Investment opportunity as the Fed prolongs the cycle.

Japan Leads the Factory Automation Revolution

The potential to be a meaningful contribution to economic growth.

Progress of reform initiatives and the strengthening of the yen.

Our Managers average over 20 years of investing experience.

As Chief Investment Officer, Neil leads our team of investment professionals.

Based in Asia, Masa is a recognized expert on investing in Japan.

Since our founding, our priority has been meeting shareholders needs.

High-conviction strategies, managed for long-term results.

We look forward to the opportunity to work together.

Japan Fund PM highlights reasons to be bullish on Japanese equities.

Key drivers of growth for distribution-focused natural gas companies.

Investing in the growth of the natural gas industry since 1989.

Actively managed, the Fund maintains a relatively concentrated portfolio of Japanese small-cap companies.

Based on risk-adjusted returns among 42 Japan Stock funds, as of 6/30/19.

Opportunity to invest in the potential rebound of Japans economy

Growth-oriented, small-cap Japanese companies that may be overlooked by other investors

Asia-based management enables rigorous due diligence and research process leading to an in-depth understandingof the Japanese market and culture

From a universe of Japanese stocks with market capitalization in the bottom 20%, the Hennessy Japan Small Cap Fund seeks companies with time-tested business models and exceptional management trading at attractive valuations. Focusing onsustainable growth while limiting the downside, the Portfolio Managers seek companies that exhibit:

– A well-capitalized balance sheet with little debt

– Above average earnings growth rate, which is sustainable and predictable

– Value gap between intrinsic value and market price

The portfolio is limited to the Managers best ideas and is unconfined to benchmarks.

The Fund is sub-advised by Tokyo-based SPARX Asset Management Co., Ltd. Since its founding in 1989, SPARX has grown to becomethe largest independent asset manager in Japan.

CMAdesignates Chartered Member of the Security Analysts Association of Japan.

Our extensive research allows us to uncover hidden opportunities among small-cap Japanese companies.

Our team of tenured Portfolio Managers shares their mid-year insights on whats ahead for investors. They provide opinions on the direction of interest rates, trade disputes, and renewed volatility in both equity and fixed income markets, and share their insights about where they believe investment opportunities exist today.

Japanese equities are currently trading at compelling valuation levels compared to other developed equity markets around the world and relative to their own historical averages. We believe the Japanese market deserves a closer look.

We believe Japan is on the path to economic revival. To reverse a long period of stagnant economic growth and deflation, Prime Minister Abe and his government initiated an ambitious economic revitalization plan centered on monetary and fiscal stimulus and structural reform, which has resulted in measurable progress.

The Hennessy Japan Small Cap Fund has received the 2019 Lipper Fund Award for best-in-category, risk-adjusted performance for the three-year period.

Tourism is a growing industry in Japan, and it has the potential to contribute meaningfully to economic growth over the next decade as the country deregulates the industry, opens casinos, and welcomes foreign visitors to the Olympic Games in 2020.

Index data-series-data=[[7\/31\/2018,10000],[8\/31\/2018,9863.57],[9\/30\/2018,9863.57],[10\/31\/2018,8851.12385735],[11\/30\/2018,9090.8653981502],[12\/31\/2018,8166.088024658],[1\/31\/2019,8615.851654792],[2\/28\/2019,8778.6998669193],[3\/31\/2019,8708.6370632814],[4\/30\/2019,8779.0028507527],[5\/31\/2019,8412.8043048393],[6\/30\/2019,8660.3594843135],[7\/31\/2019,8716.4353119744]] data-color=444444 data-series-zindex=1 data-series-dashstyle=ShortDash

Value of $10,000 invested between 7/31/2018 and 7/31/2019

Index data-series-data=[[7\/31\/2016,10000],[8\/31\/2016,9712.58],[9\/30\/2016,10283.33005112],[10\/31\/2016,10472.625590701],[11\/30\/2016,10120.368356332],[12\/31\/2016,10146.246138219],[1\/31\/2017,10499.355796322],[2\/28\/2017,10893.879589724],[3\/31\/2017,10881.907216055],[4\/30\/2017,11121.167710015],[5\/31\/2017,11461.030595233],[6\/30\/2017,11765.573100209],[7\/31\/2017,12056.594550843],[8\/31\/2017,12259.145339297],[9\/30\/2017,12575.553880504],[10\/31\/2017,13050.042103969],[11\/30\/2017,13401.257887114],[12\/31\/2017,13731.491683968],[1\/31\/2018,14360.36654011],[2\/28\/2018,14104.594051664],[3\/31\/2018,14022.505314284],[4\/30\/2018,14032.377158025],[5\/31\/2018,13961.878495183],[6\/30\/2018,13603.756311782],[7\/31\/2018,13535.900775298],[8\/31\/2018,13351.230481021],[9\/30\/2018,13351.230481021],[10\/31\/2018,11980.793428297],[11\/30\/2018,12305.305199095],[12\/31\/2018,11053.535722412],[1\/31\/2019,11662.331309396],[2\/28\/2019,11882.761033474],[3\/31\/2019,11787.924717666],[4\/30\/2019,11883.171149385],[5\/31\/2019,11387.488431231],[6\/30\/2019,11722.576665808],[7\/31\/2019,11798.480349719]] data-color=444444 data-series-zindex=1 data-series-dashstyle=ShortDash

Value of $10,000 invested between 7/31/2016 and 7/31/2019

Index data-series-data=[[7\/31\/2014,10000],[8\/31\/2014,9962.65],[9\/30\/2014,9685.3296746],[10\/31\/2014,9459.3225066432],[11\/30\/2014,9285.4790776161],[12\/31\/2014,9333.0393014517],[1\/31\/2015,9554.5309901537],[2\/28\/2015,9956.6238723433],[3\/31\/2015,10080.13579148],[4\/30\/2015,10397.781030541],[5\/31\/2015,10471.345331332],[6\/30\/2015,10621.232168405],[7\/31\/2015,10599.649824638],[8\/31\/2015,10293.616734901],[9\/30\/2015,9887.3585632251],[10\/31\/2015,10536.33511724],[11\/30\/2015,10731.320534919],[12\/31\/2015,10778.828090927],[1\/31\/2016,10047.75407566],[2\/29\/2016,9853.8123264917],[3\/31\/2016,10583.329468271],[4\/30\/2016,10868.38086417],[5\/31\/2016,11019.299200849],[6\/30\/2016,10914.91337952],[7\/31\/2016,11445.399999591],[8\/31\/2016,11116.436312803],[9\/30\/2016,11769.682576289],[10\/31\/2016,11986.338893153],[11\/30\/2016,11583.166398143],[12\/31\/2016,11612.784554623],[1\/31\/2017,12016.932682693],[2\/28\/2017,12468.480945178],[3\/31\/2017,12454.778084619],[4\/30\/2017,12728.621290365],[5\/31\/2017,13117.607956999],[6\/30\/2017,13466.169035632],[7\/31\/2017,13799.254726729],[8\/31\/2017,14031.082206138],[9\/30\/2017,14393.224437878],[10\/31\/2017,14936.295189144],[11\/30\/2017,15338.275701569],[12\/31\/2017,15716.241491407],[1\/31\/2018,16436.013919231],[2\/28\/2018,16143.272075315],[3\/31\/2018,16049.318231837],[4\/30\/2018,16060.616951872],[5\/31\/2018,15979.928412306],[6\/30\/2018,15570.04324853],[7\/31\/2018,15492.379872807],[8\/31\/2018,15281.017334202],[9\/30\/2018,15281.017334202],[10\/31\/2018,13712.497309933],[11\/30\/2018,14083.91401207],[12\/31\/2018,12651.213775278],[1\/31\/2019,13348.004676379],[2\/28\/2019,13600.295312767],[3\/31\/2019,13491.751355876],[4\/30\/2019,13600.764706831],[5\/31\/2019,13033.436008615],[6\/30\/2019,13416.957896605],[7\/31\/2019,13503.832698985]] data-color=444444 data-series-zindex=1 data-series-dashstyle=ShortDash

Value of $10,000 invested between 7/31/2014 and 7/31/2019

Index data-series-data=[[7\/31\/2009,10000],[8\/31\/2009,10632.15],[9\/30\/2009,10513.5377346],[10\/31\/2009,10101.322947102],[11\/30\/2009,9810.8493044349],[12\/31\/2009,9735.4136841331],[1\/31\/2010,9926.4322360295],[2\/28\/2010,10024.634430141],[3\/31\/2010,10573.122278351],[4\/30\/2010,10882.502409338],[5\/31\/2010,10099.038413383],[6\/30\/2010,10165.479987104],[7\/31\/2010,10304.543753328],[8\/31\/2010,9971.6348582891],[9\/30\/2010,10431.337196891],[10\/31\/2010,10215.898789764],[11\/30\/2010,10453.21411865],[12\/31\/2010,11461.604325034],[1\/31\/2011,11663.523408428],[2\/28\/2011,12234.93108373],[3\/31\/2011,11452.262542304],[4\/30\/2011,11338.610288834],[5\/31\/2011,11202.807753405],[6\/30\/2011,11736.285458622],[7\/31\/2011,12125.249431291],[8\/31\/2011,11707.861970118],[9\/30\/2011,11875.822957941],[10\/31\/2011,11276.521428192],[11\/30\/2011,11058.940947235],[12\/31\/2011,11193.583553268],[1\/31\/2012,11812.890950519],[2\/29\/2012,12011.288454033],[3\/31\/2012,12322.152610512],[4\/30\/2012,11937.54126108],[5\/31\/2012,10986.548974057],[6\/30\/2012,11596.895715762],[7\/31\/2012,11358.869431196],[8\/31\/2012,11305.584974694],[9\/30\/2012,11660.591648485],[10\/31\/2012,11365.24052262],[11\/30\/2012,11413.270029069],[12\/31\/2012,11906.893957826],[1\/31\/2013,12392.957182972],[2\/28\/2013,12712.732657165],[3\/31\/2013,13572.113384789],[4\/30\/2013,14598.056579772],[5\/31\/2013,13660.583984276],[6\/30\/2013,13538.704253968],[7\/31\/2013,13817.885874389],[8\/31\/2013,13513.629845321],[9\/30\/2013,14978.061370769],[10\/31\/2013,14874.038734549],[11\/30\/2013,14866.646337298],[12\/31\/2013,14916.628002284],[1\/31\/2014,14865.031386024],[2\/28\/2014,14659.849357802],[3\/31\/2014,14707.567167462],[4\/30\/2014,14344.42262653],[5\/31\/2014,14830.440353962],[6\/30\/2014,15868.57117874],[7\/31\/2014,15902.434709635],[8\/31\/2014,15843.039115995],[9\/30\/2014,15402.032279162],[10\/31\/2014,15042.625855928],[11\/30\/2014,14766.172477947],[12\/31\/2014,14841.804813379],[1\/31\/2015,15194.030525211],[2\/28\/2015,15833.456105834],[3\/31\/2015,16029.870128826],[4\/30\/2015,16535.003396326],[5\/31\/2015,16651.988545355],[6\/30\/2015,16890.345109393],[7\/31\/2015,16856.023928131],[8\/31\/2015,16369.356805278],[9\/30\/2015,15723.307400244],[10\/31\/2015,16755.338128074],[11\/30\/2015,17065.412415472],[12\/31\/2015,17140.960996235],[1\/31\/2016,15978.375316666],[2\/29\/2016,15669.960716303],[3\/31\/2016,16830.070587974],[4\/30\/2016,17283.371709191],[5\/31\/2016,17523.368608744],[6\/30\/2016,17357.369737914],[7\/31\/2016,18200.972621916],[8\/31\/2016,17677.840266817],[9\/30\/2016,18716.660872256],[10\/31\/2016,19061.197165593],[11\/30\/2016,18420.054737731],[12\/31\/2016,18467.154817695],[1\/31\/2017,19109.84873966],[2\/28\/2017,19827.920415902],[3\/31\/2017,19806.129531365],[4\/30\/2017,20241.606901371],[5\/31\/2017,20860.190408277],[6\/30\/2017,21414.487387806],[7\/31\/2017,21944.174733343],[8\/31\/2017,22312.836868863],[9\/30\/2017,22888.731188448],[10\/31\/2017,23752.34590492],[11\/30\/2017,24391.592790259],[12\/31\/2017,24992.650419797],[1\/31\/2018,26137.263823722],[2\/28\/2018,25671.733017758],[3\/31\/2018,25522.323531595],[4\/30\/2018,25540.291247361],[5\/31\/2018,25411.976824134],[6\/30\/2018,24760.159618595],[7\/31\/2018,24636.655942418],[8\/31\/2018,24300.538045395],[9\/30\/2018,24300.538045395],[10\/31\/2018,21806.209317726],[11\/30\/2018,22396.852303306],[12\/31\/2018,20118.510105899],[1\/31\/2019,21226.577287002],[2\/28\/2019,21627.780824304],[3\/31\/2019,21455.169505545],[4\/30\/2019,21628.52727515],[5\/31\/2019,20726.336516921],[6\/30\/2019,21336.229695268],[7\/31\/2019,21474.381782545]] data-color=444444 data-series-zindex=1 data-series-dashstyle=ShortDash

Value of $10,000 invested between 7/31/2009 and 7/31/2019

Index data-series-data=[[8\/31\/2007,10000],[8\/31\/2007,10000],[9\/30\/2007,10035.67],[10\/31\/2007,10270.93621181],[11\/30\/2007,9996.1989390803],[12\/31\/2007,9288.0682062358],[1\/31\/2008,8998.6612889977],[2\/29\/2008,9096.1527854027],[3\/31\/2008,9163.3460660285],[4\/30\/2008,9330.4396815425],[5\/31\/2008,9567.2182493411],[6\/30\/2008,9075.2144836504],[7\/31\/2008,8761.2574385886],[8\/31\/2008,8395.46617927],[9\/30\/2008,7736.8586484387],[10\/31\/2008,6986.8398342004],[11\/30\/2008,7170.1605377701],[12\/31\/2008,7776.390441078],[1\/31\/2009,7330.8965854896],[2\/28\/2009,6331.1162400571],[3\/31\/2009,6622.3096004023],[4\/30\/2009,7044.1772111863],[5\/31\/2009,7787.8732644345],[6\/30\/2009,8438.4410454523],[7\/31\/2009,8514.9608288525],[8\/31\/2009,9053.2340776484],[9\/30\/2009,8952.2361982781],[10\/31\/2009,8601.236921416],[11\/30\/2009,8353.8997525038],[12\/31\/2009,8289.6666173068],[1\/31\/2010,8452.318166005],[2\/28\/2010,8535.9369496213],[3\/31\/2010,9002.9722038828],[4\/30\/2010,9266.4081735407],[5\/31\/2010,8599.2916499029],[6\/30\/2010,8655.8663896677],[7\/31\/2010,8774.2786418783],[8\/31\/2010,8490.8080217951],[9\/30\/2010,8882.2427624079],[10\/31\/2010,8698.7978026359],[11\/30\/2010,8900.8708755911],[12\/31\/2010,9759.5111863468],[1\/31\/2011,9931.4444949167],[2\/28\/2011,10417.995892167],[3\/31\/2011,9751.5566949452],[4\/30\/2011,9654.7822463046],[5\/31\/2011,9539.1469193406],[6\/30\/2011,9993.4010956396],[7\/31\/2011,10324.602394751],[8\/31\/2011,9969.1986065167],[9\/30\/2011,10112.216729726],[10\/31\/2011,9601.9138246769],[11\/30\/2011,9416.6448974298],[12\/31\/2011,9531.292549056],[1\/31\/2012,10058.630371918],[2\/29\/2012,10227.565069014],[3\/31\/2012,10492.264680565],[4\/30\/2012,10164.769623091],[5\/31\/2012,9355.0034158368],[6\/30\/2012,9874.7112756002],[7\/31\/2012,9672.0328266685],[8\/31\/2012,9626.6613206786],[9\/30\/2012,9928.9481128092],[10\/31\/2012,9677.4577860598],[11\/30\/2012,9718.3547226637],[12\/31\/2012,10138.673564419],[1\/31\/2013,10552.554496666],[2\/28\/2013,10824.842060343],[3\/31\/2013,11556.601383622],[4\/30\/2013,12430.187995413],[5\/31\/2013,11631.933752536],[6\/30\/2013,11528.153639596],[7\/31\/2013,11765.875695798],[8\/31\/2013,11506.802878852],[9\/30\/2013,12753.760586424],[10\/31\/2013,12665.185719152],[11\/30\/2013,12658.891121849],[12\/31\/2013,12701.450313801],[1\/31\/2014,12657.515997165],[2\/28\/2014,12482.804303857],[3\/31\/2014,12523.435831866],[4\/30\/2014,12214.219677741],[5\/31\/2014,12628.061868862],[6\/30\/2014,13512.026199683],[7\/31\/2014,13540.860863593],[8\/31\/2014,13490.285748267],[9\/30\/2014,13114.770154178],[10\/31\/2014,12808.736992631],[11\/30\/2014,12573.33802418],[12\/31\/2014,12637.73866154],[1\/31\/2015,12937.657475456],[2\/28\/2015,13482.125852653],[3\/31\/2015,13649.371623855],[4\/30\/2015,14079.490622466],[5\/31\/2015,14179.10301862],[6\/30\/2015,14382.062699228],[7\/31\/2015,14352.838347823],[8\/31\/2015,13938.443199045],[9\/30\/2015,13388.334661308],[10\/31\/2015,14267.104783473],[11\/30\/2015,14531.131824596],[12\/31\/2015,14595.461145183],[1\/31\/2016,13605.523993011],[2\/29\/2016,13342.910168898],[3\/31\/2016,14330.739180342],[4\/30\/2016,14716.723309426],[5\/31\/2016,14921.0797293],[6\/30\/2016,14779.732341025],[7\/31\/2016,15498.056892263],[8\/31\/2016,15052.611741066],[9\/30\/2016,15937.163417418],[10\/31\/2016,16230.534721605],[11\/30\/2016,15684.604455709],[12\/31\/2016,15724.709989303],[1\/31\/2017,16271.96134635],[2\/28\/2017,16883.396565901],[3\/31\/2017,16864.841713075],[4\/30\/2017,17235.64898782],[5\/31\/2017,17762.370420888],[6\/30\/2017,18234.352127712],[7\/31\/2017,18685.378827591],[8\/31\/2017,18999.293191894],[9\/30\/2017,19489.664949177],[10\/31\/2017,20225.029497375],[11\/30\/2017,20769.345716238],[12\/31\/2017,21281.143933377],[1\/31\/2018,22255.777763238],[2\/28\/2018,21859.380105497],[3\/31\/2018,21732.158513283],[4\/30\/2018,21747.457952876],[5\/31\/2018,21638.198724121],[6\/30\/2018,21083.178926847],[7\/31\/2018,20978.01603036],[8\/31\/2018,20691.812957658],[9\/30\/2018,20691.812957658],[10\/31\/2018,18567.901816619],[11\/30\/2018,19070.832005224],[12\/31\/2018,17130.832548661],[1\/31\/2019,18074.347412943],[2\/28\/2019,18415.970653395],[3\/31\/2019,18268.992791611],[4\/30\/2019,18416.606253367],[5\/31\/2019,17648.39435672],[6\/30\/2019,18167.716009061],[7\/31\/2019,18285.35197022]] data-color=444444 data-series-zindex=1 data-series-dashstyle=ShortDash

Value of $10,000 invested between 8/31/2007 and 7/31/2019

This data illustrates the performance of a hypothetical $10,000 investment made in the Fund for the period noted, and it assumes reinvestment of dividends and capital gains. This chart does not imply future performance.

Alpha measures the funds excess return relative to the return of the benchmark. Beta measures the volatility of the fund compared to that of the benchmark. The beta of the benchmark is 1.00. Capture ratios measure the funds overall performance in up markets (positive return periods) and down markets (negative return periods).

Sharpe Ratio is a measure of risk-adjusted return, reflecting the average return earned in excess of the risk-free rate per unit of volatility.

Standard deviation is a statistical measure of the historical volatility of a mutual fund or portfolio.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.

Morningstar Proprietary Ratings reflect risk-adjusted performance as of 6/30/19. The Morningstar Ratingfor funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed products monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Ratingfor a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Ratingmetrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The fund received 5 stars for the three-year, 5 stars for the five-year and 4 stars for the ten-year periods ended 6/30/19 among 42, 29 and 14 Japan Stock Funds, respectively. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in distribution percentage.

Each Morningstar category average represents a universe of funds with similar objectives. The Morningstar Style Box reveals the funds investment style as of 6/30/19. The vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). Morningstar, Inc. All Rights Reserved.Past performance is no guarantee of future results.

The Russell/Nomura Small Cap™Index represents the universe of small capitalization companies in the Japanese equity markets. The Tokyo Stock Price Index (TOPIX) is a market capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange. One cannot invest directly in an index.

The returns of the Russell/Nomura Small Cap™and TOPIX indices are presented in U.S. Dollar terms.

Frank Russell Company (Russell) is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. Russell® is a trademark of Russell. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes or Russell ratings or underlying data, and no party may rely on any Russell Indexes or Russell ratings or underlying data contained in this communication. No further distribution of Russell data is permitted without Russells express written consent. Russell does not promote, sponsor, or endorse the content of this communication.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Price/Earnings measures a stocks price per share compared to earnings. Price/Book measures a stocks price per share to book value. Portfolio Turnover and Price/Earnings shown reflect the trailing 12-month period.

The Hennessy Japan Small Cap Fund pays capital gains (if any) once annually, usually in December. Ordinary income distributions (if any) are paid annually, usually in December.

Past performance is not a guarantee of future results.

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

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

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

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

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

Glossary of Termscontains definitions and additional information.

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

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

To view the Morningstar ratings for the Japan Fund, please clickhere.(Media – TD Ameritrade) JPSIX received Overall Morningstar rating of 5 Stars based on risk-adjusted returns among 42 Japan Stock funds, as of 6/30/19.

To view the Morningstar ratings, please clickhere.

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