
|
$101
|
$343
|
$604
|
$1,352
|
1)
|
Price-to-sales ratio below 1.5
|
|
This value criterion helps to uncover relative bargains. The Growth Strategy uses sales as its guide because sales figures are more difficult for companies to manipulate than earnings and frequently provide a clearer picture of a company’s potential value.
|
2)
|
Annual earnings that are higher than the previous year
|
|
While we have found that sales may be the best indicator of a company’s value, the Growth Strategy considers improved earnings to be a key indicator of a company’s financial strength.
|
3)
|
Positive stock price appreciation, or relative strength, over the past three and six-month periods
|
|
Historically, relative strength has been one of the most influential variables in predicting which stocks will outperform the market.
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Cornerstone
|
|||
Growth Fund – Investor
|
|||
Return before taxes
|
30.31%
|
-4.25%
|
5.17%
|
Return after taxes
|
|||
on distributions
|
30.31%
|
-4.25%
|
4.27%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
19.70%
|
-3.56%
|
4.54%
|
Hennessy Cornerstone
|
|||
Growth Fund – Institutional
|
|||
Return before taxes
|
30.76%
|
-3.94%
|
5.34%
|
Russell 2000 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.35%
|
3.56%
|
9.72%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.90 | % | 0.90 | % | |||||
Distribution and Service
(12b-1)
Fees
|
0.25 | % |
None
|
||||||
Other Expenses
|
0.26 | % | 0.22 | % | |||||
Acquired Fund Fees and Expenses
1
|
0.02 | % | 0.02 | % | |||||
Total Annual Fund Operating Expenses
|
1.43 | % | 1.14 | % |
1
|
Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$146
|
$452
|
$782
|
$1,713
|
Institutional
|
$116
|
$362
|
$628
|
$1,386
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy
Focus
|
|||
Fund – Investor
|
|||
Return before taxes
|
16.64%
|
6.06%
|
13.15%
|
Return after taxes
|
|||
on distributions
|
15.23%
|
4.90%
|
12.42%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
12.68%
|
4.96%
|
11.67%
|
Hennessy Focus
|
|||
Fund – Institutional
|
|||
Return before taxes
|
16.98%
|
6.39%
|
13.32%
|
Russell 2000 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.35%
|
3.56%
|
9.72%
|
Russell MidCap
|
|||
Growth Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
15.81%
|
3.23%
|
10.32%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.74 | % | 0.74 | % | |||||||||||||
Distribution and Service
(12b-1)
Fees
|
|
None
|
None
|
||||||||||||||
Other Expenses
1
|
0.64 | % | 0.43 | % | |||||||||||||
Shareholder Servicing
|
0.10 | % |
None
|
||||||||||||||
All Remaining
|
|||||||||||||||||
Other Expenses
|
0.54 | % | 0.43 | % | |||||||||||||
Total Annual Fund
|
|||||||||||||||||
Operating Expenses
|
1.38 | % | 1.17 | % | |||||||||||||
Expense Reimbursement
|
N/A | (0.18 | )% 2 | ||||||||||||||
Net Expenses
|
1.38 | % | 0.99 | % |
1
|
Other expenses include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
2
|
The Fund’s investment manager has contractually agreed to insure that net expenses (excluding certain expenses such as acquired fund fees and expenses)
do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Directors terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$140
|
$437
|
$755
|
$1,657
|
Institutional
|
$101
|
$354
|
$626
|
$1,404
|
1)
|
Price-to-sales ratio below 1.5
|
|
This value criterion helps to uncover relative bargains. The Formula uses sales as its guide because sales figures are more difficult for companies to manipulate than earnings and frequently provide a clearer picture of a company’s potential value.
|
2)
|
Annual earnings that are higher than the previous year
|
|
While we have found that sales may be the best indicator of a company’s value, the Formula considers improved earnings to be a key indicator of a company’s financial strength.
|
3)
|
Positive stock price appreciation, or relative strength, over the past three and six-month periods.
|
|
Historically, relative strength has been one of the most influential variables in predicting which stocks will outperform the market.
|
HENNESSY FUNDS
|
1-800-966-4354
|
|
Since
|
||
One
|
Five
|
Inception
|
|
Year
|
Year
|
(9/17/03)
|
|
Hennessy Cornerstone
|
|||
Mid Cap 30 Fund – Investor
|
|||
Return before taxes
|
14.10%
|
4.73%
|
9.98%
|
Return after taxes
|
|||
on distributions
|
13.88%
|
4.69%
|
9.44%
|
Return after taxes on
|
|||
distributions and sale
|
|||
of Fund shares
|
9.46%
|
4.08%
|
8.76%
|
Hennessy Cornerstone
|
|||
Mid Cap 30 Fund – Institutional
|
|||
Return before taxes
|
14.54%
|
5.11%
|
10.20%
|
S&P Midcap 400 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
17.88%
|
5.15%
|
8.91%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
5.75%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.74 | % | 0.74 | % | |||||||||||||
Distribution and Service
(12b-1)
Fees
|
None
|
None | |||||||||||||||
Other Expenses
|
0.53 | % | 0.67 | % | |||||||||||||
Shareholder Servicing Fee
|
0.10 | % |
None
|
||||||||||||||
All Remaining
|
|||||||||||||||||
Other Expenses
|
0.43 | % | 0.67 | % | |||||||||||||
Total Annual Fund
|
|||||||||||||||||
Operating Expenses
|
1.27 | % | 1.41 | % | |||||||||||||
Expense Reimbursement
|
N/A | (0.43 | )% 1 | ||||||||||||||
Net Expenses
|
1.27 | % | 0.98 | % |
1
|
The Fund’s investment manager has contractually agreed to insure that net expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Directors terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$129
|
$403
|
$697
|
$1,534
|
Institutional
|
$100
|
$404
|
$730
|
$1,654
|
1)
|
Market capitalization that exceeds the average of the Database
|
2)
|
Price-to-cash flow ratio less than the median of the Database
|
|
This value criterion helps to uncover relative bargains among large companies.
|
3)
|
Positive total capital
|
4)
|
Highest one-year return on total capital
|
|
Return on total capital is a good measurement of how well a company is utilizing its limited resources to maximize growth.
|
HENNESSY FUNDS
|
1-800-966-4354
|
Since
|
||
Inception
|
||
One Year
|
(3/20/09)
|
|
Hennessy Cornerstone Large
|
||
Growth Fund – Investor
|
||
Return before taxes
|
10.44%
|
21.03%
|
Return after taxes
|
||
on distributions
|
10.26%
|
19.92%
|
Return after taxes on
|
||
distributions and sale
|
||
of Fund shares
|
7.03%
|
18.41%
|
Hennessy Cornerstone Large
|
||
Growth Fund – Institutional
|
||
Return before taxes
|
10.71%
|
21.40%
|
Russell 1000 Index
|
||
(reflects no deduction for
|
||
fees, expenses or taxes)
|
16.42%
|
20.81%
|
S&P 500 Index
|
||
(reflects no deduction for
|
||
fees, expenses or taxes)
|
16.00%
|
20.29%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.74 | % | 0.74 | % | |||||||||||||
Distribution and Service
(12b-1)
Fees
|
|
None
|
None
|
||||||||||||||
Other Expenses
|
0.52 | % | 0.46 | % | |||||||||||||
Shareholder Servicing
|
0.10 | % |
None
|
||||||||||||||
All Remaining
|
|||||||||||||||||
Other Expenses
|
0.42 | % | 0.46 | % | |||||||||||||
Total Annual Fund
|
|||||||||||||||||
Operating Expenses
|
1.26 | % | 1.20 | % | |||||||||||||
Expense Reimbursement
|
N/A | (0.22 | )% 1 | ||||||||||||||
Net Expenses
|
1.26 | % | 0.98 | % |
1
|
The Fund’s investment manager has contractually agreed to insure that net expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Directors terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$128
|
$400
|
$692
|
$1,523
|
Institutional
|
$100
|
$359
|
$638
|
$1,435
|
1)
|
Market capitalization that exceeds the average of the Database
|
2)
|
Number of shares outstanding that exceeds the average of the Database
|
3)
|
12-month sales that are 50% greater than the average of the Database
|
4)
|
Cash flow that exceeds the average of the Database
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Cornerstone
|
|||
Value Fund – Investor
|
|||
Return before taxes
|
11.94%
|
2.00%
|
6.90%
|
Return after taxes
|
|||
on distributions
|
11.49%
|
1.48%
|
6.45%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
8.36%
|
1.59%
|
6.00%
|
Hennessy Cornerstone
|
|||
Value Fund – Institutional
|
|||
Return before taxes
|
12.24%
|
2.27%
|
7.05%
|
Russell 1000 Value Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
17.51%
|
0.59%
|
7.38%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.85 | % | 0.85 | % | |||||||||||||
Distribution and Service
(12b-1)
Fees
|
|
None
|
None
|
||||||||||||||
Other Expenses
|
0.55 | % | 0.37 | % | |||||||||||||
Shareholder Servicing Fee
|
0.10 | % |
None
|
||||||||||||||
All Remaining
|
|||||||||||||||||
Other Expenses
|
0.45 | % | 0.37 | % | |||||||||||||
Total Annual Fund
|
|||||||||||||||||
Operating Expenses
|
1.40 | % | 1.22 | % | |||||||||||||
Expense Reimbursement
|
N/A | (0.24 | )% 1 | ||||||||||||||
Net Expenses
|
1.40 | % | 0.98 | % |
1
|
The Fund’s investment manager has contractually agreed to insure that net expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 0.98% of the average daily net assets of the Institutional Class shares of the Fund. This contractual arrangement will continue indefinitely unless the Fund’s Board of Directors terminates it.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$143
|
$443
|
$766
|
$1,680
|
Institutional
|
$100
|
$363
|
$647
|
$1,456
|
•
|
stocks that the portfolio managers consider to be undervalued based on their earnings, dividends and/or assets or other widely recognized stock valuation measurements; and
|
•
|
stocks that the portfolio managers believe have sound businesses with good future potential based on their fundamental characteristics.
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Large
|
|||
Value Fund – Investor
|
|||
Return before taxes
|
16.33%
|
(0.30)%
|
5.62%
|
Return after taxes
|
|||
on distributions
|
16.13%
|
(0.49)%
|
4.33%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
10.88%
|
(0.29)%
|
4.82%
|
Hennessy Large
|
|||
Value Fund – Institutional
|
|||
Return before taxes
|
16.85%
|
0.01%
|
5.78%
|
Russell 1000 Value Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
17.51%
|
0.59%
|
7.38%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Sales charge
(load)
|
None
|
Redemption fee
|
None
|
Exchange fee
|
None
|
Management Fees
|
0.60%
|
|
Distribution and Service
(12b-1)
Fees
|
0.15%
|
|
Other Expenses
1
|
0.63%
|
|
Shareholder Servicing
|
0.10%
|
|
Interest Expense
|
0.08%
|
|
All Remaining Other Expenses
|
0.45%
|
|
Total Annual Fund Operating Expenses
|
1.38%
|
1
|
Other expenses include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$140
|
$437
|
$755
|
$1,657
|
*
|
The Dow Jones Industrial Average is the property of the Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or its investment advisor. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information included in this Prospectus.
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Total
|
|||
Return Fund
|
|||
Return before taxes
|
6.77%
|
1.49%
|
5.31%
|
Return after taxes
|
|||
on distributions
|
6.55%
|
1.20%
|
5.00%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
4.69%
|
1.21%
|
4.59%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
Dow Jones
|
|||
Industrial Average
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
10.24%
|
2.62%
|
7.32%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.80%
|
0.80%
|
|
Distribution and Service
(12b-1)
Fees
|
0.25%
|
None
|
|
Other Expenses
|
0.28%
|
0.26%
|
|
Acquired Fund Fees
|
|||
and Expenses
1
|
0.02%
|
0.02%
|
|
Total Annual Fund
|
|||
Operating Expenses
|
1.35%
|
1.08%
|
1
|
Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$137
|
$428
|
$739
|
$1,624
|
Institutional
|
$110
|
$343
|
$595
|
$1,317
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Equity and
|
|||
Income Fund – Investor
|
|||
Returns before taxes
|
8.82%
|
4.65%
|
9.11%
|
Returns after taxes
|
|||
on distributions
|
8.45%
|
3.92%
|
7.87%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
6.00%
|
3.61%
|
7.42%
|
Hennessy Equity and
|
|||
Income Fund – Institutional
|
|||
Returns before taxes
|
9.06%
|
4.88%
|
9.36%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
Blended Balanced Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
11.16%
|
3.51%
|
6.39%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Sales charge
(load)
|
None
|
Redemption fee
|
None
|
Exchange fee
|
None
|
Management Fees
|
0.60%
|
|
Distribution and Service
(12b-1)
Fees
|
0.15%
|
|
Other Expenses
1
|
0.80%
|
|
Shareholder Servicing
|
0.10%
|
|
All Remaining Other Expenses
|
0.70%
|
|
Total Annual Fund Operating Expenses
|
1.55%
|
1
|
Other expenses include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$158
|
$490
|
$845
|
$1,845
|
*
|
The Dow Jones Industrial Average is the property of the Dow Jones & Company, Inc. Dow Jones & Company, Inc. is not affiliated with the Hennessy Funds or its investment advisor. Dow Jones & Company, Inc. has not participated in any way in the creation of the Hennessy Funds or in the selection of stocks included in the Hennessy Funds and has not approved any information included in this Prospectus.
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Balanced Fund
|
|||
Return before taxes
|
3.73%
|
1.68%
|
3.62%
|
Return after taxes
|
|||
on distributions
|
3.67%
|
1.54%
|
3.25%
|
Return after taxes
|
|||
on distributions and
|
|||
sale of Fund shares
|
2.50%
|
1.41%
|
3.04%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
Dow Jones
|
|||
Industrial Average
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
10.24%
|
2.62%
|
7.32%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.80%
|
0.80%
|
|
Distribution and Service
(12b-1)
Fees
|
0.25%
|
None
|
|
Other Expenses
|
1.07%
|
0.51%
|
|
Acquired Fund Fees
|
|||
and Expenses
1
|
0.10%
|
0.10%
|
|
Total Annual Fund
|
|||
Operating Expenses
|
2.22%
|
1.41%
|
|
Expense Reimbursement
2
|
(0.82)%
|
(0.26)%
|
|
Net Expenses
|
1.40%
|
1.15%
|
1
|
Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
2
|
The Fund’s investment manager (the “Manager”) has contractually agreed to insure that net expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 1.05% of the Fund’s average daily net assets. The Manager has agreed to maintain this expense limitation through February 28, 2015.
The agreement may only be terminated by the Fund’s Board, and the Board has no current intention of terminating the agreement.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$143
|
$529
|
$1,029
|
$2,404
|
Institutional
|
$117
|
$393
|
$719
|
$1,641
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Core
|
|||
Bond Fund – Investor
|
|||
Returns before taxes
|
7.23%
|
5.79%
|
6.86%
|
Returns after taxes
|
|||
on distributions
|
6.03%
|
4.38%
|
5.21%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
4.88%
|
4.18%
|
5.04%
|
Hennessy Core
|
|||
Bond Fund – Institutional
|
|||
Returns before taxes
|
7.46%
|
6.05%
|
7.12%
|
Barclays Capital Intermediate
|
|||
U.S. Government/Credit Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
3.89%
|
5.18%
|
4.62%
|
Sales charge
(load)
|
None
|
Redemption fee
|
None
|
Exchange fee
|
None
|
Management Fees
|
0.40%
|
Distribution and Service
(12b-1)
Fees
|
None
|
Other Expenses
|
0.29%
|
Total Annual Fund Operating Expenses
|
0.69%
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$70
|
$221
|
$384
|
$859
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Gas
|
|||
Utility Index Fund
|
|||
Returns before taxes
|
7.45%
|
6.08%
|
12.35%
|
Returns after taxes
|
|||
on distributions
|
6.62%
|
5.31%
|
11.50%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
5.93%
|
5.06%
|
10.81%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
AGA Stock Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
6.77%
|
5.20%
|
11.32%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.90%
|
0.90%
|
|
Distribution and Service
(12b-1)
Fees
|
0.25%
|
None
|
|
Other Expenses
|
0.30%
|
0.35%
|
|
Acquired Fund Fees
|
|||
and Expenses
1
|
0.06%
|
0.06%
|
|
Total Annual Fund Operating Expenses
|
1.51%
|
1.31%
|
1
|
Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$154
|
$477
|
$824
|
$1,802
|
Institutional
|
$133
|
$415
|
$718
|
$1,579
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Small Cap
|
|||
Financial Fund – Investor
|
|||
Returns before taxes
|
21.42%
|
5.71%
|
6.35%
|
Returns after taxes
|
|||
on distributions
|
21.30%
|
5.54%
|
5.13%
|
Returns after taxes
|
|||
on distributions
|
|||
and sale of fund shares
|
14.07%
|
4.89%
|
5.39%
|
Hennessy Small Cap
|
|||
Financial Fund – Institutional
|
|||
Returns before taxes
|
21.71%
|
5.93%
|
6.46%
|
NASDAQ Bank Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
18.73%
|
(4.43)%
|
0.74%
|
Russell 2000 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.35%
|
3.56%
|
9.72%
|
Sales charge
(load)
|
None
|
Redemption fee
|
None
|
Exchange fee
|
None
|
Management Fees
|
0.90%
|
Distribution and Service
(12b-1)
Fees
|
0.25%
|
Other Expenses
1
|
0.42%
|
Total Annual Fund Operating Expenses
|
1.57%
|
1
|
Other expenses include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$161
|
$499
|
$860
|
$1,878
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Large Cap
|
|||
Financial Fund
|
|||
Returns before taxes
|
27.77%
|
1.14%
|
4.60%
|
Returns after taxes
|
|||
on distributions
|
27.76%
|
1.08%
|
3.58%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
18.07%
|
0.94%
|
3.88%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
KBW Bank Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
32.91%
|
(8.28)%
|
(0.96)%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
0.90%
|
0.90%
|
|
Distribution and Service
(12b-1)
Fees
|
0.25%
|
None
|
|
Other Expenses
1
|
2.06%
|
3.22%
|
|
Total Annual Fund
|
|||
Operating Expenses
|
3.21%
|
4.12%
|
|
Expense Reimbursement
2
|
(1.25)%
|
(2.41)%
|
|
Net Expenses
|
1.96%
|
1.71%
|
1
|
Other expenses include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
2
|
The Fund’s investment manager (the “Manager”) has contractually agreed to insure that net expenses (excluding certain expenses such as acquired fund fees and expenses) do not exceed 1.95% of the average daily net assets of the Investor Class shares of the Fund and 1.70% of the average daily net assets of the Institutional Class shares of the Fund. The Manager has agreed to maintain this expense limitation through February 28, 2015. The agreement may only be terminated by the Fund’s Board, and the Board has no current intention of terminating the agreement.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$199
|
$742
|
$1,440
|
$3,297
|
Institutional
|
$174
|
$782
|
$1,656
|
$3,909
|
HENNESSY FUNDS
|
1-800-966-4354
|
One
|
Five
|
Ten
|
|
Year
|
Year
|
Year
|
|
Hennessy Technology
|
|||
Fund – Investor
|
|||
Returns before taxes
|
8.67%
|
(0.67)%
|
7.74%
|
Returns after taxes
|
|||
on distributions
|
8.67%
|
(0.67)%
|
6.80%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
5.63%
|
(0.57)%
|
6.39%
|
Hennessy Technology
|
|||
Fund – Institutional
|
|||
Returns before taxes
|
8.93%
|
(0.56)%
|
7.80%
|
S&P 500 Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
16.00%
|
1.66%
|
7.10%
|
NASDAQ Composite Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
17.73%
|
3.78%
|
9.46%
|
Investor
|
Institutional
|
|
Sales charge
(load)
|
None
|
None
|
Redemption fee
|
None
|
None
|
Exchange fee
|
None
|
None
|
Management Fees
|
1.00%
|
1.00%
|
|||
Distribution and Service
(12b-1)
Fees
|
None
|
None
|
|||
Other Expenses
1
|
1.04%
|
0.86%
|
|||
Shareholder Servicing Fee
|
0.10%
|
None
|
|||
All Remaining
|
|||||
Other Expenses
|
0.94%
|
0.86%
|
|||
Total Annual Fund
|
|||||
Operating Expenses
|
2.04%
|
1.86%
|
1
|
Other expenses include acquired fund fees and expenses that do not exceed 0.01% of the Fund’s average daily net assets. Acquired fund fees and expenses are not reflected in the Fund’s financial statements, with the result that the information presented in the expense table may differ from that presented in the financial highlights.
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
|
Investor
|
$207
|
$640
|
$1,098
|
$2,369
|
Institutional
|
$189
|
$585
|
$1,006
|
$2,180
|
HENNESSY FUNDS
|
1-800-966-4354
|
Since
|
|||
One
|
Five
|
Inception
|
|
Year
|
Year
|
(10/31/03)
|
|
Hennessy Japan
|
|||
Fund - Investor
|
|||
Returns before taxes
|
11.61%
|
1.46%
|
6.07%
|
Returns after taxes
|
|||
on distributions
|
11.75%
|
1.53%
|
5.77%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
7.71%
|
1.33%
|
5.17%
|
Hennessy Japan
|
|||
Fund - Institutional
|
|||
Returns before taxes
|
11.94%
|
1.63%
|
6.24%
|
TOPIX
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
7.84%
|
(3.38)%
|
2.08%
|
Russell/Nomura
|
|||
Total Market Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
8.05%
|
(3.24)%
|
5.38%
|
HENNESSY FUNDS
|
1-800-966-4354
|
Sales charge
(load)
|
None
|
|
Redemption fee
|
None
|
|
Exchange fee
|
None
|
Management Fees
|
1.20%
|
||
Distribution and Service
(12b-1)
Fees
|
None
|
||
Other Expenses
|
1.14%
|
1 | |
Shareholder Servicing Fee
|
0.10%
|
||
All remaining Other Expenses
|
1.04%
|
||
Total Annual Fund Operating Expenses
|
2.34%
|
One Year
|
Three Years
|
Five Years
|
Ten Years
|
$237
|
$730
|
$1,250
|
$2,676
|
HENNESSY FUNDS
|
1-800-966-4354
|
Since
|
|||
One
|
Five
|
Inception
|
|
Year
|
Year
|
(8/31/07)
|
|
Hennessy Japan
|
|||
Small Cap Fund
|
|||
Returns before taxes
|
12.76%
|
3.46%
|
3.79%
|
Returns after taxes
|
|||
on distributions
|
9.20%
|
2.71%
|
3.04%
|
Returns after taxes on
|
|||
distributions and sale
|
|||
of fund shares
|
12.81%
|
2.99%
|
3.25%
|
TOPIX
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
7.84%
|
(3.38)%
|
(4.14)%
|
Russell/Nomura
|
|||
Small Cap Index
|
|||
(reflects no deduction for
|
|||
fees, expenses or taxes)
|
6.37%
|
1.77%
|
0.26%
|
•
|
Each Fund will only purchase stocks that have historical trading volume sufficient to allow for purchase of the required number of shares without materially affecting the share price.
|
•
|
Each Fund selects stocks from the universe of stocks in the Capital IQ Database (formerly known as the Standard & Poor’s Compustat® Database). The Capital IQ Database is a robust and comprehensive source of data on publicly traded companies, consisting of domestic and foreign common stocks, and it contains financial, statistical and market data for different regions of the world.
1
|
1
|
Although Capital IQ, Inc. (“CIQ”) obtains information for inclusion in, or for use in, the Capital IQ Database from sources that it considers reliable, CIQ does not guarantee the accuracy or completeness of the information contained in the Capital IQ Database. CIQ makes no warranty, express or implied, as to the results to be obtained by the Funds and the advisability of investing in the Funds, or any other persons or entity from the use of the Capital IQ Database. S&P Capital IQ makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Capital IQ Database. “Standard & Poor’s”, “S&P”, and “Capital IQ” are trademarks of The McGraw-Hill Companies, Inc. The Funds are not sponsored, endorsed, sold or promoted by CIQ or any of its affiliates or parent companies.
|
•
|
Utilizing their Strategies and Formulas, the Funds offer a consistent and disciplined approach to investing, based on a buy and hold philosophy over the course of each
year that rejects the idea of market timing. The Fund’s investment manager, Hennessy Advisors, Inc. (the “Manager”), expects stocks held in each Fund’s portfolio to remain the same throughout the course of a year, despite any adverse developments concerning a company, an industry, the economy or the stock market generally. However, in the event that earnings or other information that formed the basis for selecting a stock are restated, and the resulting data would have precluded the stock from being selected for the portfolio, the Manager reserves the right to replace that stock with another stock meeting the criteria of the Fund’s Strategy or Formula. Also, due to purchases and redemptions of Fund shares during the year, changes in the market value of the stock positions in each Fund’s portfolio and compliance with federal tax laws, it is likely that stock positions will not be weighted equally at all times during the year.
|
•
|
Over the course of the year, when each Fund receives new cash flow from the sale of its shares, it will first be used to the extent necessary to meet redemptions. Any remaining cash will be invested in the stocks selected for each Fund using its Strategy or Formula as of the most recent rebalancing of the portfolio. This investment will be made in proportion to the current weightings of such stocks in the portfolio and without any intention to rebalance the portfolio on an interim basis. Such purchases will generally be made on a weekly basis, but may be on a more or less frequent basis at the discretion of the Manager, depending on certain factors, including the size of the Fund and the amount of cash to be invested. To the extent redemptions exceed new cash flow, each Fund will meet redemption requests by selling securities on a pro rata basis, based on the current weightings of such securities in the portfolio. Thus, interim purchases and sales of securities will be based on current portfolio weightings and will be made without regard to whether or not a particular security continues to meet the criteria of the Fund’s Strategy or Formula.
|
•
|
In an effort to minimize transaction costs, each Fund may accumulate funds and make purchases in larger blocks to avoid odd lot transactions. However, neither Fund will take a temporary defensive position. Each Fund invests accumulated funds in money market instruments (such as U.S. Treasury securities, commercial paper, commercial paper master notes or repurchase agreements) or money market mutual funds.
|
•
|
When funding redemption requests, each Fund will first utilize any accumulated funds described above. If it is necessary for the Fund to sell portfolio securities to meet redemption requests, it will endeavor to maintain its asset allocation strategy. Again, each Fund may vary the percentage of each issue of common stock sold to avoid odd lot transactions thereby reducing total transaction costs.
|
HENNESSY FUNDS
|
1-800-966-4354
|
HENNESSY CORNERSTONE MID CAP 30 FUND 1 - INVESTOR CLASS SHARES |
2003**
|
2004*
|
2005*
|
2006*
|
2007*
|
2008*
|
2009*
|
2010*
|
2011*
|
2012*
|
Total
|
|
Focus 30 Fund
|
26.17%
|
14.10%
|
32.74%
|
11.91%
|
6.69%
|
-33.10%
|
24.67%
|
27.26%
|
4.05%
|
14.10%
|
128.59%
|
S&P 400 Midcap Index
|
35.62%
|
16.48%
|
12.56%
|
10.32%
|
7.98%
|
-36.23%
|
37.38%
|
26.64%
|
-1.73%
|
17.88%
|
126.90%
|
S&P 500
|
28.68%
|
10.88%
|
4.91%
|
15.80%
|
5.49%
|
-37.00%
|
26.46%
|
15.06%
|
2.11%
|
16.00%
|
88.39%
|
1
|
The hypothetical performance assumes a December 31 rebalance date.
|
*
|
Actual returns of Fund, net of fees and expenses.
|
**
|
For the period January 1, 2003 through September 16, 2003, returns are hypothetical. For the period September 17, 2003 through December 31, 2003, returns are based on actual Fund performance.
|
HENNESSY CORNERSTONE LARGE GROWTH FUND 1 - INVESTOR CLASS SHARES |
2003**
|
2004**
|
2005**
|
2006**
|
2007**
|
2008**
|
2009**
|
2010*
|
2011*
|
2012*
|
Total
|
|
Cornerstone Large Growth
|
34.14%
|
20.59%
|
14.44%
|
35.14%
|
24.40%
|
-41.41%
|
54.61%
|
18.85%
|
2.59%
|
10.44%
|
173.79%
|
Russell 1000 Index
|
29.89%
|
11.40%
|
6.27%
|
15.46%
|
5.77%
|
-37.60%
|
28.43%
|
16.10%
|
1.50%
|
16.42%
|
93.64%
|
S&P 500
|
28.68%
|
10.88%
|
4.91%
|
15.80%
|
5.49%
|
-37.00%
|
26.46%
|
15.06%
|
2.11%
|
16.00%
|
88.39%
|
1
|
The hypothetical performance assumes a December 31 rebalance date.
|
*
|
Actual returns of Fund, net of fees and expenses.
|
**
|
For the period January 1, 2003 through March 19, 2009, returns are hypothetical. For the period March 20, 2009 through December 31, 2009 returns are based on actual Fund performance.
|
HENNESSY FUNDS
|
1-800-966-4354
|
FUND | ADVISORY FEE | |
Hennessy Cornerstone Growth Fund
|
0.74%
|
|
Hennessy Focus Fund
|
0.90%
|
|
Hennessy Cornerstone Mid Cap 30 Fund
|
0.74%
|
|
Hennessy Cornerstone Large Growth Fund
|
0.74%
|
|
Hennessy Cornerstone Value Fund
|
0.74%
|
|
Hennessy Large Value Fund
|
0.85%
|
|
Hennessy Total Return Fund
|
0.60%
|
|
Hennessy Gas Utility Index Fund
|
0.40%
|
|
Hennessy Small Cap Financial Fund
|
0.90%
|
|
Hennessy Large Cap Financial Fund
|
0.90%
|
|
Hennessy Technology Fund
|
0.90%
|
|
Hennessy Japan Fund
|
1.00%
|
|
Hennessy Japan Small Cap Fund
|
1.20%
|
|
Hennessy Equity and Income Fund
|
0.80%
|
|
Hennessy Balanced Fund
|
0.60%
|
|
Hennessy Core Bond Fund
|
0.80%
|
HENNESSY FUNDS
|
1-800-966-4354
|
•
|
maintaining an “800” number that current shareholders may call to ask questions about the Funds or their accounts with the Funds;
|
•
|
assisting shareholders in processing exchange and redemption requests;
|
•
|
assisting shareholders in changing dividend options, account designations and addresses;
|
•
|
responding generally to questions of shareholders; and
|
•
|
providing such other similar services as the Funds may request.
|
HENNESSY FUNDS
|
1-800-966-4354
|
HENNESSY FUNDS
|
1-800-966-4354
|
For regular mail delivery:
|
For overnight delivery:
|
|
Hennessy Funds
|
Hennessy Funds
|
|
c/o U.S. Bancorp Fund Services
|
c/o U.S. Bancorp Fund Services
|
|
P.O. Box 701
|
615 East Michigan St., 3rd Floor
|
|
Milwaukee, WI 53201-0701
|
Milwaukee, WI 53202-5207
|
Hennessy Funds
|
|
c/o U.S. Bank, N.A.
|
Credit: U.S. Bancorp Fund Services LLC
|
777 E. Wisconsin Ave.
|
Account Number: 112-952-137
|
Milwaukee, WI 53202
|
Further Credit: Mutual fund name, shareholder
|
ABA# 075000022
|
name and account number
|
HENNESSY FUNDS
|
1-800-966-4354
|
•
|
The redemption request includes a change of address, or a change of address request was received by the Transfer Agent within the last 30 days;
|
•
|
The redemption proceeds are to be payable or sent to any person, address or bank account not on record;
|
•
|
IRA transfer;
|
•
|
Account ownership is being changed; and
|
•
|
The redemption request is over $100,000 (Investor Class shares only).
|
HENNESSY FUNDS
|
1-800-966-4354
|
•
|
Automatic Reinvestment Option – Both dividend and capital gains distributions will be reinvested in additional Fund shares.
|
•
|
Split Cash Reinvest Options:
|
o
|
Your dividends will be paid in cash and your capital gains distributions will be reinvested in additional Fund shares; or
|
o
|
Your dividends will be reinvested in additional Fund shares and your capital gains distributions will be paid in cash.
|
•
|
All Cash Option – Both dividends and capital gains distributions will be paid in cash.
|
HENNESSY FUNDS
|
1-800-966-4354
|
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Cornerstone Growth Fund
|
Year Ended October 31
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 9.97 | $ | 10.28 | $ | 8.81 | $ | 8.80 | $ | 19.41 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment loss
|
(0.07 | ) | (0.08 | ) | (0.10 | ) | (0.04 | ) | (0.05 | ) | ||||||||||
Net realized and unrealized gains (losses) on securities
|
2.48 | (0.23 | ) | 1.57 | 0.05 | (8.32 | ) | |||||||||||||
Total from investment operations
|
2.41 | (0.31 | ) | 1.47 | 0.01 | (8.37 | ) | |||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | (2.24 | ) | ||||||||||||||
Total distributions
|
— | — | — | — | (2.24 | ) | ||||||||||||||
Net asset value, end of period
|
$ | 12.38 | $ | 9.97 | $ | 10.28 | $ | 8.81 | $ | 8.80 | ||||||||||
TOTAL RETURN
|
24.17 | % | (3.02 | )% | 16.69 | % | 0.11 | % | (48.00 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 265.60 | $ | 184.40 | $ | 207.11 | $ | 228.96 | $ | 312.50 | ||||||||||
Ratio of expenses to average net assets
|
1.34 | % | 1.33 | % | 1.34 | % | 1.36 | % | 1.25 | % | ||||||||||
Ratio of net investment loss to average net assets
|
(0.66 | )% | (0.78 | )% | (0.89 | )% | (0.42 | )% | (0.29 | )% | ||||||||||
Portfolio turnover rate
(1)
|
90 | % | 106 | % | 103 | % | 108 | % | 103 | % |
Hennessy Cornerstone Growth Fund
|
Period Ended
|
||||||||||||||||||||
Year Ended October 31,
|
October 31,
|
|||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 10.09 | $ | 10.37 | $ | 8.86 | $ | 8.82 | $ | 13.29 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.04 | ) | (0.05 | ) | (0.07 | ) | — | 0.01 | ||||||||||||
Net realized and unrealized gains (losses) on securities
|
2.52 | (0.23 | ) | 1.58 | 0.04 | (4.48 | ) | |||||||||||||
Total from investment operations
|
2.48 | (0.28 | ) | 1.51 | 0.04 | (4.47 | ) | |||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
— | — | — | — | — | |||||||||||||||
Net asset value, end of period
|
$ | 12.57 | $ | 10.09 | $ | 10.37 | $ | 8.86 | $ | 8.82 | ||||||||||
TOTAL RETURN
|
24.58 | % | (2.70 | )% | 17.04 | % | 0.45 | % | (34.13 | )% (2) | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 37.11 | $ | 2.53 | $ | 3.12 | $ | 4.68 | $ | 5.09 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.11 | % | 1.09 | % | 1.09 | % | 1.11 | % | 1.12 | % (3) | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % (3) | ||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
(0.38 | )% | (0.55 | )% | (0.64 | )% | (0.17 | )% | 0.15 | % (3) | ||||||||||
After expense reimbursement
|
(0.51 | )% | (0.44 | )% | (0.53 | )% | (0.04 | )% | 0.29 | % (3) | ||||||||||
Portfolio turnover rate
(4)
|
90 | % | 106 | % | 103 | % | 108 | % | 103 | % (2) |
(1)
|
Institutional Class shares commenced operations on March 3, 2008.
|
(2)
|
Not Annualized.
|
(3)
|
Annualized.
|
(4)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Focus Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012 |
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 49.80 | $ | 47.57 | $ | 37.56 | $ | 37.40 | $ | 57.97 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.39 | ) | (0.50 | ) (1) | (0.64 | ) | (0.42 | ) | (0.44 | ) | ||||||||||
Net realized and unrealized gains (losses) on securities
|
7.61 | 4.44 | 10.65 | 5.76 | (19.51 | ) | ||||||||||||||
Total from investment operations
|
7.22 | 3.94 | 10.01 | 5.34 | (19.95 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | (0.12 | ) | ||||||||||||||
Dividends from net realized gains
|
(5.24 | ) | (1.72 | ) | — | (5.19 | ) | (0.51 | ) | |||||||||||
Total distributions
|
(5.24 | ) | (1.72 | ) | — | (5.19 | ) | (0.63 | ) | |||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.01 | 0.00 | (2) | 0.01 | 0.01 | |||||||||||||
Net asset value, end of year
|
$ | 51.78 | $ | 49.80 | $ | 47.57 | $ | 37.56 | $ | 37.40 | ||||||||||
TOTAL RETURN
|
16.17 | % | 8.35 | % | 26.65 | % | 17.74 | % | (34.73 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 707.61 | $ | 611.34 | $ | 670.84 | $ | 759.77 | $ | 717.78 | ||||||||||
Ratio of expenses to average net assets
|
1.41 | % | 1.44 | % | 1.51 | % | 1.43 | % | 1.42 | % | ||||||||||
Ratio of net investment loss to average net assets
|
(0.79 | )% | (1.01 | )% | (1.31 | )% | (1.16 | )% | (0.67 | )% | ||||||||||
Portfolio turnover rate
(3)
|
13 | % | 13 | % | 5 | % | 5 | % | 17 | % |
Hennessy Focus Fund
|
Period Ended
|
||||||||||||||||||||
Year Ended October 31, |
October 31,
|
|||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 50.02 | $ | 47.64 | $ | 37.84 | $ | 130.93 | $ | 180.00 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.22 | ) | (0.37 | ) (2) | (0.41 | ) | (0.25 | ) | (0.20 | ) | ||||||||||
Net realized and unrealized gains (losses) on securities
|
7.63 | 4.47 | 10.58 | 0.59 | (49.05 | ) | ||||||||||||||
Total from investment operations
|
7.41 | 4.10 | 10.17 | 0.34 | (49.25 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | (0.37 | ) | — | — | ||||||||||||||
Dividends from net realized gains
|
(5.24 | ) | (1.72 | ) | — | (93.45 | ) | — | ||||||||||||
Total distributions
|
(5.24 | ) | (1.72 | ) | (0.37 | ) | (93.45 | ) | — | |||||||||||
Paid-in capital from redemption fees
|
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.02 | 0.18 | ||||||||||||
Net asset value, end of period
|
$ | 52.19 | $ | 50.02 | $ | 47.64 | $ | 37.84 | $ | 130.93 | ||||||||||
TOTAL RETURN
|
16.51 | % | 8.53 | % | 27.32 | % | 18.15 | % | (27.30 | )% (4) | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 77.28 | $ | 49.01 | $ | 36.81 | $ | 34.23 | $ | 16.83 | ||||||||||
Ratio of expenses to average net assets
|
1.12 | % | 1.15 | % | 1.26 | % | 1.15 | % | 1.05 | % (5) | ||||||||||
Ratio of net investment income (loss) to average net assets
|
(0.52 | )% | (0.76 | )% | (1.06 | )% | (0.88 | )% | (0.70 | )% (5) | ||||||||||
Portfolio turnover rate
(6)
|
13 | % | 13 | % | 5 | % | 5 | % | 17 | % (4) |
*
|
Per share amounts have been restated on a retroactive basis to reflect a 1:18 reverse stock split effective December 10, 2010.
|
(1)
|
Institutional Class shares commenced operations on May 30, 2008.
|
(2)
|
Calculated based on average shares outstanding method.
|
(3)
|
Amount is less than $0.01.
|
(4)
|
Not Annualized.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Cornerstone Mid Cap 30 Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 12.15 | $ | 11.18 | $ | 8.73 | $ | 8.02 | $ | 13.67 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.08 | (0.09 | ) | (0.03 | ) | (0.02 | ) | (0.06 | ) | |||||||||||
Net realized and unrealized gains (losses) on investments
|
1.83 | 1.06 | 2.48 | 0.73 | (3.57 | ) | ||||||||||||||
Total from investment operations
|
1.91 | 0.97 | 2.45 | 0.71 | (3.63 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | (2.02 | ) | ||||||||||||||
Total distributions
|
— | — | — | — | (2.02 | ) | ||||||||||||||
Net asset value, end of period
|
$ | 14.06 | $ | 12.15 | $ | 11.18 | $ | 8.73 | $ | 8.02 | ||||||||||
TOTAL RETURN
|
15.72 | % | 8.68 | % | 28.06 | % | 8.85 | % | (30.81 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 145.85 | $ | 146.23 | $ | 123.20 | $ | 128.36 | $ | 167.32 | ||||||||||
Ratio of expenses to average net assets
|
1.37 | % | 1.36 | % | 1.39 | % | 1.39 | % | 1.27 | % | ||||||||||
Ratio of net investment income (loss) to average net assets
|
0.59 | % | (0.79 | )% | (0.26 | )% | (0.20 | )% | (0.62 | )% | ||||||||||
Portfolio turnover rate
(1)
|
25 | % | 107 | % | 87 | % | 90 | % | 123 | % |
Hennessy Cornerstone Mid Cap 30 Fund
|
Period Ended
|
||||||||||||||||||||
Year Ended October 31,
|
October 31,
|
|||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 12.32 | $ | 11.29 | $ | 8.78 | $ | 8.04 | $ | 11.15 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.09 | (0.05 | ) | 0.02 | 0.02 | (0.02 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments
|
1.90 | 1.08 | 2.49 | 0.72 | (3.09 | ) | ||||||||||||||
Total from investment operations
|
1.99 | 1.03 | 2.51 | 0.74 | (3.11 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
— | — | — | — | — | |||||||||||||||
Net asset value, end of period
|
$ | 14.31 | $ | 12.32 | $ | 11.29 | $ | 8.78 | $ | 8.04 | ||||||||||
TOTAL RETURN
|
16.15 | % | 9.12 | % | 28.59 | % | 9.20 | % | (27.89 | )% (2) | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 41.62 | $ | 24.06 | $ | 21.38 | $ | 27.44 | $ | 26.78 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.16 | % | 1.14 | % | 1.16 | % | 1.15 | % | 1.13 | % (3) | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % (3) | ||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
0.90 | % | (0.41 | )% | (0.03 | )% | 0.04 | % | (0.28 | )% (3) | ||||||||||
After expense reimbursement
|
1.08 | % | (0.57 | )% | 0.15 | % | 0.21 | % | (0.13 | )% (3) | ||||||||||
Portfolio turnover rate
(4)
|
25 | % | 107 | % | 87 | % | 90 | % | 123 | % (2) |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Cornerstone Large Growth Fund
|
One Month
|
||||||||||||||||||||||||
Ended
|
Year Ended
|
|||||||||||||||||||||||
Year Ended October 31,
|
October 31,
|
September 30,
|
||||||||||||||||||||||
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
2008
(2)
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 12.37 | $ | 11.70 | $ | 9.49 | $ | 9.60 | $ | 10.09 | $ | 12.61 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.13 | 0.09 | 0.09 | — | (3) | 0.05 | — | (3)(4) | ||||||||||||||||
Net realized and unrealized gains (losses) on securities
|
0.80 | 0.69 | 2.17 | (0.11 | ) | (0.54 | ) | (2.52 | ) | |||||||||||||||
Total from investment operations
|
0.93 | 0.78 | 2.26 | (0.11 | ) | (0.49 | ) | (2.52 | ) | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.07 | ) | (0.09 | ) | (0.05 | ) | — | — | — | |||||||||||||||
Dividends from net realized gains
|
(2.46 | ) | (0.02 | ) | — | — | — | — | ||||||||||||||||
Total distributions
|
(2.53 | ) | (0.11 | ) | (0.05 | ) | — | — | — | |||||||||||||||
Net asset value, end of period
|
$ | 10.77 | $ | 12.37 | $ | 11.70 | $ | 9.49 | $ | 9.60 | $ | 10.09 | ||||||||||||
TOTAL RETURN
|
9.14 | % | 6.70 | % | 23.88 | % | (1.15 | )% (5) | (4.86 | )% | (19.98 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 75.83 | $ | 77.88 | $ | 78.83 | $ | 69.41 | $ | 70.61 | $ | 80.91 | ||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement/recoupment
|
1.27 | % | 1.26 | % | 1.30 | % | 1.26 | % (6) | 1.40 | % | 1.16 | % | ||||||||||||
After expense reimbursement/recoupment
|
1.27 | % | 1.30 | % | 1.30 | % | 1.30 | % (6) | 1.17 | % | 0.98 | % | ||||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement/recoupment
|
1.35 | % | 0.72 | % | 0.84 | % | (0.01 | )% (6) | 0.36 | % | (0.19 | )% | ||||||||||||
After expense reimbursement/recoupment
|
1.35 | % | 0.68 | % | 0.84 | % | (0.05 | )% (6) | 0.59 | % | (0.01 | )% | ||||||||||||
Portfolio turnover rate
(7)
|
0 | % | 70 | % | 83 | % | 0 | % (5) | 116 | % | 38 | % |
(1)
|
For the one month period ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31st from September 30th.
|
(2)
|
The financial highlights set forth for periods prior to March 20, 2009 represent the historical financial highlights of the Tamarack Large Cap Growth Fund, Class S shares. The assets of the Tamarack Large Cap Growth Fund were acquired by the Hennessy Cornerstone Large Growth Fund on March 20, 2009. At the time RBC Global Asset Management (U.S.), Inc. (formerly known as Voyageur Asset Management Inc.) ceased to be investment advisor and Hennessy Advisors, Inc. became investment advisor. The return of the Tamarack Large Cap Growth Fund, Class S shares during the period October 1, 2008 through March 20, 2009 was (33.30)%. The return of the Hennessy Cornerstone Large Growth Fund, Original Class shares during the period March 20, 2009 through September 30, 2009 was 42.64%.
|
(3)
|
Amount is less than $0.01 or ($0.01) per share.
|
(4)
|
Per share net investment income (loss) has been calculated using the average daily shares method.
|
(5)
|
Not annualized.
|
(6)
|
Annualized.
|
(7)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Cornerstone Large Growth Fund
|
One Month
|
Period
|
|||||||||||||||||||
Ended
|
Ended
|
|||||||||||||||||||
Year Ended October 31,
|
October 31,
|
September 30,
|
||||||||||||||||||
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 12.44 | $ | 11.76 | $ | 9.51 | $ | 9.61 | $ | 6.73 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.07 | 0.08 | 0.10 | — | (3) | 0.03 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
0.89 | 0.74 | 2.20 | (0.10 | ) | 2.85 | ||||||||||||||
Total from investment operations
|
0.96 | 0.82 | 2.30 | (0.10 | ) | 2.88 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.09 | ) | (0.12 | ) | (0.05 | ) | — | — | ||||||||||||
Dividends from net realized gains
|
(2.46 | ) | (0.02 | ) | — | — | — | |||||||||||||
Total distributions
|
(2.55 | ) | (0.14 | ) | (0.05 | ) | — | — | ||||||||||||
Net asset value, end of period
|
$ | 10.85 | $ | 12.44 | $ | 11.76 | $ | 9.51 | $ | 9.61 | ||||||||||
TOTAL RETURN
|
9.43 | % | 6.99 | % | 24.26 | % | (1.04 | )% (4) | 42.79 | % (4) | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 33.94 | $ | 0.14 | $ | 0.07 | $ | 0.04 | $ | 0.04 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.41 | % | 1.14 | % | 1.16 | % | 1.14 | % (5) | 16.51 | % (5) | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % (5) | 0.98 | % (5) | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
6.44 | % | 0.81 | % | 0.90 | % | 0.12 | % (5) | (14.54 | )% (5) | ||||||||||
After expense reimbursement
|
6.87 | % | 0.97 | % | 1.08 | % | 0.28 | % (5) | 0.99 | % (5) | ||||||||||
Portfolio turnover rate
(6)
|
0 | % | 70 | % | 83 | % | 0 | % (4) | 116 | % (4) |
(1)
|
For the one month period ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31st from September 30th.
|
(2)
|
Institutional Class shares commenced operations on March 20, 2009.
|
(3)
|
Amount is less than $0.01 or ($0.01) per share.
|
(4)
|
Not annualized.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Cornerstone Value Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 12.84 | $ | 12.53 | $ | 10.63 | $ | 9.05 | $ | 17.06 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.37 | 0.45 | 0.29 | 0.24 | 0.55 | |||||||||||||||
Net realized and unrealized gains (losses) on investments
|
1.23 | 0.23 | 1.81 | 1.87 | (8.15 | ) | ||||||||||||||
Total from investment operations
|
1.60 | 0.68 | 2.10 | 2.11 | (7.60 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.42 | ) | (0.37 | ) | (0.20 | ) | (0.53 | ) | (0.41 | ) | ||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.42 | ) | (0.37 | ) | (0.20 | ) | (0.53 | ) | (0.41 | ) | ||||||||||
Net asset value, end of period
|
$ | 14.02 | $ | 12.84 | $ | 12.53 | $ | 10.63 | $ | 9.05 | ||||||||||
TOTAL RETURN
|
12.79 | % | 5.58 | % | 19.98 | % | 25.51 | % | (45.50 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 124.99 | $ | 116.41 | $ | 155.87 | $ | 145.91 | $ | 97.10 | ||||||||||
Ratio of expenses to average net assets
|
1.26 | % | 1.31 | % | 1.29 | % | 1.27 | % | 1.20 | % | ||||||||||
Ratio of net investment income to average net assets
|
2.67 | % | 2.94 | % | 2.33 | % | 3.19 | % | 3.92 | % | ||||||||||
Portfolio turnover rate
(1)
|
47 | % | 40 | % | 91 | % | 59 | % | 53 | % |
Hennessy Cornerstone Value Fund
|
Period Ended
|
||||||||||||||||||||
Year Ended October 31,
|
October 31,
|
|||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 12.86 | $ | 12.54 | $ | 10.63 | $ | 9.06 | $ | 13.79 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.45 | 0.36 | 0.30 | 0.30 | 0.34 | |||||||||||||||
Net realized and unrealized gains (losses) on investments
|
1.19 | 0.37 | 1.83 | 1.83 | (5.07 | ) | ||||||||||||||
Total from investment operations
|
1.64 | 0.73 | 2.13 | 2.13 | (4.73 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.46 | ) | (0.41 | ) | (0.22 | ) | (0.56 | ) | — | |||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.46 | ) | (0.41 | ) | (0.22 | ) | (0.56 | ) | — | |||||||||||
Net asset value, end of period
|
$ | 14.04 | $ | 12.86 | $ | 12.54 | $ | 10.63 | $ | 9.06 | ||||||||||
TOTAL RETURN
|
13.13 | % | 6.00 | % | 20.31 | % | 25.87 | % | (34.30 | )% (2) | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 2.53 | $ | 1.17 | $ | 1.35 | $ | 1.11 | $ | 0.87 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.20 | % | 1.14 | % | 1.10 | % | 1.13 | % | 1.14 | % (3) | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % (3) | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
2.72 | % | 3.04 | % | 2.52 | % | 3.33 | % | 4.94 | % (3) | ||||||||||
After expense reimbursement
|
2.94 | % | 3.20 | % | 2.64 | % | 3.48 | % | 5.10 | % (3) | ||||||||||
Portfolio turnover rate
(4)
|
47 | % | 40 | % | 91 | % | 59 | % | 53 | % (2) |
(1)
|
Institutional Class shares commenced operations on March 3, 2008.
|
(2)
|
Not Annualized.
|
(3)
|
Annualized.
|
(4)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Large Value Fund
|
One Month
|
||||||||||||||||||||||||
Ended
|
Year Ended
|
|||||||||||||||||||||||
Year Ended October 31,
|
October 31,
|
September 30,
|
||||||||||||||||||||||
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
2008
(2)
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 21.47 | $ | 20.57 | $ | 18.88 | $ | 19.49 | $ | 21.80 | $ | 43.12 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.28 | 0.22 | 0.14 | 0.01 | 0.31 | 0.42 | (3) | |||||||||||||||||
Net realized and unrealized gains (losses) on securities
|
3.14 | 0.89 | 1.78 | (0.62 | ) | (2.21 | ) | (7.43 | ) | |||||||||||||||
Total from investment operations
|
3.42 | 1.11 | 1.92 | (0.61 | ) | (1.90 | ) | (7.01 | ) | |||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.18 | ) | (0.21 | ) | (0.23 | ) | — | (0.41 | ) | (0.78 | ) | |||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | (13.53 | ) | |||||||||||||||||
Total distributions
|
(0.18 | ) | (0.21 | ) | (0.23 | ) | — | (0.41 | ) | (14.31 | ) | |||||||||||||
Net asset value, end of period
|
$ | 24.71 | $ | 21.47 | $ | 20.57 | $ | 18.88 | $ | 19.49 | $ | 21.80 | ||||||||||||
TOTAL RETURN
|
16.07 | % | 5.36 | % | 10.22 | % | (3.13 | )% (5) | (8.43 | )% | (22.42 | )% | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 125.00 | $ | 123.97 | $ | 131.54 | $ | 132.77 | $ | 138.34 | $ | 174.23 | ||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.40 | % | 1.38 | % | 1.41 | % | 1.37 | % (6) | 1.42 | % | 1.22 | % | ||||||||||||
After expense reimbursement
|
1.40 | % | 1.38 | % | 1.38 | % | 1.30 | % (6) | 1.17 | % | 1.02 | % | ||||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.16 | % | 0.97 | % | 0.64 | % | 0.28 | % (6) | 1.46 | % | 1.32 | % | ||||||||||||
After expense reimbursement
|
1.16 | % | 0.97 | % | 0.67 | % | 0.35 | % (6) | 1.71 | % | 1.52 | % | ||||||||||||
Portfolio turnover rate
(4)
|
111 | % | 149 | % | 146 | % | 10 | % (5) | 142 | % | 162 | % |
(1)
|
For the one month ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31st from September 30th.
|
(2)
|
The financial highlights set forth for periods prior to March 20, 2009 represent the historical financial highlights of the Tamarack Value Fund, Class S shares. The assets of the Tamarack Value Fund were acquired by the Hennessy Select Large Value Fund on March 20, 2009. Prior to the reorganization, Tamarack Value Fund also offered Class A, Class C and R shares. At that time RBC Global Asset Management (U.S.), Inc., (formerly known as Voyageur Asset Management Inc.) ceased to be investment advisor and Hennessy Advisors, Inc. became investment advisor. The return of the Tamarack Value Fund, Class S shares during the period October 1, 2008 through March 20, 2009 was (33.09)%. The return of the Hennessy Select Large Value Fund, Original Class shares during the period March 20, 2009 through September 30, 2009 was 36.84%.
|
(3)
|
Per share net investment income (loss) has been calculated using the average daily shares method.
|
(4)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
(5)
|
Not annualized.
|
(6)
|
Annualized.
|
Hennessy Large Value Fund
|
One Month
|
Period
|
|||||||||||||||||||
Ended
|
Ended
|
|||||||||||||||||||
Year Ended October 31,
|
October 31,
|
September 30,
|
||||||||||||||||||
2012
|
2011
|
2010
|
2009
(1)
|
2009
(2)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 21.56 | $ | 20.65 | $ | 18.92 | $ | 19.53 | $ | 14.25 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.39 | 0.27 | 0.21 | — | (3) | 0.08 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
3.15 | 0.92 | 1.80 | (0.61 | ) | 5.20 | ||||||||||||||
Total from investment operations
|
3.54 | 1.19 | 2.01 | (0.61 | ) | 5.28 | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.27 | ) | (0.28 | ) | (0.28 | ) | — | — | ||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.27 | ) | (0.28 | ) | (0.28 | ) | — | — | ||||||||||||
Net asset value, end of period
|
$ | 24.83 | $ | 21.56 | $ | 20.65 | $ | 18.92 | $ | 19.53 | ||||||||||
TOTAL RETURN
|
16.58 | % | 5.76 | % | 10.65 | % | (3.12 | )% (4) | 37.05 | % (4) | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 0.06 | $ | 0.04 | $ | 0.04 | $ | 0.03 | $ | 0.03 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.22 | % | 1.21 | % | 1.22 | % | 1.20 | % (5) | 26.18 | % (5) | ||||||||||
After expense reimbursement
|
0.98 | % | 0.98 | % | 0.98 | % | 0.98 | % (5) | 0.98 | % (5) | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.29 | % | 1.13 | % | 0.80 | % | 0.44 | % (5) | (24.06 | )% (5) | ||||||||||
After expense reimbursement
|
1.53 | % | 1.36 | % | 1.04 | % | 0.66 | % (5) | 1.14 | % (5) | ||||||||||
Portfolio turnover rate
(6)
|
111 | % | 149 | % | 146 | % | 10 | % (4) | 142 | % (4) |
(1)
|
For the one month ended October 31, 2009. Effective October 31, 2009, the Fund changed its fiscal year end to October 31st from September 30th.
|
(2)
|
Institutional Class shares commenced operations on March 20, 2009.
|
(3)
|
Amount is less than $0.01 or $(0.01).
|
(4)
|
Not annualized.
|
(5)
|
Annualized.
|
(6)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Total Return Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 11.47 | $ | 10.57 | $ | 9.10 | $ | 9.22 | $ | 13.73 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.18 | 0.18 | 0.16 | 0.18 | 0.28 | |||||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.17 | 0.89 | 1.48 | (0.14 | ) | (4.49 | ) | |||||||||||||
Total from investment operations
|
1.35 | 1.07 | 1.64 | 0.04 | (4.21 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.18 | ) | (0.17 | ) | (0.17 | ) | (0.16 | ) | (0.30 | ) | ||||||||||
Dividends from realized capital gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.18 | ) | (0.17 | ) | (0.17 | ) | (0.16 | ) | (0.30 | ) | ||||||||||
Net asset value, end of period
|
$ | 12.64 | $ | 11.47 | $ | 10.57 | $ | 9.10 | $ | 9.22 | ||||||||||
TOTAL RETURN
|
11.78 | % | 10.22 | % | 18.09 | % | 0.69 | % | (30.97 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 77.67 | $ | 64.13 | $ | 69.08 | $ | 52.38 | $ | 58.22 | ||||||||||
Gross ratio of expenses, including
interest
expense, to average net assets
|
1.37 | % | 1.34 | % | 1.33 | % | 1.56 | % | 2.36 | % | ||||||||||
Ratio of interest expense to average net assets
|
0.08 | % | 0.10 | % | 0.08 | % | 0.29 | % | 1.16 | % | ||||||||||
Net ratio of expenses, excluding
interest expense, to average net assets
|
1.29 | % | 1.24 | % | 1.25 | % | 1.27 | % | 1.20 | % | ||||||||||
Ratio of net investment income to average net assets
|
1.44 | % | 1.56 | % | 1.62 | % | 2.12 | % | 2.43 | % | ||||||||||
Portfolio turnover rate
|
22 | % | 21 | % | 41 | % | 41 | % | 16 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Equity and Income Fund
|
Hennessy Equity and Income Fund
|
For the Period
|
||||||||||||||||||||||||
April 1,
|
||||||||||||||||||||||||
For the Year
|
2010 to
|
|||||||||||||||||||||||
Ended October 31, |
October 31,
|
Year Ended March 31, | ||||||||||||||||||||||
2012
|
2011
|
2010
(1)
|
2010
|
2009
|
2008
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 12.38 | $ | 11.38 | $ | 10.99 | $ | 8.52 | $ | 11.75 | $ | 13.98 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income (loss)
|
0.22 | 0.32 | (2) | 0.18 | (2) | 0.30 | (2) | 0.33 | (2) | 0.42 | (2) | |||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.92 | 0.99 | 0.38 | 2.50 | (3.10 | ) | 0.33 | |||||||||||||||||
Total from investment operations
|
1.14 | 1.31 | 0.56 | 2.80 | (2.77 | ) | 0.75 | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.23 | ) | (0.31 | ) | (0.17 | ) | (0.33 | ) | (0.26 | ) | (0.41 | ) | ||||||||||||
Dividends from net realized gains
|
— | — | — | — | (0.17 | ) | (2.57 | ) | ||||||||||||||||
Return of capital
|
— | — | — | — | (0.04 | ) | — | |||||||||||||||||
Total distributions
|
(0.23 | ) | (0.31 | ) | (0.17 | ) | (0.33 | ) | (0.47 | ) | (2.98 | ) | ||||||||||||
Paid-in capital from redemption fees
|
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.01 | — | ||||||||||||||
Net asset value, end of period
|
$ | 13.29 | $ | 12.38 | $ | 11.38 | $ | 10.99 | $ | 8.52 | $ | 11.75 | ||||||||||||
TOTAL RETURN
|
9.23 | % | 11.62 | % | 5.19 | % (4) | 33.10 | % | (24.13 | )% | 4.75 | % | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 108.49 | $ | 55.28 | $ | 42.17 | $ | 39.40 | $ | 31.13 | $ | 41.21 | ||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.06 | % | 1.12 | % | 1.20 | % (5) | 1.43 | % | 1.58 | % | 1.41 | % | ||||||||||||
After expense reimbursement
|
0.99 | % | 0.99 | % | 0.99 | % (5) | 0.99 | % | 1.07 | % | 1.08 | % | ||||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.68 | % | 2.56 | % | 2.60 | % (5) | 2.57 | % | 2.73 | % | 2.67 | % | ||||||||||||
After expense reimbursement
|
1.75 | % | 2.69 | % | 2.82 | % (5) | 3.01 | % | 3.24 | % | 3.00 | % | ||||||||||||
Portfolio turnover rate
(6)
|
34 | % | 35 | % | 27 | % (4) | 26 | % | 32 | % | 110 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Balanced Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 11.13 | $ | 10.43 | $ | 9.48 | $ | 9.11 | $ | 12.51 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.04 | 0.05 | 0.05 | 0.10 | 0.25 | |||||||||||||||
Net realized and unrealized gains (losses) on securities
|
0.75 | 0.70 | 0.95 | 0.38 | (2.80 | ) | ||||||||||||||
Total from investment operations
|
0.79 | 0.75 | 1.00 | 0.48 | (2.55 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.04 | ) | (0.05 | ) | (0.05 | ) | (0.11 | ) | (0.26 | ) | ||||||||||
Dividends from realized capital gains
|
— | — | — | — | (0.59 | ) | ||||||||||||||
Total distributions
|
(0.04 | ) | (0.05 | ) | (0.05 | ) | (0.11 | ) | (0.85 | ) | ||||||||||
Net asset value, end of period
|
$ | 11.88 | $ | 11.13 | $ | 10.43 | $ | 9.48 | $ | 9.11 | ||||||||||
TOTAL RETURN
|
7.13 | % | 7.16 | % | 10.53 | % | 5.46 | % | (21.55 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 25.17 | $ | 18.02 | $ | 12.50 | $ | 11.47 | $ | 11.46 | ||||||||||
Ratio of net expenses to average net assets
|
1.54 | % | 1.61 | % | 1.65 | % | 1.73 | % | 1.56 | % | ||||||||||
Ratio of net investment income to average net assets
|
0.34 | % | 0.42 | % | 0.45 | % | 1.17 | % | 2.31 | % | ||||||||||
Portfolio turnover rate
|
17 | % | 39 | % | 57 | % | 46 | % | 13 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Core Bond Fund
|
For the Period
|
||||||||||||||||||||||||
April 1,
|
||||||||||||||||||||||||
For the Year
|
2010 to
|
|||||||||||||||||||||||
Ended October 31, |
October 31,
|
Year Ended March 31, | ||||||||||||||||||||||
2012
|
2011
|
2010
(1)
|
2010
|
2009
|
2008
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.56 | $ | 9.82 | $ | 9.39 | $ | 8.75 | $ | 9.16 | $ | 9.71 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.28 | 0.35 | (2) | 0.23 | (2) | 0.38 | (2) | 0.35 | (2) | 0.42 | (2) | |||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.41 | (0.14 | ) | 0.42 | 0.69 | (0.44 | ) | — | ||||||||||||||||
Total from investment operations
|
0.69 | 0.21 | 0.65 | 1.07 | (0.09 | ) | 0.42 | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.20 | ) | (0.32 | ) | (0.22 | ) | (0.38 | ) | (0.32 | ) | (0.39 | ) | ||||||||||||
Dividends from net realized gains
|
(0.08 | ) | (0.15 | ) | — | (0.05 | ) | — | (0.58 | ) | ||||||||||||||
Total distributions
|
(0.28 | ) | (0.47 | ) | (0.22 | ) | (0.43 | ) | (0.32 | ) | (0.97 | ) | ||||||||||||
Paid-in capital from redemption fees
|
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | |||||||||||||
Net asset value, end of period
|
$ | 9.97 | $ | 9.56 | $ | 9.82 | $ | 9.39 | $ | 8.75 | $ | 9.16 | ||||||||||||
TOTAL RETURN
|
7.38 | % | 2.35 | % | 6.98 | % (4) | 12.33 | % | (0.93 | )% | 4.48 | % | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 3.57 | $ | 4.05 | $ | 4.45 | $ | 4.62 | $ | 2.06 | $ | 2.03 | ||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
2.12 | % | 2.38 | % | 2.10 | % (5) | 1.93 | % | 2.14 | % | 2.19 | % | ||||||||||||
After expense reimbursement
|
1.30 | % | 1.30 | % | 1.30 | % (5) | 1.31 | % | 1.33 | % | 1.33 | % | ||||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
2.01 | % | 2.58 | % | 3.37 | % (5) | 3.49 | % | 3.21 | % | 3.53 | % | ||||||||||||
After expense reimbursement
|
2.83 | % | 3.66 | % | 4.17 | % (5) | 4.11 | % | 4.02 | % | 4.40 | % | ||||||||||||
Portfolio turnover rate
(6)
|
75 | % | 57 | % | 46 | % (4) | 28 | % | 39 | % | 102 | % |
Hennessy Core Bond Fund
|
For the Period
|
||||||||||||||||||||||||
April 1,
|
||||||||||||||||||||||||
For the Year
|
2010 to
|
|||||||||||||||||||||||
Ended October 31, |
October 31,
|
Year Ended March 31, | ||||||||||||||||||||||
2012
|
2011
|
2010
(1)
|
2010
|
2009
|
2008
|
|||||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 8.77 | $ | 9.05 | $ | 8.67 | $ | 8.11 | $ | 8.52 | $ | 9.10 | ||||||||||||
Income from investment operations:
|
||||||||||||||||||||||||
Net investment income
|
0.27 | 0.34 | (2) | 0.23 | (2) | 0.37 | (2) | 0.35 | (2) | 0.39 | (2) | |||||||||||||
Net realized and unrealized gains (losses) on investments
|
0.38 | (0.12 | ) | 0.38 | 0.64 | (0.42 | ) | 0.03 | ||||||||||||||||
Total from investment operations
|
0.65 | 0.22 | 0.61 | 1.01 | (0.07 | ) | 0.42 | |||||||||||||||||
Less Distributions:
|
||||||||||||||||||||||||
Dividends from net investment income
|
(0.28 | ) | (0.35 | ) | (0.23 | ) | (0.40 | ) | (0.34 | ) | (0.42 | ) | ||||||||||||
Dividends from net realized gains
|
(0.08 | ) | (0.15 | ) | — | (0.05 | ) | — | (0.58 | ) | ||||||||||||||
Total distributions
|
(0.36 | ) | (0.50 | ) | (0.23 | ) | (0.45 | ) | (0.34 | ) | (1.00 | ) | ||||||||||||
Paid-in capital from redemption fees
|
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | 0.00 | (3) | — | |||||||||||||
Net asset value, end of period
|
$ | 9.06 | $ | 8.77 | $ | 9.05 | $ | 8.67 | $ | 8.11 | $ | 8.52 | ||||||||||||
TOTAL RETURN
|
7.63 | % | 2.62 | % | 7.15 | % (4) | 12.62 | % | (0.74 | )% | 4.78 | % | ||||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 33.34 | $ | 23.25 | $ | 24.25 | $ | 23.89 | $ | 22.05 | $ | 21.95 | ||||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
1.31 | % | 1.43 | % | 1.47 | % (5) | 1.69 | % | 1.89 | % | 1.94 | % | ||||||||||||
After expense reimbursement
|
1.05 | % | 1.05 | % | 1.05 | % (5) | 1.06 | % | 1.08 | % | 1.08 | % | ||||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||||||
Before expense reimbursement
|
2.74 | % | 3.54 | % | 4.00 | % (5) | 3.74 | % | 3.46 | % | 3.60 | % | ||||||||||||
After expense reimbursement
|
3.00 | % | 3.92 | % | 4.41 | % (5) | 4.37 | % | 4.27 | % | 4.46 | % | ||||||||||||
Portfolio turnover rate
(6)
|
75 | % | 57 | % | 46 | % (4) | 28 | % | 39 | % | 102 | % |
Hennessy Gas Utility Index Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 21.21 | $ | 17.83 | $ | 15.13 | $ | 15.26 | $ | 23.14 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.58 | 0.51 | (1) | 0.58 | 0.49 | 0.47 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.99 | 3.59 | 2.72 | 0.60 | (6.13 | ) | ||||||||||||||
Total from investment operations
|
2.57 | 4.10 | 3.30 | 1.09 | (5.66 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.58 | ) | (0.51 | ) | (0.58 | ) | (0.49 | ) | (0.47 | ) | ||||||||||
Dividends from realized capital gains
|
(0.16 | ) | (0.21 | ) | (0.02 | ) | (0.74 | ) | (1.75 | ) | ||||||||||
Total distributions
|
(0.74 | ) | (0.72 | ) | (0.60 | ) | (1.23 | ) | (2.22 | ) | ||||||||||
Paid-in capital from redemption fees
|
0.01 | 0.00 | (2) | 0.00 | (2) | 0.01 | 0.00 | (2) | ||||||||||||
Net asset value, end of year
|
$ | 23.05 | $ | 21.21 | $ | 17.83 | $ | 15.13 | $ | 15.26 | ||||||||||
TOTAL RETURN
|
12.41 | % | 23.54 | % | 22.25 | % | 8.18 | % | (26.81 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 746.82 | $ | 433.78 | $ | 244.04 | $ | 193.68 | $ | 198.57 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
0.69 | % | 0.71 | % | 0.77 | % | 0.76 | % | 0.70 | % | ||||||||||
After expense reimbursement
|
0.69 | % | 0.71 | % | 0.76 | % | 0.76 | % | 0.70 | % | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
2.72 | % | 2.68 | % | 3.50 | % | 3.51 | % | 2.39 | % | ||||||||||
After expense reimbursement
|
2.72 | % | 2.68 | % | 3.51 | % | 3.51 | % | 2.39 | % | ||||||||||
Portfolio turnover rate
|
16 | % | 17 | % | 16 | % | 26 | % | 27 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Small Cap Financial Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 16.48 | $ | 18.11 | $ | 15.91 | $ | 15.22 | $ | 23.18 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.11 | 0.21 | (1) | 0.08 | 0.06 | 0.24 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
3.24 | (1.66 | ) | 2.17 | 0.81 | (1.69 | ) | |||||||||||||
Total from investment operations
|
3.35 | (1.45 | ) | 2.25 | 0.87 | (1.45 | ) | |||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.29 | ) | (0.06 | ) | (0.07 | ) | (0.19 | ) | (0.28 | ) | ||||||||||
Dividends from net realized gains
|
— | (0.13 | ) | — | — | (6.24 | ) | |||||||||||||
Total distributions
|
(0.29 | ) | (0.19 | ) | (0.07 | ) | (0.19 | ) | (6.52 | ) | ||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.01 | 0.02 | 0.01 | 0.01 | ||||||||||||||
Net asset value, end of year
|
$ | 19.54 | $ | 16.48 | $ | 18.11 | $ | 15.91 | $ | 15.22 | ||||||||||
TOTAL RETURN
|
20.65 | % | (8.12 | )% | 14.27 | % | 5.89 | % | (6.76 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 167.20 | $ | 154.21 | $ | 216.75 | $ | 187.56 | $ | 181.80 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement/recoupment
|
1.45 | % | 1.52 | % | 1.51 | % | 1.51 | % | 1.49 | % | ||||||||||
After expense reimbursement/recoupment
|
1.45 | % | 1.52 | % | 1.51 | % | 1.51 | % | 1.49 | % | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Before expense reimbursement/recoupment
|
0.56 | % | 0.81 | % | 0.35 | % | 0.50 | % | 1.48 | % | ||||||||||
After expense reimbursement/recoupment
|
0.56 | % | 0.81 | % | 0.35 | % | 0.50 | % | 1.48 | % | ||||||||||
Portfolio turnover rate
(3)
|
43 | % | 70 | % | 89 | % | 118 | % | 147 | % |
Hennessy Small Cap Financial Fund
|
Period Ended
|
||||||||||||||||||||
Year Ended October 31, |
October 31,
|
|||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 10.55 | $ | 11.70 | $ | 10.34 | $ | 9.96 | $ | 10.00 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income
|
0.16 | 0.19 | (2) | 0.09 | 0.19 | 0.02 | ||||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.98 | (1.09 | ) | 1.40 | 0.40 | (0.06 | ) | |||||||||||||
Total from investment operations
|
2.14 | (0.90 | ) | 1.49 | 0.59 | (0.04 | ) | |||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.35 | ) | (0.12 | ) | (0.13 | ) | (0.21 | ) | — | |||||||||||
Dividends from net realized gains
|
— | (0.13 | ) | — | — | — | ||||||||||||||
Total distributions
|
(0.35 | ) | (0.25 | ) | (0.13 | ) | (0.21 | ) | — | |||||||||||
Paid-in capital from redemption fees
|
0.00 | (3) | — | 0.00 | (3) | — | — | |||||||||||||
Net asset value, end of period
|
$ | 12.34 | $ | 10.55 | $ | 11.70 | $ | 10.34 | $ | 9.96 | ||||||||||
TOTAL RETURN
|
20.95 | % | (8.00 | )% | 14.52 | % | 6.14 | % | (0.40 | )% (4) | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 43.79 | $ | 19.89 | $ | 25.01 | $ | 10.64 | $ | 3.95 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.25 | % | 1.34 | % | 1.23 | % | 1.56 | % | 1.31 | % (5) | ||||||||||
After expense reimbursement
|
1.25 | % | 1.34 | % | 1.23 | % | 1.56 | % | 1.31 | % (5) | ||||||||||
Ratio of net investment income to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
0.72 | % | 1.00 | % | 0.61 | % | 0.04 | % | 1.49 | % (5) | ||||||||||
After expense reimbursement
|
0.72 | % | 1.00 | % | 0.61 | % | 0.04 | % | 1.49 | % (5) | ||||||||||
Portfolio turnover rate
(6)
|
43 | % | 70 | % | 89 | % | 118 | % | 147 | % (4) |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Large Cap Financial Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 11.91 | $ | 12.88 | $ | 12.61 | $ | 11.14 | $ | 18.71 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.01 | (0.04 | ) (1) | (0.08 | ) | 0.00 | (2) | 0.14 | ||||||||||||
Net realized and unrealized gains (losses) on investments
|
2.24 | (0.93 | ) | 0.35 | 1.58 | (3.86 | ) | |||||||||||||
Total from investment operations
|
2.25 | (0.97 | ) | 0.27 | 1.58 | (3.72 | ) | |||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | (0.10 | ) | (0.18 | ) | |||||||||||||
Distribution in Excess of Net Investment Income
|
— | — | — | (0.02 | ) | — | ||||||||||||||
Dividends from net realized gains
|
— | — | — | — | (3.68 | ) | ||||||||||||||
Total distributions
|
— | — | — | (0.12 | ) | (3.86 | ) | |||||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.00 | (2) | 0.00 | (2) | 0.01 | 0.01 | ||||||||||||
Net asset value, end of year
|
$ | 14.16 | $ | 11.91 | $ | 12.88 | $ | 12.61 | $ | 11.14 | ||||||||||
TOTAL RETURN
|
18.89 | % | (7.53 | )% | 2.14 | % | 14.52 | % | (23.76 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 64.66 | $ | 55.68 | $ | 48.72 | $ | 37.20 | $ | 24.27 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.57 | % | 1.61 | % | 1.78 | % | 1.81 | % | 2.01 | % | ||||||||||
After expense reimbursement
|
1.57 | % | 1.61 | % | 1.78 | % | 1.81 | % | 1.88 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
0.09 | % | (0.34 | )% | (0.73 | )% | (0.08 | )% | 1.50 | % | ||||||||||
After expense reimbursement
|
0.09 | % | (0.34 | )% | (0.73 | )% | (0.08 | )% | 1.63 | % | ||||||||||
Portfolio turnover rate
|
93 | % | 97 | % | 150 | % | 220 | % | 509 | % |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Technology Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 10.86 | $ | 11.00 | $ | 9.05 | $ | 6.96 | $ | 13.34 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.15 | ) | (0.17 | ) (1) | (0.14 | ) | (0.08 | ) | (0.12 | ) | ||||||||||
Net realized and unrealized gains (losses) on investments
|
(0.04 | ) | 0.03 | 2.08 | 2.16 | (5.03 | ) | |||||||||||||
Total from investment operations
|
(0.19 | ) | (0.14 | ) | 1.94 | 2.08 | (5.15 | ) | ||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | — | — | — | |||||||||||||||
Dividends from net realized gains
|
— | — | — | — | (1.23 | ) | ||||||||||||||
Total distributions
|
— | — | — | — | (1.23 | ) | ||||||||||||||
Paid-in capital from redemption fees
|
0.00 | (2) | 0.00 | (2) | 0.01 | 0.01 | 0.00 | (2) | ||||||||||||
Net asset value, end of year
|
$ | 10.67 | $ | 10.86 | $ | 11.00 | $ | 9.05 | $ | 6.96 | ||||||||||
TOTAL RETURN
|
(1.75 | )% | (1.27 | )% | 21.55 | % | 30.03 | % | (42.30 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of year (millions)
|
$ | 4.44 | $ | 5.70 | $ | 8.21 | $ | 8.39 | $ | 7.69 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
3.20 | % | 2.79 | % | 2.50 | % | 3.00 | % | 1.92 | % | ||||||||||
After expense reimbursement
|
1.95 | % | 1.95 | % | 1.95 | % | 1.95 | % | 1.84 | % | ||||||||||
Ratio of net investment income/(loss) to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
(2.39 | )% | (2.38 | )% | (1.64 | )% | (2.10 | )% | (0.68 | )% | ||||||||||
After expense reimbursement
|
(1.14 | )% | (1.54 | )% | (1.10 | )% | (1.05 | )% | (0.60 | )% | ||||||||||
Portfolio turnover rate
(3)
|
138 | % | 141 | % | 353 | % | 211 | % | 175 | % |
Hennessy Technology Fund
|
For the Year Ended
|
Period Ended
|
|||||||||||
October 31, |
October 31,
|
|||||||||||
2012
|
2011
|
2010
(1)
|
||||||||||
PER SHARE DATA:
|
||||||||||||
Net asset value, beginning of period
|
$ | 10.89 | $ | 11.00 | $ | 10.46 | ||||||
Income from investment operations:
|
||||||||||||
Net investment income (loss)
|
(0.11 | ) | (0.14 | ) (2) | (0.07 | ) | ||||||
Net realized and unrealized gains (losses) on investments
|
(0.05 | ) | 0.03 | 0.61 | ||||||||
Total from investment operations
|
(0.16 | ) | (0.11 | ) | 0.54 | |||||||
Paid-in capital from redemption fees
|
0.00 | (3) | 0.00 | (3) | 0.00 | (3) | ||||||
Net asset value, end of period
|
$ | 10.73 | $ | 10.89 | $ | 11.00 | ||||||
TOTAL RETURN
|
(1.47 | )% | (1.00 | )% | 5.16 | % (4) | ||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||
Net assets, end of period (millions)
|
$ | 0.93 | $ | 1.16 | $ | 4.61 | ||||||
Ratio of expenses to average net assets:
|
||||||||||||
Before expense reimbursement
|
4.11 | % | 3.45 | % | 2.34 | % (5) | ||||||
After expense reimbursement
|
1.70 | % | 1.70 | % | 1.70 | % (5) | ||||||
Ratio of net investment income/(loss) to average net assets:
|
||||||||||||
Before expense reimbursement
|
(3.31 | )% | (2.99 | )% | (1.41 | )% (5) | ||||||
After expense reimbursement
|
(0.90 | )% | (1.24 | )% | (0.77 | )% (5) | ||||||
Portfolio turnover rate
(6)
|
138 | % | 141 | % | 353 | % (4) |
HENNESSY FUNDS
|
1-800-966-4354
|
Hennessy Japan Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
(1)
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of year
|
$ | 13.99 | $ | 12.58 | $ | 11.38 | $ | 9.73 | $ | 16.24 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.02 | ) | (0.10 | ) | (0.04 | ) | 0.02 | 0.05 | ||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.43 | 1.51 | 1.25 | 1.66 | (6.56 | ) | ||||||||||||||
Total from investment operations
|
1.41 | 1.41 | 1.21 | 1.68 | (6.51 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | (0.01 | ) | (0.03 | ) | — | |||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Return of capital
|
— | — | (0.01 | ) | — | — | ||||||||||||||
Total distributions
|
— | — | (0.02 | ) | (0.03 | ) | — | |||||||||||||
Redemption fees retained
|
— | — | 0.01 | — | (2) | — | (2) | |||||||||||||
Net asset value, end of period
|
$ | 15.40 | $ | 13.99 | $ | 12.58 | $ | 11.38 | $ | 9.73 | ||||||||||
TOTAL RETURN
|
10.08 | % | 11.21 | % | 11.04 | % | 17.36 | % | (40.09 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 10.38 | $ | 14.81 | $ | 20.01 | $ | 28.29 | $ | 15.86 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
2.03 | % | 1.86 | % | 1.71 | % | 1.75 | % | 1.72 | % | ||||||||||
After expense reimbursement
|
2.03 | % | 1.86 | % | 1.59 | % | 1.24 | % | 1.25 | % | ||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
(0.09 | )% | (0.54 | )% | (0.27 | )% | (0.34 | )% | (0.10 | )% | ||||||||||
After expense reimbursement
|
(0.09 | )% | (0.54 | )% | (0.15 | )% | 0.17 | % | 0.37 | % | ||||||||||
Portfolio turnover rate
(3)
|
2 | % | 166 | % | 8 | % | 17 | % | 35 | % |
(1)
|
The financial highlights set forth for periods prior to September 17, 2009 represent the historical financial highlights of the SPARX Japan Fund. On September 17, 2009 Hennessy Advisors, Inc., became the investment advisor to the Fund and the Fund changed its name to Hennessy Select SPARX Japan Fund.
|
(2)
|
Amount is less than $0.01.
|
(3)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Japan Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
(1)
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 14.14 | $ | 12.66 | $ | 11.44 | $ | 9.78 | $ | 16.33 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
0.02 | 0.03 | 0.01 | 0.03 | 0.05 | |||||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.44 | 1.45 | 1.23 | 1.66 | (6.60 | ) | ||||||||||||||
Total from investment operations
|
1.46 | 1.48 | 1.24 | 1.69 | (6.55 | ) | ||||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
— | — | (0.01 | ) | (0.03 | ) | — | |||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Return of capital
|
— | — | (0.01 | ) | — | — | ||||||||||||||
Total distributions
|
— | — | (0.02 | ) | (0.03 | ) | — | |||||||||||||
Redemption fees retained
|
— | — | — | — | (2) | — | (2) | |||||||||||||
Net asset value, end of period
|
$ | 15.60 | $ | 14.14 | $ | 12.66 | $ | 11.44 | $ | 9.78 | ||||||||||
TOTAL RETURN
|
10.33 | % | 11.69 | % | 11.07 | % | 17.37 | % | (40.11 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 8.94 | $ | 9.70 | $ | 23.57 | $ | 25.55 | $ | 37.03 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
1.85 | % | 1.64 | % | 1.45 | % | 1.75 | % | 1.72 | % | ||||||||||
After expense reimbursement
|
1.85 | % | 1.64 | % | 1.40 | % | 1.24 | % | 1.25 | % | ||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
0.13 | % | 0.19 | % | 0.02 | % | (0.34 | )% | (0.10 | )% | ||||||||||
After expense reimbursement
|
0.13 | % | 0.19 | % | 0.07 | % | 0.17 | % | 0.37 | % | ||||||||||
Portfolio turnover rate
(3)
|
2 | % | 166 | % | 8 | % | 17 | % | 35 | % |
(1)
|
The financial highlights set forth for periods prior to September 17, 2009 represent the historical financial highlights of the SPARX Japan Fund. On September 17, 2009 Hennessy Advisors, Inc., became the investment advisor to the Fund and the Fund changed its name to Hennessy Select SPARX Japan Fund.
|
(2)
|
Amount is less than $0.01 or $(0.01).
|
(3)
|
Portfolio turnover is calculated on the basis of the Fund as a whole.
|
Hennessy Japan Small Cap Fund
|
Year Ended October 31,
|
||||||||||||||||||||
2012
|
2011
|
2010
|
2009
(1)
|
2008
(1)
|
||||||||||||||||
PER SHARE DATA:
|
||||||||||||||||||||
Net asset value, beginning of period
|
$ | 10.09 | $ | 9.23 | $ | 9.74 | $ | 6.87 | $ | 10.98 | ||||||||||
Income from investment operations:
|
||||||||||||||||||||
Net investment income (loss)
|
(0.68 | ) | 0.06 | — | (2) | 0.07 | 0.02 | (3) | ||||||||||||
Net realized and unrealized gains (losses) on securities
|
1.17 | 0.80 | (0.10 | ) | 2.80 | (4.08 | ) | |||||||||||||
Total from investment operations
|
0.49 | 0.86 | (0.10 | ) | 2.87 | (4.06 | ) | |||||||||||||
Less Distributions:
|
||||||||||||||||||||
Dividends from net investment income
|
(0.04 | ) | — | (0.42 | ) | — | (0.07 | ) | ||||||||||||
Dividends from net realized gains
|
— | — | — | — | — | |||||||||||||||
Total distributions
|
(0.04 | ) | — | (0.42 | ) | — | (0.07 | ) | ||||||||||||
Redemption fees retained
|
— | — | 0.01 | — | (2) | 0.02 | ||||||||||||||
Net asset value, end of period
|
$ | 10.54 | $ | 10.09 | $ | 9.23 | $ | 9.74 | $ | 6.87 | ||||||||||
TOTAL RETURN
|
4.91 | % | 9.32 | % | (0.72 | )% | 41.78 | % | (37.00 | )% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
||||||||||||||||||||
Net assets, end of period (millions)
|
$ | 5.11 | $ | 24.08 | $ | 15.17 | $ | 16.20 | $ | 11.74 | ||||||||||
Ratio of expenses to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
2.33 | % | 2.10 | % | 2.14 | % | 3.10 | % | 4.47 | % | ||||||||||
After expense reimbursement
|
2.33 | % | 2.10 | % | 2.01 | % | 1.60 | % | 1.60 | % | ||||||||||
Ratio of net investment income (loss) to average net assets:
|
||||||||||||||||||||
Before expense reimbursement
|
(0.66 | )% | 0.17 | % | (0.14 | )% | (0.86 | )% | (2.60 | )% | ||||||||||
After expense reimbursement
|
(0.66 | )% | 0.17 | % | (0.01 | )% | 0.64 | % | 0.26 | % | ||||||||||
Portfolio turnover rate
|
49 | % | 61 | % | 100 | % | 138 | % | 55 | % |
(1)
|
The financial highlights set forth for periods prior to September 17, 2009 represent the historical financial highlights of the SPARX Japan Smaller Companies Fund. On September 17, 2009 Hennessy Advisors, Inc., became the investment advisor to the Fund and the Fund changed its name to Hennessy Select SPARX Japan Smaller Companies Fund.
|
(2)
|
Amount is less than $0.01 or $(0.01).
|
(3)
|
Calculated based on average shares outstanding.
|
Fund – Investor Class
|
Symbol
|
Cusip
|
Hennessy Cornerstone Growth Fund
|
HFCGX
|
425888104
|
Hennessy Focus Fund
|
HFCSX
|
42588P700
|
Hennessy Cornerstone Mid Cap 30 Fund
|
HFMDX
|
425888302
|
Hennessy Cornerstone Large Growth Fund
|
HFLGX
|
42588P205
|
Hennessy Cornerstone Value Fund
|
HFCVX
|
425888203
|
Hennessy Large Value Fund
|
HLVFX
|
42588P502
|
Hennessy Total Return Fund
|
HDOGX
|
425887205
|
Hennessy Equity and Income Fund
|
HEIFX
|
42588P825
|
Hennessy Balanced Fund
|
HBFBX
|
425887106
|
Hennessy Core Bond Fund
|
HCBFX
|
42588P791
|
Hennessy Gas Utility Index Fund
|
GASFX
|
42588P833
|
Hennessy Small Cap Financial Fund
|
HSFNX
|
42588P874
|
Hennessy Large Cap Financial Fund
|
HLFNX
|
42588P882
|
Hennessy Technology Fund
|
HTECX
|
42588P858
|
Hennessy Japan Fund
|
HJPNX
|
425894102
|
Hennessy Japan Small Cap Fund
|
HJPSX
|
425894300
|
Fund – Institutional Class
|
Symbol
|
Cusip
|
Hennessy Cornerstone Growth Fund
|
HICGX
|
425888500
|
Hennessy Focus Fund
|
HFCIX
|
42588P809
|
Hennessy Cornerstone Mid Cap 30 Fund
|
HIMDX
|
425888609
|
Hennessy Cornerstone Large Growth Fund
|
HILGX
|
42588P403
|
Hennessy Cornerstone Value Fund
|
HICVX
|
425888401
|
Hennessy Large Value Fund
|
HLVIX
|
42588P601
|
Hennessy Equity and Income Fund
|
HEIIX
|
42588P817
|
Hennessy Core Bond Fund
|
HCBIX
|
42588P783
|
Hennessy Small Cap Financial Fund
|
HISFX
|
42588P866
|
Hennessy Technology Fund
|
HTCIX
|
42588P841
|
Hennessy Japan Fund
|
HJPIX
|
425894201
|
HENNESSY FUNDS
|
1-800-966-4354
|
STATEMENT OF ADDITIONAL INFORMATION
|
February 28, 2013
|
Hennessy Cornerstone Growth Fund
(Investor Class – HFCGX)
(Institutional Class – HICGX)
|
Hennessy Balanced Fund (HBFBX)
|
Hennessy Focus Fund
(Investor Class – HFCSX)
(Institutional Class – HFCIX)
|
Hennessy Core Bond Fund
(Investor Class – HCBFX)
(Institutional Class – HCBIX)
|
Hennessy Cornerstone Mid Cap 30 Fund
(Investor Class – HFMDX)
(Institutional Class – HIMDX)
|
Hennessy Gas Utility Index Fund (GASFX)
|
Hennessy Cornerstone Large Growth Fund
(Investor Class – HFLGX)
(Institutional Class – HILGX)
|
Hennessy Small Cap Financial Fund
(Investor Class – HSFNX)
(Institutional Class – HISFX)
|
Hennessy Cornerstone Value Fund
(Investor Class – HFCVX)
(Institutional Class – HICVX)
|
Hennessy Large Cap Financial Fund (HLFNX)
|
Hennessy Large Value Fund
(Investor Class - HLVFX)
(Institutional Class – HLVIX)
|
Hennessy Technology Fund
(Investor Class – HTECX)
(Institutional Class – HTCIX)
|
Hennessy Total Return Fund (HDOGX)
|
Hennessy Japan Fund
(Investor Class – HJPNX)
(Institutional Class – HJPIX)
|
Hennessy Equity and Income Fund
(Investor Class – HEIFX)
(Institutional Class – HEIIX)
|
Hennessy Japan Small Cap Fund (HJPSX)
|
l
|
The Hennessy Focus Fund is the successor to the FBR Focus Fund;
|
l
|
The Hennessy Large Cap Financial Fund is the successor to the FBR Large Cap Financial Fund;
|
l
|
The Hennessy Small Cap Financial Fund is the successor to the FBR Small Cap Financial Fund;
|
l
|
The Hennessy Technology Fund is the successor to the FBR Technology Fund;
|
l
|
The Hennessy Gas Utility Index Fund is the successor to the FBR Gas Utility Index Fund;
|
l
|
The Hennessy Equity and Income Fund is the successor to the FBR Balanced Fund; and
|
l
|
The Hennessy Core Bond Fund is the successor to the FBR Core Bond Fund.
|
FUND HISTORY AND CLASSIFICATION
|
1
|
INVESTMENT RESTRICTIONS
|
2
|
INVESTMENT CONSIDERATIONS
|
11
|
DIRECTORS/TRUSTEES AND OFFICERS
|
54
|
OWNERSHIP OF MANAGEMENT AND PRINCIPAL SHAREHOLDERS
|
67
|
MANAGEMENT OF THE FUNDS
|
82
|
PORTFOLIO TRANSACTIONS
|
106
|
DISCLOSURE OF PORTFOLIO HOLDINGS
|
111
|
ADDITIONAL PURCHASE AND REDEMPTION INFORMATION
|
112
|
ABANDONED PROPERTY
|
113
|
VALUATION OF SHARES
|
113
|
ADDITIONAL INFORMATION ABOUT DISTRIBUTIONS AND TAXES
|
114
|
DESCRIPTION OF SECURITIES RATINGS
|
120
|
ANTI-MONEY LAUNDERING PROGRAM
|
125
|
OTHER INFORMATION
|
125
|
Company
|
Exchange
|
Symbol
|
Industry
|
3M
|
NYSE
|
MMM
|
Conglomerate
|
Alcoa
|
NYSE
|
AA
|
Aluminum
|
American Express
|
NYSE
|
AXP
|
Consumer finance
|
AT&T
|
NYSE
|
T
|
Telecommunication
|
Bank of America
|
NYSE
|
BAC
|
Banking
|
Boeing
|
NYSE
|
BA
|
Aerospace and defense
|
Caterpillar
|
NYSE
|
CAT
|
Construction and mining equipment
|
Chevron Corporation
|
NYSE
|
CVX
|
Oil & gas
|
Cisco Systems
|
NASDAQ
|
CSCO
|
Computer networking
|
Coca-Cola
|
NYSE
|
KO
|
Beverages
|
DuPont
|
NYSE
|
DD
|
Chemical industry
|
ExxonMobil
|
NYSE
|
XOM
|
Oil & gas
|
General Electric
|
NYSE
|
GE
|
Conglomerate
|
Hewlett-Packard
|
NYSE
|
HPQ
|
Computers and technology
|
The Home Depot
|
NYSE
|
HD
|
Home improvement retailer
|
Intel
|
NASDAQ
|
INTC
|
Semiconductors
|
IBM
|
NYSE
|
IBM
|
Computers and technology
|
Johnson & Johnson
|
NYSE
|
JNJ
|
Pharmaceuticals
|
JPMorgan Chase
|
NYSE
|
JPM
|
Banking
|
McDonald's
|
NYSE
|
MCD
|
Fast food
|
Merck
|
NYSE
|
MRK
|
Pharmaceuticals
|
Microsoft
|
NASDAQ
|
MSFT
|
Software
|
Pfizer
|
NYSE
|
PFE
|
Pharmaceuticals
|
Procter & Gamble
|
NYSE
|
PG
|
Consumer goods
|
Travelers
|
NYSE
|
TRV
|
Insurance
|
UnitedHealth Group
|
NYSE
|
UNH
|
Managed health care
|
United Technologies Corporation
|
NYSE
|
UTX
|
Conglomerate
|
Verizon
|
NYSE
|
VZ
|
Telecommunication
|
Wal-Mart
|
NYSE
|
WMT
|
Retail
|
Walt Disney
|
NYSE
|
DIS
|
Broadcasting and entertainment
|
l
|
Certificates of deposit, bankers’ acceptances and other short-term obligations must be issued domestically by United States commercial banks having assets of at least $1 billion, which are members of the Federal Deposit Insurance Corporation or holding companies of such banks.
|
l
|
Commercial paper or commercial paper master notes must be rated, at the time of purchase, A-1 or A-2 by Standard & Poor’s or Prime-1 or Prime-2 by Moody’s. If not rated by either Moody’s or Standard & Poor’s, a company’s commercial paper may be purchased, if the company has an outstanding bond issue rated Aa or higher by Moody’s or AA or higher by Standard & Poor’s. Commercial paper master notes are demand instruments without a fixed maturity bearing interest at rates that are fixed to known lending rates and automatically adjusted when such lending rates change.
|
l
|
The Large Value Fund will purchase only negotiable certificates of deposit and other short-term debt obligations of savings and loan associations having assets of at least $1 billion, which are members of the Federal Home Loan Banks Association and insured by the Federal Savings and Loan Insurance Corporation.
|
(1)
|
All Officers of the Hennessy Funds and employees of the Manager are Interested Persons of the Funds .
|
Name, Address, and Age
|
Position(s) Held
with the Fund
|
Term of Office
and Length of
Time Served
|
Principal Occupation(s) During Past 5 Years
|
Number of
Portfolios in the Fund Complex
Overseen by
Trustee
|
Other Directorships
Held by Trustee
|
Interested Persons
|
|||||
Teresa M. Nilsen
(1)
Age: 46
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Executive Vice President and Treasurer
|
1 year term
Since January 1996
HMFI and HFI; since
July 2005 HFT; and
since September 2009
HSFT
|
Ms. Nilsen has been employed by Hennessy Advisors, Inc., the Funds’ investment advisor, since 1989. She currently serves as Executive Vice President, Chief Operations Officer, Chief Financial Officer and Secretary of Hennessy Advisors, Inc.
|
N/A
|
N/A
|
Daniel B. Steadman
(1)
Age: 56
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Executive Vice President and Secretary
|
1 year term
Since March 2000
HMFI and HFI; since
July 2005 HFT; and
since September 2009
HSFT
|
Mr. Steadman has been employed by Hennessy Advisors, Inc., the Funds’ investment advisor, since 2000. He currently serves as Executive Vice President and Chief Compliance Officer of Hennessy Advisors, Inc.
|
N/A
|
N/A
|
David Ellison
(1)
Age: 54
Address:
100 Federal Street
29
th
Floor
Boston, MA 02110
|
Senior Vice
President and Chief Investment Officer
|
1 year term
Since October 2012
|
Mr. Ellison has served as Portfolio Manager of the Large Cap Financial Fund, the Small Cap Financial Fund and the Technology Fund since inception.
Mr. Ellison previously served as Director, CIO and President of FBR Advisers, Inc. from December 1999 to October 2012.
|
N/A
|
N/A
|
(1)
|
All Officers of the Hennessy Funds and employees of the Manager are Interested Persons of the Funds .
|
Name, Address, and Age
|
Position(s) Held
with the Fund
|
Term of Office
and Length of
Time Served
|
Principal Occupation(s) During Past 5 Years
|
Number of
Portfolios in the Fund Complex
Overseen by
Trustee
|
Other Directorships
Held by Trustee
|
Brian Peery
(1)
Age: 43
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Co-Portfolio
Manager and
Vice President
|
1 year term
As Vice President,
since March 2003
HMFI and HFI; since
July 2005 HFT; and
since September 2009
HSFT
As Co-Portfolio
Manager, since
February 2011 HMFI,
HFI, HFT and HSFT
|
Mr. Peery has been employed by Hennessy Advisors, Inc., the Funds’ investment advisor, since 2002.
|
N/A
|
N/A
|
Winsor (Skip) Aylesworth
(1)
Age: 65
Address:
100 Federal Street
29
th
Floor
Boston, MA 02110
|
Vice President and Portfolio Manager
|
1 year term
Since October 2012
|
Mr. Aylesworth has been Portfolio Manager of the Gas Utility Index Fund since 1998 and Portfolio Manager of the Technology Fund since inception.
Mr. Aylesworth previously served as Executive Vice President of The FBR Funds from 1999 to October 2012.
|
N/A
|
N/A
|
(1)
|
All Officers of the Hennessy Funds and employees of the Manager are Interested Persons of the Funds .
|
Name, Address, and Age
|
Position(s) Held
with the Fund
|
Term of Office
and Length of
Time Served
|
Principal Occupation(s) During Past 5 Years
|
Number of Portfolios
in the Fund Complex
Overseen
by Trustee
|
Other Directorships (During Past 5 Years)
Held by
Trustee
|
Michael A. Willner
Age: 56
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board Member
|
Until October 26, 2014
Served since
October 26, 2012
|
CEO AlphaGrip, Inc. since 2001.
|
10
|
None.
|
Charles O. Heller
Age: 77
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board Member
|
Until October 26, 2014
Served since
October 26, 2012
|
President, Annapolis Capital Group, since 2005; and Athlone Global Security (venture capital firm) from 2006-2008.
|
10
|
None.
|
David B. Adcock
Age: 61
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board Member
|
Until October 26, 2014
Served since
October 26, 2012
|
Consultant, since 2006; General Counsel, Duke University and Duke University Health System
1982-2006.
|
10
|
The Victory
Portfolios
(16 portfolios);
The Victory
Institutional Funds
(one portfolio);
The Victory
Variable Insurance
Funds (one
portfolio).
|
William E. Cole, Jr.
Age: 63
Address:
c/o Hennessy Advisors, Inc.
7250 Redwood Blvd.
Suite 200
Novato, CA 94945
|
Advisory Board Member
|
Until October 26, 2014
Served since
October 26, 2012
|
Retired, 2006. Partner, Ernst
& Young LLP, 1972-2006.
|
10
|
None.
|
Name of
Director/Trustee
|
Dollar Range of
Equity Securities
in the Focus Fund
|
Dollar Range of
Equity Securities
in the Large Cap
Financial Fund
|
Dollar Range of
Equity Securities
in the
Small Cap
Financial Fund
|
Dollar Range of
Equity Securities
in the
Technology
Fund
|
Michael A. Willner
|
None
|
None
|
None
|
None
|
||||||
Charles O. Heller
|
None
|
None
|
None
|
None
|
||||||
David B. Adcock
|
None
|
None
|
None
|
None
|
||||||
William E. Cole, Jr.
|
None
|
None
|
None
|
None
|
Name of
Director/Trustee
|
Dollar Range of
Equity Securities
in the Gas Utility
Index Fund
|
Dollar Range of
Equity Securities
in the Equity and
Income Fund
|
Dollar Range of
Equity Securities
in the
Core Bond Fund
|
Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of
Investment
Companies
(1)
|
Michael A. Willner
|
None
|
None
|
None
|
None
|
||||||||
Charles O. Heller
|
None
|
None
|
None
|
None
|
||||||||
David B. Adcock
|
None
|
None
|
None
|
None
|
||||||||
William E. Cole, Jr.
|
None
|
None
|
None
|
None
|
||||||||
______________________________
(1)The Hennessy Funds are the only funds in the “family of investment companies.”
|
Cornerstone Growth Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for the Benefit of Customers
Attn: Mutual Funds
San Francisco, CA 94105-1905
|
8,233,618
|
37.41%
|
National Financial Services LLC
*
Attn: Mutual Funds Dept. 5
th
FL
New York, NY 10281-1003
|
4,491,642
|
20.41%
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
2,285,975
|
10.39%
|
Cornerstone Growth Fund – Institutional Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
Attn: Mutual Funds
San Francisco, CA 94105-1905
|
354,188
|
16.24%
|
National Financial Services Corp.
*
For the Benefit of our Customers
New York, NY 10281-5503
|
276,926
|
12.70%
|
First Clearing LLC
*
Saint Lous, MO 63103-2523
|
276,638
|
12.68%
|
Pershing LLC
*
P.O. Box 2052
Jersey City, NJ 07303-2052
|
169,320
|
7.76%
|
Ameritrade, Inc.
*
For the Benefit of its Customers
P.O. Box 2226
Omaha, NE 68103-2226
|
132,699
|
6.08%
|
Armed Forces Benefit Association
*
Attn: Debbie French
Alexandria, VA 22314-1555
|
111,244
|
5.10%
|
Focus Fund – Investor Class
|
Shares
|
Percentage
|
National Financial Services LLC
*
For Exclusive Benefit of our Customers
Attn: Mutual Funds Dept. 5
th
FL
New York, NY 10281
|
6,325,965
|
43.02%
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
Attn: Mutual Funds
San Francisco, CA 94105-1905
|
3,999,799
|
27.2%
|
Donaldson Lufkin Jenrette
*
Securities Corporation, Inc.
P.O. Box 2052
Jersey City, NJ 07303-2052
|
812,296
|
5.52%
|
Focus Fund – Institutional Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
299,499
|
26.32%
|
First Clearing LLC
*
Saint Louis, MO 63103
|
272,336
|
23.93%
|
National Financial Services LLC
*
For Exclusive Benefit of our Customers
New York, NY 10281
|
138,425
|
12.16%
|
Merrill Lynch Pierce Fenner & Smith, Inc.
*
For the Sole Benefit of its Customers
Jacksonville, FL 32246-6484
|
112,829
|
9.92%
|
Mid Cap 30 Fund – Institutional Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
1,233,305
|
50.50%
|
National Financial Services Corp.
*
For the Benefit of our Customers
New York, NY 10281-5503
|
507,365
|
20.78%
|
Cornerstone Large Growth Fund –
Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94105-1905
|
398,113
|
5.75%
|
Cornerstone Large Growth Fund –
Institutional Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94105-1905
|
255,261
|
18.40%
|
National Financial Services Corp.
*
For the Benefit of our Customers
New York, NY 10281-5503
|
247,710
|
17.85%
|
PIMS Prudential Retirement
*
P.O. Box 25587
Alexandria, VA 22313-5587
|
174,517
|
12.58%
|
Large Value Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94105-1905
|
834,937
|
16.76%
|
National Financial Services Corp.
*
For Exclusive Benefit of Customers
New York, NY 10008-3908
|
403,548
|
8.10%
|
Total Return Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94105-1905
|
665,598
|
11.32%
|
National Financial Services Corp.
*
For the Benefit of our Customers
New York, NY 10281-5503
|
650,563
|
11.06%
|
Gas Utility Index Fund – Investor Class
|
Shares
|
Percentage
|
National Financial Services Corp.
*
P.O. Box 3908
New York, NY 10281-1003
|
10,403,118
|
31.47%
|
Charles Schwab & Co., Inc.
*
For the Exclusive Benefit of our Customers
San Francisco, CA 94105-1905
|
7,667,142
|
23.20%
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
2,132,216
|
6.45%
|
Small Cap Financial Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
3,533,951
|
38.09%
|
NFS LLC FEBO
*
Covington, KY 41015-1987
|
3,067,566
|
33.06%
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
571,890
|
6.16%
|
Small Cap Financial Fund – Institutional Class
|
Shares
|
Percentage
|
Merrill Lynch Pierce Fenner & Smith
*
For the Sole Benefit of its Customers
Jacksonville, FL 32246-6434
|
1,060,500
|
33.98%
|
Pershing LLC
*
For the Benefit of its Customers
P.O. Box 2052
Jersey City, NJ 07303-2052
|
737,477
|
23.63%
|
Charles Atwood Company
*
Kalamazoo, MI 49007-3918
|
542,187
|
17.37%
|
Morgan Stanley Smith Barney
*
Harborside Financial Center
Jersey City, NJ 07311
|
497,486
|
15.94%
|
Large Cap Financial Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit ofCustomers
San Francisco, CA 94105-1905
|
2,559,747
|
62.87%
|
National Financial Services LLC
*
For Exclusive Benefit of our Customers
New York, NY 10281
|
671,491
|
16.49%
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
299,238
|
7.35%
|
Technology Fund – Investor Class
|
Shares
|
Percentage
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
New York, NY 10281
|
122,206
|
31.46%
|
Schwab Omnibus
*
Attn: Mutual Funds
San Francisco, CA 94105-1905
|
66,866
|
17.22%
|
E Trade Clearing LLC
*
For the Benefit of its Customers
P.O. Box 484
Jersey City, NJ 07303-0484
|
38,197
|
9.83%
|
US Bank NA
*
Custody Mahmoud Yassin Sep IRA
Toms River, NJ 08755-1166
|
37,547
|
9.67%
|
Technology Fund –Institutional Class
|
Shares
|
Percentage
|
PIMS Prudential Retirement
*
P.O. Box 25587
Alexandria, VA 22313-5587
|
22,104
|
26.27%
|
5 Star Financial Def Comp Plan 4
*
c/o Mark A. Centanni
P.O. Box 25587
Alexandria, VA 22303-5587
|
5,023
|
5.97%
|
David S. Nickerk
*
Bothwell, WA 98021-8897
|
4,450
|
5.29%
|
Japan Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
263,271
|
27.82%
|
Pershing LLC
*
For the Benefit of its Customers
P.O. Box 2052
Jersey City, NJ 07303-2052
|
202,625
|
21.41%
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
New York, NY 10281-0003
|
200,452
|
21.18%
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
68,168
|
7.20%
|
Japan Fund – Institutional Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
For the Benefit of Customers
San Francisco, CA 94105-1905
|
219,144
|
55.34%
|
Christopher T. Whitman
*
London UK SW3 2AF 205
United Kingdom
|
84,044
|
21.22%
|
Japan Small Cap Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
896,794
|
62.12%
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
New York, NY 10281-0003
|
301,824
|
20.91%
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of our Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
124,644
|
8.63%
|
Equity and Income Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
For the Benefit of our Customers
San Francisco, CA 94105-1905
|
5,060,314
|
40.51%
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
New York, NY 10281
|
2,601,887
|
20.83%
|
Equity and Income Fund –
Institutional Class
|
Shares
|
Percentage
|
National Financial Services LLC
*
For the Exclusive Benefit of our Customers
New York, NY 10281
|
1,521,228
|
24.97%
|
Merrill Lynch Pierce Fenner & Smith, Inc.
*
For the Sole Benefit of its Customers
Jacksonville, FL 32246-6484
|
1,255,778
|
20.61%
|
LPL Financial
*
AC 3874-3897
San Diego, CA 92121-1968
|
1,021,688
|
16.77%
|
Pershing LLC
*
P.O. Box 2052
Jersey City, NJ 07303-2052
|
888,829
|
14.59%
|
First Clearing LLC
*
AC 5703-3253
Saint Louis, MO 63103-2523
|
384,913
|
6.32%
|
Balanced Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Customers
San Francisco, CA 94104-4151
|
231,636
|
20.69%
|
Lovi Family Living Trust
*
Leo Lovi & Lorraine Lovi
Redwood City, CA 94061-3920
|
69,523
|
6.21%
|
National Financial Services Corp.
*
For the Exclusive Benefit of Customers
New York, NY 10281-5503
|
63,177
|
5.64%
|
Core Bond Fund – Investor Class
|
Shares
|
Percentage
|
Charles Schwab & Co., Inc.
*
Special Custody Acct for Benefit of Customers
San Francisco, CA 94104-4151
|
140,082
|
30.11%
|
First Clearing LLC
*
Saint Louis, MO 63103-2523
|
83,117
|
17.86%
|
US Bank N.A. Custodian
*
Robert J. Hozyash IRA
Boyertown, PA 19512-8081
|
36,376
|
7.82%
|
TD Ameritrade, Inc.
*
For the Exclusive Benefit of Clients
P.O. Box 2226
Omaha, NE 68103-2226
|
25,842
|
5.55%
|
National Financial Services, LLC
*
For the Exclusive Benefit of Customers
New York, NY 10281-1003
|
24,669
|
5.30%
|
Core Bond Fund – Institutional Class
|
Shares
|
Percentage
|
LPL Financial
*
San Diego, CA 92121-1968
|
1,075,138
|
70.35%
|
PIMS Prudential Retirement
*
P.O. Box 25587
Alexandria, VA 22313-5587
|
117,755
|
7.70%
|
Joan Lee Lawson
*
Clifton, VA 20124-1524
|
104,804
|
6.86%
|
Name of
Director/Trustee
|
Dollar Range of
Equity Securities
in the
Cornerstone
Growth Fund
|
Dollar Range of
Equity Securities
in the
Mid Cap 30 Fund
|
Dollar Range of
Equity Securities
in the
Cornerstone
Large Growth Fund
|
Disinterested Directors
|
||||||||||||||||
J. Dennis DeSousa
|
$10,001-$50,000
|
$10,001-$50,000
|
None
|
|||||||||||||
Robert T. Doyle
|
None
|
None
|
None
|
|||||||||||||
Gerald P. Richardson
|
$10,001-$50,000
|
$10,001-$50,000
|
None
|
“Interested Persons” (as defined in the 1940 Act) | ||||||||
Neil J. Hennessy
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
Name of
Director/Trustee
|
Dollar Range of
Equity Securities
in the
Large Value Fund
|
Dollar Range of
Equity Securities
in the
Japan Fund
|
Dollar Range of
Equity Securities
in the
Japan Small Cap Fund
|
Disinterested Directors
|
|||||
J. Dennis DeSousa
|
None
|
None
|
None
|
||
Robert T. Doyle
|
None
|
None
|
None
|
||
Gerald P. Richardson
|
None
|
None
|
None
|
“Interested Persons” (as defined in the 1940 Act) | |||||||
Neil J. Hennessy
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
______________________________
(1)The Hennessy Funds are the only funds in the fund complex.
|
Name of
Director/Trustee
|
Dollar Range of
Equity Securities
in the
Focus Fund
|
Dollar Range of
Equity Securities
in the
Large Cap
Financial Fund
|
Dollar Range of Equity Securities
in the
Small Cap
Financial Fund
|
Dollar Range of
Equity Securities
in the
Technology Fund
|
Disinterested Directors
|
||||||||
J. Dennis DeSousa
|
None
|
None
|
None
|
None
|
||||
Robert T. Doyle
|
None
|
None
|
None
|
None
|
||||
Gerald P. Richardson
|
None
|
None
|
None
|
None
|
“Interested Persons” (as defined in the 1940 Act) | ||||||||
Neil J. Hennessy
|
None
|
None
|
None
|
None
|
Name of
Director/Trustee
|
Dollar Range of
Equity Securities
in the
Gas Utility
Index Fund
|
Dollar Range of
Equity Securities
in the
Equity and
Income Fund
|
Dollar Range of
Equity Securities
in the
Core Bond Fund
|
Disinterested Directors
|
||||||||
J. Dennis DeSousa
|
None
|
None
|
None
|
|||||
Robert T. Doyle
|
None
|
None
|
None
|
|||||
Gerald P. Richardson
|
None
|
None
|
None
|
“Interested Persons” (as defined in the 1940 Act) | ||||||||||
Neil J. Hennessy
|
None
|
None
|
None
|
|||||||
______________________________
(1)The Hennessy Funds are the only funds in the “family of investment companies.”
|
Disinterested Directors
|
||||||||
J. Dennis DeSousa
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
$50,001-$100,000
|
||||
Robert T. Doyle
|
None
|
$10,001-$50,000
|
None
|
$10,001-$50,000
|
||||
Gerald P. Richardson
|
$10,001-$50,000
|
$1-$10,000
|
$1-$10,000
|
Over $100,000
|
“Interested Persons” (as defined in the 1940 Act) | ||||||
Neil J. Hennessy
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
Over $100,000
|
||
______________________________
(1)The Hennessy Funds are the only funds in the fund complex.
|
Cornerstone Growth Fund
|
0.74%
|
Focus Fund
|
0.90%
|
Mid Cap 30 Fund
|
0.74%
|
Cornerstone Large Growth Fund
|
0.74%
|
Cornerstone Value Fund
|
0.74%
|
Large Value Fund
|
0.85%
|
Total Return Fund
|
0.60%
|
Gas Utility Index Fund
|
0.40%
|
Small Cap Financial Fund
|
0.90%
|
|
Large Cap Financial Fund
|
0.90%
|
|
Technology Fund
|
0.90%
|
|
Japan Fund
|
1.00%
|
|
Japan Small Cap Fund
|
1.20%
|
|
Equity and Income Fund
|
0.80%
|
|
Balanced Fund
|
0.60%
|
|
Core Bond Fund
|
0.80%
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
Fiscal Year Ended
October 31, 2010
|
|
Cornerstone Growth Fund
|
$1,612,148
|
$1,444,144
|
$1,639,511
|
Mid Cap 30 Fund
|
$1,205,874
|
$1,193,413
|
$1,083,048
|
Cornerstone Large Growth Fund
|
$574,284
|
$605,779
|
$553,644
|
Cornerstone Value Fund
|
$912,705
|
$1,016,889
|
$1,130,082
|
Large Value Fund
|
$1,065,815
|
$1,129,883
|
$1,140,958
|
Total Return Fund
|
$425,005
|
$392,389
|
$337,824
|
Japan Fund
|
$205,473
|
$310,543
|
$552,830
|
Japan Small Cap Fund
|
$179,755
|
$290,179
|
$184,064
|
Balanced Fund
|
$136,881
|
$81,461
|
$72,662
|
Fund
|
Gross
Advisory Fees
|
Advisory Fee
Waivers
|
Net Advisory Fees
|
Expense
Reimbursements
|
||||
Focus Fund
|
$6,539,937
|
$—
|
$6,539,937
|
$—
|
||||
Gas Utility Index Fund
|
2,427,576
|
—
|
2,427,576
|
—
|
||||
Small Cap Financial Fund
|
1,647,875
|
—
|
1,647,875
|
—
|
||||
Large Cap Financial Fund
|
549,491
|
—
|
549,491
|
—
|
||||
Technology Fund
|
60,210
|
(96,067)
|
—
|
—
|
||||
Equity and Income Fund
|
1,726,176
|
(179,947)
|
1,546,229
|
—
|
||||
Core Bond Fund
|
251,697
|
(102,642)
|
149,055
|
—
|
Fund
|
Gross
Advisory Fees
|
Advisory Fee
Waivers
|
Net Advisory Fees
|
Expense
Reimbursements
|
||||
FBR Focus Fund
|
$6,543,033
|
$—
|
$6,543,033
|
$—
|
||||
FBR Large Cap Financial Fund
|
543,524
|
—
|
543,524
|
—
|
||||
FBR Small Cap Financial Fund
|
2,287,766
|
(1,024)
|
2,286,742
|
—
|
||||
FBR Technology Fund
|
79,949
|
(79,949)
|
—
|
(8,290)
|
||||
FBR Gas Utility Index Fund
|
1,199,584
|
—
|
1,199,584
|
—
|
||||
FBR Balanced Fund
|
721,246
|
(188,312)
|
532,934
|
—
|
||||
FBR Core Bond Fund
|
218,849
|
(132,417)
|
86,432
|
—
|
Fund
|
Gross
Advisory Fees
|
Advisory Fee
Waivers
|
Net Advisory Fees
|
Expense
Reimbursements
|
||||
FBR Focus Fund
|
$6,514,796
|
$(15,363)
|
$6,499,433
|
$—
|
||||
FBR Large Cap Financial Fund
|
376,285
|
—
|
376,285
|
—
|
||||
FBR Small Cap Financial Fund
|
2,267,871
|
(15,104)
|
2,252,767
|
—
|
||||
FBR Technology Fund
|
120,287
|
(77,288)
|
42,999
|
—
|
||||
FBR Gas Utility Index Fund
|
886,056
|
(16,893)
|
869,163
|
—
|
||||
FBR Balanced Fund*
|
378,975
|
(136,427)
|
242,548
|
—
|
||||
FBR Core Bond Fund*
|
135,099
|
(80,808)
|
54,291
|
—
|
|
*
For the seven months ended October 31, 2010.
|
Number of Other Accounts Managed and
Total
Assets by Account Type
|
Number of Accounts and Total Assets for Which
Advisory Fee is Performance-Based
|
||||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
|
Neil J. Hennessy
|
3
$829.24 million
|
1
$1.3 million
|
0
$ 0
|
0
$ 0
|
0
$ 0
|
0
$ 0
|
|
Brian Peery
|
3
$829.24 million
|
1
$1.3 million
|
0
$ 0
|
0
$ 0
|
0
$ 0
|
0
$ 0
|
Name
|
Dollar Range of
Equity Securities
in the
Cornerstone Growth Fund
|
Dollar Range of
Equity Securities
in the
Cornerstone Mid Cap 30 Fund
|
Dollar Range of
Equity Securities
in the
Cornerstone Large Growth Fund
|
Neil J. Hennessy
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
|||||
Brian Peery
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
Name
|
Dollar Range of
Equity Securities
in the
Cornerstone Value Fund
|
Dollar Range of
Equity Securities
in the
Total Return Fund
|
Dollar Range of
Equity Securities
in the
Balanced Fund
|
Neil J. Hennessy
|
$10,001-$50,000
|
$10,001-$50,000
|
$10,001-$50,000
|
|||||
Brian Peery
|
$10,001-$50,000
|
$1-$10,000
|
$1-$10,000
|
Number of Other Accounts Managed and
Total Assets by Account Type
|
Number of Accounts and Total Assets for which
Advisory Fee is Performance-Based
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
David H. Ellison
|
0
|
0
|
0
|
0
|
0
|
0
|
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
||
Winsor H. Aylesworth
|
0
|
0
|
0
|
0
|
0
|
0
|
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
Portfolio Manager
|
Fund
|
Dollar Range of
Amount Owned in Fund
|
David H. Ellison
|
Large Cap Financial Fund
|
$100,001 - $500,000
|
Small Cap Financial Fund
|
$10,001 - $50,000
|
|
Technology Fund
|
None
|
|
Winsor H. Aylesworth
|
Technology Fund
|
$50,001 - $100,000
|
Gas Utility Index Fund
|
$50,001 - $100,000
|
|
Number of Other Accounts Managed
and Total Assets by Account Type
|
Number of Accounts and Total Assets for Which
Advisory Fee is Performance-Based
|
|||||
Name of
Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Stuart A. Lippe
(lead manager)
|
0
$0
|
2
$536,835,326
|
11
$344,340,577
|
0
$ 0
|
0
$ 0
|
0
$ 0
|
Barbara S. Browning
|
0
$0
|
2
$536,835,326
|
11
$344,340,577
|
0
$ 0
|
0
$ 0
|
0
$ 0
|
Adam D. Scheiner
|
0
$0
|
2
$536,835,326
|
11
$344,340,577
|
0
$ 0
|
0
$ 0
|
0
$ 0
|
Name
|
Dollar Range of Equity Securities in the Large Value Fund
|
Stuart A. Lippe
(lead manager)
|
None
|
|||
Barbara S. Browning
|
$10,001-$50,000
|
|||
Adam D. Scheiner
|
None
|
Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
*#
|
Other Accounts
*#
|
||
Masakazu Takeda
|
0
|
4 ($142 million)
|
1 ($60 million)
|
||
Tadahiro Fujimura
|
0
|
5 ($290 million)
|
3 ($914 million)
|
||
Yu Shimizu
|
0
|
3 ($74 million)
|
0 ($0 million)
|
||
Hedehiro Moriya
|
0
|
3 ($28 million)
|
0 ($0 million)
|
||
*
|
Total assets in accounts as of October 31, 2012.
|
||||
#
|
One of the pooled accounts managed by Mr. Takeda has performance-based fees, with total assets as of October 31, 2012 of $54 million. Two of the other pooled investment vehicles managed by Mr. Fujimura have performance-based fees, with total assets as of October 31, 2012 of $69 million. One of the other accounts managed by Mr. Fujimura has performance-based fees, with total assets as of October 31, 2012 of $45 million. One of the other pooled investment vehicles managed by Mr. Shimizu has performance-based fees, with total assets of $23 million as of October 31, 2012. Two of the other pooled investment vehicles managed by Mr. Moriya has performance-based fees, with total assets of $21 million as of October 31, 2012.
|
Name
|
Dollar Range of Equity Securities in the
Japan Fund
|
Dollar Range of Equity Securities in the
Japan Small Cap Fund
|
Masakazu Takeda
|
None
|
None
|
|||
Tadahiro Fujimura
|
None
|
None
|
|||
Yu Shimizu
|
None
|
None
|
|||
Keitaro Kanai
|
None
|
None
|
Number of Other Accounts Managed and
Total Assets by Account Type
*
|
Number of Accounts and Total Assets for which
Advisory Fee is Performance-Based
*
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
David S. Rainey
|
0
|
0
|
0
|
0
|
0
|
0
|
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
||
Brian E. Macauley
|
0
|
0
|
0
|
0
|
0
|
0
|
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
||
Ira M. Rothberg
|
0
|
0
|
0
|
0
|
0
|
0
|
|
$0
|
$0
|
$0
|
$0
|
$0
|
$0
|
||
*
|
If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.
|
Number of Other Accounts Managed and
Total Assets by Account Type
*
|
Number of Accounts and Total Assets for which
Advisory Fee is Performance-Based
*
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Gary B. Cloud
|
1
|
0
|
56
|
0
|
0
|
0
|
|
$58,478,623
|
$0
|
$591,333,563
|
$0
|
$0
|
$0
|
||
Peter G. Greig
|
0
|
0
|
1,102
|
0
|
0
|
0
|
|
$0
|
$0
|
$804,131,524
|
$0
|
$0
|
$0
|
||
*
|
If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.
|
Number of Other Accounts Managed and
Total Assets by Account Type
*
|
Number of Accounts and Total Assets for which
Advisory Fee is Performance-Based
*
|
|||||
Name of Portfolio Manager
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Registered
Investment
Companies
|
Other Pooled
Investment
Vehicles
|
Other
Accounts
|
Stephen M. Goddard
|
4
|
0
|
513
|
0
|
0
|
2
|
$801 million
|
$0
|
$3.5 billion
|
$0
|
$0
|
$5.3 million
|
|
Jonathan T. Moody
|
4
|
0
|
513
|
0
|
0
|
0
|
$801 million
|
$0
|
$3.5 billion
|
$0
|
$0
|
$0
|
|
J. Brian Campbell
|
4
|
0
|
513
|
0
|
0
|
0
|
$801 million
|
$0
|
$3.5 billion
|
$0
|
$0
|
$0
|
|
Mark DeVaul
|
4
|
0
|
513
|
0
|
0
|
0
|
$801 million
|
$0
|
$3.5 billion
|
$0
|
$0
|
$0
|
|
* If an account has a co-portfolio manager, the total number of accounts and assets have been allocated to each respective manager. Therefore, some accounts and assets have been counted twice.
|
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
Fiscal Year Ended
October 31, 2010
|
|
Cornerstone Growth Fund
|
$551,531
|
$494,629
|
$560,727
|
Focus Fund
|
$447,417
|
(see below)
|
(see below)
|
Mid Cap 30 Fund
|
$373,051
|
$374,949
|
$330,055
|
Cornerstone Large Growth Fund
|
$195,254
|
$208,593
|
$201,189
|
Cornerstone Value Fund
|
$310,284
|
$348,642
|
$388,012
|
Large Value Fund
|
$319,627
|
$338,873
|
$358,283
|
Total Return Fund
|
$180,627
|
$166,765
|
$143,575
|
Gas Utility Index Fund
|
$412,865
|
(see below)
|
(see below)
|
Small Cap Financial Fund
|
$113,213
|
(see below)
|
(see below)
|
Large Cap Financial Fund
|
$36,758
|
(see below)
|
(see below)
|
Technology Fund
|
$14,992
|
(see below)
|
(see below)
|
Japan Fund
|
$52,396
|
$79,189
|
$140,972
|
Japan Small Cap Fund
|
$38,198
|
$61,663
|
$39,113
|
Equity and Income Fund
|
$170,311
|
(see below)
|
(see below)
|
Balanced Fund
|
$58,174
|
$34,621
|
$30,882
|
Core Bond Fund
|
$33,803
|
(see below)
|
(see below)
|
Fund
|
Amount Paid
|
||
2010
|
2011
*
|
||
FBR Focus Fund
|
170,933
|
136,019
|
|
FBR Large Cap Financial Fund
|
9,620
|
12,756
|
|
FBR Small Cap Financial Fund
|
46,348
|
59,982
|
|
FBR Technology Fund
|
3,380
|
1,973
|
|
FBR Gas Utility Index Fund
|
43,822
|
48,787
|
|
FBR Balanced Fund
|
10,407
|
21,277
|
|
FBR Core Bond Fund
|
3,524
|
7,000
|
|
* For the period November 1, 2010 through September 15, 2011.
|
Fund
|
Amount Paid
|
||
2010
|
2011
|
2012
|
|
FBR Focus Fund
|
289,114
|
290,804
|
290,664
|
FBR Large Cap Financial Fund
|
16,703
|
24,157
|
24,422
|
FBR Small Cap Financial Fund
|
100,699
|
101,679
|
73,239
|
FBR Technology Fund
|
5,387
|
3,553
|
2,676
|
FBR Gas Utility Index Fund
|
88,500
|
119,959
|
242,758
|
FBR Balanced Fund*
|
19,202
|
36,063
|
86,309
|
FBR Core Bond Fund*
|
6,502
|
10,943
|
12,585
|
|
* The fiscal periods are October 31, 2010, October 31, 2011 and October 31, 2012.
|
2010
|
2011
|
2012
|
$88,606
|
$119,959
|
$242,758
|
l
|
SPARX Japan generally votes proxies in a manner consistent with decisions of the Investment Committee of SPARX Japan (the “
Committee
”), which makes voting decisions pursuant to its Equity Voting Guidelines (the “
Guidelines
”), unless as otherwise permitted by the Policy (such as when specific interests and issues require that a client’s vote be cast differently from the Committee’s decision in order to act in the best economic interests of clients).
|
l
|
Where a material conflict of interest has been identified and the matter is covered by the Guidelines, proxies are voted in accordance with the Guidelines. Where a conflict of interest
|
|
has been identified and the matter is not covered in the Guidelines, SPARX Japan will disclose the conflict and the determination of the manner in which to vote to the Board.
|
l
|
SPARX Japan may determine not to vote proxies in respect of securities of any issuer if it determines it would be in its clients’ overall best interests not to vote.
|
l
|
support management in most elections for directors, unless there are clear concerns about the past performance of the company or the board fails to meet minimum corporate governance standards;
|
l
|
support option plans that motivate participants to focus on long-term shareholder value and returns, encourage employee stock ownership and more closely align employee interests with those of shareholders; and
|
l
|
vote for mergers, acquisitions and sales of business operations, unless the impact on earnings or voting rights for one class or group of shareholders is disproportionate to the relative contributions of the group or the company’s structure following the acquisition or merger does not reflect good corporate governance, and vote against such actions if the companies do not provide sufficient information upon request concerning the transaction.
|
Fund
|
Fiscal Year Ended
|
Brokerage
Commissions Paid
|
Transactions for which
Brokerage
Commissions Were Paid
|
Cornerstone Growth Fund
|
October 31, 2012
|
$849,614
|
$419,198,893
|
|
October 31, 2011
|
$1,107,485
|
$499,939,260
|
||
October 31, 2010
|
$1,074,045
|
$492,425,300
|
||
Focus Fund
|
October 31, 2012
|
$123,999
|
$189,290,332
|
|
October 31, 2011
|
(see below)
|
(see below)
|
||
October 31, 2010
|
(see below)
|
(see below)
|
||
Mid Cap 30 Fund
|
October 31, 2012
|
$96,700
|
$92,915,453
|
|
October 31, 2011
|
$404,314
|
$333,050,379
|
||
October 31, 2010
|
$395,233
|
$308,480,264
|
||
Cornerstone Large Growth Fund
|
October 31, 2012
|
$8,768
|
$8,675,086
|
|
October 31, 2011
|
$100,412
|
$118,405,978
|
||
October 31, 2010
|
$105,684
|
$123,579,040
|
||
Cornerstone Value Fund
|
October 31, 2012
|
$167,836
|
$114,517,504
|
|
October 31, 2011
|
$177,744
|
$150,407,884
|
||
October 31, 2010
|
$390,542
|
$281,560,080
|
||
Large Value Fund
|
October 31, 2012
|
$346,674
|
$289,226,709
|
|
October 31, 2011
|
$467,093
|
$407,047,645
|
||
October 31, 2010
|
$513,983
|
$395,095,748
|
||
Total Return Fund
|
October 31, 2012
|
$11,842
|
$24,100,606
|
|
October 31, 2011
|
$15,966
|
$26,941,171
|
||
October 31, 2010
|
$21,138
|
$34,813,451
|
||
Fund
|
Fiscal Year Ended
|
Brokerage
Commissions Paid
|
Transactions for which Brokerage
Commissions Were Paid
|
Gas Utility Index Fund
|
October 31, 2012
|
$103,230
|
$477,859,274
|
|
October 31, 2011
|
(see below)
|
(see below)
|
||
October 31, 2010
|
(see below)
|
(see below)
|
||
Small Cap Financial Fund
|
October 31, 2012
|
$245,221
|
$150,364,751
|
|
October 31, 2011
|
(see below)
|
(see below)
|
||
October 31, 2010
|
(see below)
|
(see below)
|
||
Large Cap Financial Fund
|
October 31, 2012
|
$53,700
|
$108,521,362
|
|
October 31, 2011
|
(see below)
|
(see below)
|
||
October 31, 2010
|
(see below)
|
(see below)
|
||
Technology Fund
|
October 31, 2012
|
$5,070
|
$18,647,642
|
|
October 31, 2011
|
(see below)
|
(see below)
|
||
October 31, 2010
|
(see below)
|
(see below)
|
||
Japan Fund
|
October 31, 2012
|
$96,784
|
$444,346,126
|
|
October 31, 2011
|
$68,764
|
$107,664,172
|
||
October 31, 2010
|
$24,501
|
$22,227,178
|
||
Japan Small Cap Fund
|
October 31, 2012
|
$26,056
|
$34,672,351
|
|
October 31, 2011
|
$38,411
|
$35,894,117
|
||
October 31, 2010
|
$34,926
|
$30,095,274
|
||
Equity and Income Fund
|
October 31, 2012
|
$86,482
|
$125,035,954
|
|
October 31, 2011
|
(see below)
|
(see below)
|
||
October 31, 2010
|
(see below)
|
(see below)
|
Fund
|
Fiscal Year Ended
|
Brokerage
Commissions Paid
|
Transactions for which Brokerage
Commissions Were Paid
|
Balanced Fund
|
October 31, 2012
|
$3,449
|
$6,669,444
|
|
October 31, 2011
|
$3,791
|
$6,828,701
|
||
October 31, 2010
|
$5,400
|
$7,570,612
|
||
Core Bond Fund
|
October 31, 2012
|
$7,744
|
$4,317,161
|
|
October 31, 2011
|
(see below)
|
(see below)
|
||
October 31, 2010
|
(see below)
|
(see below)
|
Fund
|
Total
Brokerage
Commissions Paid
|
Commissions
Paid to
FBRCM
|
% of
Aggregate
Commissions
Paid to
FBRCM
|
% of Aggregate
Dollar Amount
of Transactions
Effected through
FBRCM
|
FBR Focus Fund
|
123,999
|
—
|
—
|
—
|
|
FBR Large Cap Financial Fund
|
53,700
|
1,450
|
2.7%
|
0.5%
|
|
FBR Small Cap Financial Fund
|
245,221
|
13,440
|
5.5%
|
2.6%
|
|
FBR Technology Fund
|
5,070
|
—
|
—
|
—
|
|
FBR Gas Utility Index Fund
|
103,230
|
—
|
—
|
—
|
|
FBR Equity and Income
|
86,482
|
—
|
—
|
—
|
|
FBR Core Bond Fund
|
7,744
|
—
|
—
|
—
|
Fund
|
Total
Brokerage
Commissions Paid
|
Commissions
Paid to
FBRCM
|
% of
Aggregate
Commissions
Paid to
FBRCM
|
% of Aggregate
Dollar Amount
of Transactions
Effected through
FBRCM
|
FBR Focus Fund
|
266,734
|
—
|
—
|
—
|
|
FBR Large Cap Financial Fund
|
68,140
|
1,250
|
1.8%
|
0.2%
|
|
FBR Small Cap Financial Fund
|
673,858
|
23,568
|
3.5%
|
2.3%
|
|
FBR Technology Fund
|
8,793
|
—
|
—
|
—
|
|
FBR Gas Utility Index Fund
|
72,223
|
—
|
—
|
—
|
|
FBR Balanced Fund
|
50,471
|
—
|
—
|
—
|
|
FBR Core Bond Fund
|
14,877
|
—
|
—
|
—
|
Fund
|
Total
Brokerage
Commissions Paid
|
Commissions
Paid to
FBRCM
|
% of
Aggregate
Commissions
Paid to
FBRCM
|
% of Aggregate
Dollar Amount of
Transactions
Effected through
FBRCM
|
FBR Focus Fund
|
291,990
|
—
|
—
|
—
|
|
FBR Large Cap Financial Fund
|
79,917
|
1,000
|
1.3%
|
2.0%
|
|
FBR Small Cap Financial Fund
|
722,728
|
28,392
|
3.9%
|
2.3%
|
|
FBR Technology Fund
|
20,590
|
—
|
—
|
—
|
|
FBR Gas Utility Index Fund
|
23,765
|
—
|
—
|
—
|
|
FBR Balanced Fund*
|
31,842
|
—
|
—
|
—
|
|
FBR Core Bond Fund*
|
19,685
|
—
|
—
|
—
|
|
* For the period April 1, 2010 to October 31, 2010
|
Predecessor Fund
|
2011
|
2012
|
|
Cornerstone Growth Fund
|
106%
|
90%
|
|
Focus Fund
|
13%
|
13%
|
|
Mid Cap 30 Fund
|
107%
|
25%
|
|
Cornerstone Large Growth Fund
|
70%
|
0%
|
|
Cornerstone Value Fund
|
40%
|
47%
|
|
Large Value Fund
|
149%
|
111%
|
|
Total Return Fund
|
21%
|
22%
|
|
Gas Utility Index Fund
|
17%
|
16%
|
|
Small Cap Financial Fund
|
70%
|
43%
|
|
Large Cap Financial Fund
|
97%
|
93%
|
|
Technology Fund
|
141%
|
138%
|
|
Japan Fund
|
166%
|
2%
|
|
Japan Small Cap
|
61%
|
49%
|
|
Equity and Income Fund
|
35%
|
34%
|
|
Balanced Fund
|
39%
|
17%
|
|
Core Bond Fund
|
57%
|
75%
|
l
|
Leading market positions in well-established industries.
|
l
|
High rates of return on funds employed.
|
l
|
Conservative capitalization structure with moderate reliance on debt and ample asset protection.
|
l
|
Broad margins in earnings coverage of fixed financial charges and high internal cash generation.
|
l
|
Well-established access to a range of financial markets and assured sources of alternate liquidity.
|
Fund
|
Amount Paid
|
Total Return Fund
|
$106,251
|
Balanced Fund
|
$ 34,220
|
Fund
|
Amount Paid
|
||
Focus Fund
|
$1,659,066
|
||
Large Cap Financial Fund
|
$152,636
|
||
Small Cap Financial Fund
|
$395,608
|
||
Technology Fund
|
$13,989
|
||
Equity and Income Fund
|
$340,404
|
||
Core Bond Fund
|
$9,766
|
Focus Fund
|
—
|
—
|
$1,659,066
|
—
|
$1,659,066
|
|
Large Cap Financial Fund
|
—
|
—
|
$152,636
|
—
|
$152,636
|
|
Small Cap Financial Fund
|
—
|
—
|
$395,608
|
—
|
$395,608
|
|
Technology Fund
|
—
|
—
|
$13,989
|
—
|
$13,989
|
|
Equity and Income Fund
|
—
|
—
|
$340,404
|
—
|
$340,404
|
|
Core Bond Fund
|
—
|
—
|
$9,766
|
—
|
$9,766
|
l | maintaining an “800” number that current shareholders may call to ask questions about these Funds or their accounts with the Funds; | |
l | assisting shareholders in processing exchange and redemption requests; | |
l | assisting shareholders in changing dividend options, account designations and addresses; | |
l | responding generally to questions of shareholders; and | |
l | providing such other similar services as these Funds may request. |
Fiscal Year Ended
October 31, 2012
|
Fiscal Year Ended
October 31, 2011
|
Fiscal Year Ended
October 31, 2010
|
Cornerstone Growth Fund
|
$214,761
|
$192,440
|
$217,567
|
|
Mid Cap 30 Fund
|
$139,469
|
$138,039
|
$122,675
|
|
Cornerstone Large Growth Fund
|
$76,989
|
$81,764
|
$74,763
|
|
Cornerstone Value Fund
|
$121,418
|
$136,248
|
$151,486
|
|
Large Value Fund
|
125,342
|
$132,887
|
$134,195
|
|
Total Return Fund
|
$70,834
|
$65,398
|
$56,304
|
|
Japan Fund
|
$10,851
|
$19,263
|
$12,089
|
|
Japan Small Cap Fund
|
$14,980
|
$24,182
|
$6,390
|
|
Balanced Fund
|
$22,814
|
$13,577
|
$12,110
|
l
|
Statements of Assets and Liabilities
|
l
|
Statements of Operations
|
l
|
Statement of Cash Flows (Total Return Fund only)
|
l
|
Statements of Changes in Net Assets
|
l
|
Financial Highlights
|
l
|
Schedules of Investments
|
l
|
Notes to the Financial Statements
|
l
|
Reports of Independent Registered Public Accounting Firms
|
Item 28
.
|
Exhibits
|
|
(a)
|
Organizational Documents:
|
|
(1)
|
Registrant’s Amended and Restated Declaration of Trust is incorporated herein by reference to Registrant’s Registration Statement on Form N-1A (File Nos. 333-108229 and 811-21419) (the “Registration Statement”) filed with the Securities and Exchange Commission (the “SEC”) on August 26, 2003.
|
|
(2)
|
Amendment to the Agreement and Declaration of Trust is incorporated herein by reference to Post-Effective Amendment No. 6 to the Registration Statement filed with the SEC on July 25, 2007.
|
|
(3)
|
Amendment to the Agreement and Declaration of Trust is incorporated herein by reference to Post-Effective Amendment No. 11 to the Registration Statement filed with the SEC on November 23, 2009.
|
|
(b)
|
Registrant’s By-Laws are incorporated herein by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement filed with the SEC on February 28, 2006.
|
|
(c)
|
None.
|
|
(d)
|
Investment Advisory Contracts:
|
|
(1)
|
Investment Advisory Agreement between the Registrant and Hennessy Advisors, Inc. (the “Manager”) is incorporated herein by reference to Post-Effective Amendment No. 11 to the Registration Statement filed with the SEC on November 23, 2009.
|
|
(2)
|
Sub-Investment Advisory Agreement between the Manager and SPARX Asset Management Co., Ltd. (“SAM”) is incorporated herein by reference to Post-Effective Amendment No. 11 to the Registration Statement filed with the SEC on November 23, 2009.
|
|
(e)
|
Distribution Agreement between Hennessy Advisors, Inc. and Quasar Distributors, LLC is incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement filed with the SEC on February 1, 2010.
|
|
(f)
|
None.
|
|
(g)
|
Custody Agreement between Registrant and U.S. Bank, National Association is incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement filed with the SEC on February 1, 2010.
|
|
(h)
|
Other Material Contracts:
|
|
(1)
|
Fund Administration Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement filed with the SEC on February 1, 2010.
|
|
(2)
|
Transfer Agent Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement filed with the SEC on February 1, 2010.
|
|
(3)
|
Fund Accounting Servicing Agreement between Registrant and U.S. Bancorp Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement filed with the SEC on February 1, 2010.
|
|
(4)
|
Power of Attorney is incorporated herein by reference to Post-Effective Amendment No. 11 to the Registration Statement filed with the SEC on November 23, 2009.
|
|
(i)
|
Opinion of Foley & Lardner LLP.
|
|
(j)
|
Consent of KPMG LLP.
|
|
(k)
|
None.
|
|
(l)
|
Not Applicable.
|
|
(m)
|
None.
|
|
(n)
|
Rule 18f-3 Plan is incorporated herein by reference to Post-Effective Amendment No. 13 to the Registration Statement filed with the SEC on February 28, 2011.
|
|
(p)
|
Codes of Ethics:
|
|
(1)
|
Code of Ethics of The Hennessy Funds, Inc., The Hennessy Mutual Funds, Inc., Hennessy Funds Trust, Registrant and Hennessy Advisors, Inc. is incorporated herein by reference to Post-Effective Amendment No. 12 to the Registration Statement filed with the SEC on February 1, 2010.
|
(2)
|
Code of Ethics of SAM is incorporated herein by reference to Post-Effective Amendment No. 3 to the Registration Statement filed with the SEC on February 28, 2006.
|
Academy Funds Trust
|
Intrepid Capital Management Funds Trust
|
Advisors Series Trust
|
IronBridge Funds, Inc.
|
Aegis Funds
|
Jacob Funds, Inc.
|
Aegis Value Fund, Inc.
|
Jacob Funds II
|
Allied Asset Advisors Funds
|
Jensen Portfolio, Inc.
|
Alpine Equity Trust
|
Kirr Marbach Partners Funds, Inc.
|
Alpine Income Trust
|
Litman Gregory Funds Trust
|
Alpine Series Trust
|
LKCM Funds
|
Artio Global Investment Funds
|
LoCorr Investment Trust
|
Artio Select Opportunities Fund, Inc.
|
Lord Asset Management Trust
|
Barrett Opportunity Fund, Inc.
|
MainGate Trust
|
Brandes Investment Trust
|
Managed Portfolio Series
|
Brandywine Blue Fund, Inc.
|
Matrix Advisors Value Fund, Inc.
|
Brandywine Fund, Inc.
|
Merger Fund
|
Bridges Investment Fund, Inc.
|
Monetta Fund, Inc.
|
Brookfield Investment Funds
|
Monetta Trust
|
Brown Advisory Funds
|
Nicholas Family of Funds, Inc.
|
Buffalo Funds
|
Permanent Portfolio Family of Funds, Inc.
|
Country Mutual Funds Trust
|
Perritt Funds, Inc.
|
Cushing Funds Trust
|
PRIMECAP Odyssey Funds
|
DoubleLine Funds Trust
|
Professionally Managed Portfolios
|
Empiric Funds, Inc.
|
Prospector Funds, Inc.
|
ETF Series Solutions
|
Provident Mutual Funds, Inc.
|
Evermore Funds Trust
|
Purisima Funds
|
FactorShares Trust
|
Rainier Investment Management Mutual Funds
|
First American Funds, Inc.
|
RBC Funds Trust
|
First American Investment Funds, Inc.
|
SCS Financial Funds
|
First American Strategy Funds, Inc.
|
Stone Ridge Trust
|
Glenmede Fund, Inc.
|
Thompson IM Funds, Inc.
|
Glenmede Portfolios
|
TIFF Investment Program, Inc.
|
Greenspring Fund, Inc.
|
Trust for Professional Managers
|
Guinness Atkinson Funds
|
USA Mutuals
|
Harding Loevner Funds, Inc.
|
USFS Funds Trust
|
Hennessy Funds Trust
|
Wall Street Fund, Inc.
|
Hennessy Funds, Inc.
|
Wexford Trust/PA
|
Hennessy Mutual Funds, Inc.
|
Wisconsin Capital Funds, Inc.
|
Hennessy SPARX Funds Trust
|
WY Funds
|
Hotchkis & Wiley Funds
|
YCG Funds
|
Name and Principal
Business Address
|
Position and Offices with
Quasar Distributors, LLC
|
Positions and Offices
with Registrant
|
James R. Schoenike
(1)
|
President, Board Member
|
None
|
Andrew M. Strnad
(2)
|
Secretary
|
None
|
Joe D. Redwine
(1)
|
Board Member
|
None
|
Robert Kern
(1)
|
Board Member
|
None
|
Eric W. Falkeis
(1)
|
Board Member
|
None
|
Susan LaFond
(1)
|
Treasurer
|
None
|
Teresa Cowan
(1)
|
Assistant Secretary
|
None
|
John Kinsella
(3)
|
Assistant Treasurer
|
None
|
Brett Scribner
(3)
|
Assistant Treasurer
|
None
|
(1)
This individual is located at 615 East Michigan Street, Milwaukee, Wisconsin, 53202.
(2)
This individual is located at 6602 East 75th Street, Indianapolis, Indiana, 46250.
(3)
This individual is located at 800 Nicollet Mall, Minneapolis, Minnesota, 55402.
|
Name
|
Title
|
Date
|
/s/Neil J. Hennessy
Neil J. Hennessy
|
Chairman of the Board and President
(Principal Executive Officer) and a Trustee
|
February 28, 2013
|
Robert T. Doyle*
|
Trustee
|
*
|
J. Dennis DeSousa*
|
Trustee
|
*
|
Gerald P. Richardson*
|
Trustee
|
*
|
/s/Teresa M. Nilsen
Teresa M. Nilsen
|
Executive Vice President and Treasurer
(Principal Financial and Accounting Officer)
|
February 28, 2013
|
Exhibit No.
|
Exhibit Description
|