Letter to shareholders
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1
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Performance overview (unaudited)
|
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Hennessy Focus Fund
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3
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Hennessy Gas Utility Index Fund
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6
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Hennessy Small Cap Financial Fund
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8
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Hennessy Large Cap Financial Fund
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10
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Hennessy Technology Fund
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12
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Hennessy Equity and Income Fund
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14
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Hennessy Core Bond Fund
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18
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Financial statements
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Schedules of investments
|
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Hennessy Focus Fund
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22
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Hennessy Gas Utility Index Fund
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25
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Hennessy Small Cap Financial Fund
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28
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Hennessy Large Cap Financial Fund
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31
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Hennessy Technology Fund
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34
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Hennessy Equity and Income Fund
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37
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Hennessy Core Bond Fund
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43
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Statements of assets and liabilities
|
48
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Statements of operations
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50
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Statements of changes in net assets
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52
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Financial highlights
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Hennessy Focus Fund
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56
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Hennessy Gas Utility Index Fund
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58
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Hennessy Small Cap Financial Fund
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60
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Hennessy Large Cap Financial Fund
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62
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Hennessy Technology Fund
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64
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Hennessy Equity and Income Fund
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66
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Hennessy Core Bond Fund
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68
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Notes to the financial statements
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70
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Report of Independent Registered Public Accounting Firm
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80
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Directors/Trustees and Officers of the Funds
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81
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Expense example
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83
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Proxy voting policy
|
85
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Quarterly Filings on Form N-Q
|
85
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Federal Tax Distribution Information
|
85
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Householding
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85
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Board Approval of Investment Advisory Agreements
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86
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Privacy Policy
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87
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One Year
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Five Year
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Ten Year
|
|
Hennessy Focus Fund – Investor Class
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16.17%
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4.15%
|
13.28%
|
Russell 2000 Index
|
12.08%
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1.19%
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9.58%
|
Russell Midcap Growth Index
|
9.09%
|
1.55%
|
10.03%
|
•
|
American Tower completed its conversion to a REIT structure in early 2012, which improved its tax efficiency, and the business continued to benefit from growing U.S. and international demand for improved wireless voice and data service.
|
•
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Bally Technologies continued to outpace its competitors with its strong gaming systems business, popular new product innovations and expansion into previously underpenetrated market segments.
|
•
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News Corp. continued to benefit from strong pricing power in its cable and broadcast channels, international expansion in emerging television markets and an aggressive share repurchase program.
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Since Inception
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|||
One Year
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Three Year
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(05/30/08)
|
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Hennessy Focus Fund – Institutional Class
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16.51%
|
17.20%
|
7.61%
|
Russell 2000 Index
|
12.08%
|
14.82%
|
3.51%
|
Russell Midcap Growth Index
|
9.09%
|
15.42%
|
2.61%
|
One Year
|
Five Year
|
Ten Year
|
|
Hennessy Gas Utility Index Fund – Investor Class
|
12.41%
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6.09%
|
13.11%
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S&P 500 Index
|
15.21%
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0.36%
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6.91%
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AGA Stock Index
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11.45%
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6.24%
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13.28%
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One Year
|
Five Year
|
Ten Year
|
|
Hennessy Small Cap Financial Fund – Investor Class
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20.65%
|
4.57%
|
6.36%
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Russell 2000 Index
|
12.08%
|
1.19%
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9.58%
|
NASDAQ Bank Index
|
20.45%
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-6.40%
|
0.62%
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Since Inception
|
|||
One Year
|
Three Year
|
(05/30/08)
|
|
Hennessy Small Cap Financial Fund – Institutional Class
|
20.95%
|
8.41%
|
6.97%
|
Russell 2000 Index
|
12.08%
|
14.82%
|
3.51%
|
NASDAQ Bank Index
|
20.45%
|
8.07%
|
-4.25%
|
One Year
|
Five Year
|
Ten Year
|
|
Hennessy Large Cap Financial Fund – Investor Class
|
18.89%
|
-0.39%
|
4.16%
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S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
|
KBW Bank Index
|
26.36%
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-11.58%
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-1.48%
|
One Year
|
Five Year
|
Ten Year
|
|
Hennessy Technology Fund – Investor Class
|
-1.75%
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-2.42%
|
7.74%
|
S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
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NASDAQ Composite Index
|
12.32%
|
1.86%
|
9.31%
|
Since Inception
|
||
One Year
|
(03/12/10)
|
|
Hennessy Technology Fund – Institutional Class
|
-1.47%
|
0.97%
|
S&P 500 Index
|
15.21%
|
10.34%
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NASDAQ Composite Index
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12.32%
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10.25%
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One Year
|
Five Year
|
Ten Year
|
|
Hennessy Equity and Income Fund – Investor Class
|
9.01%
|
3.85%
|
9.29%
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S&P 500 Index
|
15.21%
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0.36%
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6.91%
|
Blended Balanced Index
1
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10.85%
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2.88%
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6.37%
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1
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The Blended Balanced Index consists of 60% common stocks represented by the S&P 500 Index and 40% bonds represented by the Barclays Capital Intermediate U.S. Government/Credit Index.
|
One Year
|
Five Year
|
Ten Year
|
|
Hennessy Equity and Income Fund – Institutional Class
|
9.23%
|
4.10%
|
9.55%
|
S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
|
Blended Balanced Index
1
|
10.85%
|
2.88%
|
6.37%
|
1
|
The Blended Balanced Index consists of 60% common stocks represented by the S&P 500 Index and 40% bonds represented by the Barclays Capital Intermediate U.S. Government/Credit Index. The S&P 500 is an unmanaged index commonly used to measure the performance of U.S. stocks. One cannot invest directly in an index.
|
One Year
|
Five Year
|
Ten Year
|
|
Hennessy Core Bond Fund – Investor Class
|
7.38%
|
6.10%
|
7.31%
|
Barclays Capital Intermediate U.S. Government/Credit Index
|
4.24%
|
5.59%
|
4.81%
|
One Year
|
Five Year
|
Ten Year
|
|
Hennessy Core Bond Fund – Institutional Class
|
7.63%
|
6.34%
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7.58%
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Barclays Capital Intermediate U.S. Government/Credit Index
|
4.24%
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5.59%
|
4.81%
|
TOP TEN EQUITY HOLDINGS
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% net assets
|
|
American Tower Corp.
|
9.92%
|
|
Markel Corp.
|
8.22%
|
|
O’Reilly Automotive, Inc.
|
7.97%
|
|
CarMax, Inc.
|
7.91%
|
|
Bally Technologies, Inc.
|
7.43%
|
|
Penn National Gaming, Inc.
|
7.18%
|
|
News Corp.
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5.75%
|
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Aon PLC
|
5.19%
|
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Google, Inc.
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4.98%
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World Fuel Services Corp.
|
3.80%
|
COMMON STOCKS – 80.86%
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Number of
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% of
|
||||||||||||
Shares
|
Value
|
Net Assets
|
||||||||||||
Consumer Discretionary – 39.58%
|
||||||||||||||
Bally Technologies, Inc. (a)
|
1,169,000 | $ | 58,356,480 | 7.43 | % | |||||||||
CarMax, Inc. (a)
|
1,840,088 | 62,102,970 | 7.91 | % | ||||||||||
Dick’s Sporting Goods, Inc.
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30,000 | 1,500,000 | 0.19 | % | ||||||||||
Lamar Advertising Co., Class A (a)
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630,000 | 24,727,500 | 3.15 | % | ||||||||||
News Corp., Class A
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1,886,000 | 45,113,120 | 5.75 | % | ||||||||||
O’Reilly Automotive, Inc. (a)
|
730,000 | 62,546,400 | 7.97 | % | ||||||||||
Penn National Gaming, Inc. (a)
|
1,393,670 | 56,346,078 | 7.18 | % | ||||||||||
310,692,548 | 39.58 | % | ||||||||||||
Energy – 3.80%
|
||||||||||||||
World Fuel Services Corp.
|
859,150 | 29,812,505 | 3.80 | % | ||||||||||
Financials – 20.67%
|
||||||||||||||
Aon PLC
|
755,000 | 40,732,250 | 5.19 | % | ||||||||||
Diamond Hill Investment Group, Inc.
|
94,910 | 7,306,172 | 0.93 | % | ||||||||||
Markel Corp. (a)
|
136,640 | 64,485,881 | 8.22 | % | ||||||||||
Marlin Business Services Corp.
|
454,839 | 10,274,813 | 1.31 | % | ||||||||||
T. Rowe Price Group, Inc.
|
125,000 | 8,117,500 | 1.03 | % | ||||||||||
The Charles Schwab Corp.
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2,017,000 | 27,390,860 | 3.49 | % | ||||||||||
White River Capital, Inc.
|
173,137 | 3,917,225 | 0.50 | % | ||||||||||
162,224,701 | 20.67 | % | ||||||||||||
Health Care – 1.69%
|
||||||||||||||
Henry Schein, Inc. (a)
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180,000 | 13,280,400 | 1.69 | % | ||||||||||
Industrials – 10.14%
|
||||||||||||||
American Woodmark Corp. (a)
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680,160 | 15,643,680 | 1.99 | % | ||||||||||
Encore Capital Group, Inc. (a)
|
528,337 | 15,321,773 | 1.95 | % | ||||||||||
Roadrunner Transportation
|
||||||||||||||
Systems, Inc. (a)
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904,200 | 15,760,206 | 2.01 | % | ||||||||||
Simpson Manufacturing Company, Inc.
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850,000 | 25,891,000 | 3.30 | % | ||||||||||
UTi Worldwide, Inc.
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500,000 | 6,945,000 | 0.89 | % | ||||||||||
79,561,659 | 10.14 | % | ||||||||||||
Information Technology – 4.98%
|
||||||||||||||
Google, Inc., Class A (a)
|
57,500 | 39,086,775 | 4.98 | % | ||||||||||
Total Common Stocks
|
||||||||||||||
(Cost $363,928,738)
|
634,658,588 | 80.86 | % | |||||||||||
REITS – 9.92%
|
||||||||||||||
Financials – 9.92%
|
||||||||||||||
American Tower Corp., Class A
|
1,034,000 | 77,849,860 | 9.92 | % | ||||||||||
Total Reits
(Cost $5,433,992)
|
77,849,860 | 9.92 | % | |||||||||||
SHORT-TERM INVESTMENTS – 9.33%
|
||||||||||||||
Money Market Fund – 9.33%
|
||||||||||||||
Federated Government Obligations
|
||||||||||||||
Fund – Class I, 0.01% (b)
|
35,215,396 | 35,215,396 | 4.49 | % | ||||||||||
Fidelity Institutional Money Market
|
||||||||||||||
Government Portfolio – Class I,
|
||||||||||||||
0.01% (b) | 38,000,000 | 38,000,000 | 4.84 | % | ||||||||||
Total Money Market Fund
|
||||||||||||||
(Cost $73,215,396)
|
73,215,396 | 9.33 | % | |||||||||||
Total Short-Term Investments
|
||||||||||||||
(Cost $73,215,396)
|
73,215,396 | 9.33 | % | |||||||||||
Total Investments
|
||||||||||||||
(Cost $442,578,126) – 100.11%
|
785,723,844 | 100.11 | % | |||||||||||
Liabilities in Excess
|
||||||||||||||
of Other Assets – (0.11)%
|
(838,651 | ) | (0.11 | )% | ||||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 784,885,193 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Consumer Discretionary
|
$ | 310,692,548 | $ | — | $ | — | $ | 310,692,548 | ||||||||
Energy
|
29,812,505 | — | — | 29,812,505 | ||||||||||||
Financials
|
158,307,476 | 3,917,225 | — | 162,224,701 | ||||||||||||
Health Care
|
13,280,400 | — | — | 13,280,400 | ||||||||||||
Industrials
|
79,561,659 | — | — | 79,561,659 | ||||||||||||
Information Technology
|
39,086,775 | — | — | 39,086,775 | ||||||||||||
Total Common Stock
|
$ | 630,741,363 | $ | 3,917,225 | $ | — | $ | 634,658,588 | ||||||||
REITS
|
||||||||||||||||
Financials
|
$ | 77,849,860 | $ | — | $ | — | $ | 77,849,860 | ||||||||
Total REITS
|
$ | 77,849,860 | $ | — | $ | — | $ | 77,849,860 | ||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Funds
|
$ | 73,215,396 | $ | — | $ | — | $ | 73,215,396 | ||||||||
Total Short-Term Investments
|
$ | 73,215,396 | $ | — | $ | — | $ | 73,215,396 | ||||||||
Total Investments in Securities
|
$ | 781,806,619 | $ | 3,917,225 | $ | — | $ | 785,723,844 |
Total Common Stock | ||||
Transfers into Level 2
|
$ | 3,917,225 | ||
Transfers out of Level 2
|
— | |||
Net transfers in and/or (out) of Level 2
|
$ | 3,917,225 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
TransCanada Corp.
|
5.07%
|
|
Spectra Energy Corp.
|
5.00%
|
|
National Grid PLC
|
4.97%
|
|
The Williams Companies, Inc.
|
4.95%
|
|
Enbridge, Inc.
|
4.93%
|
|
Kinder Morgan, Inc.
|
4.92%
|
|
Energy Transfer Equity, LP
|
4.91%
|
|
ONEOK, Inc.
|
4.73%
|
|
Sempra Energy
|
4.71%
|
|
Dominion Resources, Inc.
|
4.49%
|
COMMON STOCKS – 99.19%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Energy – 33.24%
|
|||||||||||||
Cheniere Energy, Inc. (a)
|
1,031,133 | $ | 16,590,930 | 2.22 | % | ||||||||
Enbridge, Inc.
|
925,401 | 36,803,198 | 4.93 | % | |||||||||
Energen Corp.
|
94,129 | 4,391,118 | 0.59 | % | |||||||||
Energy Transfer Equity, LP
|
832,256 | 36,627,587 | 4.91 | % | |||||||||
EQT Corp.
|
80,410 | 4,875,258 | 0.65 | % | |||||||||
Kinder Morgan, Inc.
|
1,058,904 | 36,754,558 | 4.92 | % | |||||||||
Spectra Energy Corp.
|
1,293,997 | 37,357,693 | 5.00 | % | |||||||||
The Williams Companies, Inc.
|
1,056,092 | 36,952,659 | 4.95 | % | |||||||||
TransCanada Corp.
|
837,877 | 37,897,177 | 5.07 | % | |||||||||
248,250,178 | 33.24 | % | |||||||||||
Financials – 0.48%
|
|||||||||||||
Berkshire Hathaway, Inc., Class A (a)
|
28 | 3,626,140 | 0.48 | % | |||||||||
Utilities – 65.47%
|
|||||||||||||
AGL Resources, Inc.
|
542,470 | 22,149,050 | 2.97 | % | |||||||||
ALLETE, Inc.
|
1,625 | 67,633 | 0.01 | % | |||||||||
Alliant Energy Corp.
|
55,492 | 2,480,492 | 0.33 | % | |||||||||
Ameren Corp.
|
87,890 | 2,889,823 | 0.39 | % | |||||||||
Atmos Energy Corp.
|
472,745 | 17,004,638 | 2.28 | % | |||||||||
Avista Corp.
|
67,099 | 1,705,657 | 0.23 | % | |||||||||
Black Hills Corp.
|
44,600 | 1,595,342 | 0.21 | % | |||||||||
CenterPoint Energy, Inc.
|
824,873 | 17,874,998 | 2.39 | % | |||||||||
CH Energy Group, Inc.
|
18,380 | 1,195,251 | 0.16 | % | |||||||||
Chesapeake Utilities Corp.
|
40,416 | 1,898,340 | 0.25 | % | |||||||||
CMS Energy Corp.
|
446,148 | 10,850,319 | 1.45 | % | |||||||||
Consolidated Edison, Inc.
|
266,970 | 16,119,649 | 2.16 | % | |||||||||
Corning Natural Gas Corp.
|
13,085 | 248,610 | 0.03 | % | |||||||||
Delta Natural Gas Company, Inc.
|
36,690 | 721,325 | 0.10 | % | |||||||||
Dominion Resources, Inc.
|
635,556 | 33,544,646 | 4.49 | % | |||||||||
DTE Energy Co.
|
184,715 | 11,470,802 | 1.54 | % | |||||||||
Duke Energy Corp.
|
81,837 | 5,375,873 | 0.72 | % | |||||||||
Entergy Corp.
|
7,650 | 555,237 | 0.07 | % | |||||||||
Exelon Corp.
|
261,581 | 9,359,368 | 1.25 | % | |||||||||
Gas Natural, Inc.
|
32,956 | 328,901 | 0.04 | % | |||||||||
Integrys Energy Group, Inc.
|
217,521 | 11,754,835 | 1.57 | % | |||||||||
MDU Resources Group, Inc.
|
354,285 | 7,698,613 | 1.03 | % | |||||||||
MGE Energy, Inc.
|
20,017 | 1,053,695 | 0.14 | % | |||||||||
National Fuel Gas Co.
|
284,398 | 14,987,775 | 2.01 | % | |||||||||
National Grid PLC – ADR
|
650,706 | 37,096,749 | 4.97 | % | |||||||||
New Jersey Resources Corp.
|
172,342 | 7,662,325 | 1.03 | % | |||||||||
NiSource, Inc.
|
987,943 | 25,162,908 | 3.37 | % | |||||||||
Northeast Utilities
|
115,375 | 4,534,238 | 0.61 | % | |||||||||
Northwest Natural Gas Co.
|
138,197 | 6,430,306 | 0.86 | % | |||||||||
NV Energy, Inc.
|
35,750 | 679,607 | 0.09 | % | |||||||||
ONEOK, Inc.
|
745,996 | 35,285,611 | 4.73 | % | |||||||||
Pepco Holdings, Inc.
|
42,704 | 848,528 | 0.11 | % | |||||||||
PG&E Corp.
|
587,109 | 24,963,875 | 3.34 | % | |||||||||
Piedmont Natural Gas Company, Inc.
|
408,276 | 13,011,756 | 1.74 | % | |||||||||
PPL Corp.
|
71,735 | 2,121,921 | 0.28 | % | |||||||||
Public Service Enterprise Group, Inc.
|
489,176 | 15,673,199 | 2.10 | % | |||||||||
Questar Corp.
|
770,015 | 15,585,104 | 2.09 | % | |||||||||
RGC Resources, Inc.
|
26,517 | 474,654 | 0.06 | % | |||||||||
SCANA Corp.
|
118,823 | 5,831,833 | 0.78 | % | |||||||||
Sempra Energy
|
504,255 | 35,171,786 | 4.71 | % | |||||||||
South Jersey Industries, Inc.
|
124,581 | 6,302,553 | 0.84 | % | |||||||||
Southwest Gas Corp.
|
247,701 | 10,767,562 | 1.44 | % | |||||||||
TECO Energy, Inc.
|
153,390 | 2,741,079 | 0.37 | % | |||||||||
The Empire District Electric Co.
|
16,500 | 358,215 | 0.05 | % | |||||||||
The Laclede Group, Inc.
|
107,349 | 4,470,012 | 0.60 | % | |||||||||
UGI Corp.
|
189,875 | 6,131,064 | 0.82 | % | |||||||||
UIL Holdings Corp.
|
115,204 | 4,166,929 | 0.56 | % | |||||||||
Unitil Corp.
|
39,075 | 1,039,004 | 0.14 | % | |||||||||
UNS Energy Corp.
|
13,980 | 596,107 | 0.08 | % | |||||||||
Vectren Corp.
|
170,916 | 5,053,986 | 0.68 | % | |||||||||
WGL Holdings, Inc.
|
252,332 | 10,035,244 | 1.35 | % | |||||||||
Wisconsin Energy Corp.
|
139,460 | 5,365,026 | 0.72 | % | |||||||||
Xcel Energy, Inc.
|
298,497 | 8,432,540 | 1.13 | % | |||||||||
488,924,593 | 65.47 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $542,831,237)
|
740,800,911 | 99.19 | % | ||||||||||
SHORT-TERM INVESTMENTS – 0.59%
|
|||||||||||||
Money Market Fund – 0.59%
|
|||||||||||||
Fidelity Institutional Money Market
|
|||||||||||||
Government Portfolio – Class I,
|
|||||||||||||
0.01% (b)
|
4,388,486 | 4,388,486 | 0.59 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $4,388,486)
|
4,388,486 | 0.59 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $4,388,486)
|
4,388,486 | 0.59 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $547,219,723) – 99.78%
|
745,189,397 | 99.78 | % | ||||||||||
Other Assets in
|
|||||||||||||
Excess of Liabilities – 0.22%
|
1,631,035 | 0.22 | % | ||||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 746,820,432 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Energy
|
$ | 248,250,178 | $ | — | $ | — | $ | 248,250,178 | ||||||||
Financials
|
3,626,140 | — | — | 3,626,140 | ||||||||||||
Utilities
|
488,675,983 | 248,610 | — | 488,924,593 | ||||||||||||
Total Common Stock
|
$ | 740,552,301 | $ | 248,610 | $ | — | $ | 740,800,911 | ||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Funds
|
$ | 4,388,486 | $ | — | $ | — | $ | 4,388,486 | ||||||||
Total Short-Term Investments
|
$ | 4,388,486 | $ | — | $ | — | $ | 4,388,486 | ||||||||
Total Investments in Securities
|
$ | 744,940,787 | $ | 248,610 | $ | — | $ | 745,189,397 |
Total Common Stock | ||||
Transfers into Level 2
|
$ | 248,610 | ||
Transfers out of Level 2
|
— | |||
Net transfers in and/or (out) of Level 2
|
$ | 248,610 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Banner Corp.
|
3.30%
|
|
KB Home
|
3.14%
|
|
Hingham Institution for Savings
|
3.04%
|
|
KKR Financial Holdings LLC
|
2.90%
|
|
Sterling Financial Corp.
|
2.87%
|
|
Flushing Financial Corp.
|
2.84%
|
|
BankUnited, Inc.
|
2.70%
|
|
Washington Federal, Inc.
|
2.50%
|
|
CapitalSource, Inc.
|
2.47%
|
|
Encore Capital Group, Inc.
|
2.47%
|
COMMON STOCKS – 91.36%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 3.14%
|
|||||||||||||
KB Home
|
415,000 | $ | 6,631,700 | 3.14 | % | ||||||||
Financials – 81.70%
|
|||||||||||||
Associated Banc-Corp.
|
150,000 | 1,933,500 | 0.91 | % | |||||||||
Astoria Financial Corp.
|
495,000 | 4,964,850 | 2.35 | % | |||||||||
BancorpSouth, Inc.
|
95,000 | 1,344,250 | 0.64 | % | |||||||||
BankUnited, Inc.
|
240,000 | 5,690,400 | 2.70 | % | |||||||||
Banner Corp.
|
240,000 | 6,957,600 | 3.30 | % | |||||||||
BBCN Bancorp, Inc.
|
180,000 | 2,147,400 | 1.02 | % | |||||||||
Brookline Bancorp, Inc.
|
370,000 | 3,137,600 | 1.49 | % | |||||||||
CapitalSource, Inc.
|
660,000 | 5,220,600 | 2.47 | % | |||||||||
Capitol Federal Financial
|
150,000 | 1,786,500 | 0.85 | % | |||||||||
Central Pacific Financial Corp. (a)
|
77,409 | 1,112,367 | 0.53 | % | |||||||||
City National Corp.
|
35,000 | 1,788,500 | 0.85 | % | |||||||||
Fifth Third Bancorp
|
85,000 | 1,235,050 | 0.58 | % | |||||||||
First Commonwealth Financial Corp.
|
180,000 | 1,179,000 | 0.56 | % | |||||||||
First Connecticut Bancorp, Inc.
|
250,067 | 3,423,417 | 1.62 | % | |||||||||
First Horizon National Corp.
|
500,000 | 4,655,000 | 2.21 | % | |||||||||
First Niagara Financial Group, Inc.
|
385,000 | 3,187,800 | 1.51 | % | |||||||||
FirstMerit Corp.
|
25,000 | 346,500 | 0.16 | % | |||||||||
Flagstar Bancorp, Inc. (a)
|
260,000 | 3,588,000 | 1.70 | % | |||||||||
Flushing Financial Corp.
|
385,000 | 5,986,750 | 2.84 | % | |||||||||
Fulton Financial Corp.
|
400,000 | 3,888,000 | 1.84 | % | |||||||||
Green Dot Corp., Class A (a)
|
100,000 | 1,019,000 | 0.48 | % | |||||||||
Hingham Institution for Savings
|
94,331 | 6,409,792 | 3.04 | % | |||||||||
HomeStreet, Inc. (a)
|
70,000 | 3,134,600 | 1.49 | % | |||||||||
IBERIABANK Corp.
|
20,000 | 995,800 | 0.47 | % | |||||||||
Independent Bank Corp.
|
120,000 | 3,541,200 | 1.68 | % | |||||||||
Investors Bancorp, Inc.
|
20,000 | 359,800 | 0.17 | % | |||||||||
KeyCorp
|
190,000 | 1,599,800 | 0.76 | % | |||||||||
KKR Financial Holdings LLC
|
600,000 | 6,126,000 | 2.90 | % | |||||||||
MB Financial, Inc.
|
75,000 | 1,519,500 | 0.72 | % | |||||||||
MBIA, Inc. (a)
|
470,000 | 4,653,000 | 2.21 | % | |||||||||
MGIC Investment Corp. (a)
|
1,200,000 | 2,064,000 | 0.98 | % | |||||||||
National Penn Bancshares, Inc.
|
100,000 | 893,000 | 0.42 | % | |||||||||
Netspend Holdings, Inc. (a)
|
450,000 | 4,819,500 | 2.28 | % | |||||||||
NorthStar Realty Finance Corp.
|
700,000 | 4,599,000 | 2.18 | % | |||||||||
Northwest Bancshares, Inc.
|
205,000 | 2,439,500 | 1.16 | % | |||||||||
OceanFirst Financial Corp.
|
260,000 | 3,624,400 | 1.72 | % | |||||||||
Ocwen Financial Corp. (a)
|
65,000 | 2,507,050 | 1.19 | % | |||||||||
People’s United Financial, Inc.
|
55,000 | 661,650 | 0.31 | % | |||||||||
Popular, Inc. (a)
|
255,000 | 4,929,150 | 2.34 | % | |||||||||
PrivateBancorp, Inc.
|
140,000 | 2,262,400 | 1.07 | % | |||||||||
Provident Financial Services, Inc.
|
100,000 | 1,500,000 | 0.71 | % | |||||||||
RAIT Financial Trust
|
520,000 | 2,901,600 | 1.37 | % | |||||||||
Rockville Financial, Inc.
|
300,000 | 3,987,000 | 1.89 | % | |||||||||
Sterling Financial Corp.
|
285,000 | 6,059,100 | 2.87 | % | |||||||||
Susquehanna Bancshares, Inc.
|
470,000 | 4,873,900 | 2.31 | % | |||||||||
Synovus Financial Corp.
|
1,000,000 | 2,450,000 | 1.16 | % | |||||||||
TCF Financial Corp.
|
400,000 | 4,576,000 | 2.17 | % | |||||||||
Territorial Bancorp, Inc.
|
150,000 | 3,390,000 | 1.61 | % | |||||||||
TFS Financial Corp. (a)
|
190,000 | 1,700,500 | 0.81 | % | |||||||||
United Community Banks (a)
|
219,164 | 1,906,727 | 0.90 | % | |||||||||
United Financial Bancorp, Inc.
|
210,013 | 3,227,900 | 1.53 | % | |||||||||
Valley National Bancorp
|
25,000 | 243,500 | 0.12 | % | |||||||||
Washington Federal, Inc.
|
315,000 | 5,285,700 | 2.50 | % | |||||||||
Webster Financial Corp.
|
20,000 | 440,000 | 0.21 | % | |||||||||
Wintrust Financial Corp.
|
90,000 | 3,325,500 | 1.58 | % | |||||||||
WSFS Financial Corp.
|
56,803 | 2,405,891 | 1.14 | % | |||||||||
Zions Bancorp.
|
110,000 | 2,361,700 | 1.12 | % | |||||||||
172,366,244 | 81.70 | % | |||||||||||
Industrials – 5.49%
|
|||||||||||||
Encore Capital Group, Inc. (a)
|
180,000 | 5,220,000 | 2.47 | % | |||||||||
PHH Corp. (a)
|
160,000 | 3,329,600 | 1.58 | % | |||||||||
Portfolio Recovery Associates, Inc. (a)
|
29,000 | 3,034,850 | 1.44 | % | |||||||||
11,584,450 | 5.49 | % | |||||||||||
Information Technology – 1.03%
|
|||||||||||||
MoneyGram International, Inc. (a)
|
140,000 | 2,175,600 | 1.03 | % | |||||||||
Total Common Stocks
|
|||||||||||||
(Cost $169,114,949)
|
192,757,994 | 91.36 | % | ||||||||||
MUTUAL FUNDS – 0.89%
|
|||||||||||||
American Capital Ltd.
|
160,000 | 1,886,400 | 0.89 | % | |||||||||
Total Mutual Funds
(Cost $1,395,555)
|
1,886,400 | 0.89 | % | ||||||||||
SHORT-TERM INVESTMENTS – 7.84%
|
|||||||||||||
Money Market Fund – 7.84%
|
|||||||||||||
Federated Government Obligations
|
|||||||||||||
Fund – Class I, 0.01% (b)
|
6,036,379 | 6,036,379 | 2.86 | % | |||||||||
Fidelity Institutional Money Market
|
|||||||||||||
Government Portfolio – Class I,
|
|||||||||||||
0.01% (b)
|
10,500,000 | 10,500,000 | 4.98 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $16,536,379)
|
16,536,379 | 7.84 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $16,536,379)
|
16,536,379 | 7.84 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $187,046,883) – 100.09%
|
211,180,773 | 100.09 | % | ||||||||||
Liabilities in Excess of
|
|||||||||||||
Other Assets – (0.09)%
|
(185,706 | ) | (0.09 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 210,995,067 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Consumer Discretionary
|
$ | 6,631,700 | $ | — | $ | — | $ | 6,631,700 | ||||||||
Financials
|
172,366,244 | — | — | 172,366,244 | ||||||||||||
Industrials
|
11,584,450 | — | — | 11,584,450 | ||||||||||||
Information Technology
|
2,175,600 | — | — | 2,175,600 | ||||||||||||
Total Common Stock
|
$ | 192,757,994 | $ | — | $ | — | $ | 192,757,994 | ||||||||
Mutual Funds
|
||||||||||||||||
Mutual Funds
|
$ | 1,886,400 | $ | — | $ | — | $ | 1,886,400 | ||||||||
Total Mutual Funds
|
$ | 1,886,400 | $ | — | $ | — | $ | 1,886,400 | ||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Funds
|
$ | 16,536,379 | $ | — | $ | — | $ | 16,536,379 | ||||||||
Total Short-Term Investments
|
$ | 16,536,379 | $ | — | $ | — | $ | 16,536,379 | ||||||||
Total Investments in Securities
|
$ | 211,180,773 | $ | — | $ | — | $ | 211,180,773 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Citigroup, Inc.
|
5.20%
|
|
Bank of America Corp.
|
5.19%
|
|
JPMorgan Chase & Co.
|
5.16%
|
|
SunTrust Banks, Inc.
|
4.63%
|
|
Morgan Stanley
|
4.57%
|
|
Wells Fargo & Co.
|
4.43%
|
|
CIT Group, Inc.
|
4.37%
|
|
Capital One Financial Corp.
|
4.37%
|
|
KeyCorp
|
4.23%
|
|
Huntington Bancshares, Inc.
|
3.95%
|
COMMON STOCKS – 98.33%
|
Number of
|
% of
|
|||||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||||
Consumer Discretionary – 2.44%
|
|||||||||||||||
Lennar Corp.
|
20,000 | $ | 749,400 | 1.16 | % | ||||||||||
Toll Brothers, Inc. (a)
|
25,000 | 825,250 | 1.28 | % | |||||||||||
1,574,650 | 2.44 | % | |||||||||||||
Financials – 89.68%
|
|||||||||||||||
American Express Co.
|
28,000 | 1,567,160 | 2.42 | % | |||||||||||
American International Group, Inc. (a)
|
55,000 | 1,921,150 | 2.97 | % | |||||||||||
Ameriprise Financial, Inc.
|
10,000 | 583,700 | 0.90 | % | |||||||||||
Bank of America Corp.
|
360,000 | 3,355,200 | 5.19 | % | |||||||||||
BB&T Corp.
|
20,000 | 579,000 | 0.90 | % | |||||||||||
Capital One Financial Corp.
|
47,000 | 2,827,990 | 4.37 | % | |||||||||||
CIT Group, Inc. (a)
|
76,000 | 2,828,720 | 4.37 | % | |||||||||||
Citigroup, Inc.
|
90,000 | 3,365,100 | 5.20 | % | |||||||||||
Comerica, Inc.
|
80,000 | 2,384,800 | 3.69 | % | |||||||||||
Discover Financial Services
|
25,000 | 1,025,000 | 1.58 | % | |||||||||||
Fifth Third Bancorp
|
172,000 | 2,499,160 | 3.87 | % | |||||||||||
Huntington Bancshares, Inc.
|
400,000 | 2,556,000 | 3.95 | % | |||||||||||
JPMorgan Chase & Co.
|
80,000 | 3,334,400 | 5.16 | % | |||||||||||
KeyCorp
|
325,000 | 2,736,500 | 4.23 | % | |||||||||||
Lincoln National Corp.
|
20,000 | 495,800 | 0.77 | % | |||||||||||
M&T Bank Corp.
|
18,000 | 1,873,800 | 2.90 | % | |||||||||||
MetLife, Inc.
|
25,000 | 887,250 | 1.37 | % | |||||||||||
Morgan Stanley
|
170,000 | 2,954,600 | 4.57 | % | |||||||||||
New York Community Bancorp, Inc.
|
25,000 | 346,500 | 0.54 | % | |||||||||||
Prudential Financial, Inc.
|
10,000 | 570,500 | 0.88 | % | |||||||||||
Regions Financial Corp.
|
350,000 | 2,282,000 | 3.53 | % | |||||||||||
SunTrust Banks, Inc.
|
110,000 | 2,992,000 | 4.63 | % | |||||||||||
The Blackstone Group LP
|
95,000 | 1,459,200 | 2.26 | % | |||||||||||
The Charles Schwab Corp.
|
30,000 | 407,400 | 0.63 | % | |||||||||||
The Goldman Sachs Group, Inc.
|
15,000 | 1,835,850 | 2.84 | % | |||||||||||
The PNC Financial Services Group, Inc.
|
40,000 | 2,327,600 | 3.60 | % | |||||||||||
The Travelers Companies, Inc.
|
10,000 | 709,400 | 1.10 | % | |||||||||||
U.S. Bancorp (b)
|
65,000 | 2,158,650 | 3.34 | % | |||||||||||
Wells Fargo & Co.
|
85,000 | 2,863,650 | 4.43 | % | |||||||||||
Zions Bancorp.
|
105,000 | 2,254,350 | 3.49 | % | |||||||||||
57,982,430 | 89.68 | % | |||||||||||||
Information Technology – 6.21%
|
|||||||||||||||
Alliance Data Systems Corp. (a)
|
4,000 | 572,200 | 0.88 | % | |||||||||||
MasterCard, Inc., Class A
|
3,000 | 1,382,790 | 2.14 | % | |||||||||||
Total System Services, Inc.
|
30,000 | 674,700 | 1.04 | % | |||||||||||
Visa, Inc., Class A
|
10,000 | 1,387,600 | 2.15 | % | |||||||||||
4,017,290 | 6.21 | % | |||||||||||||
Total Common Stocks
|
|||||||||||||||
(Cost $55,975,454)
|
63,574,370 | 98.33 | % | ||||||||||||
SHORT-TERM INVESTMENTS – 1.77%
|
|||||||||||||||
Money Market Fund – 1.77%
|
|||||||||||||||
Fidelity Institutional Money Market
|
|||||||||||||||
Government Portfolio – Class I,
|
|||||||||||||||
0.01% (c) | 1,146,076 | 1,146,076 | 1.77 | % | |||||||||||
Total Money Market Fund
|
|||||||||||||||
(Cost $1,146,076)
|
1,146,076 | 1.77 | % | ||||||||||||
Total Short-Term Investments
|
|||||||||||||||
(Cost $1,146,076)
|
1,146,076 | 1.77 | % | ||||||||||||
Total Investments
|
|||||||||||||||
(Cost $57,121,530) – 100.10%
|
64,720,446 | 100.10 | % | ||||||||||||
Liabilities in Excess of
|
|||||||||||||||
Other Assets – (0.10)%
|
(64,555 | ) | (0.10 | )% | |||||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 64,655,891 | 100.00 | % |
(a)
|
Non-income producing security.
|
(b)
|
Investment in affiliated security. Quasar Distributors, LLC, which serves as the Fund’s distributor, is a subsidiary of U.S. Bancorp. Details of transactions with this affiliated company for the year ended October 31, 2012, are as follows:
|
Issuer
|
U.S. Bancorp
|
Beginning Cost
|
$1,753,019
|
Purchase Cost
|
$1,031,566
|
Sales Cost
|
$1,095,702
|
Ending Cost
|
$1,688,883
|
Dividend Income
|
$59,925
|
Shares
|
65,000
|
Market Value
|
$2,158,650
|
(c)
|
The rate listed is the fund’s 7-day yield as of October 31, 2012.
|
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Consumer Discretionary
|
$ | 1,574,650 | $ | — | $ | — | $ | 1,574,650 | ||||||||
Financials
|
57,982,430 | — | — | 57,982,430 | ||||||||||||
Information Technology
|
4,017,290 | — | — | 4,017,290 | ||||||||||||
Total Common Stock
|
$ | 63,574,370 | $ | — | $ | — | $ | 63,574,370 | ||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Funds
|
$ | 1,146,076 | $ | — | $ | — | $ | 1,146,076 | ||||||||
Total Short-Term Investments
|
$ | 1,146,076 | $ | — | $ | — | $ | 1,146,076 | ||||||||
Total Investments in Securities
|
$ | 64,720,446 | $ | — | $ | — | $ | 64,720,446 |
COMMON STOCKS – 93.98%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 8.45%
|
|||||||||||||
Amazon.com, Inc. (a)
|
990 | $ | 230,492 | 4.29 | % | ||||||||
priceline.com, Inc. (a)
|
390 | 223,770 | 4.16 | % | |||||||||
454,262 | 8.45 | % | |||||||||||
Health Care – 11.65%
|
|||||||||||||
Alexion Pharmaceuticals, Inc. (a)
|
1,765 | 159,521 | 2.97 | % | |||||||||
athenahealth, Inc. (a)
|
525 | 33,752 | 0.63 | % | |||||||||
Catamaran Corp. (a)
|
1,165 | 54,941 | 1.02 | % | |||||||||
Cerner Corp. (a)
|
1,555 | 118,475 | 2.21 | % | |||||||||
HealthStream, Inc. (a)
|
1,125 | 28,733 | 0.53 | % | |||||||||
Intuitive Surgical, Inc. (a)
|
362 | 196,284 | 3.65 | % | |||||||||
Myriad Genetics, Inc. (a)
|
1,305 | 34,152 | 0.64 | % | |||||||||
625,858 | 11.65 | % | |||||||||||
Industrials – 1.51%
|
|||||||||||||
Quanta Services, Inc. (a)
|
2,000 | 51,860 | 0.96 | % | |||||||||
Westport Innovations, Inc. (a)
|
1,050 | 29,463 | 0.55 | % | |||||||||
81,323 | 1.51 | % | |||||||||||
Information Technology – 72.37%
|
|||||||||||||
3D Systems Corp. (a)
|
735 | 31,973 | 0.60 | % | |||||||||
Analog Devices, Inc.
|
2,725 | 106,575 | 1.98 | % | |||||||||
Apple, Inc.
|
248 | 147,585 | 2.75 | % | |||||||||
Applied Materials, Inc.
|
11,310 | 119,886 | 2.23 | % | |||||||||
Aruba Networks, Inc. (a)
|
1,805 | 32,797 | 0.61 | % | |||||||||
Automatic Data Processing, Inc.
|
3,850 | 222,491 | 4.14 | % | |||||||||
Cirrus Logic, Inc. (a)
|
770 | 31,385 | 0.58 | % | |||||||||
Cisco Systems, Inc.
|
12,995 | 222,734 | 4.14 | % | |||||||||
Cognizant Technology
|
|||||||||||||
Solutions Corp., Class A (a)
|
2,727 | 181,755 | 3.38 | % | |||||||||
CoStar Group, Inc. (a)
|
365 | 30,258 | 0.56 | % | |||||||||
Datawatch Corp. (a)
|
1,710 | 29,874 | 0.56 | % | |||||||||
eBay, Inc. (a)
|
4,630 | 223,583 | 4.16 | % | |||||||||
Equinix, Inc. (a)
|
440 | 79,380 | 1.48 | % | |||||||||
Fortinet, Inc. (a)
|
1,640 | 31,767 | 0.59 | % | |||||||||
Google, Inc., Class A (a)
|
333 | 226,363 | 4.21 | % | |||||||||
iGATE Corp. (a)
|
2,075 | 33,304 | 0.62 | % | |||||||||
Intel Corp.
|
10,380 | 224,467 | 4.18 | % | |||||||||
IPG Photonics Corp. (a)
|
510 | 27,071 | 0.50 | % | |||||||||
KLA-Tencor Corp.
|
1,535 | 71,408 | 1.33 | % | |||||||||
Liquidity Services, Inc. (a)
|
765 | 31,541 | 0.59 | % | |||||||||
LivePerson, Inc. (a)
|
2,160 | 33,890 | 0.63 | % | |||||||||
MICROS Systems, Inc. (a)
|
685 | 31,092 | 0.58 | % | |||||||||
Microsoft Corp.
|
8,290 | 236,555 | 4.40 | % | |||||||||
MIPS Technologies, Inc. (a)
|
4,140 | 28,939 | 0.54 | % | |||||||||
NetApp, Inc. (a)
|
3,325 | 89,443 | 1.66 | % | |||||||||
Netgear, Inc. (a)
|
955 | 33,912 | 0.63 | % | |||||||||
NeuStar, Inc. (a)
|
810 | 29,638 | 0.55 | % | |||||||||
Oracle Corp.
|
7,270 | 225,733 | 4.20 | % | |||||||||
PROS Holdings, Inc. (a)
|
1,158 | 22,384 | 0.42 | % | |||||||||
QUALCOMM, Inc.
|
3,955 | 231,664 | 4.31 | % | |||||||||
Red Hat, Inc. (a)
|
1,775 | 87,277 | 1.62 | % | |||||||||
RF Industries Ltd
|
7,278 | 32,096 | 0.60 | % | |||||||||
salesforce.com, Inc. (a)
|
1,265 | 184,665 | 3.44 | % | |||||||||
SolarWinds, Inc. (a)
|
675 | 34,148 | 0.64 | % | |||||||||
Sourcefire, Inc. (a)
|
725 | 31,023 | 0.58 | % | |||||||||
Syntel, Inc.
|
564 | 33,620 | 0.63 | % | |||||||||
Teradyne, Inc. (a)
|
2,265 | 33,114 | 0.62 | % | |||||||||
Ultratech, Inc. (a)
|
1,150 | 35,547 | 0.66 | % | |||||||||
Visa, Inc., Class A
|
1,675 | 232,423 | 4.32 | % | |||||||||
Western Digital Corp.
|
2,300 | 78,729 | 1.46 | % | |||||||||
WEX, Inc. (a)
|
500 | 36,890 | 0.69 | % | |||||||||
3,888,979 | 72.37 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $4,960,725)
|
5,050,422 | 93.98 | % | ||||||||||
SHORT-TERM INVESTMENTS – 6.70%
|
|||||||||||||
Money Market Fund – 6.70%
|
|||||||||||||
Federated Government Obligations
|
|||||||||||||
Fund – Class I, 0.01% (b)
|
90,194 | 90,194 | 1.68 | % | |||||||||
Fidelity Institutional Money Market
|
|||||||||||||
Government Portfolio – Class I,
|
|||||||||||||
0.01% (b)
|
270,000 | 270,000 | 5.02 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $360,194)
|
360,194 | 6.70 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $360,194)
|
360,194 | 6.70 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $5,320,919) – 100.68%
|
5,410,616 | 100.68 | % | ||||||||||
Liabilities in Excess of
|
|||||||||||||
Other Assets – (0.68)%
|
(36,572 | ) | (0.68 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 5,374,044 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Consumer Discretionary
|
$ | 454,262 | $ | — | $ | — | $ | 454,262 | ||||||||
Health Care
|
625,858 | — | — | 625,858 | ||||||||||||
Industrials
|
81,323 | — | — | 81,323 | ||||||||||||
Information Technology
|
3,888,979 | — | — | 3,888,979 | ||||||||||||
Total Common Stock
|
$ | 5,050,422 | $ | — | $ | — | $ | 5,050,422 | ||||||||
Short-Term Investments
|
||||||||||||||||
Money Market Funds
|
$ | 360,194 | $ | — | $ | — | $ | 360,194 | ||||||||
Total Short-Term Investments
|
$ | 360,194 | $ | — | $ | — | $ | 360,194 | ||||||||
Total Investments in Securities
|
$ | 5,410,616 | $ | — | $ | — | $ | 5,410,616 |
TOP TEN HOLDINGS
|
% net assets
|
|
U.S. Treasury Note, 4.125%, 5/15/2015
|
4.27%
|
|
U.S. Treasury Note, 2.250%, 5/31/2014
|
3.22%
|
|
NewMarket Corp.
|
3.05%
|
|
U.S. Treasury Bond, 3.125%, 2/15/2042
|
2.46%
|
|
Albemarle Corp.
|
2.20%
|
|
Bristol-Myers Squibb Co.
|
2.19%
|
|
Wells Fargo & Co.
|
2.16%
|
|
Dominion Resources, Inc.
|
2.16%
|
|
Verizon Communications, Inc.
|
2.13%
|
|
CarMax, Inc.
|
2.03%
|
COMMON STOCKS – 53.02%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 3.30%
|
|||||||||||||
CarMax, Inc. (a)
|
183,681 | $ | 6,199,234 | 2.03 | % | ||||||||
Lowes Companies, Inc.
|
120,173 | 3,891,201 | 1.27 | % | |||||||||
10,090,435 | 3.30 | % | |||||||||||
Consumer Staples – 11.13%
|
|||||||||||||
Altria Group, Inc.
|
156,700 | 4,983,060 | 1.63 | % | |||||||||
Brown-Forman Corp., Class B
|
31,273 | 2,003,348 | 0.66 | % | |||||||||
Energizer Holdings, Inc. (a)
|
62,597 | 4,567,703 | 1.50 | % | |||||||||
Lorillard, Inc.
|
24,643 | 2,858,834 | 0.94 | % | |||||||||
Philip Morris International, Inc.
|
39,105 | 3,463,139 | 1.13 | % | |||||||||
Reynolds American, Inc.
|
97,076 | 4,042,245 | 1.32 | % | |||||||||
The Coca-Cola Co.
|
127,720 | 4,748,630 | 1.55 | % | |||||||||
The Hershey Co.
|
27,973 | 1,925,941 | 0.63 | % | |||||||||
Wal-Mart Stores, Inc.
|
72,073 | 5,406,916 | 1.77 | % | |||||||||
33,999,816 | 11.13 | % | |||||||||||
Energy – 3.30%
|
|||||||||||||
Chevron Corp.
|
54,601 | 6,017,576 | 1.97 | % | |||||||||
ConocoPhillips
|
49,755 | 2,878,327 | 0.94 | % | |||||||||
Phillips 66
|
24,874 | 1,173,058 | 0.39 | % | |||||||||
10,068,961 | 3.30 | % | |||||||||||
Financials – 7.64%
|
|||||||||||||
Alexander & Baldwin, Inc. (a)
|
85,703 | 2,479,388 | 0.81 | % | |||||||||
Berkshire Hathaway, Inc., Class B (a)
|
68,295 | 5,897,273 | 1.93 | % | |||||||||
Eaton Vance Corp.
|
205,410 | 5,780,237 | 1.89 | % | |||||||||
PennantPark Investment Corp.
|
19,000 | 209,000 | 0.07 | % | |||||||||
Wells Fargo & Co.
|
196,089 | 6,606,239 | 2.16 | % | |||||||||
White Mountains Insurance Group Ltd.
|
4,623 | 2,370,212 | 0.78 | % | |||||||||
23,342,349 | 7.64 | % | |||||||||||
Health Care – 3.39%
|
|||||||||||||
Bristol-Myers Squibb Co.
|
201,058 | 6,685,178 | 2.19 | % | |||||||||
Pfizer, Inc.
|
146,948 | 3,654,597 | 1.20 | % | |||||||||
10,339,775 | 3.39 | % | |||||||||||
Industrials – 1.31%
|
|||||||||||||
ACCO Brands Corp. (a)
|
61,446 | 444,869 | 0.15 | % | |||||||||
FedEx Corp.
|
37,579 | 3,456,892 | 1.13 | % | |||||||||
Matson, Inc.
|
3,913 | 83,152 | 0.03 | % | |||||||||
3,984,913 | 1.31 | % | |||||||||||
Information Technology – 10.85%
|
|||||||||||||
Cisco Systems, Inc.
|
281,313 | 4,821,705 | 1.58 | % | |||||||||
Corning, Inc.
|
382,781 | 4,497,677 | 1.47 | % | |||||||||
EMC Corp. (a)
|
249,520 | 6,093,278 | 2.00 | % | |||||||||
Intel Corp.
|
232,224 | 5,021,844 | 1.64 | % | |||||||||
International Business Machines Corp.
|
20,165 | 3,922,698 | 1.28 | % | |||||||||
Microsoft Corp.
|
158,202 | 4,514,294 | 1.48 | % | |||||||||
Visa, Inc., Class A
|
30,733 | 4,264,511 | 1.40 | % | |||||||||
33,136,007 | 10.85 | % | |||||||||||
Materials –
7.09%
|
|||||||||||||
Albemarle Corp.
|
121,772 | 6,710,855 | 2.20 | % | |||||||||
MeadWestvaco Corp.
|
188,821 | 5,606,096 | 1.84 | % | |||||||||
NewMarket Corp.
|
34,378 | 9,327,095 | 3.05 | % | |||||||||
21,644,046 | 7.09 | % | |||||||||||
Telecommunication Services – 2.13%
|
|||||||||||||
Verizon Communications, Inc.
|
145,511 | 6,495,611 | 2.13 | % | |||||||||
Utilities – 2.88%
|
|||||||||||||
Dominion Resources, Inc.
|
125,149 | 6,605,364 | 2.16 | % | |||||||||
Duke Energy Corp.
|
33,546 | 2,203,637 | 0.72 | % | |||||||||
8,809,001 | 2.88 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $141,852,592)
|
161,910,914 | 53.02 | % | ||||||||||
PREFERRED STOCKS – 0.01%
|
|||||||||||||
Financials – 0.01%
|
|||||||||||||
Federal National Mortgage Association,
|
|||||||||||||
Perpetual, Series S, 8.250%, 12/31/2015
|
10,600 | 18,020 | 0.01 | % | |||||||||
Total Preferred Stocks
|
|||||||||||||
(Cost $265,000)
|
18,020 | 0.01 | % | ||||||||||
REITS – 2.36%
|
|||||||||||||
Financials – 2.36%
|
|||||||||||||
Apollo Commercial Real
|
|||||||||||||
Estate Finance, Inc.
|
7,000 | 118,370 | 0.04 | % | |||||||||
Chimera Investment Corp.
|
115,000 | 307,050 | 0.10 | % | |||||||||
Hatteras Financial Corp.
|
131,141 | 3,576,215 | 1.17 | % | |||||||||
Starwood Property Trust, Inc.
|
4,500 | 103,140 | 0.03 | % | |||||||||
UDR, Inc.
|
128,371 | 3,115,564 | 1.02 | % | |||||||||
Total Reits
(Cost $7,057,220)
|
7,220,339 | 2.36 | % | ||||||||||
CORPORATE BONDS – 16.61%
|
|||||||||||||
Consumer Discretionary – 0.57%
|
|||||||||||||
Best Buy Company, Inc.
|
|||||||||||||
6.750%, 07/15/2013
|
300,000 | 306,802 | 0.10 | % | |||||||||
Comcast Corp.
|
|||||||||||||
4.950%, 06/15/2016
|
600,000 | 682,928 | 0.22 | % | |||||||||
Marriott International, Inc., Series J
|
|||||||||||||
5.625%, 02/15/2013
|
150,000 | 151,916 | 0.05 | % | |||||||||
Starbucks Corp.
|
|||||||||||||
6.250%, 08/15/2017
|
300,000 | 367,475 | 0.12 | % | |||||||||
The Home Depot, Inc.
|
|||||||||||||
5.400%, 03/01/2016
|
200,000 | 230,528 | 0.08 | % | |||||||||
1,739,649 | 0.57 | % | |||||||||||
Consumer Staples – 0.47%
|
|||||||||||||
Anheuser-Busch InBev Worldwide, Inc.
|
|||||||||||||
7.750%, 01/15/2019
|
150,000 | 203,758 | 0.07 | % | |||||||||
CVS Caremark Corp.
|
|||||||||||||
4.750%, 05/18/2020
|
400,000 | 471,966 | 0.16 | % | |||||||||
Diageo Capital PLC
|
|||||||||||||
7.375%, 01/15/2014
|
350,000 | 378,131 | 0.12 | % |
CORPORATE BONDS
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Staples (Continued)
|
|||||||||||||
Wal-Mart Stores, Inc.
|
|||||||||||||
5.000%, 10/25/2040
|
300,000 | $ | 368,863 | 0.12 | % | ||||||||
1,422,718 | 0.47 | % | |||||||||||
Energy – 0.12%
|
|||||||||||||
Devon Energy Corp.
|
|||||||||||||
5.625%, 01/15/2014
|
200,000 | 212,190 | 0.07 | % | |||||||||
Husky Energy, Inc.
|
|||||||||||||
5.900%, 06/15/2014
|
150,000 | 162,018 | 0.05 | % | |||||||||
374,208 | 0.12 | % | |||||||||||
Financials – 9.08%
|
|||||||||||||
Aflac, Inc.
|
|||||||||||||
8.500%, 05/15/2019
|
650,000 | 884,436 | 0.29 | % | |||||||||
American Express Credit Corp.
|
|||||||||||||
2.750%, 09/15/2015
|
650,000 | 685,684 | 0.22 | % | |||||||||
American Express Credit Corp., Series C
|
|||||||||||||
7.300%, 08/20/2013
|
60,000 | 63,238 | 0.02 | % | |||||||||
American International Group, Inc.
|
|||||||||||||
4.250%, 09/15/2014
|
270,000 | 286,060 | 0.09 | % | |||||||||
5.850%, 01/16/2018
|
575,000 | 673,357 | 0.22 | % | |||||||||
Associated Banc-Corp
|
|||||||||||||
5.125%, 03/28/2016
|
700,000 | 768,149 | 0.25 | % | |||||||||
Associates Corporation of North America
|
|||||||||||||
6.950%, 11/01/2018
|
300,000 | 362,870 | 0.12 | % | |||||||||
Bank of Montreal
|
|||||||||||||
2.500%, 01/11/2017
|
400,000 | 421,486 | 0.14 | % | |||||||||
Capital One Financial Corp.
|
|||||||||||||
4.750%, 07/15/2021
|
1,000,000 | 1,149,437 | 0.38 | % | |||||||||
Caterpillar Financial Services Corp.
|
|||||||||||||
4.900%, 08/15/2013
|
325,000 | 336,496 | 0.11 | % | |||||||||
Citigroup, Inc.
|
|||||||||||||
6.125%, 11/21/2017
|
1,455,000 | 1,727,773 | 0.57 | % | |||||||||
CME Group, Inc.
|
|||||||||||||
5.750%, 02/15/2014
|
375,000 | 399,492 | 0.13 | % | |||||||||
Credit Suisse USA, Inc.
|
|||||||||||||
5.125%, 08/15/2015
|
575,000 | 638,219 | 0.21 | % | |||||||||
Discover Financial Services
|
|||||||||||||
5.200%, 04/27/2022 (b)
|
900,000 | 1,018,544 | 0.33 | % | |||||||||
Fifth Third Bancorp
|
|||||||||||||
3.625%, 01/25/2016
|
700,000 | 754,872 | 0.25 | % | |||||||||
First Niagara Financial Group, Inc.
|
|||||||||||||
6.750%, 03/19/2020
|
590,000 | 692,220 | 0.23 | % | |||||||||
General Electric Capital Corp.
|
|||||||||||||
5.500%, 06/04/2014
|
250,000 | 268,993 | 0.09 | % | |||||||||
5.625%, 05/01/2018
|
1,050,000 | 1,248,732 | 0.41 | % | |||||||||
HSBC Finance Corp.
|
|||||||||||||
2.375%, 02/13/2015
|
1,000,000 | 1,034,814 | 0.34 | % | |||||||||
5.000%, 06/30/2015
|
700,000 | 764,907 | 0.25 | % | |||||||||
JPMorgan Chase & Co.
|
|||||||||||||
5.125%, 09/15/2014
|
650,000 | 694,813 | 0.23 | % | |||||||||
KeyCorp
|
|||||||||||||
3.750%, 08/13/2015
|
400,000 | 430,853 | 0.14 | % | |||||||||
5.100%, 03/24/2021
|
450,000 | 533,482 | 0.17 | % | |||||||||
Lazard Group
|
|||||||||||||
6.850%, 06/15/2017
|
320,000 | 363,226 | 0.12 | % | |||||||||
Lincoln National Corp.
|
|||||||||||||
6.250%, 02/15/2020
|
780,000 | 927,134 | 0.30 | % | |||||||||
Manulife Financial Corp.
|
|||||||||||||
3.400%, 09/17/2015
|
300,000 | 315,456 | 0.10 | % | |||||||||
Merrill Lynch & Company, Inc.
|
|||||||||||||
6.875%, 04/25/2018 (c)
|
455,000 | 550,002 | 0.18 | % | |||||||||
Merrill Lynch & Company, Inc.,
|
|||||||||||||
Series MTNC, 0.800%, 01/15/2015 (c)
|
250,000 | 244,861 | 0.08 | % | |||||||||
MetLife, Inc., Series A
|
|||||||||||||
6.817%, 08/15/2018
|
100,000 | 126,531 | 0.04 | % | |||||||||
Morgan Stanley
|
|||||||||||||
4.750%, 04/01/2014
|
250,000 | 259,442 | 0.08 | % | |||||||||
5.75%, 01/25/2021
|
250,000 | 280,177 | 0.09 | % | |||||||||
6.625%, 04/01/2018
|
250,000 | 291,106 | 0.10 | % | |||||||||
Prudential Financial, Inc.
|
|||||||||||||
5.500%, 03/15/2016
|
310,000 | 352,351 | 0.12 | % | |||||||||
Prudential Financial, Inc., Series MTNB
|
|||||||||||||
5.100%, 09/20/2014
|
285,000 | 307,147 | 0.10 | % | |||||||||
Qwest Capital Funding, Inc.
|
|||||||||||||
6.500%, 11/15/2018
|
700,000 | 805,429 | 0.26 | % | |||||||||
Raymond James Financial, Inc.
|
|||||||||||||
5.625%, 04/01/2024
|
700,000 | 778,816 | 0.26 | % | |||||||||
St. Paul Travelers, Inc.
|
|||||||||||||
5.500%, 12/01/2015
|
275,000 | 313,289 | 0.10 | % | |||||||||
SunTrust Banks, Inc.
|
|||||||||||||
3.600%, 04/15/2016
|
250,000 | 268,255 | 0.09 | % | |||||||||
5.250%, 11/05/2012
|
375,000 | 375,024 | 0.12 | % | |||||||||
6.000%, 09/11/2017
|
250,000 | 297,525 | 0.10 | % | |||||||||
The Bear Stearns Companies, Inc.
|
|||||||||||||
6.400%, 10/02/2017
|
1,350,000 | 1,628,462 | 0.53 | % | |||||||||
The Goldman Sachs Group, Inc.
|
|||||||||||||
5.375%, 03/15/2020
|
1,100,000 | 1,245,661 | 0.41 | % | |||||||||
The Hartford Financial Services
|
|||||||||||||
Group, Inc., 5.375%, 03/15/2017
|
300,000 | 341,000 | 0.11 | % | |||||||||
The Royal Bank of Scotland PLC
|
|||||||||||||
4.375%, 03/16/2016
|
400,000 | 435,655 | 0.14 | % | |||||||||
Wachovia Corp.
|
|||||||||||||
5.250%, 08/01/2014
|
300,000 | 322,136 | 0.11 | % | |||||||||
Westpac Banking Corp.
|
|||||||||||||
4.200%, 02/27/2015
|
500,000 | 537,352 | 0.18 | % | |||||||||
4.875%, 11/19/2019
|
450,000 | 520,897 | 0.17 | % | |||||||||
27,725,861 | 9.08 | % | |||||||||||
Health Care – 1.30%
|
|||||||||||||
Agilent Technologies, Inc.
|
|||||||||||||
5.000%, 07/15/2020
|
650,000 | 753,658 | 0.25 | % | |||||||||
GlaxoSmithKline Capital, Inc.
|
|||||||||||||
1.500%, 05/08/2017
|
500,000 | 511,885 | 0.17 | % | |||||||||
2.850%, 05/08/2022
|
1,000,000 | 1,054,525 | 0.34 | % | |||||||||
4.850%, 05/15/2013
|
325,000 | 332,687 | 0.11 | % | |||||||||
Merck & Co., Inc.
|
|||||||||||||
6.000%, 09/15/2017
|
850,000 | 1,049,332 | 0.34 | % | |||||||||
UnitedHealth Group, Inc.
|
|||||||||||||
5.375%, 03/15/2016
|
250,000 | 284,367 | 0.09 | % | |||||||||
3,986,454 | 1.30 | % |
CORPORATE BONDS
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Industrials – 0.58%
|
|||||||||||||
FedEx Corp.
|
|||||||||||||
7.375%, 01/15/2014
|
300,000 | $ | 323,547 | 0.11 | % | ||||||||
John Deere Capital Corp.
|
|||||||||||||
1.850%, 09/15/2016
|
1,000,000 | 1,036,491 | 0.34 | % | |||||||||
Swiss RE Solutions
|
|||||||||||||
7.000%, 02/15/2026
|
150,000 | 186,806 | 0.06 | % | |||||||||
The Boeing Co.
|
|||||||||||||
5.000%, 03/15/2014
|
220,000 | 233,225 | 0.07 | % | |||||||||
1,780,069 | 0.58 | % | |||||||||||
Information Technology – 2.22%
|
|||||||||||||
Altera Corp.
|
|||||||||||||
1.750%, 05/15/2017
|
1,000,000 | 1,026,843 | 0.34 | % | |||||||||
Applied Materials, Inc.
|
|||||||||||||
4.300%, 06/15/2021
|
300,000 | 342,570 | 0.11 | % | |||||||||
Corning, Inc.
|
|||||||||||||
6.850%, 03/01/2029
|
275,000 | 345,130 | 0.11 | % | |||||||||
Dell, Inc.
|
|||||||||||||
4.625%, 04/01/2021
|
550,000 | 605,602 | 0.20 | % | |||||||||
eBay, Inc.
|
|||||||||||||
3.250%, 10/15/2020
|
250,000 | 272,914 | 0.09 | % | |||||||||
Hewlett Packard Co.
|
|||||||||||||
2.650%, 06/01/2016
|
250,000 | 250,506 | 0.08 | % | |||||||||
3.000%, 09/15/2016
|
150,000 | 151,252 | 0.05 | % | |||||||||
6.000%, 09/15/2041
|
250,000 | 246,970 | 0.08 | % | |||||||||
Intel Corp.
|
|||||||||||||
3.300%, 10/01/2021
|
250,000 | 274,867 | 0.09 | % | |||||||||
Juniper Networks, Inc.
|
|||||||||||||
4.600%, 03/15/2021
|
1,000,000 | 1,078,275 | 0.35 | % | |||||||||
KLA-Tencor Corp.
|
|||||||||||||
6.900%, 05/01/2018
|
650,000 | 784,351 | 0.26 | % | |||||||||
Symantec Corp.
|
|||||||||||||
2.750%, 06/15/2017
|
500,000 | 519,679 | 0.17 | % | |||||||||
3.950%, 06/15/2022
|
500,000 | 520,628 | 0.17 | % | |||||||||
4.200%, 09/15/2020
|
350,000 | 372,616 | 0.12 | % | |||||||||
6,792,203 | 2.22 | % | |||||||||||
Materials – 1.41%
|
|||||||||||||
Alcoa, Inc.
|
|||||||||||||
6.150%, 08/15/2020
|
625,000 | 685,079 | 0.22 | % | |||||||||
AngloGold Ashanti Holdings PLC
|
|||||||||||||
5.125%, 08/01/2022
|
1,000,000 | 1,021,769 | 0.34 | % | |||||||||
Barrick Gold Financeco LLC
|
|||||||||||||
6.125%, 09/15/2013
|
350,000 | 366,836 | 0.12 | % | |||||||||
BHP Billiton Finance USA Ltd.
|
|||||||||||||
6.750%, 11/01/2013
|
250,000 | 265,884 | 0.09 | % | |||||||||
El du Pont de Nemours & Co.
|
|||||||||||||
4.750%, 03/15/2015
|
315,000 | 345,796 | 0.11 | % | |||||||||
International Paper Co.
|
|||||||||||||
9.375%, 05/15/2019
|
250,000 | 344,541 | 0.11 | % | |||||||||
Rio Tinto Finance USA PLC
|
|||||||||||||
2.000%, 03/22/2017
|
640,000 | 654,893 | 0.22 | % | |||||||||
The Dow Chemical Co.
|
|||||||||||||
4.250%, 11/15/2020
|
550,000 | 611,743 | 0.20 | % | |||||||||
4,296,541 | 1.41 | % | |||||||||||
Telecommunication Services – 0.75%
|
|||||||||||||
AT&T, Inc.
|
|||||||||||||
2.950%, 05/15/2016
|
275,000 | 295,326 | 0.10 | % | |||||||||
3.000%, 02/15/2022
|
250,000 | 266,242 | 0.09 | % | |||||||||
5.350%, 09/01/2040
|
200,000 | 246,261 | 0.08 | % | |||||||||
CenturyLink, Inc.
|
|||||||||||||
5.150%, 06/15/2017
|
400,000 | 431,577 | 0.14 | % | |||||||||
Deutsche Telekom International
|
|||||||||||||
Finance BV, 5.875%, 08/20/2013
|
400,000 | 416,358 | 0.13 | % | |||||||||
Verizon Communications, Inc.
|
|||||||||||||
8.750%, 11/01/2018
|
450,000 | 628,671 | 0.21 | % | |||||||||
2,284,435 | 0.75 | % | |||||||||||
Utilities – 0.11%
|
|||||||||||||
Sempra Energy
|
|||||||||||||
6.500%, 06/01/2016
|
275,000 | 325,919 | 0.11 | % | |||||||||
Total Corporate Bonds
|
|||||||||||||
(Cost $47,708,435)
|
50,728,057 | 16.61 | % | ||||||||||
MORTGAGE BACKED SECURITIES – 4.76%
|
|||||||||||||
Federal Home Loan Mortgage Corp.
|
|||||||||||||
3.000%, 05/01/2042
|
4,800,602 | 5,032,259 | 1.65 | % | |||||||||
3.000%, 09/01/2042
|
2,995,149 | 3,139,683 | 1.03 | % | |||||||||
5.000%, 05/01/2020
|
212,270 | 233,373 | 0.08 | % | |||||||||
5.500%, 04/01/2037
|
410,186 | 458,488 | 0.15 | % | |||||||||
Federal National Mortgage Association
|
|||||||||||||
3.500%, 01/01/2042
|
1,237,561 | 1,319,697 | 0.43 | % | |||||||||
4.000%, 12/01/2041
|
1,684,911 | 1,807,671 | 0.59 | % | |||||||||
4.000%, 10/01/2041
|
1,745,535 | 1,872,712 | 0.61 | % | |||||||||
4.500%, 08/01/2020
|
248,361 | 268,259 | 0.09 | % | |||||||||
6.000%, 10/01/2037
|
353,001 | 392,473 | 0.13 | % | |||||||||
Total Mortgage Backed Securities
|
|||||||||||||
(Cost $14,171,252)
|
14,524,615 | 4.76 | % | ||||||||||
U.S. GOVERNMENT AGENCY ISSUE – 0.24%
|
|||||||||||||
Federal Home Loan Banks
|
|||||||||||||
5.750%, 06/15/2037
|
600,000 | 723,556 | 0.24 | % | |||||||||
Total U.S. Government
|
|||||||||||||
Agency Issues
|
|||||||||||||
(Cost $701,826)
|
723,556 | 0.24 | % | ||||||||||
U.S. TREASURY OBLIGATIONS – 18.50%
|
|||||||||||||
U.S. Treasury Bond – 5.56%
|
|||||||||||||
U.S. Treasury Bond
|
|||||||||||||
3.125%, 02/15/2042
|
7,090,000 | 7,516,506 | 2.46 | % | |||||||||
5.000%, 05/15/2037
|
3,360,000 | 4,799,024 | 1.57 | % | |||||||||
5.250%, 02/15/2029
|
1,925,000 | 2,690,188 | 0.88 | % | |||||||||
U.S. Treasury Inflation Indexed Bond
|
|||||||||||||
0.125%, 07/15/2022
|
1,803,258 | 1,976,540 | 0.65 | % | |||||||||
16,982,258 | 5.56 | % | |||||||||||
U.S. Treasury Note – 12.94%
|
|||||||||||||
1.000%, 05/15/2014
|
3,000,000 | 3,034,455 | 0.99 | % | |||||||||
1.250%, 09/30/2015
|
2,450,000 | 2,511,826 | 0.82 | % | |||||||||
2.125%, 08/15/2021
|
2,280,000 | 2,399,522 | 0.79 | % |
U.S. TREASURY OBLIGATIONS
|
Number of
|
% of
|
|||||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||||
U.S. Treasury Note (Continued)
|
|||||||||||||||
2.250%, 05/31/2014
|
9,550,000 | $ | 9,850,309 | 3.22 | % | ||||||||||
3.125%, 10/31/2016
|
1,655,000 | 1,823,862 | 0.60 | % | |||||||||||
3.500%, 05/15/2020
|
3,060,000 | 3,562,510 | 1.17 | % | |||||||||||
3.750%, 11/15/2018
|
2,825,000 | 3,296,642 | 1.08 | % | |||||||||||
4.125%, 05/15/2015
|
11,900,000 | 13,037,009 | 4.27 | % | |||||||||||
39,516,135 | 12.94 | % | |||||||||||||
Total U.S. Treasury Obligations
|
|||||||||||||||
(Cost $56,156,707)
|
56,498,393 | 18.50 | % | ||||||||||||
EXCHANGE TRADED FUNDS – 3.11%
|
|||||||||||||||
iShares iBoxx $High Yield
|
|||||||||||||||
Corporation Bond Fund
|
39,800 | 3,686,674 | 1.21 | % | |||||||||||
iShares S&P U.S. Preferred
|
|||||||||||||||
Stock Index Fund
|
49,500 | 1,982,475 | 0.65 | % | |||||||||||
Powershares ETF Trust II
|
|||||||||||||||
Senior Loan Portfolio
|
17,500 | 434,700 | 0.14 | % | |||||||||||
SPDR Barclays Capital High Yield Bond
|
84,500 | 3,407,885 | 1.11 | % | |||||||||||
Total Exchange Traded Funds
|
|||||||||||||||
(Cost $9,440,996)
|
9,511,734 | 3.11 | % | ||||||||||||
MUTUAL FUNDS – 0.12%
|
|||||||||||||||
Calamos Convertible Opportunities
|
|||||||||||||||
and Income Fund
|
18,500 | 231,435 | 0.07 | % | |||||||||||
NGP Capital Resources Co.
|
8,000 | 58,640 | 0.02 | % | |||||||||||
Wells Fargo Advantage Income
|
|||||||||||||||
Opportunities Fund
|
8,000 | 83,440 | 0.03 | % | |||||||||||
Total Mutual Funds
(Cost $378,764)
|
373,515 | 0.12 | % | ||||||||||||
SHORT-TERM INVESTMENTS – 0.68%
|
|||||||||||||||
Money Market Fund – 0.68%
|
|||||||||||||||
Fidelity Institutional Money Market
|
|||||||||||||||
Government Portfolio – Class I,
|
|||||||||||||||
0.01% (d) | 2,086,102 | 2,086,102 | 0.68 | % | |||||||||||
Total Money Market Fund
|
|||||||||||||||
(Cost $2,086,102)
|
2,086,102 | 0.68 | % | ||||||||||||
Total Short-Term Investments
|
|||||||||||||||
(Cost $2,086,102)
|
2,086,102 | 0.68 | % | ||||||||||||
Total Investments
|
|||||||||||||||
(Cost $279,818,894) – 99.41%
|
303,595,245 | 99.41 | % | ||||||||||||
Other Assets in Excess
|
|||||||||||||||
of Liabilities – 0.59%
|
1,809,970 | 0.59 | % | ||||||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 305,405,215 | 100.00 | % |
(a)
|
Non-income producing security.
|
(b)
|
This security is a restricted security under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2012, the total amount of 144A securities was $1,018,544 or 0.33% of total net assets.
|
(c)
|
Variable/floating rate security.
|
(d)
|
The rate listed is the fund’s 7-day yield as of October 31, 2012.
|
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 10,090,435 | $ | — | $ | — | $ | 10,090,435 | |||||||||
Consumer Staples
|
33,999,816 | — | — | 33,999,816 | |||||||||||||
Energy
|
10,068,961 | — | — | 10,068,961 | |||||||||||||
Financials
|
23,342,349 | — | — | 23,342,349 | |||||||||||||
Health Care
|
10,339,775 | — | — | 10,339,775 | |||||||||||||
Industrials
|
3,984,913 | — | — | 3,984,913 | |||||||||||||
Information Technology
|
33,136,007 | — | — | 33,136,007 | |||||||||||||
Materials
|
21,644,046 | — | — | 21,644,046 | |||||||||||||
Telecommunication Services
|
6,495,611 | — | — | 6,495,611 | |||||||||||||
Utilities
|
8,809,001 | — | — | 8,809,001 | |||||||||||||
Total Common Stock
|
$ | 161,910,914 | $ | — | $ | — | $ | 161,910,914 | |||||||||
Preferred Stock
|
$ | 18,020 | $ | — | $ | — | $ | 18,020 | |||||||||
REITS
|
|||||||||||||||||
Financials
|
$ | 7,220,339 | $ | — | $ | — | $ | 7,220,339 | |||||||||
Corporate Bonds
|
|||||||||||||||||
Consumer Discretionary
|
$ | — | $ | 1,739,649 | $ | — | $ | 1,739,649 | |||||||||
Consumer Staples
|
— | 1,422,718 | — | 1,422,718 | |||||||||||||
Energy
|
— | 374,208 | — | 374,208 | |||||||||||||
Financials
|
— | 27,725,861 | — | 27,725,861 | |||||||||||||
Health Care
|
— | 3,986,454 | — | 3,986,454 | |||||||||||||
Industrials
|
— | 1,780,069 | — | 1,780,069 | |||||||||||||
Information Technology
|
— | 6,792,203 | — | 6,792,203 | |||||||||||||
Materials
|
— | 4,296,541 | — | 4,296,541 | |||||||||||||
Telecommunication Services
|
— | 2,284,435 | — | 2,284,435 | |||||||||||||
Utilities
|
— | 325,919 | — | 325,919 | |||||||||||||
Total Corporate Bonds
|
$ | — | $ | 50,728,057 | $ | — | $ | 50,728,057 | |||||||||
Mortgage Backed Securities
|
$ | — | $ | 14,524,615 | $ | — | $ | 14,524,615 | |||||||||
U.S. Government Agency Issues
|
$ | — | $ | 723,556 | $ | — | $ | 723,556 | |||||||||
U.S. Treasury Obligations
|
|||||||||||||||||
U.S. Treasury Bonds
|
$ | — | $ | 16,982,258 | $ | — | $ | 16,982,258 | |||||||||
U.S. Treasury Notes
|
— | 39,516,135 | — | 39,516,135 | |||||||||||||
Total U.S. Treasury Obligations
|
$ | — | $ | 56,498,393 | $ | — | $ | 56,498,393 | |||||||||
Exchange Traded Funds
|
$ | 9,511,734 | $ | — | $ | — | $ | 9,511,734 | |||||||||
Mutual Funds
|
$ | 373,515 | $ | — | $ | — | $ | 373,515 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 2,086,102 | $ | — | $ | — | $ | 2,086,102 | |||||||||
Total Short-Term Investments
|
$ | 2,086,102 | $ | — | $ | — | $ | 2,086,102 | |||||||||
Total Investments in Securities
|
$ | 181,120,624 | $ | 122,474,621 | $ | — | $ | 303,595,245 |
TOP TEN HOLDINGS*
|
% net assets
|
|
U.S. Treasury Note, 4.125%, 05/15/2015
|
10.48%
|
|
U.S. Treasury Bond, 5.000%, 05/15/2037
|
5.46%
|
|
U.S. Treasury Bond, 3.125%, 02/15/2042
|
4.88%
|
|
U.S. Treasury Note, 3.500%, 05/15/2020
|
3.08%
|
|
iShares iBoxx $High Yield Corporation Bond Fund
|
2.79%
|
|
U.S. Treasury Note, 3.250%, 05/31/2016
|
2.66%
|
|
U.S. Treasury Note, 2.125%, 08/15/2021
|
2.08%
|
|
SPDR Barclays Capital High Yield Bond
|
2.08%
|
|
Federal National Mortgage Association 4.000%, 12/1/2041
|
1.84%
|
|
U.S. Treasury Inflation Index Bond
|
1.79%
|
COMMON STOCKS – 0.48%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Financials – 0.48%
|
|||||||||||||
PennantPark Investment Corp.
|
16,000 | $ | 176,000 | 0.48 | % | ||||||||
Total Common Stocks
|
|||||||||||||
(Cost $176,399)
|
176,000 | 0.48 | % | ||||||||||
CONVERTIBLE PREFERRED STOCKS – 1.55%
|
|||||||||||||
Financials – 1.55%
|
|||||||||||||
Boston Private Capital Trust I
|
13,350 | 572,381 | 1.55 | % | |||||||||
Total Convertible Preferred Stocks
|
|||||||||||||
(Cost $638,783)
|
572,381 | 1.55 | % | ||||||||||
PREFERRED STOCKS – 0.04%
|
|||||||||||||
Financials – 0.04%
|
|||||||||||||
Federal National Mortgage Association,
|
|||||||||||||
Perpetual Series S, 8.250%, 12/31/2015 (a)
|
7,900 | 13,430 | 0.04 | % | |||||||||
Total Preferred Stocks
|
|||||||||||||
(Cost $197,500)
|
13,430 | 0.04 | % | ||||||||||
REITS – 1.29%
|
|||||||||||||
Financials – 1.29%
|
|||||||||||||
Apollo Commercial Real
|
|||||||||||||
Estate Finance, Inc.
|
8,500 | 143,735 | 0.39 | % | |||||||||
Chimera Investment Corp.
|
72,500 | 193,575 | 0.53 | % | |||||||||
Starwood Property Trust, Inc.
|
6,000 | 137,520 | 0.37 | % | |||||||||
Total Reits
(Cost $494,648)
|
474,830 | 1.29 | % | ||||||||||
CORPORATE BONDS – 44.42%
|
|||||||||||||
Consumer Discretionary – 5.50%
|
|||||||||||||
Best Buy Company, Inc.
|
|||||||||||||
7.000%, 07/15/2013
|
275,000 | 281,235 | 0.76 | % | |||||||||
Comcast Corp.
|
|||||||||||||
6.500%, 01/15/2017
|
250,000 | 305,300 | 0.83 | % | |||||||||
Royal Caribbean Cruises Ltd.
|
|||||||||||||
7.500%, 10/15/2027
|
575,000 | 619,563 | 1.68 | % | |||||||||
Starbucks Corp.
|
|||||||||||||
6.250%, 08/15/2017
|
275,000 | 336,852 | 0.91 | % | |||||||||
The Home Depot, Inc.
|
|||||||||||||
5.400%, 03/01/2016
|
120,000 | 138,317 | 0.37 | % | |||||||||
YUM! Brands, Inc.
|
|||||||||||||
5.300%, 09/15/2019
|
300,000 | 349,749 | 0.95 | % | |||||||||
2,031,016 | 5.50 | % | |||||||||||
Consumer Staples – 0.78%
|
|||||||||||||
Altria Group, Inc.
|
|||||||||||||
9.250%, 08/06/2019
|
84,000 | 118,698 | 0.32 | % | |||||||||
Anheuser-Busch InBev Worldwide, Inc.
|
|||||||||||||
7.750%, 01/15/2019
|
125,000 | 169,798 | 0.46 | % | |||||||||
288,496 | 0.78 | % | |||||||||||
Energy – 0.87%
|
|||||||||||||
Devon Energy Corp.
|
|||||||||||||
5.625%, 01/15/2014
|
175,000 | 185,666 | 0.50 | % | |||||||||
Husky Energy, Inc.
|
|||||||||||||
5.900%, 06/15/2014
|
125,000 | 135,015 | 0.37 | % | |||||||||
320,681 | 0.87 | % | |||||||||||
Financials – 27.40%
|
|||||||||||||
Aflac, Inc.
|
|||||||||||||
8.500%, 05/15/2019
|
250,000 | 340,168 | 0.92 | % | |||||||||
American Express Credit Corp., Series C
|
|||||||||||||
5.125%, 08/25/2014
|
275,000 | 296,999 | 0.80 | % | |||||||||
7.300%, 08/20/2013
|
60,000 | 63,238 | 0.17 | % | |||||||||
American International Group, Inc.
|
|||||||||||||
5.850%, 01/16/2018
|
350,000 | 409,869 | 1.11 | % | |||||||||
Associated Banc-Corp
|
|||||||||||||
5.125%, 03/28/2016
|
250,000 | 274,339 | 0.74 | % | |||||||||
Associates Corporation of North America
|
|||||||||||||
6.950%, 11/01/2018
|
250,000 | 302,391 | 0.82 | % | |||||||||
Capital One Financial Corp.
|
|||||||||||||
6.750%, 09/15/2017
|
200,000 | 246,401 | 0.67 | % | |||||||||
Citigroup, Inc.
|
|||||||||||||
6.125%, 11/21/2017
|
250,000 | 296,868 | 0.80 | % | |||||||||
CME Group, Inc.
|
|||||||||||||
5.750%, 02/15/2014
|
300,000 | 319,594 | 0.87 | % | |||||||||
Credit Suisse USA, Inc.
|
|||||||||||||
5.125%, 08/15/2015
|
225,000 | 249,738 | 0.68 | % | |||||||||
Discover Financial Services
|
|||||||||||||
5.200%, 04/27/2022 (b)
|
350,000 | 396,101 | 1.07 | % | |||||||||
Fifth Third Bancorp
|
|||||||||||||
6.250%, 05/01/2013
|
250,000 | 257,009 | 0.70 | % | |||||||||
General Electric Capital Corp.
|
|||||||||||||
5.625%, 05/01/2018
|
375,000 | 445,976 | 1.21 | % | |||||||||
JPMorgan Chase & Co.
|
|||||||||||||
6.300%, 04/23/2019
|
250,000 | 308,734 | 0.84 | % | |||||||||
KeyCorp
|
|||||||||||||
6.500%, 05/14/2013
|
300,000 | 309,336 | 0.84 | % | |||||||||
Lazard Group
|
|||||||||||||
6.850%, 06/15/2017
|
300,000 | 340,525 | 0.92 | % | |||||||||
Manulife Financial Corp.
|
|||||||||||||
3.400%, 09/17/2015
|
300,000 | 315,456 | 0.85 | % | |||||||||
Merrill Lynch & Company, Inc.
|
|||||||||||||
6.875%, 04/25/2018
|
420,000 | 507,694 | 1.38 | % | |||||||||
MetLife, Inc., Series A
|
|||||||||||||
6.817%, 08/15/2018
|
275,000 | 347,960 | 0.94 | % | |||||||||
Morgan Stanley
|
|||||||||||||
6.625%, 04/01/2018
|
250,000 | 291,106 | 0.79 | % | |||||||||
Prudential Financial, Inc.
|
|||||||||||||
5.500%, 03/15/2016
|
288,000 | 327,346 | 0.89 | % | |||||||||
Prudential Financial, Inc., Series MTNB
|
|||||||||||||
5.100%, 09/20/2014
|
250,000 | 269,427 | 0.73 | % | |||||||||
Simon Property Group, Inc.
|
|||||||||||||
6.125%, 05/30/2018
|
350,000 | 430,081 | 1.16 | % | |||||||||
SunTrust Banks, Inc.
|
|||||||||||||
5.250%, 11/05/2012
|
215,000 | 215,013 | 0.58 | % | |||||||||
6.000%, 09/11/2017
|
300,000 | 357,030 | 0.97 | % | |||||||||
The Goldman Sachs Group, Inc.
|
|||||||||||||
5.375%, 03/15/2020
|
500,000 | 566,209 | 1.53 | % | |||||||||
The Hartford Financial
|
|||||||||||||
Services Group, Inc.
|
|||||||||||||
5.375%, 03/15/2017
|
300,000 | 341,000 | 0.92 | % | |||||||||
The Royal Bank of Scotland PLC
|
|||||||||||||
4.375%, 03/16/2016
|
300,000 | 326,741 | 0.89 | % |
CORPORATE BONDS
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Financials (Continued)
|
|||||||||||||
Qwest Capital Funding, Inc.
|
|||||||||||||
6.500%, 11/15/2018
|
300,000 | $ | 345,184 | 0.94 | % | ||||||||
Westpac Banking Corp.
|
|||||||||||||
4.200%, 02/27/2015
|
250,000 | 268,676 | 0.73 | % | |||||||||
4.875%, 11/19/2019
|
300,000 | 347,265 | 0.94 | % | |||||||||
10,113,474 | 27.40 | % | |||||||||||
Health Care – 0.79%
|
|||||||||||||
Agilent Technologies, Inc.
|
|||||||||||||
5.000%, 07/15/2020
|
250,000 | 289,869 | 0.79 | % | |||||||||
Industrials – 1.88%
|
|||||||||||||
American Railcar Industries, Inc.
|
|||||||||||||
7.500%, 03/01/2014
|
31,000 | 31,465 | 0.09 | % | |||||||||
FedEx Corp.
|
|||||||||||||
7.375%, 01/15/2014
|
275,000 | 296,585 | 0.80 | % | |||||||||
Swiss Re Solutions Holding Corp.
|
|||||||||||||
7.000%, 02/15/2026
|
125,000 | 155,672 | 0.42 | % | |||||||||
The Boeing Co.
|
|||||||||||||
5.000%, 03/15/2014
|
200,000 | 212,022 | 0.57 | % | |||||||||
695,744 | 1.88 | % | |||||||||||
Information Technology – 1.61%
|
|||||||||||||
Hewlett Packard Co.
|
|||||||||||||
3.000%, 09/15/2016
|
125,000 | 126,043 | 0.34 | % | |||||||||
6.000%, 09/15/2041
|
100,000 | 98,788 | 0.27 | % | |||||||||
KLA-Tencor Corp.
|
|||||||||||||
6.900%, 05/01/2018
|
130,000 | 156,870 | 0.42 | % | |||||||||
Symantec Corp.
|
|||||||||||||
4.200%, 09/15/2020
|
200,000 | 212,924 | 0.58 | % | |||||||||
594,625 | 1.61 | % | |||||||||||
Materials – 3.14%
|
|||||||||||||
AngloGold Ashanti Holdings PLC
|
|||||||||||||
5.125%, 08/01/2022
|
350,000 | 357,619 | 0.97 | % | |||||||||
Barrick Gold Financeco LLC
|
|||||||||||||
6.125%, 09/15/2013
|
300,000 | 314,431 | 0.85 | % | |||||||||
El du Pont de Nemours & Co.
|
|||||||||||||
4.750%, 03/15/2015
|
285,000 | 312,863 | 0.85 | % | |||||||||
International Paper Co.
|
|||||||||||||
9.375%, 05/15/2019
|
125,000 | 172,270 | 0.47 | % | |||||||||
1,157,183 | 3.14 | % | |||||||||||
Telecommunication Services – 1.65%
|
|||||||||||||
Deutsche Telekom
|
|||||||||||||
International Finance BV
|
|||||||||||||
5.875%, 08/20/2013
|
275,000 | 286,246 | 0.78 | % | |||||||||
Rogers Communications, Inc.
|
|||||||||||||
7.500%, 03/15/2015
|
280,000 | 323,037 | 0.87 | % | |||||||||
609,283 | 1.65 | % | |||||||||||
Utilities – 0.80%
|
|||||||||||||
Sempra Energy
|
|||||||||||||
6.500%, 06/01/2016
|
250,000 | 296,290 | 0.80 | % | |||||||||
Total Corporate Bonds
|
|||||||||||||
(Cost $14,750,107)
|
16,396,661 | 44.42 | % | ||||||||||
MORTGAGE BACKED
|
|||||||||||||
SECURITIES – 8.33%
|
|||||||||||||
U.S. Government Agency Issues – 8.33%
|
|||||||||||||
Federal Home Loan Mortgage Corp.
|
|||||||||||||
5.500%, 04/01/2037
|
468,784 | 523,986 | 1.42 | % | |||||||||
Federal National Mortgage Association
|
|||||||||||||
3.000%, 08/01/2042
|
547,493 | 574,876 | 1.56 | % | |||||||||
3.500%, 01/01/2042
|
441,986 | 471,320 | 1.27 | % | |||||||||
4.000%, 12/01/2041
|
631,842 | 677,877 | 1.84 | % | |||||||||
4.500%, 08/01/2020
|
310,563 | 335,444 | 0.91 | % | |||||||||
6.000%, 10/01/2037
|
441,251 | 490,591 | 1.33 | % | |||||||||
Total Mortgage Backed Securities
|
|||||||||||||
(Cost $2,902,843)
|
3,074,094 | 8.33 | % | ||||||||||
U.S. GOVERNMENT AGENCY ISSUE – 1.14%
|
|||||||||||||
Financials – 1.14%
|
|||||||||||||
Federal Home Loan Bank
|
|||||||||||||
5.750%, 06/15/2037
|
350,000 | 422,074 | 1.14 | % | |||||||||
Total U.S. Government
|
|||||||||||||
Agency Issue
|
|||||||||||||
(Cost $409,398)
|
422,074 | 1.14 | % | ||||||||||
U.S. GOVERNMENT NOTES/BONDS – 32.98%
|
|||||||||||||
U.S. Treasury Bonds – 13.64%
|
|||||||||||||
U.S. Treasury Bond
|
|||||||||||||
3.125%, 02/15/2042
|
1,700,000 | 1,802,265 | 4.88 | % | |||||||||
5.000%, 05/15/2037
|
1,410,000 | 2,013,876 | 5.46 | % | |||||||||
5.250%, 02/15/2029
|
400,000 | 559,000 | 1.51 | % | |||||||||
U.S. Treasury Inflation Index Bond
|
|||||||||||||
0.125%, 07/15/2022
|
601,086 | 658,847 | 1.79 | % | |||||||||
Total U.S. Treasury Bonds
|
|||||||||||||
(Cost $4,845,314)
|
5,033,988 | 13.64 | % | ||||||||||
U.S. Treasury Notes – 19.34%
|
|||||||||||||
2.125%, 08/15/2021
|
730,000 | 768,268 | 2.08 | % | |||||||||
3.250%, 05/31/2016
|
895,000 | 982,962 | 2.66 | % | |||||||||
3.500%, 05/15/2020
|
975,000 | 1,135,114 | 3.08 | % | |||||||||
3.625%, 08/15/2019
|
200,000 | 233,547 | 0.63 | % | |||||||||
3.875%, 05/15/2018
|
130,000 | 151,541 | 0.41 | % | |||||||||
4.125%, 05/15/2015
|
3,530,000 | 3,867,281 | 10.48 | % | |||||||||
Total U.S. Treasury Notes
|
|||||||||||||
(Cost $7,094,480)
|
7,138,713 | 19.34 | % | ||||||||||
Total U.S. Treasury Notes/Bonds
|
|||||||||||||
(Cost $11,939,794)
|
12,172,701 | 32.98 | % | ||||||||||
EXCHANGE TRADED FUNDS – 6.52%
|
|||||||||||||
iShares iBoxx $High Yield
|
|||||||||||||
Corporation Bond Fund
|
11,100 | 1,028,193 | 2.79 | % | |||||||||
iShares S&P U.S. Preferred
|
|||||||||||||
Stock Index Fund
|
15,250 | 610,762 | 1.65 | % | |||||||||
SPDR Barclays Capital High Yield Bond
|
19,000 | 766,270 | 2.08 | % | |||||||||
Total Exchange Traded Funds
|
|||||||||||||
(Cost $2,366,528)
|
2,405,225 | 6.52 | % |
MUTUAL FUNDS – 0.72%
|
Number of
|
% of
|
|||||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||||
Calamos Convertible Opportunities
|
|||||||||||||||
and Income Fund
|
10,500 | $ | 131,355 | 0.35 | % | ||||||||||
NGP Capital Resources Co.
|
7,000 | 51,310 | 0.14 | % | |||||||||||
Wells Fargo Advantage
|
|||||||||||||||
Income Opportunities Fund
|
8,000 | 83,440 | 0.23 | % | |||||||||||
Total Mutual Funds
(Cost $271,006)
|
266,105 | 0.72 | % | ||||||||||||
SHORT-TERM INVESTMENTS – 1.75%
|
|||||||||||||||
Money Market Fund – 1.75%
|
|||||||||||||||
Fidelity Institutional Money Market
|
|||||||||||||||
Government Portfolio – Class I,
|
|||||||||||||||
0.01% (c) | 646,320 | 646,320 | 1.75 | % | |||||||||||
Total Money Market Fund
|
|||||||||||||||
(Cost $646,320)
|
646,320 | 1.75 | % | ||||||||||||
Total Short-Term Investments
|
|||||||||||||||
(Cost $646,320)
|
646,320 | 1.75 | % | ||||||||||||
Total Investments
|
|||||||||||||||
(Cost $34,793,326) – 99.22%
|
36,619,821 | 99.22 | % | ||||||||||||
Other Assets in Excess
|
|||||||||||||||
of Liabilities – 0.78%
|
289,081 | 0.78 | % | ||||||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 36,908,902 | 100.00 | % |
(a)
|
Non-income producing security.
|
(b)
|
This security is a restricted security under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2012, the total amount of 144A securities was $396,101 or 1.07% of total net assets.
|
(c)
|
The rate listed is the fund’s 7-day yield as of October 31, 2012.
|
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Financials
|
$ | 176,000 | $ | — | $ | — | $ | 176,000 | |||||||||
Total Common Stock
|
$ | 176,000 | $ | — | $ | — | $ | 176,000 | |||||||||
Convertible Preferred Stock
|
$ | — | $ | 572,381 | $ | — | $ | 572,381 | |||||||||
Preferred Stock
|
$ | 13,430 | $ | — | $ | — | $ | 13,430 | |||||||||
REITS
|
|||||||||||||||||
Financials
|
$ | 474,830 | $ | — | $ | — | $ | 474,830 | |||||||||
Corporate Bonds
|
|||||||||||||||||
Consumer Discretionary
|
$ | — | $ | 2,031,016 | $ | — | $ | 2,031,016 | |||||||||
Consumer Staples
|
— | 288,496 | — | 288,496 | |||||||||||||
Energy
|
— | 320,681 | — | 320,681 | |||||||||||||
Financials
|
— | 10,113,474 | — | 10,113,474 | |||||||||||||
Health Care
|
— | 289,869 | — | 289,869 | |||||||||||||
Industrials
|
— | 695,744 | — | 695,744 | |||||||||||||
Information Technology
|
— | 594,625 | — | 594,625 | |||||||||||||
Materials
|
— | 1,157,183 | — | 1,157,183 | |||||||||||||
Telecommunication Services
|
— | 609,283 | — | 609,283 | |||||||||||||
Utilities
|
— | 296,290 | — | 296,290 | |||||||||||||
Total Corporate Bonds
|
$ | — | $ | 16,396,661 | $ | — | $ | 16,396,661 | |||||||||
Mortgage Backed Securities
|
$ | — | $ | 3,074,094 | $ | — | $ | 3,074,094 | |||||||||
U.S. Government Agency Issues
|
$ | — | $ | 422,074 | $ | — | $ | 422,074 | |||||||||
U.S. Treasury Obligations
|
|||||||||||||||||
U.S. Treasury Bonds
|
$ | — | $ | 5,033,988 | $ | — | $ | 5,033,988 | |||||||||
U.S. Treasury Notes
|
— | 7,138,713 | — | 7,138,713 | |||||||||||||
Total U.S. Treasury Obligations
|
$ | — | $ | 12,172,701 | $ | — | $ | 12,172,701 | |||||||||
Exchange Traded Funds
|
$ | 2,405,225 | $ | — | $ | — | $ | 2,405,225 | |||||||||
Mutual Funds
|
$ | 266,105 | $ | — | $ | — | $ | 266,105 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 646,320 | $ | — | $ | — | $ | 646,320 | |||||||||
Total Short-Term Investments
|
$ | 646,320 | $ | — | $ | — | $ | 646,320 | |||||||||
Total Investments in Securities
|
$ | 3,981,910 | $ | 32,637,911 | $ | — | $ | 36,619,821 |
Total Common Stock | ||||
Transfers into Level 2
|
$ | 572,381 | ||
Transfers out of Level 2
|
— | |||
Net transfers in and/or (out) of Level 2
|
$ | 572,381 |
Statements of Assets and Liabilities
as of October 31, 2012
|
HENNESSY
|
HENNESSY
|
|||||||||||
HENNESSY
|
GAS UTILITY
|
SMALL CAP
|
||||||||||
FOCUS FUND
|
INDEX FUND
|
FINANCIAL FUND
|
||||||||||
ASSETS:
|
||||||||||||
Investments in unaffiliated securities, at value (cost $442,578,126, $547,219,723,
|
||||||||||||
$187,046,883, $55,432,647, $5,320,919, $279,818,894 and $34,793,326, respectively)
|
$ | 785,723,844 | $ | 745,189,397 | $ | 211,180,773 | ||||||
Investments in affiliated securities, at value (cost $0, $0,
|
||||||||||||
$0, $1,688,883, $0, $0 and $0, respectively)
|
— | — | — | |||||||||
Cash
|
— | 1,393 | 43,200 | |||||||||
Dividends and interest receivable
|
119,620 | 1,221,344 | 170,505 | |||||||||
Receivable for fund shares sold
|
874,489 | 1,776,838 | 57,918 | |||||||||
Receivable for securities sold
|
— | — | — | |||||||||
Due from advisor
|
— | — | — | |||||||||
Prepaid expenses and other assets
|
65,538 | 76,587 | 18,322 | |||||||||
Total Assets
|
786,783,491 | 748,265,559 | 211,470,718 | |||||||||
LIABILITIES:
|
||||||||||||
Payable for securities purchased
|
— | 661,420 | — | |||||||||
Payable for fund shares redeemed
|
734,915 | 243,646 | 159,456 | |||||||||
Distribution payable
|
— | — | — | |||||||||
Payable to advisor
|
594,508 | 248,508 | 153,494 | |||||||||
Payable to administrator
|
93,848 | 24,851 | 23,832 | |||||||||
Distribution and service fee payable
|
148,902 | — | 35,430 | |||||||||
Accrued accounting fees
|
313 | 808 | 806 | |||||||||
Accrued custody fees
|
6,190 | 4,970 | 1,520 | |||||||||
Accrued directors fees
|
90 | 90 | 90 | |||||||||
Accrued expenses and other payables
|
319,532 | 260,834 | 101,023 | |||||||||
Total Liabilities
|
1,898,298 | 1,445,127 | 475,651 | |||||||||
NET ASSETS
|
$ | 784,885,193 | $ | 746,820,432 | $ | 210,995,067 | ||||||
NET ASSETS CONSIST OF:
|
||||||||||||
Capital stock
|
$ | 383,937,147 | $ | 548,299,308 | $ | 194,158,088 | ||||||
Accumulated net investment income (loss)
|
(5,555,872 | ) | 452,765 | 715,079 | ||||||||
Accumulated net realized gain (loss) on investments
|
63,358,200 | 103,930 | (8,011,990 | ) | ||||||||
Unrealized net appreciation (depreciation) on investments
|
343,145,718 | 197,964,429 | 24,133,890 | |||||||||
Total Net Assets
|
$ | 784,885,193 | $ | 746,820,432 | $ | 210,995,067 | ||||||
NET ASSETS
|
||||||||||||
Investor Class:
|
||||||||||||
Shares authorized ($.0001 par value)
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||
Net assets applicable to outstanding Investor Class shares
|
707,606,129 | 746,820,432 | 167,202,081 | |||||||||
Shares issued and outstanding
|
13,665,453 | 32,401,084 | 8,556,424 | |||||||||
Net asset value, offering price and redemption price per share
|
$ | 51.78 | $ | 23.05 | $ | 19.54 | ||||||
Institutional Class:
|
||||||||||||
Shares authorized ($.0001 par value)
|
Unlimited
|
N/A |
Unlimited
|
|||||||||
Net assets applicable to outstanding Institutional Class shares
|
77,279,064 | N/A | 43,792,986 | |||||||||
Shares issued and outstanding
|
1,480,757 | N/A | 3,549,265 | |||||||||
Net asset value, offering price and redemption price per share
|
$ | 52.19 | N/A | $ | 12.34 |
HENNESSY
|
HENNESSY
|
HENNESSY
|
HENNESSY
|
|||||||||||
LARGE CAP
|
TECHNOLOGY
|
EQUITY AND
|
CORE BOND
|
|||||||||||
FINANCIAL FUND
|
FUND
|
INCOME FUND
|
FUND
|
|||||||||||
$ | 62,561,796 | $ | 5,410,616 | $ | 303,595,245 | $ | 36,619,821 | |||||||
2,158,650 | — | — | — | |||||||||||
23,400 | — | 28,726 | — | |||||||||||
32,609 | 466 | 1,467,803 | 377,070 | |||||||||||
14,297 | 8,995 | 254,017 | 138 | |||||||||||
— | — | 459,684 | — | |||||||||||
— | 3,183 | — | — | |||||||||||
13,668 | 2,420 | 53,560 | 22,347 | |||||||||||
64,804,420 | 5,425,680 | 305,859,035 | 37,019,376 | |||||||||||
— | — | — | — | |||||||||||
20,646 | 7,742 | 132,989 | 107 | |||||||||||
— | — | — | 44,772 | |||||||||||
50,217 | — | 139,264 | 13,075 | |||||||||||
7,887 | 839 | 28,792 | 4,107 | |||||||||||
13,949 | 997 | 42,598 | 762 | |||||||||||
478 | 870 | 4,121 | 2,516 | |||||||||||
510 | 60 | 1,720 | 260 | |||||||||||
90 | 90 | 90 | 90 | |||||||||||
54,752 | 41,038 | 104,246 | 44,785 | |||||||||||
148,529 | 51,636 | 453,820 | 110,474 | |||||||||||
$ | 64,655,891 | $ | 5,374,044 | $ | 305,405,215 | $ | 36,908,902 | |||||||
$ | 64,680,077 | $ | 7,693,908 | $ | 284,296,411 | $ | 34,345,436 | |||||||
50,837 | (64,030 | ) | 312,645 | 2,309 | ||||||||||
(7,673,939 | ) | (2,345,531 | ) | (2,980,192 | ) | 734,662 | ||||||||
7,598,916 | 89,697 | 23,776,351 | 1,826,495 | |||||||||||
$ | 64,655,891 | $ | 5,374,044 | $ | 305,405,215 | $ | 36,908,902 | |||||||
Unlimited
|
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||||
64,655,891 | 4,441,496 | 196,915,311 | 3,569,561 | |||||||||||
4,566,545 | 416,427 | 14,103,277 | 357,974 | |||||||||||
$ | 14.16 | $ | 10.67 | $ | 13.96 | $ | 9.97 | |||||||
N/A |
Unlimited
|
Unlimited
|
Unlimited
|
|||||||||||
N/A | 932,548 | 108,489,904 | 33,339,341 | |||||||||||
N/A | 86,944 | 8,163,499 | 3,679,087 | |||||||||||
N/A | $ | 10.73 | $ | 13.29 | $ | 9.06 |
Statements of Operations
as of October 31, 2012
|
HENNESSY
|
HENNESSY
|
|||||||||||
HENNESSY
|
GAS UTILITY
|
SMALL CAP
|
||||||||||
FOCUS FUND
|
INDEX FUND
|
FINANCIAL FUND
|
||||||||||
INVESTMENT INCOME:
|
||||||||||||
Dividend income from unaffiliated securities
(1)
|
$ | 4,454,002 | $ | 20,690,218 | $ | 3,666,139 | ||||||
Dividend income from affiliated securities
|
— | — | — | |||||||||
Interest income
|
7,813 | 818 | 847 | |||||||||
Total investment income
|
4,461,815 | 20,691,036 | 3,666,986 | |||||||||
EXPENSES:
|
||||||||||||
Investment advisory fees
|
6,539,937 | 2,427,576 | 1,647,875 | |||||||||
Administration and accounting fees
|
501,693 | 703,080 | 119,524 | |||||||||
Custodian fees
|
36,280 | 31,581 | 8,126 | |||||||||
Transfer agent fees – Investor Class
|
186,737 | 163,720 | 51,702 | |||||||||
Transfer agent fees – Institutional Class
|
13,371 | — | 7,099 | |||||||||
Distribution and service fees (See Note 6)
|
1,659,066 | — | 395,608 | |||||||||
Federal and state registration fees
|
52,877 | 60,312 | 49,038 | |||||||||
Audit fees
|
19,204 | 19,200 | 19,201 | |||||||||
Legal fees
|
34,481 | 44,445 | 39,800 | |||||||||
Compliance expense
|
32,239 | 33,458 | 13,550 | |||||||||
Insurance fees
|
96,636 | 63,019 | 27,723 | |||||||||
Reports to shareholders Investor Class
|
85,801 | 78,173 | 32,695 | |||||||||
Reports to shareholders Institutional Class
|
3,891 | — | 2,003 | |||||||||
Directors’ fees and expenses
|
16,187 | 16,186 | 16,182 | |||||||||
Sub-transfer agent expenses – Investor Class (See Note 6)
|
739,160 | 545,625 | 145,366 | |||||||||
Sub-transfer agent expenses – Institutional Class (See Note 6)
|
40,959 | — | 26,453 | |||||||||
Interest expense (See Note 7)
|
— | 132 | 62 | |||||||||
Other
|
1,865 | 1,306 | 2,223 | |||||||||
Total expenses before reimbursement from advisor
|
10,060,384 | 4,187,813 | 2,604,230 | |||||||||
Expense (reimbursement)/recoupment
|
— | — | 1,024 | |||||||||
Net expenses
|
10,060,384 | 4,187,813 | 2,605,254 | |||||||||
NET INVESTMENT INCOME (LOSS)
|
$ | (5,598,569 | ) | $ | 16,503,223 | $ | 1,061,732 | |||||
REALIZED AND UNREALIZED GAINS (LOSSES):
|
||||||||||||
Net realized gain (loss) on:
|
||||||||||||
Investments from unaffiliated securities
|
$ | 63,683,118 | $ | 15,896,840 | $ | 1,944,040 | ||||||
Investments from affiliated securities
|
— | — | — | |||||||||
Long-term capital gain distributions from regulated investment companies
|
— | — | — | |||||||||
Change in unrealized appreciation (depreciation) on investments
|
49,854,427 | 38,631,748 | 30,826,479 | |||||||||
Net gain (loss) on investments
|
113,537,545 | 54,528,588 | 32,770,519 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
$ | 107,938,976 | $ | 71,031,811 | $ | 33,832,251 |
HENNESSY
|
HENNESSY
|
HENNESSY
|
HENNESSY
|
|||||||||||
LARGE CAP
|
TECHNOLOGY
|
EQUITY AND
|
CORE BOND
|
|||||||||||
FINANCIAL FUND
|
FUND
|
INCOME FUND
|
FUND
|
|||||||||||
$ | 952,396 | $ | 53,911 | $ | 3,632,536 | $ | 202,657 | |||||||
59,925 | — | — | — | |||||||||||
197 | 38 | 2,229,010 | 1,074,105 | |||||||||||
1,012,518 | 53,949 | 5,861,546 | 1,276,762 | |||||||||||
549,491 | 60,210 | 1,726,176 | 251,697 | |||||||||||
44,066 | 9,241 | 168,966 | 33,776 | |||||||||||
3,200 | — | 10,834 | 1,819 | |||||||||||
13,914 | 5,757 | 42,161 | 3,318 | |||||||||||
— | 2,675 | 34,660 | 7,475 | |||||||||||
152,636 | 13,989 | 340,404 | 9,766 | |||||||||||
12,592 | 30,490 | 40,309 | 26,018 | |||||||||||
19,200 | 19,198 | 20,329 | 20,330 | |||||||||||
43,465 | 40,124 | 44,205 | 40,075 | |||||||||||
10,982 | 8,856 | 16,078 | 9,811 | |||||||||||
10,170 | 1,063 | 22,588 | 3,785 | |||||||||||
7,672 | 2,615 | 17,320 | — | |||||||||||
— | 592 | 6,532 | — | |||||||||||
16,187 | 16,186 | 16,186 | 16,187 | |||||||||||
73,853 | 12,307 | 108,483 | 8,666 | |||||||||||
— | 485 | 35,345 | 10,040 | |||||||||||
80 | 19 | — | — | |||||||||||
3,178 | — | 3,662 | — | |||||||||||
960,686 | 223,807 | 2,654,238 | 442,763 | |||||||||||
— | (96,067 | ) | (179,947 | ) | (102,642 | ) | ||||||||
960,686 | 127,740 | 2,474,291 | 340,121 | |||||||||||
$ | 51,832 | $ | (73,791 | ) | $ | 3,387,255 | $ | 936,641 | ||||||
$ | (3,007,601 | ) | $ | 105,389 | $ | 1,448,410 | $ | 730,827 | ||||||
137,738 | — | — | — | |||||||||||
— | — | 3,301 | 2,641 | |||||||||||
13,073,690 | (96,492 | ) | 10,755,082 | 675,399 | ||||||||||
10,203,827 | 8,897 | 12,206,793 | 1,408,867 | |||||||||||
$ | 10,255,659 | $ | (64,894 | ) | $ | 15,594,048 | $ | 2,345,508 |
Statements of Changes in Net Assets
|
Hennessy Focus Fund
|
||||||||
Year Ended
|
Year Ended
|
|||||||
October 31, 2012
|
October 31, 2011
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$ | (5,598,569 | ) | $ | (7,221,589 | ) | ||
Net realized gain (loss) on securities
|
63,683,118 | 69,789,480 | ||||||
Long-term capital gain distributions from regulated investment companies
|
— | — | ||||||
Change in unrealized appreciation (depreciation) on securities
|
49,854,427 | (10,251,836 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
107,938,976 | 52,316,055 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
||||||||
Net investment income – Investor Class
|
— | — | ||||||
Net investment income – Institutional Class
|
— | — | ||||||
Net realized gains – Investor Class
|
(63,544,133 | ) | (24,307,241 | ) | ||||
Net realized gains – Institutional Class
|
(5,298,059 | ) | (1,335,587 | ) | ||||
Total distributions
|
(68,842,192 | ) | (25,642,828 | ) | ||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares subscribed – Investor Class
|
179,555,653 | 116,123,991 | ||||||
Proceeds from shares subscribed – Institutional Class
|
31,219,319 | 28,327,587 | ||||||
Dividends reinvested – Investor Class
|
61,703,733 | 23,268,243 | ||||||
Dividends reinvested – Institutional Class
|
4,808,848 | 1,290,549 | ||||||
Cost of shares redeemed – Investor Class
|
(179,761,921 | ) | (224,457,709 | ) | ||||
Cost of shares redeemed – Institutional Class
|
(12,079,868 | ) | (18,533,787 | ) | ||||
Net increase (decrease) in net assets derived from capital share transactions
|
85,445,764 | (73,981,126 | ) | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
124,542,548 | (47,307,899 | ) | |||||
NET ASSETS:
|
||||||||
Beginning of year
|
660,342,645 | 707,650,544 | ||||||
End of year
|
$ | 784,885,193 | $ | 660,342,645 | ||||
Accumulated net investment income (loss), end of period
|
$ | (5,555,872 | ) | $ | — | |||
CHANGES IN SHARES OUTSTANDING:
|
||||||||
Shares sold – Investor Class
|
3,675,823 | 2,351,234 | ||||||
Shares sold – Institutional Class
|
640,920 | 909,520 | ||||||
Shares issued to holders as reinvestment of dividends – Investor Class
|
1,379,779 | 473,509 | ||||||
Shares issued to holders as reinvestment of dividends – Institutional Class
|
106,958 | 26,215 | ||||||
Shares redeemed – Investor Class
|
(3,665,085 | ) | (4,651,789 | ) | ||||
Shares redeemed – Institutional Class
|
(246,768 | ) | (662,843 | ) | ||||
Net increase (decrease) in shares outstanding
|
1,891,627 | (1,554,154 | ) |
Hennessy Gas Utility Index Fund
|
Hennessy Small Cap Financial Fund
|
Hennessy Large Cap Financial Fund
|
||||||||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||
October 31, 2012
|
October 31, 2011
|
October 31, 2012
|
October 31, 2011
|
October 31, 2012
|
October 31, 2011
|
|||||||||||||||||
$ | 16,503,223 | $ | 8,042,465 | $ | 1,061,732 | $ | 2,102,026 | $ | 51,832 | $ | (210,507 | ) | ||||||||||
15,896,840 | 3,417,370 | 1,944,040 | (5,543,171 | ) | (2,869,863 | ) | (2,300,974 | ) | ||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
38,631,748 | 53,861,410 | 30,826,479 | (17,139,877 | ) | 13,073,690 | (4,407,932 | ) | |||||||||||||||
71,031,811 | 65,321,245 | 33,832,251 | (20,581,022 | ) | 10,255,659 | (6,919,413 | ) | |||||||||||||||
(16,153,180 | ) | (8,022,358 | ) | (2,581,343 | ) | (725,603 | ) | — | — | |||||||||||||
— | — | (600,281 | ) | (256,185 | ) | — | — | |||||||||||||||
(3,837,545 | ) | (2,818,013 | ) | — | (1,605,904 | ) | — | — | ||||||||||||||
— | — | — | (275,476 | ) | — | — | ||||||||||||||||
(19,990,725 | ) | (10,840,371 | ) | (3,181,624 | ) | (2,863,168 | ) | — | — | |||||||||||||
455,625,004 | 174,605,319 | 35,833,043 | 94,080,317 | 16,478,942 | 32,559,261 | |||||||||||||||||
— | — | 29,798,695 | 12,177,273 | — | — | |||||||||||||||||
18,728,680 | 10,114,130 | 2,505,214 | 2,253,869 | — | — | |||||||||||||||||
— | — | 541,245 | 504,775 | — | — | |||||||||||||||||
(212,356,106 | ) | (49,459,579 | ) | (52,499,033 | ) | (139,260,794 | ) | (17,762,354 | ) | (18,672,760 | ) | |||||||||||
— | — | (9,935,564 | ) | (13,968,745 | ) | — | — | |||||||||||||||
261,997,578 | 135,259,870 | 6,243,600 | (44,213,305 | ) | (1,283,412 | ) | 13,886,501 | |||||||||||||||
313,038,664 | 189,740,744 | 36,894,227 | (67,657,495 | ) | 8,972,247 | 6,967,088 | ||||||||||||||||
433,781,768 | 244,041,024 | 174,100,840 | 241,758,335 | 55,683,644 | 48,716,556 | |||||||||||||||||
$ | 746,820,432 | $ | 433,781,768 | $ | 210,995,067 | $ | 174,100,840 | $ | 64,655,891 | $ | 55,683,644 | |||||||||||
$ | 452,765 | $ | 93,553 | $ | 715,079 | $ | 2,346,347 | $ | 50,837 | $ | — | |||||||||||
20,822,498 | 8,918,950 | 2,027,671 | 4,827,202 | 1,270,324 | 2,347,452 | |||||||||||||||||
— | — | 2,516,251 | 950,220 | — | — | |||||||||||||||||
855,456 | 396,830 | 151,831 | 116,283 | — | — | |||||||||||||||||
— | — | 52,043 | 40,309 | — | — | |||||||||||||||||
(9,730,123 | ) | (2,550,055 | ) | (2,981,029 | ) | (7,556,513 | ) | (1,379,184 | ) | (1,455,102 | ) | |||||||||||
— | — | (904,613 | ) | (1,242,590 | ) | — | — | |||||||||||||||
11,947,831 | 6,765,725 | 862,154 | (2,865,089 | ) | (108,860 | ) | 892,350 |
Statements of Changes in Net Assets
|
Hennessy Technology Fund
|
||||||||
Year Ended
|
Year Ended
|
|||||||
October 31, 2012
|
October 31, 2011
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$ | (73,791 | ) | $ | (131,860 | ) | ||
Net realized gain (loss) on securities
|
105,389 | 1,108,080 | ||||||
Long-term capital gain distributions from regulated investment companies
|
— | — | ||||||
Change in unrealized appreciation (depreciation) on securities
|
(96,492 | ) | (909,888 | ) | ||||
Net increase (decrease) in net assets resulting from operations
|
(64,894 | ) | 66,332 | |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
||||||||
Net investment income – Investor Class
|
— | — | ||||||
Net investment income – Institutional Class
|
— | — | ||||||
Net realized gains – Investor Class
|
— | — | ||||||
Net realized gains – Institutional Class
|
— | — | ||||||
Total distributions
|
— | — | ||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares subscribed – Investor Class
|
1,102,171 | 933,790 | ||||||
Proceeds from shares subscribed – Institutional Class
|
117,282 | 141,716 | ||||||
Dividends reinvested – Investor Class
|
— | — | ||||||
Dividends reinvested – Institutional Class
|
— | — | ||||||
Cost of shares redeemed – Investor Class
|
(2,317,205 | ) | (3,427,601 | ) | ||||
Cost of shares redeemed – Institutional Class
|
(318,228 | ) | (3,677,007 | ) | ||||
Net increase (decrease) in net assets derived from capital share transactions
|
(1,415,980 | ) | (6,029,102 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(1,480,874 | ) | (5,962,770 | ) | ||||
NET ASSETS:
|
||||||||
Beginning of year
|
6,854,918 | 12,817,688 | ||||||
End of year
|
$ | 5,374,044 | $ | 6,854,918 | ||||
Accumulated net investment income (loss), end of period
|
$ | (64,030 | ) | $ | — | |||
CHANGES IN SHARES OUTSTANDING:
|
||||||||
Shares sold – Investor Class
|
100,084 | 80,830 | ||||||
Shares sold – Institutional Class
|
10,510 | 12,475 | ||||||
Shares issued to holders as reinvestment of dividends – Investor Class
|
— | — | ||||||
Shares issued to holders as reinvestment of dividends – Institutional Class
|
— | — | ||||||
Shares redeemed – Investor Class
|
(208,443 | ) | (302,424 | ) | ||||
Shares redeemed – Institutional Class
|
(29,733 | ) | (325,462 | ) | ||||
Net increase (decrease) in shares outstanding
|
(127,582 | ) | (534,581 | ) |
Hennessy Equity and Income Fund
|
Hennessy Core Bond Fund
|
|||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||
October 31, 2012
|
October 31, 2011
|
October 31, 2012
|
October 31, 2011
|
|||||||||||
$ | 3,387,255 | $ | 2,261,233 | $ | 936,641 | $ | 1,061,269 | |||||||
1,448,410 | 3,679,665 | 730,827 | 344,435 | |||||||||||
3,301 | — | 2,641 | — | |||||||||||
10,755,082 | 4,044,861 | 675,399 | (741,372 | ) | ||||||||||
15,594,048 | 9,985,759 | 2,345,508 | 664,332 | |||||||||||
(1,939,551 | ) | (938,298 | ) | (79,978 | ) | (137,452 | ) | |||||||
(1,382,811 | ) | (1,201,869 | ) | (855,949 | ) | (925,575 | ) | |||||||
— | — | (35,520 | ) | (67,867 | ) | |||||||||
— | — | (224,731 | ) | (403,399 | ) | |||||||||
(3,322,362 | ) | (2,140,167 | ) | (1,196,178 | ) | (1,534,293 | ) | |||||||
186,044,450 | 21,892,863 | 750,864 | 1,121,100 | |||||||||||
58,487,290 | 11,344,367 | 9,744,071 | 207,173 | |||||||||||
1,782,862 | 799,608 | 100,421 | 171,157 | |||||||||||
787,199 | 582,146 | 276,637 | 201,570 | |||||||||||
(55,147,222 | ) | (11,356,943 | ) | (1,491,425 | ) | (1,567,151 | ) | |||||||
(10,854,505 | ) | (2,741,528 | ) | (915,194 | ) | (662,060 | ) | |||||||
181,100,074 | 20,520,513 | 8,465,374 | (528,211 | ) | ||||||||||
193,371,760 | 28,366,105 | 9,614,704 | (1,398,172 | ) | ||||||||||
112,033,455 | 83,667,350 | 27,294,198 | 28,692,370 | |||||||||||
$ | 305,405,215 | $ | 112,033,455 | $ | 36,908,902 | $ | 27,294,198 | |||||||
$ | 312,645 | $ | 223,082 | $ | 2,309 | $ | 8,277 | |||||||
13,582,962 | 1,737,714 | 77,850 | 117,394 | |||||||||||
4,455,425 | 945,356 | 1,098,239 | 23,618 | |||||||||||
129,222 | 64,232 | 10,455 | 18,179 | |||||||||||
60,174 | 49,108 | 31,173 | 23,287 | |||||||||||
(3,976,644 | ) | (913,207 | ) | (153,825 | ) | (164,856 | ) | |||||||
(818,985 | ) | (233,375 | ) | (102,473 | ) | (75,253 | ) | |||||||
13,432,154 | 1,649,828 | 961,419 | (57,631 | ) |
Hennessy Focus Fund (formerly FBR 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 (formerly FBR 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 Gas Utility Index Fund (formerly FBR 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 Small Cap Financial Fund (formerly FBR 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 (formerly FBR 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 Large Cap Financial Fund (formerly FBR 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 Technology Fund (formerly FBR 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 (formerly FBR 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 Equity and Income Fund (formerly FBR Balanced Fund)
|
Hennessy Equity and Income Fund (formerly FBR Balanced 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 Core Bond Fund (formerly FBR 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 (formerly FBR 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 | % |
a).
|
Investment Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 4.
|
b).
|
Federal Income Taxes – Provision for Federal income taxes or excise taxes has not been made since the Funds have elected to be taxed as “regulated investment companies” and intend to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Net investment income or loss and realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of temporary book and tax basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes.
|
|
Due to inherent differences in the recognition of income, expenses, and realized gains/losses under U.S. generally accepted accounting principles and federal income tax purposes, permanent differences between book and tax basis reporting for the 2012 fiscal year have been identified and appropriately reclassified on the Statement of Assets and Liabilities.
|
Accumulated Net | Accumulated Net |
Paid In
|
||||||||||||
Investment Income/(Loss) | Realized Gain/(Loss) |
Capital
|
||||||||||||
Focus Fund
|
$ | 42,697 | $ | (42,697 | ) | $ | — | |||||||
Gas Fund
|
$ | 9,169 | $ | (9,169 | ) | $ | — | |||||||
Small Cap Financial Fund
|
$ | 488,624 | $ | (488,624 | ) | $ | — | |||||||
Large Cap Financial Fund
|
$ | (995 | ) | $ | (5 | ) | $ | 1,000 | ||||||
Technology Fund
|
$ | 9,761 | $ | — | $ | (9,761 | ) | |||||||
Equity and Income Fund
|
$ | 24,670 | $ | (24,670 | ) | $ | — | |||||||
Core Bond Fund
|
$ | (6,682 | ) | $ | 6,681 | $ | 1 |
|
The permanent differences primarily relate to net operating losses and capital loss carryovers lost due to expiration.
|
c).
|
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its respective net assets.
|
d).
|
Distributions to Shareholders – Dividends from net investment income for the Focus Fund, Small Cap Financial Fund, Large Cap Financial Fund and Technology Fund, if any, are declared and paid out annually, usually in November or December of each year. The Gas Fund and Equity and Income Fund declare and pay any such dividends quarterly. The Core Bond Fund declares and pays
|
|
net investment income, if any, monthly. Distributions from net realized capital gains, if any, are declared and paid annually, usually in November or December of each year, for all of the Funds. Income and capital gain distributions are determined in accordance with U.S. federal income tax regulations.
|
e).
|
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security.
|
f).
|
Use of Estimates – The preparation of financial statements in accordance with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
|
g).
|
Share Valuation – The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange is closed for trading. The offering and redemption price per share for each Fund is equal to each Fund’s net asset value per share. The Funds charged a 1% redemption fee on shares redeemed or exchanged within 90 days of purchase through October 26, 2012. These fees were deducted from the redemption proceeds otherwise payable to the shareholder. The redemption fees were retained by each Fund and treated as additional paid-in capital and allocated to each respective class of shares (if applicable). Such fees become part of that Fund’s daily NAV calculation.
|
h).
|
Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign exchange rates on realized and unrealized security gains and losses is reflected as a component of such gains or losses. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards and other factors.
|
i).
|
Repurchase Agreements – The Funds may enter into repurchase agreements with member banks or security dealers of the Federal Reserve whom the investment advisor deems creditworthy. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates.
|
|
Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient, in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.
|
j).
|
Accounting for Uncertainty in Income Taxes – The Funds have adopted accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds have reviewed all open tax years and major jurisdictions and concluded that there is no impact on the Funds’ net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. As of October 31, 2012, open Federal and state tax years for the Funds include the tax years ended October 31, 2009 through 2012.
|
k).
|
Derivatives – The Funds may invest in, or enter into, derivatives, such as options, futures contracts, options on futures contracts and swaps, for a variety of reasons, including to hedge certain risks, to provide a substitute for purchasing or selling particular securities or to increase potential income gain. Derivatives may provide a cheaper, quicker or more specifically focused way for a Fund to invest than “traditional” securities would. The main purpose of utilizing these derivative instruments is for hedging purposes.
|
|
The Funds have adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification (“FASB ASC”). The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivatives instruments affect an entity’s results of operations and financial position. During the year ended October 31, 2012, the Funds did not hold any derivative instruments.
|
l).
|
Events Subsequent to the Fiscal Period End – The Funds have adopted financial reporting rules regarding subsequent events which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred subsequent to October 31, 2012, through the date of issuance of the Funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund’s financial statements.
|
m).
|
New Accounting Pronouncements – In April 2011, FASB issued ASU No. 2011-03 “Reconsideration of Effective Control for Repurchase Agreements”. ASU 2011-03 amends FASB ASC Topic 860, Transfers and Servicing, specifically the criteria required to determine whether a repurchase agreement (repo) and similar agreements should be accounted for as sales of financial assets or secured borrowings with commitments. ASU No. 2011-03 changes the assessment of effective control by focusing on the transferor’s contractual rights and obligations and removing the criterion to assess its ability to exercise those rights or honor those obligations. This could result in changes to the way entities account for certain transactions including repurchase agreements, mortgage dollar rolls and reverse repurchase agreements. The ASU will become effective on a prospective basis for new transfers and modifications to existing transactions as of the beginning of the first interim or annual period beginning on or after December 15, 2011. Management continues to evaluate the application of this pronouncement to the Funds, and is not in a position at this time to evaluate the significance of its impact, if any, on the Funds’ financial statements.
|
|
In May 2011, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in GAAP and the International Financial Reporting Standards (“IFRSs”). ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and IFRSs. ASU No. 2011-04 is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the impact of these amendments and does not believe they will have a material impact on the Funds’ financial statements.
|
|
In December 2011, FASB issued ASU No. 2011-11 related to disclosures about offsetting assets and liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective applications for all comparative periods presented. Management is currently evaluating the impact ASU 2011-11 will have on the financial statements disclosures.
|
Level 1 –
|
Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
|
Level 2 –
|
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets), little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest rates, prepayment speeds, credit risk curves, default rates and similar data.
|
Level 3 –
|
Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Funds’ own assumptions that market participant’s would use to price the asset or liability based on the best available information.
|
Small Cap
|
Large Cap
|
|||||||||||||||
Focus
|
Gas
|
Financial
|
Financial
|
|||||||||||||
Fund
|
Fund
|
Fund
|
Fund
|
|||||||||||||
Purchases
|
$ | 83,926,873 | $ | 383,778,993 | $ | 76,057,181 | $ | 54,261,498 | ||||||||
Sales
|
$ | 105,401,370 | $ | 94,134,968 | $ | 74,303,904 | $ | 54,263,790 | ||||||||
Equity and
|
||||||||||||||||
Technology
|
Income
|
Core Bond
|
||||||||||||||
Fund
|
Fund
|
Fund
|
||||||||||||||
Purchases
|
$ | 8,666,862 | $ | 144,916,403 | $ | 7,353,476 | ||||||||||
Sales
|
$ | 10,158,171 | $ | 18,061,058 | $ | 6,338,771 |
Focus Fund
|
0.90%
|
||
Gas Fund
|
0.40%
|
||
Small Cap Financial Fund
|
0.90%
|
||
Large Cap Financial Fund
|
0.90%
|
||
Technology Fund
|
0.90%
|
||
Equity and Income Fund
|
0.80%
|
||
Core Bond Fund
|
0.80%
|
Focus Fund
|
$594,508
|
||
Gas Fund
|
$248,508
|
||
Small Cap Financial Fund
|
$153,494
|
||
Large Cap Financial Fund
|
$ 50,217
|
||
Technology Fund
|
$ —
|
||
Equity and Income Fund
|
$139,264
|
||
Core Bond Fund
|
$ 13,075
|
Focus Fund
|
0.90%
|
||
Gas Fund
|
0.40%
|
||
Small Cap Financial Fund
|
0.90%
|
||
Large Cap Financial Fund
|
0.90%
|
||
Technology Fund
|
0.90%
|
||
Equity and Income Fund
|
0.80%
|
||
Core Bond Fund
|
0.80%
|
Investor Class
|
Institutional Class
|
||
Focus Fund
|
1.95%
|
1.70%
|
|
Gas Fund
|
0.85%
|
N/A
|
|
Small Cap Financial Fund
|
1.95%
|
1.70%
|
|
Large Cap Financial Fund
|
1.95%
|
N/A
|
|
Technology Fund
|
1.95%
|
1.70%
|
|
Equity and Income Fund
|
1.08%*
|
1.08%
|
|
Core Bond Fund
|
1.05%*
|
1.05%
|
*
|
Amount shown excludes the 12b-1 fee. Including the 12b-1 fee, the amounts are 1.33% and 1.30% for the Equity and Income Fund and Core Bond Fund, respectively.
|
Amount
|
Year of Expiration
|
||
Technology Fund
|
$770
|
2015
|
|
Core Bond Fund
|
$759
|
2015
|
Focus Fund
|
$780,119
|
||
Gas Fund
|
$545,625
|
||
Small Cap Financial Fund
|
$171,819
|
||
Large Cap Financial Fund
|
$ 73,853
|
||
Technology Fund
|
$ 12,792
|
||
Equity and Income Fund
|
$143,828
|
||
Core Bond Fund
|
$ 18,706
|
Small Cap
|
Large Cap
|
|||||||||||||||
Focus
|
Gas
|
Financial
|
Financial
|
|||||||||||||
Fund
|
Fund
|
Fund
|
Fund
|
|||||||||||||
Cost of investments for tax purposes
|
$ | 442,578,126 | $ | 564,677,823 | $ | 191,400,745 | $ | 61,160,366 | ||||||||
Gross tax unrealized appreciation
|
357,306,224 | 201,268,754 | 33,959,132 | 9,016,974 | ||||||||||||
Gross tax unrealized depreciation
|
(14,160,506 | ) | (20,757,180 | ) | (14,179,104 | ) | (5,456,894 | ) | ||||||||
Net tax unrealized appreciation (depreciation)
|
$ | 343,145,718 | $ | 180,511,574 | $ | 19,780,028 | $ | 3,560,080 | ||||||||
Net unrealized gain/loss - foreign currency
|
— | (5,245 | ) | — | — | |||||||||||
Undistributed ordinary income
|
$ | — | $ | 3,186,762 | $ | 715,079 | $ | 50,837 | ||||||||
Undistributed long-term capital gains
|
63,358,200 | 14,828,033 | — | — | ||||||||||||
Total distributable earnings
|
$ | 63,358,200 | $ | 18,014,795 | $ | 715,079 | $ | 50,837 | ||||||||
Other accumulated gains/(losses)
|
$ | (5,555,872 | ) | $ | — | $ | (3,658,128 | ) | $ | (3,635,103 | ) | |||||
Total accumulated earnings/(losses)
|
$ | 400,948,046 | $ | 198,521,124 | $ | 16,836,979 | $ | (24,186 | ) | |||||||
Equity and | ||||||||||||||||
Technology
|
Income
|
Core Bond
|
||||||||||||||
Fund
|
Fund
|
Fund
|
||||||||||||||
Cost of investments for tax purposes
|
$ | 5,457,305 | $ | 279,885,717 | $ | 34,804,033 | ||||||||||
Gross tax unrealized appreciation
|
326,484 | 28,255,283 | 2,158,247 | |||||||||||||
Gross tax unrealized depreciation
|
(373,173 | ) | (4,545,755 | ) | (342,459 | ) | ||||||||||
Net tax unrealized appreciation (depreciation)
|
$ | (46,689 | ) | $ | 23,709,528 | $ | 1,815,788 | |||||||||
Undistributed ordinary income
|
$ | — | $ | 312,645 | $ | 379,230 | ||||||||||
Undistributed long-term capital gains
|
— | — | 368,448 | |||||||||||||
Total distributable earnings
|
$ | — | $ | 312,645 | $ | 747,678 | ||||||||||
Other accumulated gains/(losses)
|
$ | (2,273,175 | ) | $ | (2,913,369 | ) | $ | — | ||||||||
Total accumulated earnings/(losses)
|
$ | (2,319,864 | ) | $ | 21,108,804 | $ | 2,563,466 |
Year Ended
|
Year Ended
|
|||||||||
Focus Fund
|
October 31, 2012
|
October 31, 2011
|
||||||||
Ordinary Income
|
$ | — | $ | — | ||||||
Long-term capital gain
|
68,842,192 | 25,642,828 | ||||||||
$ | 68,842,192 | $ | 25,642,828 |
Year Ended
|
Year Ended
|
|||||||||
Gas Fund
|
October 31, 2012
|
October 31, 2011
|
||||||||
Ordinary Income
|
$ | 18,087,340 | $ | 8,228,128 | ||||||
Long-term capital gain
|
1,903,385 | 2,612,243 | ||||||||
$ | 19,990,725 | $ | 10,840,371 | |||||||
Year Ended
|
Year Ended
|
|||||||||
Small Cap Financial Fund
|
October 31, 2012
|
October 31, 2011
|
||||||||
Ordinary Income
|
$ | 3,181,624 | $ | 2,863,168 | ||||||
Long-term capital gain
|
— | — | ||||||||
$ | 3,181,624 | $ | 2,863,168 | |||||||
Year Ended
|
Year Ended
|
|||||||||
Large Cap Financial Fund
|
October 31, 2012
|
October 31, 2011
|
||||||||
Ordinary Income
|
$ | — | $ | — | ||||||
Long-term capital gain
|
— | — | ||||||||
$ | — | $ | — | |||||||
Year Ended
|
Year Ended
|
|||||||||
Technology Fund
|
October 31, 2012
|
October 31, 2011
|
||||||||
Ordinary Income
|
$ | — | $ | — | ||||||
Long-term capital gain
|
— | — | ||||||||
$ | — | $ | — | |||||||
Year Ended
|
Year Ended
|
|||||||||
Equity and Income Fund
|
October 31, 2012
|
October 31, 2011
|
||||||||
Ordinary Income
|
$ | 3,322,362 | $ | 2,140,167 | ||||||
Long-term capital gain
|
— | — | ||||||||
$ | 3,322,362 | $ | 2,140,167 | |||||||
Year Ended
|
Year Ended
|
|||||||||
Core Bond Fund
|
October 31, 2012
|
October 31, 2011
|
||||||||
Ordinary Income
|
$ | 1,054,980 | $ | 1,086,378 | ||||||
Long-term capital gain
|
141,198 | 447,915 | ||||||||
$ | 1,196,178 | $ | 1,534,293 |
Post
|
|||||||||
Late Year |
October
|
||||||||
Ordinary Loss Deferral |
Loss Deferral
|
||||||||
Focus Fund
|
(5,555,872 | ) | — | ||||||
Gas Fund
|
— | — | |||||||
Small Cap Financial Fund
|
— | — | |||||||
Large Cap Financial Fund
|
— | — | |||||||
Technology Fund
|
(64,030 | ) | — | ||||||
Equity and Income Fund
|
— | — | |||||||
Core Bond Fund
|
— | — |
FBR Focus Fund
|
Shares issued to Shareholders
|
Hennessy Focus Fund
|
|||
Net Assets
|
of FBR Focus Fund
|
Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$778,311,000
(1)
|
15,154,076
|
$0
|
$778,311,000
|
Non-taxable
|
FBR Gas Utility Index
|
Shares issued to Shareholders
|
Hennessy Gas Utility Index
|
|||
Fund Net Assets
|
of FBR Gas Utility Index Fund
|
Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$741,949,009
(2)
|
32,378,877
|
$0
|
$741,949,009
|
Non-taxable
|
FBR Small Cap Financial
|
Shares issued to Shareholders
|
Hennessy Small Cap
|
|||
Fund Net Assets
|
of FBR Small Cap Financial Fund
|
Financial Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$210,320,731
(3)
|
12,112,883
|
$0
|
$210,320,883
|
Non-taxable
|
FBR Large Cap Financial
|
Shares issued to Shareholders
|
Hennessy Large Cap
|
|||
Fund Net Assets
|
of FBR Large Cap Financial Fund
|
Financial Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$64,199,213
(4)
|
4,567,064
|
$0
|
$64,199,213
|
Non-taxable
|
FBR Balanced Fund
|
Shares issued to Shareholders
|
Hennessy Equity and
|
|||
Net Assets
|
of FBR Balanced Fund
|
Income Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$304,557,978
(6)
|
22,268,632
|
$0
|
$304,557,978
|
Non-taxable
|
FBR Core Bond
|
Shares issued to Shareholders
|
Hennessy Core Bond
|
|||
Fund Net Assets
|
of FBR Core Bond Fund
|
Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$36,814,419
(7)
|
4,033,537
|
$0
|
$36,814,419
|
Non-taxable
|
TAIT, WELLER & BAKER LLP
|
Number of
|
|||||
Portfolios
|
Other
|
||||
in the Fund
|
Directorships
|
||||
Position(s)
|
Term of Office
|
Complex
|
(During Past
|
||
Held with
|
and Length of
|
Principal Occupation(s)
|
Overseen
|
5 Years) Held
|
|
Name, Address, and Age
|
the Fund
|
Time Served
|
During Past 5 Years
|
by Trustee
|
by Trustee
|
Interested Persons
|
|||||
Teresa M. Nilsen
(1)
|
Executive
|
1 year term
|
Ms. Nilsen has been employed by
|
N/A
|
N/A
|
Age: 46
|
Vice President
|
Hennessy Advisors, Inc., the Funds’
|
|||
Address:
|
and Treasurer
|
Since January 1996
|
investment advisor, since 1989. She
|
||
c/o Hennessy Advisors, Inc.
|
HMFI and HFI; since
|
currently serves as Executive Vice
|
|||
7250 Redwood Blvd.
|
July 2005 HFT; and
|
President, Chief Operations Officer,
|
|||
Suite 200
|
since September
|
Chief Financial Officer and Secretary
|
|||
Novato, CA 94945
|
2009 HSFT
|
of Hennessy Advisors, Inc.
|
|||
Daniel B. Steadman
(1)
|
Executive
|
1 year term
|
Mr. Steadman has been employed by
|
N/A
|
N/A
|
Age: 56
|
Vice President
|
Hennessy Advisors, Inc., the Funds’
|
|||
Address:
|
and Secretary
|
Since March 2000
|
investment advisor, since 2000. He
|
||
c/o Hennessy Advisors, Inc.
|
HMFI and HFI; since
|
currently serves as Executive Vice
|
|||
7250 Redwood Blvd.
|
July 2005 HFT; and
|
President and Chief Compliance Officer
|
|||
Suite 200
|
since September
|
of Hennessy Advisors, Inc.
|
|||
Novato, CA 94945
|
2009 HSFT
|
||||
David Ellison
(1)
|
Senior
|
1 year term
|
Mr. Ellison has served as Portfolio
|
N/A
|
N/A
|
Age: 54
|
Vice President
|
Manager of the Hennessy Large Cap
|
|||
Address:
|
& Chief
|
Since October 2012
|
Financial Fund (formerly the FBR Large
|
||
100 Federal Street
|
Investment
|
Cap Financial Fund), the Hennessy
|
|||
29th Floor
|
Officer
|
Small Cap Financial Fund (formerly the
|
|||
Boston, MA 02110
|
FBR Small Cap Financial Fund), and the
|
||||
Hennessy Technology Fund (formerly
|
|||||
the FBR Technology Fund) since inception.
|
|||||
Mr. Ellison previously served as Director,
|
|||||
CIO & President of FBR Advisers, Inc. from
|
|||||
December 1999 to October 2012.
|
|||||
Brian Peery
(1)
|
Vice President
|
1 year term
|
Mr. Peery has been employed by
|
N/A
|
N/A
|
Age: 43
|
and
|
Hennessy Advisors, Inc., the Funds’
|
|||
Address:
|
Co-Portfolio
|
As Vice President, since
|
investment advisor, since 2002.
|
||
c/o Hennessy Advisors, Inc.
|
Manager
|
March 2003 HMFI and
|
|||
7250 Redwood Blvd.
|
HFI; since July 2005
|
||||
Suite 200
|
HFT; and since
|
||||
Novato, CA 94945
|
September 2009 HSFT
|
||||
As Co-Portfolio Manager,
|
|||||
since February 2011
|
|||||
HMFI, HFI, HFT and HSFT
|
|||||
Winsor (Skip) Aylesworth
(1)
|
Vice President &
|
1 year term
|
Mr. Aylesworth has been Portfolio
|
N/A
|
N/A
|
Age: 65
|
Portfolio Manager
|
Manager of the Hennessy Gas Utility
|
|||
Address:
|
Since October 2012
|
Index Fund (formerly the FBR Gas Utility
|
|||
100 Federal Street
|
Index Fund) since 1998 and Portfolio
|
||||
29th Floor
|
Manager of the Hennessy Technology
|
||||
Boston, MA 02110
|
Fund (formerly the FBR Technology
|
||||
Fund) since inception.
|
|||||
Mr. Aylesworth previously served as
|
|||||
Executive Vice President of the FBR
|
|||||
Funds from 1999 to October 2012.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
(1)
|
|
Investor Class
|
5/1/12
|
10/31/12
|
5/1/12 – 10/31/12
|
Actual
|
|||
Focus Fund – Investor Class
|
$1,000.00
|
$1,016.70
|
$7.20
|
Gas Fund – Investor Class
|
$1,000.00
|
$1,046.80
|
$3.65
|
Small Cap Financial Fund – Investor Class
|
$1,000.00
|
$1,072.40
|
$7.61
|
Large Cap Financial Fund – Investor Class
|
$1,000.00
|
$1,017.20
|
$8.01
|
Technology Fund – Investor Class
|
$1,000.00
|
$ 897.40
|
$9.30
|
Equity and Income Fund – Investor Class
|
$1,000.00
|
$1,008.30
|
$6.26
|
Core Bond Fund – Investor Class
|
$1,000.00
|
$1,038.50
|
$6.66
|
Hypothetical (5% return before expenses)
|
|||
Focus Fund – Investor Class
|
$1,000.00
|
$1,018.00
|
$7.20
|
Gas Fund – Investor Class
|
$1,000.00
|
$1,021.57
|
$3.61
|
Small Cap Financial Fund – Investor Class
|
$1,000.00
|
$1,017.80
|
$7.41
|
Large Cap Financial Fund – Investor Class
|
$1,000.00
|
$1,017.19
|
$8.01
|
Technology Fund – Investor Class
|
$1,000.00
|
$1,015.33
|
$9.88
|
Equity and Income Fund – Investor Class
|
$1,000.00
|
$1,018.90
|
$6.29
|
Core Bond Fund – Investor Class
|
$1,000.00
|
$1,018.60
|
$6.60
|
(1)
|
Expenses are equal to the Focus Fund’s expense ratio of 1.42%, the Gas Utility Index Fund’s expense ratio of 0.71%, the Small Cap Financial Fund’s expense ratio of 1.46%, the Large Cap Financial Fund’s expense ratio of 1.58%, the Technology Fund’s expense ratio of 1.95%, the Equity and Income Fund’s expense ratio of 1.24%, and the Core Bond Fund’s expense ratio of 1.30% multiplied by the average account value over the period, multiplied by 184/366 days (to reflect one-half year period).
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
(2)
|
|
Institutional Class
|
5/1/12
|
10/31/12
|
5/1/12 – 10/31/12
|
Actual
|
|||
Focus Fund – Institutional Class
|
$1,000.00
|
$1,018.30
|
$5.73
|
Small Cap Financial Fund – Institutional Class
|
$1,000.00
|
$1,074.00
|
$6.73
|
Technology Fund – Institutional Class
|
$1,000.00
|
$ 897.20
|
$8.11
|
Equity and Income Fund – Institutional Class
|
$1,000.00
|
$1,009.80
|
$5.00
|
Core Bond Fund – Institutional Class
|
$1,000.00
|
$1,039.70
|
$5.38
|
Hypothetical (5% return before expenses)
|
|||
Focus Fund – Institutional Class
|
$1,000.00
|
$1,019.46
|
$5.74
|
Small Cap Financial Fund – Institutional Class
|
$1,000.00
|
$1,018.65
|
$6.55
|
Technology Fund – Institutional Class
|
$1,000.00
|
$1,016.59
|
$8.62
|
Equity and Income Fund – Institutional Class
|
$1,000.00
|
$1,020.16
|
$5.03
|
Core Bond Fund – Institutional Class
|
$1,000.00
|
$1,019.86
|
$5.33
|
(2)
|
Expenses are equal to the Focus Fund’s expense ratio of 1.13%, the Small Cap Financial Fund’s expense ratio of 1.29%, the Technology Fund’s expense ratio of 1.70%, the Equity and Income Fund’s expense ratio of 0.99%, and the Core Bond Fund’s expense ratio of 1.05% multiplied by the average account value over the period, multiplied by 184/366 days (to reflect one-half year period).
|
Focus Fund
|
0.00%
|
||
Gas Fund
|
98.42%
|
||
Small Cap Financial Fund
|
100.00%
|
||
Large Cap Financial Fund
|
0.00%
|
||
Technology Fund
|
0.00%
|
||
Equity and Income Fund
|
80.59%
|
||
Core Bond Fund
|
16.15%
|
Focus Fund
|
0.00%
|
||
Gas Fund
|
94.00%
|
||
Small Cap Financial Fund
|
100.00%
|
||
Large Cap Financial Fund
|
0.00%
|
||
Technology Fund
|
0.00%
|
||
Equity and Income Fund
|
80.80%
|
||
Core Bond Fund
|
15.75%
|
Focus Fund
|
0.00%
|
||
Gas Fund
|
11.00%
|
||
Small Cap Financial Fund
|
0.00%
|
||
Large Cap Financial Fund
|
0.00%
|
||
Technology Fund
|
0.00%
|
||
Equity and Income Fund
|
0.00%
|
||
Core Bond Fund
|
13.00%
|
•
|
information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth;
|
|
and
|
•
|
information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payment history, parties to transactions, cost basis information and other financial information.
|
Letter to shareholders
|
2
|
Performance overview (unaudited)
|
|
Hennessy Cornerstone Growth Fund
|
4
|
Hennessy Cornerstone Mid Cap 30 Fund
|
6
|
Hennessy Cornerstone Large Growth Fund
|
8
|
Hennessy Cornerstone Value Fund
|
10
|
Hennessy Large Value Fund
|
12
|
Hennessy Total Return Fund
|
14
|
Hennessy Balanced Fund
|
15
|
Hennessy Japan Fund
|
16
|
Hennessy Japan Small Cap Fund
|
18
|
Financial statements
|
|
Schedules of investments
|
|
Hennessy Cornerstone Growth Fund
|
21
|
Hennessy Cornerstone Mid Cap 30 Fund
|
26
|
Hennessy Cornerstone Large Growth Fund
|
29
|
Hennessy Cornerstone Value Fund
|
33
|
Hennessy Large Value Fund
|
36
|
Hennessy Total Return Fund
|
39
|
Hennessy Balanced Fund
|
43
|
Hennessy Japan Fund
|
46
|
Hennessy Japan Small Cap Fund
|
49
|
Statements of assets and liabilities
|
52
|
Statements of operations
|
54
|
Statements of changes in net assets
|
56
|
Statement of cash flows – Hennessy Total Return Fund
|
61
|
Financial highlights
|
|
Hennessy Cornerstone Growth Fund
|
62
|
Hennessy Cornerstone Mid Cap 30 Fund
|
64
|
Hennessy Cornerstone Large Growth Fund
|
66
|
Hennessy Cornerstone Value Fund
|
68
|
Hennessy Large Value Fund
|
70
|
Hennessy Total Return Fund
|
72
|
Hennessy Balanced Fund
|
73
|
Hennessy Japan Fund
|
74
|
Hennessy Japan Small Cap Fund
|
76
|
Notes to the financial statements
|
77
|
Report of Independent Registered Public Accounting Firm
|
86
|
Directors/Trustees and Officers of the Funds
|
87
|
Expense example
|
89
|
Proxy voting policy
|
91
|
Quarterly Filings on Form N-Q
|
91
|
Federal Tax Distribution Information
|
91
|
Privacy Policy
|
92
|
Since Inception
|
||||
One Year
|
Five Years
|
Ten Years
|
(11/1/96)
|
|
Hennessy Cornerstone Growth Fund – Investor Class
|
24.17%
|
-6.06%
|
4.80%
|
8.11%
|
Russell 2000 Index
|
12.08%
|
1.19%
|
9.58%
|
7.04%
|
S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
|
6.35%
|
Since Inception
|
|||
One Year
|
Three Years
|
(3/3/08)
|
|
Hennessy Cornerstone Growth Fund – Institutional Class
|
24.58%
|
12.37%
|
-1.35%
|
Russell 2000 Index
|
12.08%
|
14.82%
|
5.41%
|
S&P 500 Index
|
15.21%
|
13.21%
|
3.53%
|
*
|
On October 26, 2012 Hennessy purchased the assets of the FBR Funds. The FBR Small Cap Fund was reorganized into the Hennessy Cornerstone Growth Fund, which has a similar investment objective. These holdings had very little impact on the overall performance of the Fund as those securities were held for only a few days prior to the close of the fiscal year-end.
|
Since Inception
|
|||
One Year
|
Five Years
|
(9/17/03)
|
|
Hennessy Cornerstone Mid Cap 30 Fund – Investor Class
|
15.72%
|
3.94%
|
9.92%
|
S&P Midcap 400 Index
|
12.11%
|
3.12%
|
8.56%
|
S&P 500 Index
|
15.21%
|
0.36%
|
5.69%
|
Since Inception
|
|||
One Year
|
Three Years
|
(3/3/08)
|
|
Hennessy Cornerstone Mid Cap 30 Fund – Institutional Class
|
16.15%
|
17.68%
|
5.50%
|
S&P Midcap 400 Index
|
12.11%
|
15.81%
|
6.37%
|
S&P 500 Index
|
15.21%
|
13. 21%
|
3.53%
|
*
|
On October 26, 2012 Hennessy purchased the assets of the FBR Funds. The FBR Mid Cap Fund was reorganized into the Hennessy Cornerstone Mid Cap 30 Fund, which has a similar investment objective. These holdings had very little impact on the overall performance of the Fund as those securities were held for only a few days prior to the close of the fiscal year-end.
|
Since Inception
|
|||
One Year
|
Three Years
|
(3/20/09)
|
|
Hennessy Cornerstone Large Growth Fund – Investor Class
|
9.14%
|
12.99%
|
21.70%
|
Russell 1000 Index
|
14.97%
|
13.48%
|
21.26%
|
S&P 500 Index
|
15.21%
|
13.21%
|
20.83%
|
Since Inception
|
|||
One Year
|
Three Years
|
(3/20/09)
|
|
Hennessy Cornerstone Large Growth Fund – Institutional Class
|
9.43%
|
13.31%
|
22.05%
|
Russell 1000 Index
|
14.97%
|
13.48%
|
21.26%
|
S&P 500 Index
|
15.21%
|
13.21%
|
20.83%
|
*
|
On October 26, 2012 Hennessy purchased the assets of the FBR Funds. The FBR Large Cap Fund was reorganized into the Hennessy Cornerstone Large Growth Fund, which has a similar investment objective. These holdings had very little impact on the overall performance of the Fund as those securities were held for only a few days prior to the close of the fiscal year-end.
|
Since Inception
|
||||
One Year
|
Five Years
|
Ten Years
|
(11/1/96)
|
|
Hennessy Cornerstone Value Fund – Investor Class
|
12.79%
|
-0.46%
|
6.77%
|
5.73%
|
Russell 1000 Value Index
|
16.89%
|
-1.00%
|
7.34%
|
7.18%
|
S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
|
6.35%
|
Since Inception
|
|||
One Year
|
Three Years
|
(3/3/08)
|
|
Hennessy Cornerstone Value Fund – Institutional Class
|
13.13%
|
13.00%
|
3.86%
|
Russell 1000 Value Index
|
16.89%
|
12.81%
|
2.02%
|
S&P 500 Index
|
15.21%
|
13.21%
|
3.53%
|
Since Inception
|
||||
One Year
|
Five Years
|
Ten Years
|
(9/30/84)
|
|
Hennessy Large Value Fund – Investor Class
|
16.07%
|
-1.85%
|
5.30%
|
9.51%
|
Russell 1000 Value Index
|
16.89%
|
-1.00%
|
7.34%
|
10.88%
|
S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
|
10.55%
|
Since Inception
|
|||
One Year
|
Three Years
|
(3/20/09)
|
|
Hennessy Large Value Fund – Institutional Class
|
16.58%
|
10.91%
|
17.85%
|
Russell 1000 Value Index
|
16.89%
|
12.81%
|
21.14%
|
S&P 500 Index
|
15.21%
|
13.21%
|
20.83%
|
Since Inception
|
||||
One Year
|
Five Years
|
Ten Years
|
(7/29/98)
|
|
Hennessy Total Return Fund
|
11.78%
|
0.22%
|
5.89%
|
3.72%
|
Dow Jones Industrial Average
|
12.56%
|
1.60%
|
7.23%
|
5.11%
|
S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
|
3.46%
|
Since Inception
|
||||
One Year
|
Five Years
|
Ten Years
|
(3/8/96)
|
|
Hennessy Balanced Fund
|
7.13%
|
0.98%
|
4.00%
|
4.17%
|
Dow Jones Industrial Average
|
12.56%
|
1.60%
|
7.23%
|
7.75%
|
S&P 500 Index
|
15.21%
|
0.36%
|
6.91%
|
6.85%
|
Since Inception
|
|||
One Year
|
Five Years
|
(10/31/03)
|
|
Hennessy Japan Fund – Investor Class
|
10.08%
|
-0.95%
|
6.06%
|
Russell/Nomura Total Market Index
|
-1.86%
|
-5.97%
|
1.65%
|
TOPIX
|
-3.10%
|
-6.13%
|
1.30%
|
Since Inception
|
|||
One Year
|
Five Years
|
(10/31/03)
|
|
Hennessy Japan Fund – Institutional Class
|
10.33%
|
-0.80%
|
6.22%
|
Russell/Nomura Total Market Index
|
-1.86%
|
-5.97%
|
1.65%
|
TOPIX
|
-3.10%
|
-6.13%
|
1.30%
|
Since Inception
|
|||
One Year
|
Five Years
|
(8/31/07)
|
|
Hennessy Japan Small Cap Fund – Investor Class
|
4.91%
|
0.34%
|
2.16%
|
Russell/Nomura Small Cap Index
|
0.79%
|
-1.18%
|
-0.63%
|
TOPIX
|
-3.10%
|
-6.13%
|
-5.61%
|
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
American Vanguard Corp.
|
3.60%
|
|
Cambrex Corp.
|
2.80%
|
|
Susser Holdings Corp.
|
2.33%
|
|
Lithia Motors, Inc.
|
2.25%
|
|
NewMarket Corp.
|
2.23%
|
|
Papa Johns International, Inc.
|
2.11%
|
|
DXP Enterprises, Inc.
|
2.09%
|
|
Pier 1 Imports, Inc.
|
2.08%
|
|
Metropolitan Health Networks, Inc.
|
2.08%
|
|
Leapfrog Enterprises, Inc.
|
2.04%
|
COMMON STOCKS – 93.83%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 41.25%
|
|||||||||||||
American Axle & Manufacturing
|
|||||||||||||
Holdings, Inc. (a)
|
25,000 | $ | 271,750 | 0.09 | % | ||||||||
Arctic Cat, Inc. (a)
|
140,200 | 5,085,054 | 1.68 | % | |||||||||
Asbury Automotive Group, Inc. (a)
|
6,000 | 190,320 | 0.06 | % | |||||||||
Ascena Retail Group, Inc. (a)
|
16,000 | 316,800 | 0.11 | % | |||||||||
Bally Technologies, Inc. (a)
|
4,000 | 199,680 | 0.07 | % | |||||||||
Caribou Coffee, Inc. (a)
|
270,900 | 3,242,673 | 1.07 | % | |||||||||
Chico’s FAS, Inc.
|
13,000 | 241,800 | 0.08 | % | |||||||||
Churchill Downs, Inc.
|
84,096 | 5,493,992 | 1.82 | % | |||||||||
Crocs, Inc. (a)
|
6,000 | 75,600 | 0.03 | % | |||||||||
Dollar General Corp. (a)
|
112,585 | 5,473,883 | 1.81 | % | |||||||||
Dominos Pizza, Inc.
|
143,600 | 5,833,032 | 1.93 | % | |||||||||
Express, Inc. (a)
|
6,000 | 66,780 | 0.02 | % | |||||||||
Foot Locker, Inc.
|
178,400 | 5,976,400 | 1.97 | % | |||||||||
Genesco, Inc. (a)
|
78,800 | 4,515,240 | 1.49 | % | |||||||||
Group 1 Automotive, Inc.
|
85,300 | 5,289,453 | 1.75 | % | |||||||||
KB Home
|
4,000 | 63,920 | 0.02 | % | |||||||||
La-Z-Boy, Inc.
|
344,300 | 5,584,546 | 1.84 | % | |||||||||
Leapfrog Enterprises, Inc. (a)
|
699,100 | 6,180,044 | 2.04 | % | |||||||||
Lithia Motors, Inc.
|
199,300 | 6,816,060 | 2.25 | % | |||||||||
Macy’s, Inc.
|
133,100 | 5,067,117 | 1.67 | % | |||||||||
Mens Wearhouse, Inc.
|
128,150 | 4,202,038 | 1.39 | % | |||||||||
Oxford Industries, Inc.
|
96,850 | 5,373,238 | 1.78 | % | |||||||||
Papa Johns International, Inc. (a)
|
119,900 | 6,393,068 | 2.11 | % | |||||||||
Penn National Gaming, Inc. (a)
|
12,000 | 485,160 | 0.16 | % | |||||||||
Pier 1 Imports, Inc.
|
309,100 | 6,305,640 | 2.08 | % | |||||||||
Pool Corp.
|
137,009 | 5,770,819 | 1.91 | % | |||||||||
Ross Stores, Inc.
|
91,840 | 5,597,648 | 1.85 | % | |||||||||
Sally Beauty Holdings, Inc. (a)
|
229,400 | 5,523,952 | 1.82 | % | |||||||||
Select Comfort Corp. (a)
|
4,000 | 111,320 | 0.04 | % | |||||||||
Standard Motor Products, Inc.
|
209,600 | 3,936,288 | 1.30 | % | |||||||||
Standard Pacific Corp. (a)
|
15,000 | 103,500 | 0.03 | % | |||||||||
Steven Madden Ltd. (a)
|
7,500 | 321,900 | 0.11 | % | |||||||||
Sturm Ruger & Co, Inc.
|
4,000 | 188,920 | 0.06 | % | |||||||||
The Buckle, Inc.
|
5,600 | 252,952 | 0.08 | % | |||||||||
The Children’s Place Retail Stores, Inc. (a)
|
3,000 | 175,290 | 0.06 | % | |||||||||
The Finish Line, Inc.
|
10,000 | 208,050 | 0.07 | % | |||||||||
TJX Companies, Inc.
|
138,030 | 5,746,189 | 1.90 | % | |||||||||
Tractor Supply Co.
|
56,100 | 5,399,064 | 1.78 | % | |||||||||
Vitamin Shoppe, Inc. (a)
|
2,500 | 143,100 | 0.05 | % | |||||||||
VOXX International Corp. (a)
|
369,000 | 2,295,180 | 0.76 | % | |||||||||
Wolverine World Wide, Inc.
|
8,000 | 334,960 | 0.11 | % | |||||||||
124,852,420 | 41.25 | % | |||||||||||
Consumer Staples – 7.93%
|
|||||||||||||
CVS Caremark Corp.
|
110,800 | 5,141,120 | 1.70 | % | |||||||||
Elizabeth Arden, Inc. (a)
|
120,500 | 5,685,190 | 1.88 | % | |||||||||
Hain Celestial Group, Inc. (a)
|
2,500 | 144,500 | 0.05 | % | |||||||||
Susser Holdings Corp. (a)
|
196,800 | 7,072,992 | 2.33 | % | |||||||||
Whole Foods Market, Inc.
|
62,950 | 5,963,253 | 1.97 | % | |||||||||
24,007,055 | 7.93 | % | |||||||||||
Energy – 0.67%
|
|||||||||||||
Atwood Oceanics, Inc. (a)
|
10,012 | 478,574 | 0.16 | % | |||||||||
Comstock Resources, Inc. (a)
|
8,000 | 136,960 | 0.04 | % | |||||||||
Energy XXI (Bermuda) Ltd.
|
9,000 | 297,900 | 0.10 | % | |||||||||
Kodiak Oil & Gas Corp. (a)
|
38,000 | 351,120 | 0.11 | % | |||||||||
Oasis Petroleum, Inc. (a)
|
13,000 | 381,810 | 0.13 | % | |||||||||
Rosetta Resources, Inc. (a)
|
4,000 | 184,160 | 0.06 | % | |||||||||
Superior Energy Services, Inc. (a)
|
10,000 | 203,300 | 0.07 | % | |||||||||
2,033,824 | 0.67 | % | |||||||||||
Financials – 2.19%
|
|||||||||||||
Associated Banc-Corp.
|
28,000 | 360,920 | 0.12 | % | |||||||||
BankUnited, Inc.
|
12,000 | 284,520 | 0.09 | % | |||||||||
Berkshire Hills Bancorp, Inc.
|
10,000 | 234,800 | 0.08 | % | |||||||||
Brookline Bancorp, Inc.
|
59,729 | 506,502 | 0.17 | % | |||||||||
Capitol Federal Financial
|
29,454 | 350,797 | 0.12 | % | |||||||||
Chicopee Bancorp, Inc. (a)
|
19,139 | 286,894 | 0.09 | % | |||||||||
CNO Financial Group, Inc.
|
23,000 | 220,340 | 0.07 | % | |||||||||
First Horizon National Corp.
|
32,253 | 300,275 | 0.10 | % | |||||||||
Fulton Financial Corp.
|
30,200 | 293,544 | 0.10 | % | |||||||||
Horace Mann Educators Corp.
|
24,000 | 461,040 | 0.15 | % | |||||||||
Independent Bank Corp.
|
11,000 | 324,610 | 0.11 | % | |||||||||
Investors Title Co.
|
3,407 | 223,499 | 0.07 | % | |||||||||
Newport Bancorp, Inc. (a)
|
6,000 | 100,230 | 0.03 | % | |||||||||
Peoples Federal Bancshares, Inc.
|
9,000 | 153,450 | 0.05 | % | |||||||||
SI Financial Group, Inc.
|
7,300 | 80,300 | 0.03 | % | |||||||||
Susquehanna Bancshares, Inc.
|
34,000 | 352,580 | 0.12 | % | |||||||||
Tower Group, Inc.
|
18,000 | 324,360 | 0.11 | % | |||||||||
United Financial Bancorp, Inc.
|
48,877 | 751,240 | 0.25 | % | |||||||||
Waddell & Reed Financial, Inc.
|
24,000 | 799,920 | 0.26 | % | |||||||||
Washington Federal, Inc.
|
13,400 | 224,852 | 0.07 | % | |||||||||
6,634,673 | 2.19 | % | |||||||||||
Health Care – 10.01%
|
|||||||||||||
Abiomed, Inc. (a)
|
8,000 | 158,560 | 0.05 | % | |||||||||
Allscripts Healthcare Solutions, Inc. (a)
|
16,000 | 206,720 | 0.07 | % | |||||||||
athenahealth, Inc. (a)
|
2,000 | 128,580 | 0.04 | % | |||||||||
Cambrex Corp. (a)
|
702,200 | 8,482,576 | 2.80 | % | |||||||||
Centene Corp. (a)
|
107,800 | 4,094,244 | 1.35 | % | |||||||||
Cepheid, Inc. (a)
|
10,000 | 303,100 | 0.10 | % | |||||||||
Genomic Health, Inc. (a)
|
2,000 | 62,500 | 0.02 | % | |||||||||
Greenway Medical Technologies, Inc. (a)
|
8,000 | 132,720 | 0.04 | % | |||||||||
Health Management Associates, Inc. (a)
|
16,000 | 116,800 | 0.04 | % |
COMMON STOCKS
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Health Care (Continued)
|
|||||||||||||
HMS Holdings
Corp. (a)
|
1,000 | $ | 23,090 | 0.01 | % | ||||||||
Impax Laboratories, Inc. (a)
|
15,000 | 318,750 | 0.11 | % | |||||||||
Jazz Pharmaceuticals, Inc. (a)
|
4,000 | 214,920 | 0.07 | % | |||||||||
MAKO Surgical Corp. (a)
|
1,000 | 15,150 | 0.01 | % | |||||||||
MedAssets, Inc. (a)
|
18,000 | 319,140 | 0.11 | % | |||||||||
Medidata Solutions, Inc. (a)
|
10,000 | 420,200 | 0.14 | % | |||||||||
Metropolitan Health Networks, Inc. (a)
|
574,614 | 6,280,531 | 2.08 | % | |||||||||
Molina Healthcare, Inc. (a)
|
150,800 | 3,780,556 | 1.25 | % | |||||||||
Myriad Genetics, Inc. (a)
|
9,000 | 235,530 | 0.08 | % | |||||||||
NPS Pharmaceuticals, Inc. (a)
|
6,000 | 55,440 | 0.02 | % | |||||||||
Obagi Medical Products, Inc. (a)
|
11,000 | 135,630 | 0.04 | % | |||||||||
Orexigen Therapeutics, Inc. (a)
|
12,000 | 63,960 | 0.02 | % | |||||||||
Sarepta Therapeutics, Inc. (a)
|
2,000 | 42,620 | 0.01 | % | |||||||||
Seattle Genetics, Inc. (a)
|
4,500 | 113,220 | 0.04 | % | |||||||||
Sirona Dental Systems, Inc. (a)
|
8,000 | 458,080 | 0.15 | % | |||||||||
The Cooper Companies, Inc.
|
2,000 | 191,960 | 0.06 | % | |||||||||
VIVUS, Inc. (a)
|
3,000 | 44,700 | 0.01 | % | |||||||||
Wellcare Health Plans, Inc. (a)
|
82,000 | 3,903,200 | 1.29 | % | |||||||||
30,302,477 | 10.01 | % | |||||||||||
Industrials – 17.62%
|
|||||||||||||
A.O. Smith Corp.
|
10,000 | 607,700 | 0.20 | % | |||||||||
Alaska Air Group, Inc. (a)
|
6,000 | 229,440 | 0.08 | % | |||||||||
American Woodmark Corp. (a)
|
16,000 | 368,000 | 0.12 | % | |||||||||
Atlas Air Worldwide Holdings, Inc. (a)
|
5,000 | 274,950 | 0.09 | % | |||||||||
Avis Budget Group, Inc. (a)
|
28,000 | 462,840 | 0.15 | % | |||||||||
Cintas Corp.
|
125,300 | 5,238,793 | 1.73 | % | |||||||||
DXP Enterprises Inc. (a)
|
128,300 | 6,316,209 | 2.09 | % | |||||||||
Dycom Industries, Inc. (a)
|
205,600 | 2,927,744 | 0.97 | % | |||||||||
Encore Capital Group, Inc. (a)
|
12,000 | 348,000 | 0.11 | % | |||||||||
Genesee & Wyoming, Inc., Class A (a)
|
2,000 | 144,940 | 0.05 | % | |||||||||
Innerworkings, Inc. (a)
|
411,965 | 5,940,535 | 1.96 | % | |||||||||
JetBlue Airways Corp. (a)
|
50,000 | 264,500 | 0.09 | % | |||||||||
Lennox International, Inc.
|
6,000 | 300,300 | 0.10 | % | |||||||||
Mueller Industries, Inc.
|
98,050 | 4,294,590 | 1.42 | % | |||||||||
Navigant Consulting, Inc. (a)
|
348,500 | 3,620,915 | 1.20 | % | |||||||||
Old Dominion Freight Line, Inc. (a)
|
162,400 | 5,446,896 | 1.80 | % | |||||||||
Primoris Services Corp.
|
294,900 | 4,119,753 | 1.36 | % | |||||||||
Roadrunner Transportation
|
|||||||||||||
Systems, Inc. (a)
|
16,000 | 278,880 | 0.09 | % | |||||||||
Sauer-Danfoss, Inc.
|
7,000 | 280,420 | 0.09 | % | |||||||||
Sun Hydraulics Corp.
|
10,000 | 266,400 | 0.09 | % | |||||||||
Terex Corp. (a)
|
20,000 | 451,000 | 0.15 | % | |||||||||
The Manitowoc Co, Inc.
|
15,000 | 213,750 | 0.07 | % | |||||||||
Trex Co, Inc. (a)
|
8,000 | 279,520 | 0.09 | % | |||||||||
Triumph Group, Inc.
|
73,800 | 4,827,996 | 1.59 | % | |||||||||
United Rentals, Inc. (a)
|
126,339 | 5,136,944 | 1.70 | % | |||||||||
US Airways Group, Inc. (a)
|
18,000 | 219,240 | 0.07 | % | |||||||||
USG Corp. (a)
|
8,000 | 213,680 | 0.07 | % | |||||||||
Werner Enterprises, Inc.
|
11,250 | 260,550 | 0.09 | % | |||||||||
53,334,485 | 17.62 | % | |||||||||||
Information Technology – 2.52%
|
|||||||||||||
Aruba Networks, Inc. (a)
|
6,500 | 118,105 | 0.04 | % | |||||||||
Brocade Communications
|
|||||||||||||
Systems, Inc. (a)
|
25,100 | 133,030 | 0.04 | % | |||||||||
Cirrus Logic, Inc. (a)
|
6,000 | 244,560 | 0.08 | % | |||||||||
Comm Vault Systems, Inc. (a)
|
3,000 | 187,410 | 0.06 | % | |||||||||
Compuware Corp. (a)
|
18,000 | 155,880 | 0.05 | % | |||||||||
Fusion-io, Inc. (a)
|
1,000 | 23,600 | 0.01 | % | |||||||||
Guidewire Software, Inc. (a)
|
2,000 | 61,280 | 0.02 | % | |||||||||
Jack Henry & Associates, Inc.
|
18,000 | 684,000 | 0.23 | % | |||||||||
MKS Instrument, Inc.
|
9,000 | 212,670 | 0.07 | % | |||||||||
Nanometrics, Inc. (a)
|
4,000 | 55,040 | 0.02 | % | |||||||||
Netgear, Inc. (a)
|
115,000 | 4,083,650 | 1.35 | % | |||||||||
OmniVision Technologies, Inc. (a)
|
2,000 | 28,600 | 0.01 | % | |||||||||
Open Text Corp. (a)
|
5,175 | 278,881 | 0.09 | % | |||||||||
Qlik Technologies, Inc. (a)
|
4,600 | 84,686 | 0.03 | % | |||||||||
Radware Ltd. (a)
|
6,000 | 196,800 | 0.06 | % | |||||||||
Sourcefire, Inc. (a)
|
7,000 | 299,530 | 0.10 | % | |||||||||
Splunk, Inc. (a)
|
2,000 | 56,100 | 0.02 | % | |||||||||
The Ultimate Software Group, Inc. (a)
|
1,800 | 182,448 | 0.06 | % | |||||||||
TriQuint Semiconductor, Inc. (a)
|
18,000 | 84,600 | 0.03 | % | |||||||||
Wex, Inc. (a)
|
6,000 | 442,680 | 0.15 | % | |||||||||
7,613,550 | 2.52 | % | |||||||||||
Materials – 11.36%
|
|||||||||||||
American Vanguard Corp.
|
305,300 | 10,908,369 | 3.60 | % | |||||||||
Cytec Inds, Inc.
|
3,000 | 206,460 | 0.07 | % | |||||||||
H.B. Fuller Co.
|
161,600 | 4,912,640 | 1.62 | % | |||||||||
Huntsman Corp.
|
7,000 | 105,280 | 0.04 | % | |||||||||
Innospec, Inc. (a)
|
10,000 | 323,800 | 0.11 | % | |||||||||
Kaiser Aluminum Corp.
|
3,000 | 181,740 | 0.06 | % | |||||||||
Kraton Performance Polymers, Inc. (a)
|
7,000 | 152,740 | 0.05 | % | |||||||||
Neenah Paper, Inc.
|
192,205 | 4,978,109 | 1.64 | % | |||||||||
NewMarket Corp.
|
24,900 | 6,755,619 | 2.23 | % | |||||||||
PolyOne Corp.
|
14,000 | 265,020 | 0.09 | % | |||||||||
W.R. Grace & Co. (a)
|
87,150 | 5,591,544 | 1.85 | % | |||||||||
34,381,321 | 11.36 | % | |||||||||||
Utilities – 0.28%
|
|||||||||||||
ALLETE, Inc.
|
10,400 | 432,848 | 0.14 | % | |||||||||
Portland General Electric Co.
|
15,400 | 421,960 | 0.14 | % | |||||||||
854,808 | 0.28 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $255,299,237)
|
284,014,613 | 93.83 | % |
RIGHTS – 0.00%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Forest Laboratories, Inc. (a) (b)
|
5,500 | $ | 5,225 | 0.00 | % | ||||||||
Total Rights
|
|||||||||||||
(Cost $0)
|
5,225 | 0.00 | % | ||||||||||
PARTNERSHIPS – 1.69%
|
|||||||||||||
Energy – 1.69%
|
|||||||||||||
Oneok Partners L.P.
|
83,900 | 5,113,705 | 1.69 | % | |||||||||
Total Partnerships
|
|||||||||||||
(Cost $4,781,651)
|
5,113,705 | 1.69 | % | ||||||||||
REITS – 0.14%
|
|||||||||||||
Potlatch Corp.
|
4,000 | 153,920 | 0.05 | % | |||||||||
Sunstone Hotel Investors, Inc. (a)
|
28,000 | 276,640 | 0.09 | % | |||||||||
430,560 | 0.14 | % | |||||||||||
Total Reits
(Cost $421,475)
|
430,560 | 0.14 | % | ||||||||||
EXCHANGE TRADED FUNDS – 0.21%
|
|||||||||||||
ishares Russell 2000 Index
|
8,000 | 649,920 | 0.21 | % | |||||||||
Total Exchange Traded Funds
|
|||||||||||||
(Cost $677,334)
|
649,920 | 0.21 | % | ||||||||||
SHORT-TERM INVESTMENTS – 3.67%
|
|||||||||||||
Money Market Fund – 3.67%
|
|||||||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (c)
|
11,098,776 | 11,098,776 | 3.67 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $11,098,776)
|
11,098,776 | 3.67 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $11,098,776)
|
11,098,776 | 3.67 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $272,278,473) – 99.54%
|
301,312,799 | 99.54 | % | ||||||||||
Other Assets in Excess
|
|||||||||||||
of Liabilities – 0.46%
|
1,398,120 | 0.46 | % | ||||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 302,710,919 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 124,852,420 | $ | — | $ | — | $ | 124,852,420 | |||||||||
Consumer Staples
|
24,007,055 | — | — | 24,007,055 | |||||||||||||
Energy
|
2,033,824 | — | — | 2,033,824 | |||||||||||||
Financials
|
6,534,443 | 100,230 | — | 6,634,673 | |||||||||||||
Health Care
|
30,302,477 | — | — | 30,302,477 | |||||||||||||
Industrials
|
53,334,485 | — | — | 53,334,485 | |||||||||||||
Information Technology
|
7,613,550 | — | — | 7,613,550 | |||||||||||||
Materials
|
34,381,321 | — | — | 34,381,321 | |||||||||||||
Utilities
|
854,808 | — | — | 854,808 | |||||||||||||
Total Common Stock
|
$ | 283,914,383 | $ | 100,230 | $ | — | $ | 284,014,613 | |||||||||
Rights
|
$ | — | $ | — | $ | 5,225 | $ | 5,225 | |||||||||
Partnerships
|
|||||||||||||||||
Energy
|
$ | 5,113,705 | $ | — | $ | — | $ | 5,113,705 | |||||||||
Total Partnerships
|
$ | 5,113,705 | $ | — | $ | — | $ | 5,113,705 | |||||||||
REITS
|
|||||||||||||||||
Financials
|
$ | 430,560 | $ | — | $ | — | $ | 430,560 | |||||||||
Total REITS
|
$ | 430,560 | $ | — | $ | — | $ | 430,560 | |||||||||
Exchange Traded Funds
|
|||||||||||||||||
ishares Russell 2000 Index
|
$ | 649,920 | $ | — | $ | — | $ | 649,920 | |||||||||
Total Exchange Traded Funds
|
$ | 649,920 | $ | — | $ | — | $ | 649,920 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 11,098,776 | $ | — | $ | — | $ | 11,098,776 | |||||||||
Total Short-Term Investments
|
$ | 11,098,776 | $ | — | $ | — | $ | 11,098,776 | |||||||||
Total Investments in Securities
|
$ | 301,207,344 | $ | 100,230 | $ | 5,225 | $ | 301,312,799 |
Common Stock
|
|||||
Balance as of 10/31/11
|
$ | — | |||
Accrued discounts/premiums
|
— | ||||
Realized gain (loss)
|
— | ||||
Change in unrealized appreciation (depreciation)
|
— | ||||
Purchases*
|
5,225 | ||||
(Sales)
|
— | ||||
Transfer in and/or out of Level 3
|
— | ||||
Balance as of 10/31/12
|
$ | 5,225 | |||
Net in unrealized appreciation/depreciation during
|
|||||
the year for level 3 investments held at October 31, 2012
|
$ | 5,225 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Sunoco Logistics Partners L.P.
|
3.93%
|
|
LKQ Corp.
|
3.85%
|
|
Tesoro Corp.
|
3.85%
|
|
HSN, Inc.
|
3.84%
|
|
Ross Stores, Inc.
|
3.68%
|
|
Petsmart, Inc.
|
3.66%
|
|
Sally Beauty Holdings, Inc.
|
3.48%
|
|
Dominos Pizza, Inc.
|
3.38%
|
|
Oneok Partners L.P.
|
3.31%
|
|
Triumph Group, Inc.
|
3.30%
|
COMMON STOCKS – 92.96%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 31.81%
|
|||||||||||||
Abercrombie & Fitch Co., Class A
|
2,815 | $ | 86,083 | 0.05 | % | ||||||||
Bed Bath & Beyond, Inc. (a)
|
3,900 | 224,952 | 0.12 | % | |||||||||
Big Lots, Inc. (a)
|
2,980 | 86,807 | 0.05 | % | |||||||||
Dominos Pizza, Inc.
|
155,800 | 6,328,596 | 3.38 | % | |||||||||
Family Dollar Stores, Inc.
|
83,900 | 5,534,044 | 2.95 | % | |||||||||
Genesco, Inc. (a)
|
85,400 | 4,893,420 | 2.61 | % | |||||||||
Genuine Parts Co.
|
90,100 | 5,638,458 | 3.01 | % | |||||||||
HSN, Inc.
|
138,300 | 7,194,366 | 3.84 | % | |||||||||
LKQ Corp. (a)
|
345,700 | 7,221,673 | 3.85 | % | |||||||||
Magna International, Inc.
|
10,930 | 485,401 | 0.26 | % | |||||||||
Mattel, Inc.
|
12,824 | 471,667 | 0.25 | % | |||||||||
Petsmart, Inc.
|
103,500 | 6,871,365 | 3.66 | % | |||||||||
Ross Stores, Inc.
|
113,300 | 6,905,635 | 3.68 | % | |||||||||
Sally Beauty Holdings, Inc. (a)
|
270,900 | 6,523,272 | 3.48 | % | |||||||||
Tiffany & Co.
|
8,735 | 552,227 | 0.29 | % | |||||||||
Tupperware Brands Corp.
|
1,650 | 97,515 | 0.05 | % | |||||||||
V.F. Corp.
|
2,229 | 348,794 | 0.19 | % | |||||||||
Williams-Sonoma, Inc.
|
3,700 | 171,051 | 0.09 | % | |||||||||
59,635,326 | 31.81 | % | |||||||||||
Consumer Staples – 9.13%
|
|||||||||||||
Bunge Ltd.
|
3,022 | 214,652 | 0.11 | % | |||||||||
Casey’s General Stores, Inc.
|
103,900 | 5,356,045 | 2.86 | % | |||||||||
Dr. Pepper Snapple Group, Inc.
|
123,200 | 5,279,120 | 2.82 | % | |||||||||
Monster Beverage Corp. (a)
|
8,000 | 357,360 | 0.19 | % | |||||||||
PriceSmart, Inc.
|
68,400 | 5,676,516 | 3.03 | % | |||||||||
Tyson Foods, Inc., Class A
|
13,275 | 223,153 | 0.12 | % | |||||||||
17,106,846 | 9.13 | % | |||||||||||
Energy – 6.86%
|
|||||||||||||
Energen Corp.
|
3,277 | 152,872 | 0.08 | % | |||||||||
Ensco PLC – ADR
|
2,335 | 135,010 | 0.07 | % | |||||||||
Helmerich & Payne, Inc.
|
2,640 | 126,192 | 0.07 | % | |||||||||
Nabors Industries Ltd. (a)
|
7,800 | 105,222 | 0.06 | % | |||||||||
Newfield Exploration Co. (a)
|
2,925 | 79,326 | 0.04 | % | |||||||||
Pioneer Natural Resources Co.
|
2,425 | 256,201 | 0.14 | % | |||||||||
Plains Exploration & Production Co. (a)
|
2,900 | 103,414 | 0.05 | % | |||||||||
Rowan Companies, Inc. (a)
|
3,750 | 118,913 | 0.06 | % | |||||||||
Tesoro Corp.
|
191,400 | 7,217,694 | 3.85 | % | |||||||||
Tidewater, Inc.
|
2,750 | 130,652 | 0.07 | % | |||||||||
World Fuel Services Corp.
|
127,900 | 4,438,130 | 2.37 | % | |||||||||
12,863,626 | 6.86 | % | |||||||||||
Financials – 1.79%
|
|||||||||||||
Comerica, Inc.
|
6,375 | 190,039 | 0.10 | % | |||||||||
Fifth Third Bancorp
|
17,900 | 260,087 | 0.14 | % | |||||||||
First Niagara Financial Group, Inc.
|
10,800 | 89,424 | 0.05 | % | |||||||||
KeyCorp
|
26,950 | 226,919 | 0.12 | % | |||||||||
M&T Bank Corp.
|
2,546 | 265,039 | 0.14 | % | |||||||||
New York Community Bancorp, Inc.
|
11,785 | 163,340 | 0.09 | % | |||||||||
People’s United Financial, Inc.
|
10,250 | 123,307 | 0.07 | % | |||||||||
Raymond James Financial, Inc.
|
8,700 | 331,818 | 0.18 | % | |||||||||
Regions Financial Corp.
|
32,200 | 209,944 | 0.11 | % | |||||||||
Reinsurance Group of America, Inc.
|
4,500 | 238,140 | 0.13 | % | |||||||||
SEI Investments Co.
|
15,450 | 338,046 | 0.18 | % | |||||||||
T. Rowe Price Group, Inc.
|
6,821 | 442,956 | 0.23 | % | |||||||||
W.R. Berkley Corp.
|
6,800 | 264,452 | 0.14 | % | |||||||||
Zions Bancorporation
|
9,600 | 206,112 | 0.11 | % | |||||||||
3,349,623 | 1.79 | % | |||||||||||
Health Care – 0.78%
|
|||||||||||||
C.R. Bard, Inc.
|
2,446 | 235,281 | 0.12 | % | |||||||||
Covance, Inc. (a)
|
2,600 | 126,646 | 0.07 | % | |||||||||
Endo Pharmaceuticals Holdings, Inc. (a)
|
9,050 | 259,373 | 0.14 | % | |||||||||
Forest Laboratories, Inc. (a)
|
6,438 | 217,025 | 0.12 | % | |||||||||
Humana, Inc.
|
1,400 | 103,978 | 0.05 | % | |||||||||
Techne Corp.
|
3,385 | 228,014 | 0.12 | % | |||||||||
Varian Medical Systems, Inc. (a)
|
4,444 | 296,681 | 0.16 | % | |||||||||
1,466,998 | 0.78 | % | |||||||||||
Industrials – 12.51%
|
|||||||||||||
Copart, Inc. (a)
|
14,970 | 430,986 | 0.23 | % | |||||||||
Kansas City Southern
|
5,950 | 478,737 | 0.26 | % | |||||||||
Kirby Corp. (a)
|
3,700 | 212,676 | 0.11 | % | |||||||||
MSC Industrial Direct
|
|||||||||||||
Company, Inc., Class A
|
2,800 | 208,880 | 0.11 | % | |||||||||
Mueller Industries, Inc.
|
111,000 | 4,861,800 | 2.59 | % | |||||||||
Pall Corp.
|
7,195 | 452,997 | 0.24 | % | |||||||||
Roper Industries, Inc.
|
4,592 | 501,309 | 0.27 | % | |||||||||
Spirit AeroSystems
|
|||||||||||||
Holdings, Inc., Class A (a)
|
10,300 | 160,989 | 0.09 | % | |||||||||
Teledyne Technologies, Inc. (a)
|
90,600 | 5,801,118 | 3.09 | % | |||||||||
Towers Watson & Co.
|
77,332 | 4,153,502 | 2.22 | % | |||||||||
Triumph Group, Inc.
|
94,600 | 6,188,732 | 3.30 | % | |||||||||
23,451,726 | 12.51 | % | |||||||||||
Information Technology – 3.60%
|
|||||||||||||
Activision Blizzard, Inc.
|
23,968 | 261,012 | 0.14 | % | |||||||||
Check Point Software
|
|||||||||||||
Technologies Ltd. (a)
|
8,403 | 374,186 | 0.20 | % | |||||||||
Dolby Laboratories, Inc., Class A (a)
|
2,825 | 89,242 | 0.05 | % | |||||||||
FactSet Research Systems, Inc.
|
3,797 | 343,818 | 0.18 | % | |||||||||
FLIR Systems, Inc.
|
4,575 | 88,892 | 0.05 | % | |||||||||
Jabil Circuit, Inc.
|
247,400 | 4,289,916 | 2.29 | % | |||||||||
Microchip Technology, Inc.
|
4,900 | 153,615 | 0.08 | % | |||||||||
Paychex, Inc.
|
9,575 | 310,517 | 0.16 | % | |||||||||
SanDisk Corp. (a)
|
3,400 | 141,984 | 0.07 | % | |||||||||
Seagate Technology PLC
|
6,700 | 183,044 | 0.10 | % |
COMMON STOCKS
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Information Technology (Continued)
|
|||||||||||||
Siliconware Precision
|
|||||||||||||
Industries Co. Ltd. ADR – ADR
|
30,900 | $ | 148,320 | 0.08 | % | ||||||||
Western Digital Corp.
|
4,900 | 167,727 | 0.09 | % | |||||||||
Xilinx, Inc.
|
6,200 | 203,112 | 0.11 | % | |||||||||
6,755,385 | 3.60 | % | |||||||||||
Materials – 0.15%
|
|||||||||||||
Sigma-Aldrich Corp.
|
3,984 | 279,438 | 0.15 | % | |||||||||
Telecommunication Services – 0.11%
|
|||||||||||||
Telephone & Data Systems, Inc.
|
7,880 | 195,975 | 0.11 | % | |||||||||
Utilities – 26.22%
|
|||||||||||||
Alliant Energy Corp.
|
119,100 | 5,323,770 | 2.84 | % | |||||||||
Ameren Corp.
|
7,300 | 240,024 | 0.13 | % | |||||||||
Centerpoint Energy, Inc.
|
233,800 | 5,066,446 | 2.70 | % | |||||||||
CMS Energy Corp.
|
235,900 | 5,737,088 | 3.06 | % | |||||||||
New Jersey Resources Corp.
|
107,700 | 4,788,342 | 2.55 | % | |||||||||
NiSource, Inc.
|
217,300 | 5,534,631 | 2.95 | % | |||||||||
NRG Energy, Inc.
|
12,500 | 269,500 | 0.14 | % | |||||||||
Pinnacle West Capital Corp.
|
106,700 | 5,651,899 | 3.02 | % | |||||||||
Scana Corp.
|
116,200 | 5,703,096 | 3.04 | % | |||||||||
UIL Holdings Corp.
|
146,400 | 5,295,288 | 2.83 | % | |||||||||
Westar Energy, Inc.
|
186,650 | 5,543,505 | 2.96 | % | |||||||||
49,153,589 | 26.22 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $150,891,239)
|
174,258,532 | 92.96 | % | ||||||||||
PARTNERSHIPS – 7.24%
|
|||||||||||||
Energy – 7.24%
|
|||||||||||||
Oneok Partners L.P.
|
101,800 | 6,204,710 | 3.31 | % | |||||||||
Sunoco Logistics Partners L.P.
|
150,400 | 7,371,104 | 3.93 | % | |||||||||
13,575,814 | 7.24 | % | |||||||||||
Total Partnerships
(Cost $9,490,863)
|
13,575,814 | 7.24 | % | ||||||||||
SHORT-TERM INVESTMENTS – 1.20%
|
|||||||||||||
Money Market Fund – 1.20%
|
|||||||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (b)
|
2,256,267 | 2,256,267 | 1.20 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $2,256,267)
|
2,256,267 | 1.20 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $2,256,267)
|
2,256,267 | 1.20 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $162,638,369) – 101.40%
|
190,090,613 | 101.40 | % | ||||||||||
Liabilities in Excess of
|
|||||||||||||
Other Assets – (1.40)%
|
(2,618,963 | ) | (1.40 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 187,471,650 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 59,635,326 | $ | — | $ | — | $ | 59,635,326 | |||||||||
Consumer Staples
|
17,106,846 | — | — | 17,106,846 | |||||||||||||
Energy
|
12,863,626 | — | — | 12,863,626 | |||||||||||||
Financials
|
3,349,623 | — | — | 3,349,623 | |||||||||||||
Health Care
|
1,466,998 | — | — | 1,466,998 | |||||||||||||
Industrials
|
23,451,726 | — | — | 23,451,726 | |||||||||||||
Information Technology
|
6,755,385 | — | — | 6,755,385 | |||||||||||||
Materials
|
279,438 | — | — | 279,438 | |||||||||||||
Telecommunication Services
|
195,975 | — | — | 195,975 | |||||||||||||
Utilities
|
49,153,589 | — | — | 49,153,589 | |||||||||||||
Total Common Stock
|
$ | 174,258,532 | $ | — | $ | — | $ | 174,258,532 | |||||||||
Partnerships
|
|||||||||||||||||
Energy
|
$ | 13,575,814 | — | — | $ | 13,575,814 | |||||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 2,256,267 | $ | — | $ | — | $ | 2,256,267 | |||||||||
Total Short-Term Investments
|
$ | 2,256,267 | $ | — | $ | — | $ | 2,256,267 | |||||||||
Total Investments in Securities
|
$ | 190,090,613 | $ | — | $ | — | $ | 190,090,613 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Gilead Sciences, Inc.
|
2.66%
|
|
Eli Lilly & Co.
|
2.33%
|
|
The Gap, Inc.
|
2.13%
|
|
TJX Companies, Inc.
|
2.12%
|
|
International Business Machines Corp.
|
2.09%
|
|
Microsoft Corp.
|
2.01%
|
|
Mattel, Inc.
|
1.90%
|
|
Wal-Mart Stores, Inc.
|
1.85%
|
|
Intel Corp.
|
1.79%
|
|
Kimberly Clark Corp.
|
1.69%
|
COMMON STOCKS – 97.24%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 20.87%
|
|||||||||||||
Advance Auto Parts, Inc.
|
21,800 | $ | 1,546,492 | 1.41 | % | ||||||||
Amazon.com, Inc. (a)
|
1,000 | 232,820 | 0.21 | % | |||||||||
AMC Networks, Inc. (a)
|
10,625 | 496,400 | 0.45 | % | |||||||||
Apollo Group, Inc. (a)
|
35,800 | 718,864 | 0.65 | % | |||||||||
Autoliv, Inc.
|
19,400 | 1,117,440 | 1.02 | % | |||||||||
Bed Bath & Beyond, Inc. (a)
|
5,800 | 334,544 | 0.30 | % | |||||||||
Best Buy Co., Inc.
|
49,200 | 748,332 | 0.68 | % | |||||||||
Cablevision Systems Corp.
|
31,900 | 555,698 | 0.51 | % | |||||||||
Coach, Inc.
|
8,000 | 448,400 | 0.41 | % | |||||||||
DIRECTV (a)
|
30,200 | 1,543,522 | 1.41 | % | |||||||||
Dish Network Corp.
|
51,100 | 1,820,693 | 1.66 | % | |||||||||
Genuine Parts Co.
|
9,700 | 607,026 | 0.55 | % | |||||||||
Guess?, Inc.
|
9,400 | 232,932 | 0.21 | % | |||||||||
Kohl’s Corp.
|
11,700 | 623,376 | 0.57 | % | |||||||||
Limited Brands, Inc.
|
35,700 | 1,709,673 | 1.56 | % | |||||||||
Mattel, Inc.
|
56,600 | 2,081,748 | 1.90 | % | |||||||||
Nordstrom, Inc.
|
30,700 | 1,742,839 | 1.59 | % | |||||||||
The Gap, Inc.
|
65,500 | 2,339,660 | 2.13 | % | |||||||||
Tiffany & Co.
|
7,500 | 474,150 | 0.43 | % | |||||||||
TJX Companies, Inc.
|
56,000 | 2,331,280 | 2.12 | % | |||||||||
TRW Automotive Holdings Corp. (a)
|
25,900 | 1,204,609 | 1.10 | % | |||||||||
22,910,498 | 20.87 | % | |||||||||||
Consumer Staples – 11.50%
|
|||||||||||||
Campbell Soup Co.
|
44,500 | 1,569,515 | 1.43 | % | |||||||||
General Mills, Inc.
|
38,600 | 1,547,088 | 1.41 | % | |||||||||
Hormel Foods Corp.
|
14,900 | 439,997 | 0.40 | % | |||||||||
Kimberly Clark Corp.
|
22,200 | 1,852,590 | 1.69 | % | |||||||||
Pepsico, Inc.
|
4,000 | 276,960 | 0.25 | % | |||||||||
Procter & Gamble Co.
|
7,800 | 540,072 | 0.49 | % | |||||||||
Sysco Corp.
|
48,100 | 1,494,467 | 1.36 | % | |||||||||
The Coca-Cola Co.
|
10,000 | 371,800 | 0.34 | % | |||||||||
The Estee Lauder
|
|||||||||||||
Companies, Inc., Class A
|
9,600 | 591,552 | 0.54 | % | |||||||||
Unilever PLC ADR – ADR
|
15,000 | 559,350 | 0.51 | % | |||||||||
Walgreen Co.
|
38,200 | 1,345,786 | 1.23 | % | |||||||||
Wal-Mart Stores, Inc.
|
27,100 | 2,033,042 | 1.85 | % | |||||||||
12,622,219 | 11.50 | % | |||||||||||
Energy – 7.54%
|
|||||||||||||
Apache Corp.
|
4,202 | 347,716 | 0.32 | % | |||||||||
Chevron Corp.
|
14,600 | 1,609,066 | 1.47 | % | |||||||||
Cimarex Energy Co.
|
16,200 | 926,316 | 0.84 | % | |||||||||
Devon Energy Corp.
|
8,800 | 512,248 | 0.47 | % | |||||||||
Diamond Offshore Drilling, Inc.
|
21,400 | 1,481,736 | 1.35 | % | |||||||||
Exxon Mobil Corp.
|
18,500 | 1,686,645 | 1.53 | % | |||||||||
Halliburton Co.
|
11,000 | 355,190 | 0.32 | % | |||||||||
Hess Corp.
|
9,000 | 470,340 | 0.43 | % | |||||||||
Murphy Oil Corp.
|
8,200 | 492,000 | 0.45 | % | |||||||||
Range Resources Corp.
|
6,000 | 392,160 | 0.36 | % | |||||||||
8,273,417 | 7.54 | % | |||||||||||
Financials – 6.41%
|
|||||||||||||
Bank of America Corp.
|
60,000 | 559,200 | 0.51 | % | |||||||||
Capital One Financial Corp.
|
5,000 | 300,850 | 0.28 | % | |||||||||
Discover Financial Services
|
12,000 | 492,000 | 0.45 | % | |||||||||
Franklin Resources, Inc.
|
3,575 | 456,885 | 0.42 | % | |||||||||
J.P. Morgan Chase & Co.
|
13,725 | 572,058 | 0.52 | % | |||||||||
Prudential Financial, Inc.
|
6,200 | 353,710 | 0.32 | % | |||||||||
T. Rowe Price Group, Inc.
|
9,000 | 584,460 | 0.53 | % | |||||||||
The Chubb Corp.
|
5,800 | 446,484 | 0.41 | % | |||||||||
The PNC Financial Services Group, Inc.
|
6,000 | 349,140 | 0.32 | % | |||||||||
The Progressive Corp.
|
70,000 | 1,561,000 | 1.42 | % | |||||||||
Torchmark Corp.
|
4,400 | 222,596 | 0.20 | % | |||||||||
U.S. Bancorp (b)
|
17,000 | 564,570 | 0.51 | % | |||||||||
Wells Fargo & Co.
|
17,000 | 572,730 | 0.52 | % | |||||||||
7,035,683 | 6.41 | % | |||||||||||
Health Care – 16.47%
|
|||||||||||||
Abbott Laboratories
|
8,640 | 566,093 | 0.52 | % | |||||||||
Aetna, Inc.
|
35,000 | 1,529,500 | 1.39 | % | |||||||||
Baxter International, Inc.
|
8,475 | 530,789 | 0.48 | % | |||||||||
C.R. Bard, Inc.
|
2,970 | 285,685 | 0.26 | % | |||||||||
Cerner Corp. (a)
|
8,200 | 624,758 | 0.57 | % | |||||||||
CIGNA Corp.
|
31,400 | 1,601,400 | 1.46 | % | |||||||||
Eli Lilly & Co.
|
52,600 | 2,557,938 | 2.33 | % | |||||||||
Forest Laboratories, Inc. (a)
|
44,500 | 1,500,095 | 1.37 | % | |||||||||
Gilead Sciences, Inc. (a)
|
43,400 | 2,914,744 | 2.66 | % | |||||||||
HCA Holdings, Inc.
|
43,300 | 1,230,153 | 1.12 | % | |||||||||
Humana, Inc.
|
19,100 | 1,418,557 | 1.29 | % | |||||||||
Merck & Co., Inc.
|
11,400 | 520,182 | 0.47 | % | |||||||||
Novartis AG – ADR
|
8,700 | 526,002 | 0.48 | % | |||||||||
Stryker Corp.
|
10,700 | 562,820 | 0.51 | % | |||||||||
UnitedHealth Group, Inc.
|
29,900 | 1,674,400 | 1.53 | % | |||||||||
Wellpoint, Inc.
|
600 | 36,768 | 0.03 | % | |||||||||
18,079,884 | 16.47 | % | |||||||||||
Industrials – 9.99%
|
|||||||||||||
3M Co.
|
9,600 | 840,960 | 0.77 | % | |||||||||
Cummins, Inc.
|
6,000 | 561,480 | 0.51 | % | |||||||||
FedEx Corp.
|
6,100 | 561,139 | 0.51 | % | |||||||||
General Dynamics Corp.
|
20,000 | 1,361,600 | 1.24 | % | |||||||||
General Electric Co.
|
37,600 | 791,856 | 0.72 | % | |||||||||
Lockheed Martin Corp.
|
18,900 | 1,770,363 | 1.61 | % | |||||||||
Norfolk Southern Corp.
|
8,600 | 527,610 | 0.48 | % | |||||||||
Raytheon Co.
|
30,300 | 1,713,768 | 1.56 | % | |||||||||
The Boeing Co.
|
18,900 | 1,331,316 | 1.21 | % |
COMMON STOCKS
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Industrials (Continued)
|
|||||||||||||
The Timken Co.
|
28,200 | $ | 1,113,618 | 1.02 | % | ||||||||
Union Pacific Corp.
|
3,200 | 393,696 | 0.36 | % | |||||||||
10,967,406 | 9.99 | % | |||||||||||
Information Technology – 17.03%
|
|||||||||||||
Apple, Inc.
|
2,050 | 1,219,955 | 1.11 | % | |||||||||
Applied Materials, Inc.
|
116,700 | 1,237,020 | 1.13 | % | |||||||||
Automatic Data Processing, Inc.
|
7,000 | 404,530 | 0.37 | % | |||||||||
Check Point Software
|
|||||||||||||
Technologies Ltd. (a)
|
7,000 | 311,710 | 0.28 | % | |||||||||
Cisco Systems, Inc.
|
30,000 | 514,200 | 0.47 | % | |||||||||
Citrix Systems, Inc. (a)
|
3,600 | 222,516 | 0.20 | % | |||||||||
Dell, Inc.
|
89,500 | 826,085 | 0.75 | % | |||||||||
Google, Inc., Class A (a)
|
1,100 | 747,747 | 0.68 | % | |||||||||
Harris Corp.
|
30,600 | 1,400,868 | 1.28 | % | |||||||||
Hewlett-Packard Co.
|
36,500 | 505,525 | 0.46 | % | |||||||||
Intel Corp.
|
91,000 | 1,967,875 | 1.79 | % | |||||||||
International Business Machines Corp.
|
11,800 | 2,295,454 | 2.09 | % | |||||||||
LAM Research Corp. (a)
|
31,700 | 1,122,180 | 1.02 | % | |||||||||
LinkedIn Corp., Class A (a)
|
900 | 96,237 | 0.09 | % | |||||||||
MICROS Systems, Inc. (a)
|
7,000 | 317,730 | 0.29 | % | |||||||||
Microsoft Corp.
|
77,350 | 2,207,182 | 2.01 | % | |||||||||
NetApp, Inc. (a)
|
9,900 | 266,310 | 0.24 | % | |||||||||
Oracle Corp.
|
19,000 | 589,950 | 0.54 | % | |||||||||
Paychex, Inc.
|
12,000 | 389,160 | 0.35 | % | |||||||||
Rackspace Hosting, Inc. (a)
|
6,000 | 382,140 | 0.35 | % | |||||||||
Salesforce.com, Inc. (a)
|
1,800 | 262,764 | 0.24 | % | |||||||||
Texas Instruments, Inc.
|
42,900 | 1,205,061 | 1.10 | % | |||||||||
Yahoo, Inc. (a)
|
12,300 | 206,763 | 0.19 | % | |||||||||
18,698,962 | 17.03 | % | |||||||||||
Materials – 5.42%
|
|||||||||||||
Cliffs Natural Resources Inc.
|
17,500 | 634,725 | 0.58 | % | |||||||||
Eastman Chemical Co.
|
28,200 | 1,670,568 | 1.52 | % | |||||||||
EI Du Pont de Nemours & Co.
|
6,000 | 267,120 | 0.24 | % | |||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
41,000 | 1,594,080 | 1.45 | % | |||||||||
Monsanto Co.
|
3,000 | 258,210 | 0.24 | % | |||||||||
Newmont Mining Corp.
|
28,000 | 1,527,400 | 1.39 | % | |||||||||
5,952,103 | 5.42 | % | |||||||||||
Telecommunication Services – 0.84%
|
|||||||||||||
AT&T, Inc.
|
15,000 | 518,850 | 0.47 | % | |||||||||
Verizon Communications, Inc.
|
9,000 | 401,760 | 0.37 | % | |||||||||
920,610 | 0.84 | % | |||||||||||
Utilities – 1.17%
|
|||||||||||||
Edison International
|
4,800 | 225,312 | 0.20 | % | |||||||||
Exelon Corp.
|
14,000 | 500,920 | 0.46 | % | |||||||||
PG&E Corp.
|
8,500 | 361,420 | 0.33 | % | |||||||||
Public Service Enterprise Group, Inc.
|
6,100 | 195,444 | 0.18 | % | |||||||||
1,283,096 | 1.17 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $98,172,303)
|
106,743,878 | 97.24 | % | ||||||||||
SHORT-TERM INVESTMENTS – 2.77%
|
|||||||||||||
Money Market Fund – 2.77%
|
|||||||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (c)
|
3,045,421 | 3,045,421 | 2.77 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $3,045,421)
|
3,045,421 | 2.77 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $3,045,421)
|
3,045,421 | 2.77 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $101,217,724) – 100.01%
|
109,789,299 | 100.01 | % | ||||||||||
Liabilities in Excess of
|
|||||||||||||
Other Assets – (0.01)%
|
(14,113 | ) | (0.01 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 109,775,186 | 100.00 | % |
(a)
|
Non-income producing security.
|
(b)
|
Investment in affiliated security. Quasar Distributors, LLC, which serves as the Fund’s distributor, is a subsidiary of U.S. Bancorp. The position is a result of the merger with the former FBR Large Cap Fund which occurred on October 26, 2012. Details of transactions with this affiliated company for the year ended October 31, 2012, are as follows:
|
Issuer
|
U.S. Bancorp
|
|
Beginning Cost*
|
$420,211
|
|
Purchase Cost
|
$—
|
|
Sales Cost
|
$—
|
|
Ending Cost
|
$420,211
|
|
Dividend Income
|
$—
|
|
Shares
|
17,000
|
|
Market Value
|
$564,570
|
*
|
Represents cost at October 26, 2012 acquisition.
|
(c)
|
The rate listed is the fund’s 7-day yield as of October 31, 2012.
|
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 22,910,498 | $ | — | $ | — | $ | 22,910,498 | |||||||||
Consumer Staples
|
12,622,219 | — | — | 12,622,219 | |||||||||||||
Energy
|
8,273,417 | — | — | 8,273,417 | |||||||||||||
Financials
|
7,035,683 | — | — | 7,035,683 | |||||||||||||
Health Care
|
18,079,884 | — | — | 18,079,884 | |||||||||||||
Industrials
|
10,967,406 | — | — | 10,967,406 | |||||||||||||
Information Technology
|
18,698,962 | — | — | 18,698,962 | |||||||||||||
Materials
|
5,952,103 | — | — | 5,952,103 | |||||||||||||
Telecommunication Services
|
920,610 | — | — | 920,610 | |||||||||||||
Utilities
|
1,283,096 | — | — | 1,283,096 | |||||||||||||
Total Common Stock
|
$ | 106,743,878 | $ | — | $ | — | $ | 106,743,878 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 3,045,421 | $ | — | $ | — | $ | 3,045,421 | |||||||||
Total Short-Term Investments
|
$ | 3,045,421 | $ | — | $ | — | $ | 3,045,421 | |||||||||
Total Investments in Securities
|
$ | 109,789,299 | $ | — | $ | — | $ | 109,789,299 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Seagate Technology PLC
|
2.55%
|
|
Encana Corp.
|
2.37%
|
|
Mattel, Inc.
|
2.36%
|
|
Carnival Corp.
|
2.29%
|
|
Sun Life Financial, Inc.
|
2.29%
|
|
HSBC Holdings PLC – ADR
|
2.27%
|
|
Eli Lilly & Co.
|
2.24%
|
|
Philip Morris International, Inc.
|
2.23%
|
|
Abbott Labs
|
2.18%
|
|
Merck & Co., Inc.
|
2.17%
|
COMMON STOCKS – 99.10%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 6.48%
|
|||||||||||||
Carnival Corp.
|
77,100 | $ | 2,920,548 | 2.29 | % | ||||||||
Mattel, Inc.
|
81,700 | 3,004,926 | 2.36 | % | |||||||||
Thomson Reuters Corp.
|
82,700 | 2,337,102 | 1.83 | % | |||||||||
8,262,576 | 6.48 | % | |||||||||||
Consumer Staples – 23.44%
|
|||||||||||||
Altria Group, Inc.
|
81,300 | 2,585,340 | 2.03 | % | |||||||||
Avon Products, Inc.
|
132,000 | 2,044,680 | 1.60 | % | |||||||||
Campbell Soup Co.
|
73,500 | 2,592,345 | 2.03 | % | |||||||||
ConAgra Foods, Inc.
|
86,800 | 2,416,512 | 1.90 | % | |||||||||
H.J. Heinz Co.
|
44,000 | 2,530,440 | 1.98 | % | |||||||||
Kellogg Co.
|
46,000 | 2,406,720 | 1.89 | % | |||||||||
Kimberly Clark Corp.
|
31,800 | 2,653,710 | 2.08 | % | |||||||||
Pepsico, Inc.
|
36,300 | 2,513,412 | 1.97 | % | |||||||||
Philip Morris International, Inc.
|
32,100 | 2,842,776 | 2.23 | % | |||||||||
Procter & Gamble Co.
|
35,700 | 2,471,868 | 1.94 | % | |||||||||
Reynolds American, Inc.
|
57,100 | 2,377,644 | 1.87 | % | |||||||||
Sysco Corp.
|
78,900 | 2,451,423 | 1.92 | % | |||||||||
29,886,870 | 23.44 | % | |||||||||||
Energy – 13.64%
|
|||||||||||||
BP PLC – ADR
|
52,800 | 2,264,592 | 1.78 | % | |||||||||
Chevron Corp.
|
22,000 | 2,424,620 | 1.90 | % | |||||||||
ConocoPhillips
|
32,100 | 1,856,985 | 1.46 | % | |||||||||
Encana Corp.
|
134,300 | 3,028,465 | 2.37 | % | |||||||||
Phillips 66
|
16,050 | 756,918 | 0.59 | % | |||||||||
Royal Dutch Shell PLC – ADR
|
33,500 | 2,294,080 | 1.80 | % | |||||||||
Total SA – ADR
|
45,600 | 2,298,240 | 1.80 | % | |||||||||
Transocean Ltd.
|
54,100 | 2,471,829 | 1.94 | % | |||||||||
17,395,729 | 13.64 | % | |||||||||||
Financials – 6.45%
|
|||||||||||||
Banco Santander SA – ADR
|
323,400 | 2,412,564 | 1.89 | % | |||||||||
HSBC Holdings PLC – ADR
|
58,700 | 2,897,432 | 2.27 | % | |||||||||
Sun Life Financial, Inc.
|
117,600 | 2,916,480 | 2.29 | % | |||||||||
8,226,476 | 6.45 | % | |||||||||||
Health Care – 14.32%
|
|||||||||||||
Abbott Laboratories
|
42,500 | 2,784,600 | 2.18 | % | |||||||||
Bristol-Myers Squibb Co.
|
69,800 | 2,320,850 | 1.82 | % | |||||||||
Eli Lilly & Co.
|
58,600 | 2,849,718 | 2.24 | % | |||||||||
GlaxoSmithKline PLC – ADR
|
51,700 | 2,321,330 | 1.82 | % | |||||||||
Johnson & Johnson
|
36,100 | 2,556,602 | 2.00 | % | |||||||||
Merck & Co., Inc.
|
60,600 | 2,765,178 | 2.17 | % | |||||||||
Pfizer, Inc.
|
107,200 | 2,666,064 | 2.09 | % | |||||||||
18,264,342 | 14.32 | % | |||||||||||
Industrials – 13.84%
|
|||||||||||||
Emerson Electric Co.
|
47,300 | 2,290,739 | 1.80 | % | |||||||||
General Electric Co.
|
123,800 | 2,607,228 | 2.04 | % | |||||||||
Lockheed Martin Corp.
|
28,600 | 2,678,962 | 2.10 | % | |||||||||
Northrop Grumman Corp.
|
39,100 | 2,685,779 | 2.11 | % | |||||||||
Raytheon Co.
|
47,400 | 2,680,944 | 2.10 | % | |||||||||
Republic Services, Inc.
|
85,100 | 2,412,585 | 1.89 | % | |||||||||
Waste Management, Inc.
|
69,900 | 2,288,526 | 1.80 | % | |||||||||
17,644,763 | 13.84 | % | |||||||||||
Information Technology – 4.12%
|
|||||||||||||
Intel Corp.
|
92,700 | 2,004,638 | 1.57 | % | |||||||||
Seagate Technology PLC
|
119,200 | 3,256,544 | 2.55 | % | |||||||||
5,261,182 | 4.12 | % | |||||||||||
Materials – 8.78%
|
|||||||||||||
Arcelormittal SA Luxembourg – ADR
|
115,300 | 1,702,981 | 1.34 | % | |||||||||
EI Du Pont de Nemours & Co.
|
47,600 | 2,119,152 | 1.66 | % | |||||||||
International Paper Co.
|
73,400 | 2,629,922 | 2.06 | % | |||||||||
Nucor Corp.
|
55,200 | 2,215,176 | 1.74 | % | |||||||||
Southern Copper Corp.
|
66,300 | 2,526,030 | 1.98 | % | |||||||||
11,193,261 | 8.78 | % | |||||||||||
Telecommunication Services – 8.03%
|
|||||||||||||
AT&T, Inc.
|
77,600 | 2,684,184 | 2.10 | % | |||||||||
BCE, Inc.
|
56,300 | 2,458,058 | 1.93 | % | |||||||||
CenturyLink, Inc.
|
62,800 | 2,410,264 | 1.89 | % | |||||||||
Verizon Communications, Inc.
|
60,300 | 2,691,792 | 2.11 | % | |||||||||
10,244,298 | 8.03 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $107,028,943)
|
126,379,497 | 99.10 | % | ||||||||||
SHORT-TERM INVESTMENTS – 1.00%
|
|||||||||||||
Money Market Fund – 1.00%
|
|||||||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (a)
|
1,273,206 | 1,273,206 | 1.00 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $1,273,206)
|
1,273,206 | 1.00 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $1,273,206)
|
1,273,206 | 1.00 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $108,302,149) – 100.10%
|
127,652,703 | 100.10 | % | ||||||||||
Liabilities in Excess
|
|||||||||||||
of Other Assets – (0.10)%
|
(131,398 | ) | (0.10 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 127,521,305 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 8,262,576 | $ | — | $ | — | $ | 8,262,576 | |||||||||
Consumer Staples
|
29,886,870 | — | — | 29,886,870 | |||||||||||||
Energy
|
17,395,729 | — | — | 17,395,729 | |||||||||||||
Financials
|
8,226,476 | — | — | 8,226,476 | |||||||||||||
Health Care
|
18,264,342 | — | — | 18,264,342 | |||||||||||||
Industrials
|
17,644,763 | — | — | 17,644,763 | |||||||||||||
Information Technology
|
5,261,182 | — | — | 5,261,182 | |||||||||||||
Materials
|
11,193,261 | — | — | 11,193,261 | |||||||||||||
Telecommunication Services
|
10,244,298 | — | — | 10,244,298 | |||||||||||||
Total Common Stock
|
$ | 126,379,497 | $ | — | $ | — | $ | 126,379,497 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 1,273,206 | $ | — | $ | — | $ | 1,273,206 | |||||||||
Total Short-Term Investments
|
$ | 1,273,206 | $ | — | $ | — | $ | 1,273,206 | |||||||||
Total Investments in Securities
|
$ | 127,652,703 | $ | — | $ | — | $ | 127,652,703 |
Common Stock
|
|||||
Balance as of 10/31/11
|
$ | — | |||
Accrued discounts/premiums
|
— | ||||
Realized gain (loss)
|
— | ||||
Change in unrealized appreciation (depreciation)
|
— | ||||
Purchases
|
— | ||||
(Sales)
|
— | (1) | |||
Transfer in and/or out of Level 3
|
— | ||||
Balance as of 10/31/12
|
$ | — | |||
Change in unrealized appreciation/depreciation during
|
|||||
the year for level 3 investments held at October 31, 2012.
|
$ | — |
COMMON STOCKS – 99.39%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 8.62%
|
|||||||||||||
Abercrombie & Fitch Co., Class A
|
19,645 | $ | 600,744 | 0.48 | % | ||||||||
CBS Corp.
|
40,330 | 1,306,692 | 1.05 | % | |||||||||
Comcast Corp.
|
65,290 | 2,449,028 | 1.96 | % | |||||||||
Ford Motor Co.
|
74,880 | 835,661 | 0.67 | % | |||||||||
Macy’s, Inc.
|
25,095 | 955,367 | 0.77 | % | |||||||||
Pulte Homes, Inc. (a)
|
38,575 | 668,890 | 0.52 | % | |||||||||
Target Corp.
|
30,470 | 1,942,462 | 1.55 | % | |||||||||
The Home Depot, Inc.
|
22,740 | 1,395,781 | 1.12 | % | |||||||||
Time Warner, Inc.
|
14,450 | 628,142 | 0.50 | % | |||||||||
10,782,767 | 8.62 | % | |||||||||||
Consumer Staples – 4.93%
|
|||||||||||||
Altria Group, Inc.
|
19,550 | 621,690 | 0.50 | % | |||||||||
Bunge Ltd.
|
19,235 | 1,366,262 | 1.09 | % | |||||||||
CVS Caremark Corp.
|
33,535 | 1,556,024 | 1.24 | % | |||||||||
Pepsico, Inc.
|
9,160 | 634,238 | 0.51 | % | |||||||||
Procter & Gamble Co.
|
28,670 | 1,985,111 | 1.59 | % | |||||||||
6,163,325 | 4.93 | % | |||||||||||
Energy – 16.31%
|
|||||||||||||
Anadarko Petroleum Corp.
|
14,085 | 969,189 | 0.77 | % | |||||||||
Chevron Corp.
|
53,215 | 5,864,825 | 4.69 | % | |||||||||
ConocoPhillips
|
20,115 | 1,163,653 | 0.93 | % | |||||||||
Exxon Mobil Corp.
|
55,690 | 5,077,257 | 4.06 | % | |||||||||
Helmerich & Payne, Inc.
|
31,660 | 1,513,348 | 1.21 | % | |||||||||
Hess Corp.
|
18,510 | 967,333 | 0.77 | % | |||||||||
National Oilwell Varco, Inc.
|
10,635 | 783,799 | 0.63 | % | |||||||||
Occidental Petroleum Corp.
|
24,685 | 1,949,128 | 1.56 | % | |||||||||
Oil States International, Inc. (a)
|
12,760 | 932,756 | 0.75 | % | |||||||||
Valero Energy Corp.
|
40,440 | 1,176,804 | 0.94 | % | |||||||||
20,398,092 | 16.31 | % | |||||||||||
Financials – 24.64%
|
|||||||||||||
Ace Ltd.
|
23,980 | 1,886,027 | 1.51 | % | |||||||||
Affiliated Managers Group, Inc. (a)
|
6,215 | 786,198 | 0.63 | % | |||||||||
Allstate Corp.
|
40,740 | 1,628,785 | 1.30 | % | |||||||||
American International Group, Inc. (a)
|
31,800 | 1,110,774 | 0.89 | % | |||||||||
Apartment Investment &
|
|||||||||||||
Management Co.
|
44,250 | 1,181,032 | 0.94 | % | |||||||||
Capital One Financial Corp.
|
16,560 | 996,415 | 0.80 | % | |||||||||
Citigroup, Inc.
|
68,525 | 2,562,150 | 2.05 | % | |||||||||
Invesco Ltd.
|
64,665 | 1,572,653 | 1.26 | % | |||||||||
J.P. Morgan Chase & Co.
|
81,710 | 3,405,673 | 2.72 | % | |||||||||
Lincoln National Corp.
|
28,175 | 698,458 | 0.56 | % | |||||||||
Morgan Stanley
|
36,975 | 642,625 | 0.51 | % | |||||||||
Peabody Energy Corp.
|
11,385 | 317,641 | 0.25 | % | |||||||||
Prudential Financial, Inc.
|
16,670 | 951,023 | 0.76 | % | |||||||||
Simon Property Group, Inc.
|
14,018 | 2,133,680 | 1.71 | % | |||||||||
State Street Corp.
|
25,950 | 1,156,592 | 0.92 | % | |||||||||
The Chubb Corp.
|
16,315 | 1,255,929 | 1.00 | % | |||||||||
The Goldman Sachs Group, Inc.
|
8,330 | 1,019,509 | 0.82 | % | |||||||||
The PNC Financial Services Group, Inc.
|
37,295 | 2,170,196 | 1.73 | % | |||||||||
Torchmark Corp.
|
27,855 | 1,409,184 | 1.13 | % | |||||||||
Wells Fargo & Co.
|
102,990 | 3,469,733 | 2.77 | % | |||||||||
Weyerhaeuser Co.
|
17,105 | 473,637 | 0.38 | % | |||||||||
30,827,914 | 24.64 | % | |||||||||||
Health Care – 11.40%
|
|||||||||||||
HCA Holdings, Inc.
|
36,045 | 1,024,038 | 0.82 | % | |||||||||
Johnson & Johnson
|
64,320 | 4,555,142 | 3.64 | % | |||||||||
McKesson Corp.
|
19,195 | 1,791,086 | 1.43 | % | |||||||||
Medtronic, Inc.
|
16,360 | 680,249 | 0.54 | % | |||||||||
Merck & Co., Inc.
|
40,287 | 1,838,296 | 1.47 | % | |||||||||
Pfizer, Inc.
|
82,900 | 2,061,723 | 1.65 | % | |||||||||
UnitedHealth Group, Inc.
|
41,320 | 2,313,920 | 1.85 | % | |||||||||
14,264,454 | 11.40 | % | |||||||||||
Industrials – 8.91%
|
|||||||||||||
Eaton Corp.
|
3,450 | 162,909 | 0.13 | % | |||||||||
FedEx Corp.
|
5,465 | 502,725 | 0.40 | % | |||||||||
General Electric Co.
|
213,620 | 4,498,837 | 3.60 | % | |||||||||
Honeywell International, Inc.
|
27,890 | 1,707,984 | 1.37 | % | |||||||||
KBR, Inc.
|
36,480 | 1,016,333 | 0.81 | % | |||||||||
Raytheon Co.
|
16,740 | 946,814 | 0.76 | % | |||||||||
The Boeing Co.
|
15,365 | 1,082,311 | 0.87 | % | |||||||||
Union Pacific Corp.
|
9,855 | 1,212,461 | 0.97 | % | |||||||||
11,130,374 | 8.91 | % | |||||||||||
Information Technology – 5.60%
|
|||||||||||||
Cisco Systems, Inc.
|
157,160 | 2,693,722 | 2.16 | % | |||||||||
Ebay, Inc. (a)
|
16,365 | 790,266 | 0.63 | % | |||||||||
Hewlett-Packard Co.
|
36,335 | 503,240 | 0.40 | % | |||||||||
Intel Corp.
|
52,575 | 1,136,934 | 0.91 | % | |||||||||
MasterCard, Inc., Class A
|
1,230 | 566,944 | 0.45 | % | |||||||||
Texas Instruments, Inc.
|
46,900 | 1,317,421 | 1.05 | % | |||||||||
7,008,527 | 5.60 | % | |||||||||||
Manufacturing – 4.50%
|
|||||||||||||
Apple, Inc.
|
905 | 538,565 | 0.43 | % | |||||||||
EMC Corp. (a)
|
37,700 | 920,634 | 0.74 | % | |||||||||
Ingredion, Inc.
|
29,085 | 1,787,564 | 1.43 | % | |||||||||
Kraft Foods Group, Inc.
|
19,316 | 878,492 | 0.70 | % | |||||||||
Micron Technology, Inc. (a)
|
90,425 | 490,556 | 0.39 | % | |||||||||
Mondelez Intl, Inc.
|
38,405 | 1,019,269 | 0.81 | % | |||||||||
5,635,080 | 4.50 | % | |||||||||||
Materials – 4.10%
|
|||||||||||||
Eastman Chemical Co.
|
24,895 | 1,474,780 | 1.18 | % | |||||||||
FMC Corp.
|
19,510 | 1,044,175 | 0.83 | % | |||||||||
Freeport-McMoRan Copper & Gold, Inc.
|
32,925 | 1,280,124 | 1.02 | % |
COMMON STOCKS
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Materials (Continued)
|
|||||||||||||
PPG Industries, Inc.
|
11,390 | $ | 1,333,541 | 1.07 | % | ||||||||
5,132,620 | 4.10 | % | |||||||||||
Telecommunication Services – 3.40%
|
|||||||||||||
AT&T, Inc.
|
51,030 | 1,765,128 | 1.41 | % | |||||||||
CenturyLink, Inc.
|
36,707 | 1,408,815 | 1.13 | % | |||||||||
Verizon Communications, Inc.
|
24,080 | 1,074,931 | 0.86 | % | |||||||||
4,248,874 | 3.40 | % | |||||||||||
Utilities – 6.98%
|
|||||||||||||
Edison International
|
41,660 | 1,955,521 | 1.56 | % | |||||||||
Nextera Energy, Inc.
|
36,370 | 2,548,082 | 2.04 | % | |||||||||
Northeast Utilities
|
59,270 | 2,329,311 | 1.86 | % | |||||||||
Oge Energy Corp.
|
33,035 | 1,902,155 | 1.52 | % | |||||||||
8,735,069 | 6.98 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $105,483,754)
|
124,327,096 | 99.39 | % | ||||||||||
SHORT-TERM INVESTMENTS – 0.93%
|
|||||||||||||
Money Market Fund – 0.93%
|
|||||||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (b)
|
1,164,771 | 1,164,771 | 0.93 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $1,164,771)
|
1,164,771 | 0.93 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $1,164,771)
|
1,164,771 | 0.93 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $106,648,525) – 100.32%
|
125,491,867 | 100.32 | % | ||||||||||
Liabilities in Excess
|
|||||||||||||
of Other Assets – (0.32)%
|
(401,422 | ) | (0.32 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 125,090,445 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 10,782,767 | $ | — | $ | — | $ | 10,782,767 | |||||||||
Consumer Staples
|
6,163,325 | — | — | 6,163,325 | |||||||||||||
Energy
|
20,398,092 | — | — | 20,398,092 | |||||||||||||
Financials
|
30,827,914 | — | — | 30,827,914 | |||||||||||||
Health Care
|
14,264,454 | — | — | 14,264,454 | |||||||||||||
Industrials
|
11,130,374 | — | — | 11,130,374 | |||||||||||||
Information Technology
|
7,008,527 | — | — | 7,008,527 | |||||||||||||
Manufacturing
|
5,635,080 | — | — | 5,635,080 | |||||||||||||
Materials
|
5,132,620 | — | — | 5,132,620 | |||||||||||||
Telecommunication Services
|
4,248,874 | — | — | 4,248,874 | |||||||||||||
Utilities
|
8,735,069 | — | — | 8,735,069 | |||||||||||||
Total Common Stock
|
$ | 124,327,096 | $ | — | $ | — | $ | 124,327,096 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 1,164,771 | $ | — | $ | — | $ | 1,164,771 | |||||||||
Total Short-Term Investments
|
$ | 1,164,771 | $ | — | $ | — | $ | 1,164,771 | |||||||||
Total Investments in Securities
|
$ | 125,491,867 | $ | — | $ | — | $ | 125,491,867 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Pfizer, Inc.
|
7.02%
|
|
Merck & Co., Inc.
|
6.92%
|
|
Verizon Communications, Inc.
|
6.87%
|
|
AT&T, Inc.
|
6.68%
|
|
Johnson & Johnson
|
6.55%
|
|
Proctor & Gamble Co.
|
6.51%
|
|
EI Du Pont de Nemours & Co.
|
5.51%
|
|
Intel Corp.
|
5.00%
|
|
Chevron Corp.
|
4.44%
|
|
General Electric Co.
|
3.38%
|
COMMON STOCKS – 67.35%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 2.37%
|
|||||||||||||
McDonald’s Corp.
|
21,200 | $ | 1,840,160 | 2.37 | % | ||||||||
Consumer Staples – 6.51%
|
|||||||||||||
Procter & Gamble Co.
|
73,000 | 5,054,520 | 6.51 | % | |||||||||
Energy – 4.44%
|
|||||||||||||
Chevron Corp.
|
31,300 | 3,449,573 | 4.44 | % | |||||||||
Financials – 2.74%
|
|||||||||||||
J.P. Morgan Chase & Co.
|
51,100 | 2,129,848 | 2.74 | % | |||||||||
Health Care – 20.49%
|
|||||||||||||
Johnson & Johnson
|
71,800 | 5,084,876 | 6.55 | % | |||||||||
Merck & Co., Inc.
|
117,800 | 5,375,214 | 6.92 | % | |||||||||
Pfizer, Inc.
|
219,300 | 5,453,991 | 7.02 | % | |||||||||
15,914,081 | 20.49 | % | |||||||||||
Industrials – 3.38%
|
|||||||||||||
General Electric Co.
|
124,700 | 2,626,182 | 3.38 | % | |||||||||
Information Technology – 5.00%
|
|||||||||||||
Intel Corp.
|
179,500 | 3,881,687 | 5.00 | % | |||||||||
Manufacturing – 3.36%
|
|||||||||||||
Kraft Foods Group, Inc.
|
20,900 | 950,532 | 1.22 | % | |||||||||
Mondelez International, Inc.
|
62,700 | 1,664,058 | 2.14 | % | |||||||||
2,614,590 | 3.36 | % | |||||||||||
Materials – 5.51%
|
|||||||||||||
EI Du Pont de Nemours & Co.
|
96,100 | 4,278,372 | 5.51 | % | |||||||||
Telecommunication Services – 13.55%
|
|||||||||||||
AT&T, Inc.
|
149,900 | 5,185,041 | 6.68 | % | |||||||||
Verizon Communications, Inc.
|
119,500 | 5,334,480 | 6.87 | % | |||||||||
10,519,521 | 13.55 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $43,913,975)
|
52,308,534 | 67.35 | % | ||||||||||
SHORT-TERM INVESTMENTS – 69.74%
|
|||||||||||||
Money Market Fund – 5.37%
|
|||||||||||||
Federated Government Obligations
|
|||||||||||||
Fund – Class I, 0.02% (b)
|
471,379 | 471,379 | 0.61 | % | |||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (b)
|
3,700,000 | 3,700,000 | 4.76 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $4,171,379)
|
4,171,379 | 5.37 | % | ||||||||||
U.S. Treasury Bill*
– 64.37%
|
|||||||||||||
0.053%, 11/08/2012 (c)
|
18,000,000 | 17,999,755 | 23.17 | % | |||||||||
0.089%, 12/13/2012 (c)
|
20,000,000 | 19,997,900 | 25.75 | % | |||||||||
0.084%, 01/17/2013 (c)
|
12,000,000 | 11,997,888 | 15.45 | % | |||||||||
Total U.S. Treasury Bill
|
|||||||||||||
(Cost $49,995,345)
|
49,995,543 | 64.37 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $54,166,724)
|
54,166,922 | 69.74 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $98,080,699) – 137.09%
|
106,475,456 | 137.09 | % | ||||||||||
Liabilities in Excess of
|
|||||||||||||
Other Assets – (37.09)%
|
(28,804,669 | ) | (37.09 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 77,670,787 | 100.00 | % |
(a)
|
Non-income producing security.
|
(b)
|
The rate listed is the fund’s 7-day yield as of October 31, 2012.
|
(c)
|
The rate listed is discount rate at issue.
|
*
|
Collateral or partial collateral for securities sold subject to repurchase.
|
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 1,840,160 | $ | — | $ | — | $ | 1,840,160 | |||||||||
Consumer Staples
|
5,054,520 | — | — | 5,054,520 | |||||||||||||
Energy
|
3,449,573 | — | — | 3,449,573 | |||||||||||||
Financials
|
2,129,848 | — | — | 2,129,848 | |||||||||||||
Health Care
|
15,914,081 | — | — | 15,914,081 | |||||||||||||
Industrials
|
2,626,182 | — | — | 2,626,182 | |||||||||||||
Information Technology
|
3,881,687 | — | — | 3,881,687 | |||||||||||||
Manufacturing
|
2,614,590 | — | — | 2,614,590 | |||||||||||||
Materials
|
4,278,372 | — | — | 4,278,372 | |||||||||||||
Telecommunication Services
|
10,519,521 | — | — | 10,519,521 | |||||||||||||
Total Common Stock
|
$ | 52,308,534 | $ | — | $ | — | $ | 52,308,534 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 4,171,379 | $ | — | $ | — | $ | 4,171,379 | |||||||||
U.S. Treasury Bills
|
— | 49,995,543 | — | 49,995,543 | |||||||||||||
Total Short-Term Investments
|
$ | 4,171,379 | $ | 49,995,543 | $ | — | $ | 54,166,922 | |||||||||
Total Investments in Securities
|
$ | 56,479,913 | $ | 49,995,543 | $ | — | $ | 106,475,456 |
Hennessy Total Return Fund
as of October 31, 2012
|
Face
|
Principal
|
Maturity
|
Maturity
|
||||||||||
Value
|
Counterparty
|
Rate
|
Trade Date
|
Date
|
Amount
|
||||||||
$ | 10,800,000 |
UBS Financial Services, Inc.
|
0.28 | % |
8/24/12
|
11/8/12
|
$ | 10,806,384 | |||||
10,794,000 |
UBS Financial Services, Inc.
|
0.27 | % |
9/21/12
|
12/13/12
|
10,800,719 | |||||||
7,196,000 |
UBS Financial Services, Inc.
|
0.30 | % |
10/19/12
|
1/17/13
|
7,201,397 | |||||||
$ | 28,790,000 | $ | 28,808,500 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Johnson & Johnson
|
5.51%
|
|
Verizon Communications, Inc.
|
5.37%
|
|
Merck & Co., Inc.
|
5.33%
|
|
Proctor & Gamble Co.
|
5.28%
|
|
Pfizer, Inc.
|
5.25%
|
|
AT&T, Inc.
|
5.13%
|
|
EI Du Pont de Nemours & Co.
|
4.26%
|
|
General Electric Co.
|
4.22%
|
|
Intel Corp.
|
3.65%
|
|
Chevron Corp.
|
3.00%
|
COMMON STOCKS – 51.03%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 0.17%
|
|||||||||||||
McDonald’s Corp.
|
500 | $ | 43,400 | 0.17 | % | ||||||||
Consumer Staples – 5.28%
|
|||||||||||||
Procter & Gamble Co.
|
19,200 | 1,329,408 | 5.28 | % | |||||||||
Energy – 3.00%
|
|||||||||||||
Chevron Corp.
|
6,850 | 754,939 | 3.00 | % | |||||||||
Financials – 0.77%
|
|||||||||||||
J.P. Morgan Chase & Co.
|
4,650 | 193,812 | 0.77 | % | |||||||||
Health Care – 16.09%
|
|||||||||||||
Johnson & Johnson
|
19,600 | 1,388,072 | 5.51 | % | |||||||||
Merck & Co., Inc.
|
29,400 | 1,341,522 | 5.33 | % | |||||||||
Pfizer, Inc.
|
53,150 | 1,321,840 | 5.25 | % | |||||||||
4,051,434 | 16.09 | % | |||||||||||
Industrials – 4.22%
|
|||||||||||||
General Electric Co.
|
50,450 | 1,062,477 | 4.22 | % | |||||||||
Information Technology – 3.65%
|
|||||||||||||
Intel Corp.
|
42,450 | 917,981 | 3.65 | % | |||||||||
Manufacturing – 3.09%
|
|||||||||||||
Kraft Foods Group, Inc.
|
6,216 | 282,704 | 1.12 | % | |||||||||
Mondelez International, Inc.
|
18,650 | 494,971 | 1.97 | % | |||||||||
777,675 | 3.09 | % | |||||||||||
Materials – 4.26%
|
|||||||||||||
EI Du Pont de Nemours & Co.
|
24,100 | 1,072,932 | 4.26 | % | |||||||||
Telecommunication Services – 10.50%
|
|||||||||||||
AT&T, Inc.
|
37,300 | 1,290,207 | 5.13 | % | |||||||||
Verizon Communications, Inc.
|
30,300 | 1,352,592 | 5.37 | % | |||||||||
2,642,799 | 10.50 | % | |||||||||||
Total Common Stocks
|
|||||||||||||
(Cost $11,199,593)
|
12,846,857 | 51.03 | % | ||||||||||
SHORT-TERM INVESTMENTS – 49.03%
|
|||||||||||||
Money Market Funds – 2.56%
|
|||||||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01 (b)
|
644,312 | 644,312 | 2.56 | % | |||||||||
Total Money Market Funds
|
|||||||||||||
(Cost $644,312)
|
644,312 | 2.56 | % | ||||||||||
U.S. Treasury Bills – 46.47%
|
|||||||||||||
0.069%, 11/15/2012 (c)
|
1,600,000 | 1,599,943 | 6.36 | % | |||||||||
0.089%, 12/13/2012 (c)
|
2,100,000 | 2,099,753 | 8.34 | % | |||||||||
0.084%, 01/10/2013 (c)
|
2,600,000 | 2,599,594 | 10.33 | % | |||||||||
0.114%, 02/07/2013 (c)
|
800,000 | 799,761 | 3.18 | % | |||||||||
0.129%, 03/07/2013 (c)
|
700,000 | 699,687 | 2.78 | % | |||||||||
0.155%, 05/02/2013 (c)
|
200,000 | 199,846 | 0.79 | % | |||||||||
0.155%, 05/30/2013 (c)
|
700,000 | 699,368 | 2.78 | % | |||||||||
0.160%, 06/27/2013 (c)
|
800,000 | 799,181 | 3.18 | % | |||||||||
0.165%, 08/22/2013 (c)
|
1,000,000 | 998,675 | 3.97 | % | |||||||||
0.170%, 09/19/2013 (c)
|
1,200,000 | 1,198,231 | 4.76 | % | |||||||||
Total U.S. Treasury Bills
|
|||||||||||||
(Cost $11,698,583)
|
11,694,039 | 46.47 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $12,342,895)
|
12,338,351 | 49.03 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $23,542,488) – 100.06%
|
25,185,208 | 100.06 | % | ||||||||||
Liabilities in Excess of
|
|||||||||||||
Other Assets – (0.06)%
|
(15,432 | ) | (0.06 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 25,169,776 | 100.00 | % |
(a)
|
Non-income producing security.
|
(b)
|
The rate listed is the fund’s 7-day yield as of October 31, 2012.
|
(c)
|
The rate listed is discount rate at issue.
|
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 43,400 | $ | — | $ | — | $ | 43,400 | |||||||||
Consumer Staples
|
1,329,408 | — | — | 1,329,408 | |||||||||||||
Energy
|
754,939 | — | — | 754,939 | |||||||||||||
Financials
|
193,812 | — | — | 193,812 | |||||||||||||
Health Care
|
4,051,434 | — | — | 4,051,434 | |||||||||||||
Industrials
|
1,062,477 | — | — | 1,062,477 | |||||||||||||
Information Technology
|
917,981 | — | — | 917,981 | |||||||||||||
Manufacturing
|
777,675 | — | — | 777,675 | |||||||||||||
Materials
|
1,072,932 | — | — | 1,072,932 | |||||||||||||
Telecommunication Services
|
2,642,799 | — | — | 2,642,799 | |||||||||||||
Total Common Stock
|
$ | 12,846,857 | $ | — | $ | — | $ | 12,846,857 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 644,312 | $ | — | $ | — | $ | 644,312 | |||||||||
U.S. Treasury Bills
|
— | 11,694,039 | — | 11,694,039 | |||||||||||||
Total Short-Term Investments
|
$ | 644,312 | $ | 11,694,039 | $ | — | $ | 12,338,351 | |||||||||
Total Investments in Securities
|
$ | 13,491,169 | $ | 11,694,039 | $ | — | $ | 25,185,208 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Ryohin Keikaku Co., Ltd.
|
8.40%
|
|
Keyence Corp.
|
7.55%
|
|
Misumi Group, Inc.
|
7.29%
|
|
Shimano, Inc.
|
6.82%
|
|
Rohto Pharmaceutical Co., Ltd.
|
6.14%
|
|
Sumitomo Corp.
|
5.90%
|
|
Asics Corp.
|
5.51%
|
|
Kao Corp.
|
5.00%
|
|
Mitsubishi Corp.
|
4.54%
|
|
Unicharm Corp.
|
4.17%
|
COMMON STOCKS – 89.55%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 22.43%
|
|||||||||||||
Asics Corp.
|
73,300 | $ | 1,064,195 | 5.51 | % | ||||||||
Isuzu Motors, Ltd.
|
62,000 | 327,746 | 1.70 | % | |||||||||
Ryohin Keikaku Co., Ltd.
|
24,500 | 1,623,513 | 8.40 | % | |||||||||
Shimano, Inc.
|
20,900 | 1,316,886 | 6.82 | % | |||||||||
4,332,340 | 22.43 | % | |||||||||||
Consumer Staples – 12.06%
|
|||||||||||||
Kao Corp.
|
34,400 | 966,113 | 5.00 | % | |||||||||
Pigeon Corp.
|
12,100 | 557,785 | 2.89 | % | |||||||||
Unicharm Corp.
|
14,900 | 806,313 | 4.17 | % | |||||||||
2,330,211 | 12.06 | % | |||||||||||
Financials – 4.68%
|
|||||||||||||
Mizuho Financial Group
|
256,900 | 402,261 | 2.08 | % | |||||||||
Sumitomo Mitsui Financial Group, Inc.
|
16,400 | 502,087 | 2.60 | % | |||||||||
904,348 | 4.68 | % | |||||||||||
Health Care – 12.54%
|
|||||||||||||
Mani, Inc.
|
13,700 | 507,979 | 2.63 | % | |||||||||
Rohto Pharmaceutical Co., Ltd.
|
86,000 | 1,187,173 | 6.14 | % | |||||||||
Terumo Corp.
|
16,900 | 728,248 | 3.77 | % | |||||||||
2,423,400 | 12.54 | % | |||||||||||
Industrials – 28.00%
|
|||||||||||||
Daikin Industries
|
21,200 | 586,366 | 3.04 | % | |||||||||
Itochu Corp.
|
56,500 | 565,496 | 2.93 | % | |||||||||
Komatsu, Ltd.
|
12,200 | 255,523 | 1.32 | % | |||||||||
Marubeni Corp.
|
89,000 | 576,387 | 2.98 | % | |||||||||
Misumi Group, Inc.
|
57,400 | 1,408,576 | 7.29 | % | |||||||||
Mitsubishi Corp.
|
49,100 | 876,456 | 4.54 | % | |||||||||
Sumitomo Corp.
|
83,600 | 1,139,381 | 5.90 | % | |||||||||
5,408,185 | 28.00 | % | |||||||||||
Information Technology – 7.55%
|
|||||||||||||
Keyence Corp.
|
5,500 | 1,459,226 | 7.55 | % | |||||||||
Materials – 2.29%
|
|||||||||||||
Fuji Seal International, Inc.
|
20,800 | 442,941 | 2.29 | % | |||||||||
Total Common Stocks
|
|||||||||||||
(Cost $13,838,320)
|
17,300,651 | 89.55 | % | ||||||||||
SHORT-TERM INVESTMENTS – 10.10%
|
|||||||||||||
Money Market Fund – 10.10%
|
|||||||||||||
Federated Treasury Obligations
|
|||||||||||||
Fund, 0.01% (a)
|
80,730 | 80,730 | 0.42 | % | |||||||||
Federated Government
|
|||||||||||||
Obligations Fund – Class I, 0.02% (a)
|
935,000 | 935,000 | 4.84 | % | |||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (a)
|
935,000 | 935,000 | 4.84 | % | |||||||||
Total Money Market Funds
|
|||||||||||||
(Cost $1,950,730)
|
1,950,730 | 10.10 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $15,789,050) – 99.65%
|
19,251,381 | 99.65 | % | ||||||||||
Other Assets in Excess
|
|||||||||||||
of Liabilities – 0.35%
|
66,840 | 0.35 | % | ||||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 19,318,221 | 100.00 | % |
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 4,332,340 | $ | — | $ | — | $ | 4,332,340 | |||||||||
Consumer Staples
|
2,330,211 | — | — | 2,330,211 | |||||||||||||
Financials
|
904,348 | — | — | 904,348 | |||||||||||||
Health Care
|
2,423,400 | — | — | 2,423,400 | |||||||||||||
Industrials
|
5,408,185 | — | — | 5,408,185 | |||||||||||||
Information Technology
|
1,459,226 | — | — | 1,459,226 | |||||||||||||
Materials
|
442,941 | — | — | 442,941 | |||||||||||||
Total Common Stock
|
$ | 17,300,651 | $ | — | $ | — | $ | 17,300,651 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 1,950,730 | $ | — | $ | — | $ | 1,950,730 | |||||||||
Total Short-Term Investments
|
$ | 1,950,730 | $ | — | $ | — | $ | 1,950,730 | |||||||||
Total Investments in Securities
|
$ | 19,251,381 | $ | — | $ | — | $ | 19,251,381 |
TOP TEN EQUITY HOLDINGS
|
% net assets
|
|
Gulliver International Co., Ltd.
|
2.93%
|
|
Mirait Holdings Corp.
|
2.92%
|
|
Morita Holdings Corp.
|
2.80%
|
|
Shin Nippon Air Technologies Co., Ltd.
|
2.61%
|
|
Yushiro Chemical
|
2.55%
|
|
UKC Holdings Corp.
|
2.52%
|
|
Towa Corp.
|
2.42%
|
|
Konishi Co., Ltd.
|
2.35%
|
|
Iriso Electronics
|
2.34%
|
|
Nisshinbo Holdings
|
2.31%
|
COMMON STOCKS – 100.72%
|
Number of
|
% of
|
|||||||||||
Shares
|
Value
|
Net Assets
|
|||||||||||
Consumer Discretionary – 15.73%
|
|||||||||||||
Accordia Golf Co., Ltd.
|
151 | $ | 107,438 | 2.10 | % | ||||||||
Ahresty Corp.
|
18,300 | 72,898 | 1.43 | % | |||||||||
Gulliver International Co., Ltd.
|
3,910 | 149,631 | 2.93 | % | |||||||||
Nippon Seiki Co., Ltd.
|
11,000 | 105,687 | 2.07 | % | |||||||||
Seiko Holdings
|
37,000 | 97,332 | 1.91 | % | |||||||||
Tohokushinsha Film Corp.
|
12,100 | 84,880 | 1.66 | % | |||||||||
Tomy Company Ltd
|
13,700 | 75,511 | 1.48 | % | |||||||||
Village Vanguard Co., Ltd.
|
111 | 109,985 | 2.15 | % | |||||||||
803,362 | 15.73 | % | |||||||||||
Consumer Staples – 1.02%
|
|||||||||||||
Nippon Suisan
|
23,700 | 51,954 | 1.02 | % | |||||||||
Financials – 2.09%
|
|||||||||||||
Kenedix, Inc. (a)
|
823 | 106,702 | 2.09 | % | |||||||||
Industrials – 40.43%
|
|||||||||||||
Aichi Corp.
|
24,800 | 98,790 | 1.94 | % | |||||||||
Anest Iwata Corp.
|
13,000 | 49,180 | 0.96 | % | |||||||||
Asunaro Aoki Construction, Ltd.
|
15,000 | 81,173 | 1.59 | % | |||||||||
Fuji Machine Mfg
|
6,000 | 84,855 | 1.66 | % | |||||||||
Hanwa Co Ltd
|
30,000 | 104,848 | 2.05 | % | |||||||||
Japan Pulp & Paper
|
17,000 | 50,683 | 0.99 | % | |||||||||
Kito Corp.
|
63 | 52,717 | 1.03 | % | |||||||||
Kyosan Electric Manufacturing Co., Ltd.
|
30,000 | 97,708 | 1.91 | % | |||||||||
Mirait Holdings Corp.
|
18,400 | 149,127 | 2.92 | % | |||||||||
Morita Holdings Corp.
|
17,000 | 142,891 | 2.80 | % | |||||||||
NEC Capital Solutions Ltd.
|
3,900 | 54,716 | 1.07 | % | |||||||||
Nihon Trim Co., Ltd.
|
2,550 | 69,061 | 1.35 | % | |||||||||
Nippon Yusoki Co., Ltd.
|
35,000 | 93,824 | 1.84 | % | |||||||||
Nisshinbo Holdings
|
18,000 | 117,700 | 2.31 | % | |||||||||
Nittoku Eng Co.
|
10,300 | 114,961 | 2.25 | % | |||||||||
Prestige International, Inc.
|
6,900 | 79,000 | 1.55 | % | |||||||||
Sankyu, Inc.
|
33,000 | 114,919 | 2.25 | % | |||||||||
SBS Holdings, Inc.
|
9,200 | 115,475 | 2.26 | % | |||||||||
Shin Nippon Air Technologies Co., Ltd.
|
24,300 | 133,021 | 2.61 | % | |||||||||
Skymark Airlines (a)
|
15,700 | 83,387 | 1.63 | % | |||||||||
Tocalo Co Ltd
|
5,200 | 75,495 | 1.48 | % | |||||||||
Toshin Group Co., Ltd.
|
3,800 | 101,248 | 1.98 | % | |||||||||
2,064,779 | 40.43 | % | |||||||||||
Information Technology – 26.34%
|
|||||||||||||
Asahi Net, Inc.
|
11,000 | 53,326 | 1.04 | % | |||||||||
D.A. Consortium, Inc.
|
372 | 111,698 | 2.19 | % | |||||||||
Elecom Co., Ltd.
|
1,100 | 17,403 | 0.34 | % | |||||||||
Iriso Electronics
|
8,600 | 119,256 | 2.34 | % | |||||||||
Macnica, Inc.
|
3,100 | 61,006 | 1.19 | % | |||||||||
Nihon Dempa Kogyo
|
9,000 | 97,632 | 1.91 | % | |||||||||
Nippon Chemi-con Corp. (a)
|
67,000 | 97,357 | 1.91 | % | |||||||||
Roland DG Corp.
|
9,500 | 102,462 | 2.01 | % | |||||||||
SIIX Corp.
|
7,100 | 104,592 | 2.05 | % | |||||||||
SMS Co., Ltd.
|
30 | 66,366 | 1.30 | % | |||||||||
SRA Holdings, Inc.
|
7,100 | 77,377 | 1.52 | % | |||||||||
Tamura Corp.
|
47,000 | 103,031 | 2.02 | % | |||||||||
Towa Corp.
|
22,000 | 123,462 | 2.42 | % | |||||||||
UKC Holdings Corp.
|
6,900 | 128,700 | 2.52 | % | |||||||||
UT Holdings Co., Ltd.
|
150 | 80,797 | 1.58 | % | |||||||||
1,344,465 | 26.34 | % | |||||||||||
Materials – 13.16%
|
|||||||||||||
Fujikura Kasei Co., Ltd.
|
25,200 | 106,381 | 2.08 | % | |||||||||
Harima Chems Group
|
12,500 | 57,466 | 1.13 | % | |||||||||
Konishi Co., Ltd.
|
8,000 | 119,754 | 2.35 | % | |||||||||
Nippon Carbide Industries Co., Inc.
|
29,000 | 71,928 | 1.41 | % | |||||||||
Nippon Paper Group
|
4,600 | 52,609 | 1.03 | % | |||||||||
Okabe Co., Ltd.
|
16,000 | 100,814 | 1.97 | % | |||||||||
Ube Material Inds
|
12,000 | 32,770 | 0.64 | % | |||||||||
Yushiro Chemical
|
13,600 | 130,327 | 2.55 | % | |||||||||
672,049 | 13.16 | % | |||||||||||
Utilities – 1.95%
|
|||||||||||||
Shizuokagas Co.
|
14,000 | 99,612 | 1.95 | % | |||||||||
Total Common Stocks
|
|||||||||||||
(Cost $5,003,931)
|
5,142,923 | 100.72 | % | ||||||||||
SHORT-TERM INVESTMENTS – 1.66%
|
|||||||||||||
Money Market Fund – 1.66%
|
|||||||||||||
Fidelity Government Portfolio –
|
|||||||||||||
Institutional Class, 0.01% (b)
|
84,955 | 84,955 | 1.66 | % | |||||||||
Total Money Market Fund
|
|||||||||||||
(Cost $84,955)
|
84,955 | 1.66 | % | ||||||||||
Total Short-Term Investments
|
|||||||||||||
(Cost $84,955)
|
84,955 | 1.66 | % | ||||||||||
Total Investments
|
|||||||||||||
(Cost $5,088,886) – 102.38%
|
5,227,878 | 102.38 | % | ||||||||||
Liabilities in Excess
|
|||||||||||||
of Other Assets – (2.38)%
|
(121,356 | ) | (2.38 | )% | |||||||||
TOTAL NET ASSETS
– 100.00%
|
$ | 5,106,522 | 100.00 | % |
(a)
|
Non-income producing security.
|
(b)
|
The rate listed is the fund’s 7-day yield as of October 31, 2012.
|
Common Stock
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Consumer Discretionary
|
$ | 803,362 | $ | — | $ | — | $ | 803,362 | |||||||||
Consumer Staples
|
51,954 | — | — | 51,954 | |||||||||||||
Financials
|
106,702 | — | — | 106,702 | |||||||||||||
Industrials
|
2,064,779 | — | — | 2,064,779 | |||||||||||||
Information Technology
|
1,344,465 | — | — | 1,344,465 | |||||||||||||
Materials
|
672,049 | — | — | 672,049 | |||||||||||||
Utilities
|
99,612 | — | — | 99,612 | |||||||||||||
Total Common Stock
|
$ | 5,142,923 | $ | — | $ | — | $ | 5,142,923 | |||||||||
Short-Term Investments
|
|||||||||||||||||
Money Market Funds
|
$ | 84,955 | $ | — | $ | — | $ | 84,955 | |||||||||
Total Short-Term Investments
|
$ | 84,955 | $ | — | $ | — | $ | 84,955 | |||||||||
Total Investments in Securities
|
$ | 5,227,878 | $ | — | $ | — | $ | 5,227,878 |
Statements of Assets and Liabilities
as of October 31, 2012
|
HENNESSY
|
HENNESSY
|
||||||||||||
HENNESSY
|
CORNERSTONE
|
CORNERSTONE
|
|||||||||||
CORNERSTONE
|
MID CAP 30
|
LARGE GROWTH
|
|||||||||||
GROWTH FUND
|
FUND
|
FUND
|
|||||||||||
ASSETS:
|
|||||||||||||
Investments in unaffiliated securities, at value (cost $272,278,473, $162,638,369,
|
|||||||||||||
$ 100,797,513, $108,302,149, $106,648,525, $98,080,699, $23,542,488, | |||||||||||||
$15,789,050 and $5,088,886, respectively)
|
$ | 301,312,799 | $ | 190,090,613 | $ | 109,224,729 | |||||||
Investments in affiliated securities, at value (cost $0, $0,
|
|||||||||||||
$420,211, $0, $0, $0, $0, $0 and $0, respectively
|
— | — | 564,570 | ||||||||||
Cash
|
960 | — | 6,391 | ||||||||||
Dividends and interest receivable
|
31,990 | 265,093 | 224,443 | ||||||||||
Receivable for fund shares sold
|
2,163,544 | 139,040 | 4,323 | ||||||||||
Receivable for securities sold
|
— | 7,618 | — | ||||||||||
Prepaid expenses and other assets
|
39,686 | 26,755 | 25,322 | ||||||||||
Total Assets
|
303,548,979 | 190,529,119 | 110,049,778 | ||||||||||
LIABILITIES:
|
|||||||||||||
Payable for securities purchased
|
— | — | — | ||||||||||
Payable for fund shares redeemed
|
303,772 | 2,686,552 | 65,403 | ||||||||||
Payable to Advisor
|
180,177 | 122,844 | 64,209 | ||||||||||
Payable to Administrator
|
181,093 | 116,411 | 61,517 | ||||||||||
Payable to Auditor
|
37,828 | 40,189 | 38,909 | ||||||||||
Accrued distribution fees
|
5,355 | 1,250 | 1,623 | ||||||||||
Accrued service fees
|
21,786 | 13,866 | 6,537 | ||||||||||
Reverse repurchase agreement
|
— | — | — | ||||||||||
Accrued interest payable
|
157 | 3,218 | 70 | ||||||||||
Accrued directors fees
|
3,094 | 3,144 | 3,105 | ||||||||||
Accrued expenses and other payables
|
104,798 | 69,995 | 33,219 | ||||||||||
Total Liabilities
|
838,060 | 3,057,469 | 274,592 | ||||||||||
NET ASSETS
|
$ | 302,710,919 | $ | 187,471,650 | $ | 109,775,186 | |||||||
NET ASSETS CONSIST OF:
|
|||||||||||||
Capital stock
|
$ | 520,774,583 | $ | 204,115,102 | $ | 104,023,299 | |||||||
Accumulated net investment income (loss)
|
(2,592,872 | ) | 1,029,849 | 1,080,454 | |||||||||
Accumulated net realized gain (loss) on investments
|
(244,505,118 | ) | (45,125,545 | ) | (3,900,142 | ) | |||||||
Unrealized net appreciation on investments
|
29,034,326 | 27,452,244 | 8,571,575 | ||||||||||
Total Net Assets
|
$ | 302,710,919 | $ | 187,471,650 | $ | 109,775,186 | |||||||
NET ASSETS
|
|||||||||||||
Investor Class:
|
|||||||||||||
Shares authorized ($.0001 par value)
|
25,000,000,000 | 25,000,000,000 |
Unlimited
|
||||||||||
Net assets applicable to outstanding Investor Class shares
|
265,600,452 | 145,846,928 | 75,832,638 | ||||||||||
Shares issued and outstanding
|
21,459,180 | 10,370,435 | 7,043,085 | ||||||||||
Net asset value, offering price and redemption price per share
|
$ | 12.38 | $ | 14.06 | $ | 10.77 | |||||||
Institutional Class:
|
|||||||||||||
Shares authorized ($.0001 par value)
|
25,000,000,000 | 25,000,000,000 |
Unlimited
|
||||||||||
Net assets applicable to outstanding Institutional Class shares
|
37,110,467 | 41,624,722 | 33,942,548 | ||||||||||
Shares issued and outstanding
|
2,951,325 | 2,908,254 | 3,127,989 | ||||||||||
Net asset value, offering price and redemption price per share
|
$ | 12.57 | $ | 14.31 | $ | 10.85 |
HENNESSY
|
HENNESSY
|
HENNESSY
|
HENNESSY
|
HENNESSY
|
||||||||||||||||||
CORNERSTONE
|
LARGE
|
TOTAL RETURN
|
BALANCED
|
HENNESSY
|
JAPAN SMALL
|
|||||||||||||||||
VALUE FUND
|
VALUE FUND
|
FUND
|
FUND
|
JAPAN FUND
|
CAP FUND
|
|||||||||||||||||
$ | 127,652,703 | $ | 125,491,867 | $ | 106,475,456 | $ | 25,185,208 | $ | 19,251,381 | $ | 5,227,878 | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
304,293 | 127,655 | 168,549 | 42,812 | 155,495 | 36,552 | |||||||||||||||||
20,732 | 8,094 | 234,589 | 5,001 | 57,204 | 17,021 | |||||||||||||||||
— | 1,599,483 | — | — | — | 86,396 | |||||||||||||||||
26,692 | 22,084 | 16,720 | 10,985 | 19,845 | 14,230 | |||||||||||||||||
128,004,420 | 127,249,183 | 106,895,314 | 25,244,006 | 19,483,925 | 5,382,077 | |||||||||||||||||
— | 1,831,281 | — | — | — | 14,053 | |||||||||||||||||
259,226 | 91,681 | 248,117 | — | 100,457 | 221,091 | |||||||||||||||||
81,603 | 91,323 | 39,979 | 12,940 | 16,290 | 5,399 | |||||||||||||||||
80,562 | 80,969 | 49,637 | 16,812 | 11,481 | 3,866 | |||||||||||||||||
20,392 | 19,574 | 18,705 | 16,470 | 19,139 | 17,660 | |||||||||||||||||
— | — | 25,042 | 13,023 | — | — | |||||||||||||||||
10,813 | 10,739 | 6,663 | 2,157 | 877 | 450 | |||||||||||||||||
— | — | 28,790,000 | — | — | — | |||||||||||||||||
— | — | 10,063 | — | 19 | — | |||||||||||||||||
3,235 | 3,351 | 2,486 | 2,509 | 3,328 | 3,328 | |||||||||||||||||
27,284 | 29,820 | 33,835 | 10,319 | 14,113 | 9,708 | |||||||||||||||||
483,115 | 2,158,738 | 29,224,527 | 74,230 | 165,704 | 275,555 | |||||||||||||||||
$ | 127,521,305 | $ | 125,090,445 | $ | 77,670,787 | $ | 25,169,776 | $ | 19,318,221 | $ | 5,106,522 | |||||||||||
$ | 149,994,707 | $ | 135,081,967 | $ | 76,377,331 | $ | 24,793,394 | $ | 49,296,211 | $ | 3,913,887 | |||||||||||
2,446,268 | 1,060,739 | 78,405 | 2,932 | — | (57,735 | ) | ||||||||||||||||
(44,270,224 | ) | (29,895,603 | ) | (7,179,706 | ) | (1,269,270 | ) | (33,436,445 | ) | 1,112,310 | ||||||||||||
19,350,554 | 18,843,342 | 8,394,757 | 1,642,720 | 3,458,455 | 138,060 | |||||||||||||||||
$ | 127,521,305 | $ | 125,090,445 | $ | 77,670,787 | $ | 25,169,776 | $ | 19,318,221 | $ | 5,106,522 | |||||||||||
25,000,000,000 |
Unlimited
|
100,000,000 | 100,000,000 |
Unlimited
|
Unlimited
|
|||||||||||||||||
124,989,938 | 125,033,860 | 77,670,787 | 25,169,776 | 10,382,773 | 5,106,522 | |||||||||||||||||
8,913,769 | 5,059,089 | 6,144,368 | 2,118,394 | 674,038 | 484,408 | |||||||||||||||||
$ | 14.02 | $ | 24.71 | $ | 12.64 | $ | 11.88 | $ | 15.40 | $ | 10.54 | |||||||||||
25,000,000,000 |
Unlimited
|
N/A | N/A |
Unlimited
|
N/A | |||||||||||||||||
2,531,367 | 56,585 | N/A | N/A | 8,935,448 | N/A | |||||||||||||||||
180,337 | 2,279 | N/A | N/A | 572,688 | N/A | |||||||||||||||||
$ | 14.04 | $ | 24.83 | N/A | N/A | $ | 15.60 | N/A |
Statements of Operations
For the Year Ended October 31, 2012
|
HENNESSY
|
HENNESSY
|
|||||||||||
HENNESSY
|
CORNERSTONE
|
CORNERSTONE
|
||||||||||
CORNERSTONE
|
MID CAP 30
|
LARGE GROWTH
|
||||||||||
GROWTH FUND
|
FUND
|
FUND
|
||||||||||
INVESTMENT INCOME:
|
||||||||||||
Dividend income from unaffiliated securities
(1)
|
$ | 1,465,565 | $ | 3,202,959 | $ | 2,062,487 | ||||||
Dividend income from affiliated securities
|
— | — | — | |||||||||
Interest income
|
3,469 | 908 | 226 | |||||||||
Total investment income
|
1,469,034 | 3,203,867 | 2,062,713 | |||||||||
EXPENSES:
|
||||||||||||
Investment advisory fees
|
1,612,148 | 1,205,874 | 574,284 | |||||||||
Administration, fund accounting, custody and transfer agent fees
|
555,538 | 415,538 | 197,895 | |||||||||
Distribution fees – Investor Class (See Note 6)
|
— | — | — | |||||||||
Service fees – Investor Class (See Note 6)
|
214,761 | 139,469 | 76,989 | |||||||||
Federal and state registration fees
|
31,975 | 38,642 | 35,094 | |||||||||
Audit fees
|
27,011 | 25,353 | 23,206 | |||||||||
Legal fees
|
5,521 | 5,521 | 5,020 | |||||||||
Compliance expense
|
10,925 | 10,925 | 10,925 | |||||||||
Reports to shareholders
|
61,166 | 42,617 | 16,319 | |||||||||
Directors’ fees and expenses
|
15,553 | 15,453 | 15,029 | |||||||||
Sub-transfer agent expenses – Investor Class (See Note 6)
|
342,871 | 240,406 | 19,637 | |||||||||
Sub-transfer agent expenses – Institutional Class (See Note 6)
|
588 | 14,108 | 29 | |||||||||
Interest expense (See Notes 4 and 7)
|
777 | 6,607 | — | |||||||||
Other
|
22,830 | 16,396 | 10,473 | |||||||||
Total expenses before reimbursement from advisor
|
2,901,664 | 2,176,909 | 984,900 | |||||||||
Administration expense waiver (See Note 6)
|
(4,007 | ) | (42,487 | ) | (2,641 | ) | ||||||
Net expenses
|
2,897,657 | 2,134,422 | 982,259 | |||||||||
NET INVESTMENT INCOME (LOSS)
|
(1,428,623 | ) | 1,069,445 | 1,080,454 | ||||||||
REALIZED AND UNREALIZED GAINS (LOSSES):
|
||||||||||||
Net realized gain (loss) on:
|
||||||||||||
Investments from unaffiliated securities
|
3,675,303 | 465,078 | 171,724 | |||||||||
Investments from affiliated securities
|
— | — | — | |||||||||
Change in unrealized appreciation on investments
|
43,342,497 | 21,872,356 | 5,528,323 | |||||||||
Net gain (loss) on investments
|
47,017,800 | 22,337,434 | 5,700,047 | |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ | 45,589,177 | $ | 23,406,879 | $ | 6,780,501 |
HENNESSY
|
HENNESSY
|
HENNESSY
|
HENNESSY
|
HENNESSY
|
||||||||||||||||||
CORNERSTONE
|
LARGE
|
TOTAL RETURN
|
BALANCED
|
HENNESSY
|
JAPAN SMALL
|
|||||||||||||||||
VALUE FUND
|
VALUE FUND
|
FUND
|
FUND
|
JAPAN FUND
|
CAP FUND
|
|||||||||||||||||
$ | 4,848,327 | $ | 3,201,079 | $ | 1,968,445 | $ | 420,859 | $ | 401,971 | $ | 248,588 | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
2,032 | 138 | 18,574 | 8,469 | 148 | 179 | |||||||||||||||||
4,850,359 | 3,201,217 | 1,987,019 | 429,328 | 402,119 | 248,767 | |||||||||||||||||
912,705 | 1,065,815 | 425,005 | 136,881 | 205,473 | 179,755 | |||||||||||||||||
314,513 | 319,745 | 180,627 | 58,174 | 52,396 | 38,198 | |||||||||||||||||
— | — | 106,251 | 34,220 | — | — | |||||||||||||||||
121,418 | 125,342 | 70,834 | 22,814 | 10,851 | 14,980 | |||||||||||||||||
35,915 | 33,242 | 27,337 | 24,655 | 36,957 | 20,530 | |||||||||||||||||
23,671 | 22,550 | 21,456 | 19,070 | 21,703 | 20,212 | |||||||||||||||||
5,521 | 7,020 | 5,516 | 5,516 | 5,020 | 5,520 | |||||||||||||||||
10,925 | 10,925 | 10,925 | 10,925 | 10,925 | 10,925 | |||||||||||||||||
25,082 | 43,944 | 15,038 | 4,455 | 8,547 | 6,518 | |||||||||||||||||
15,427 | 15,305 | 10,587 | 10,688 | 15,282 | 15,293 | |||||||||||||||||
72,797 | 89,951 | 30,149 | 20,402 | 15,567 | 23,539 | |||||||||||||||||
1,874 | — | N/A | N/A | 5,132 | N/A | |||||||||||||||||
708 | — | 57,585 | — | 2,204 | 3,166 | |||||||||||||||||
15,079 | 14,859 | 8,912 | 3,147 | 10,078 | 10,086 | |||||||||||||||||
1,555,635 | 1,748,698 | 970,222 | 350,947 | 400,135 | 348,722 | |||||||||||||||||
(4,229 | ) | (118 | ) | — | — | — | N/A | |||||||||||||||
1,551,406 | 1,748,580 | 970,222 | 350,947 | 400,135 | 348,722 | |||||||||||||||||
3,298,953 | 1,452,637 | 1,016,797 | 78,381 | 1,984 | (99,955 | ) | ||||||||||||||||
3,221,518 | 9,806,738 | 3,337,953 | 493,334 | (816,325 | ) | 2,043,302 | ||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
8,250,584 | 7,541,982 | 3,331,681 | 918,830 | 2,653,253 | (380,675 | ) | ||||||||||||||||
11,472,102 | 17,348,720 | 6,669,634 | 1,412,164 | 1,836,928 | 1,662,627 | |||||||||||||||||
$ | 14,771,055 | $ | 18,801,357 | $ | 7,686,431 | $ | 1,490,545 | $ | 1,838,912 | $ | 1,562,672 |
Statements of Changes in Net Assets
|
Hennessy Cornerstone Growth Fund
|
||||||||
Year Ended
|
Year Ended
|
|||||||
October 31, 2012
|
October 31, 2011
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$ | (1,428,623 | ) | $ | (1,513,994 | ) | ||
Net realized gain on securities
|
3,675,303 | 39,880,443 | ||||||
Change in unrealized appreciation (depreciation) on securities
|
43,342,497 | (41,240,390 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
45,589,177 | (2,873,941 | ) | |||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
||||||||
Net investment income – Investor Class
|
— | — | ||||||
Net investment income – Institutional Class
|
— | — | ||||||
Net realized gains – Investor Class
|
— | — | ||||||
Net realized gains – Institutional Class
|
— | — | ||||||
Total distributions
|
— | — | ||||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares issued in the Reorganization – Investor Class (See Note 9)
|
— | 25,825,466 | ||||||
Proceeds from shares issued in the Reorganization – Institutional Class (See Note 9)
|
34,071,809 | 339,345 | ||||||
Proceeds from shares subscribed – Investor Class
|
90,544,279 | 5,686,546 | ||||||
Proceeds from shares subscribed – Institutional Class
|
418,215 | 120,828 | ||||||
Dividends reinvested – Investor Class
|
— | — | ||||||
Dividends reinvested – Institutional Class
|
— | — | ||||||
Cost of shares redeemed – Investor Class
|
(54,063,454 | ) | (51,326,442 | ) | ||||
Cost of shares redeemed – Institutional Class
|
(778,530 | ) | (1,075,812 | ) | ||||
Net increase (decrease) in net assets derived from capital share transactions
|
70,192,319 | (20,430,069 | ) | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
115,781,496 | (23,304,010 | ) | |||||
NET ASSETS:
|
||||||||
Beginning of period
|
186,929,423 | 210,233,433 | ||||||
End of period
|
$ | 302,710,919 | $ | 186,929,423 | ||||
Accumulated net investment income (loss), end of period
|
$ | (2,592,872 | ) | $ | 16,688 | |||
CHANGES IN SHARES OUTSTANDING:
|
||||||||
Shares issued in connection with Acquisition – Investor Class (See Note 9)
|
— | 2,524,476 | ||||||
Shares issued in connection with Acquisition – Institutional Class (See Note 9)
|
2,732,499 | 32,783 | ||||||
Shares sold – Investor Class
|
7,702,040 | 536,989 | ||||||
Shares sold – Institutional Class
|
35,989 | 11,197 | ||||||
Shares issued to holders as reinvestment of dividends – Investor Class
|
— | — | ||||||
Shares issued to holders as reinvestment of dividends – Institutional Class
|
— | — | ||||||
Shares redeemed – Investor Class
|
(4,743,651 | ) | (4,705,581 | ) | ||||
Shares redeemed – Institutional Class
|
(67,781 | ) | (94,611 | ) | ||||
Net increase (decrease) in shares outstanding
|
5,659,096 | (1,694,747 | ) |
Hennessy Cornerstone Mid Cap 30 Fund
|
Hennessy Cornerstone Large Growth Fund
|
Hennessy Cornerstone Value Fund
|
||||||||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||
October 31, 2012
|
October 31, 2011
|
October 31, 2012
|
October 31, 2011
|
October 31, 2012
|
October 31, 2011
|
|||||||||||||||||
$ | 1,069,445 | $ | (1,184,998 | ) | $ | 1,080,454 | $ | 559,148 | $ | 3,298,953 | $ | 4,048,072 | ||||||||||
465,078 | 21,853,896 | 171,724 | 15,375,964 | 3,221,518 | 10,696,825 | |||||||||||||||||
21,872,356 | (10,298,635 | ) | 5,528,323 | (10,653,411 | ) | $ | 8,250,584 | (7,231,439 | ) | |||||||||||||
23,406,879 | 10,370,263 | 6,780,501 | 5,281,701 | 14,771,055 | 7,513,458 | |||||||||||||||||
— | — | (557,836 | ) | (626,839 | ) | (3,784,445 | ) | (4,238,610 | ) | |||||||||||||
— | — | (1,312 | ) | (968 | ) | (49,840 | ) | (44,764 | ) | |||||||||||||
— | — | (15,350,002 | ) | (109,149 | ) | — | — | |||||||||||||||
— | — | (25,963 | ) | (99 | ) | — | — | |||||||||||||||
— | — | (15,935,113 | ) | (737,055 | ) | (3,834,285 | ) | (4,283,374 | ) | |||||||||||||
— | — | — | — | — | — | |||||||||||||||||
16,374,686 | — | 33,698,161 | — | — | — | |||||||||||||||||
61,505,408 | 59,931,720 | 2,170,407 | 1,432,151 | 16,434,099 | 10,694,626 | |||||||||||||||||
4,266,258 | 7,761,938 | 51,923 | 88,409 | 1,336,353 | 83,602 | |||||||||||||||||
— | — | 14,646,437 | 671,356 | 3,373,717 | 3,846,379 | |||||||||||||||||
— | — | 27,274 | 1,067 | 37,743 | 25,543 | |||||||||||||||||
(81,736,037 | ) | (45,594,300 | ) | (9,670,991 | ) | (7,591,682 | ) | (21,987,512 | ) | (57,199,244 | ) | |||||||||||
(6,640,858 | ) | (6,751,235 | ) | (16,525 | ) | (21,081 | ) | (188,855 | ) | (323,943 | ) | |||||||||||
(6,230,543 | ) | 15,348,123 | 40,906,686 | (5,419,780 | ) | (994,455 | ) | (42,873,037 | ) | |||||||||||||
17,176,336 | 25,718,386 | 31,752,074 | (875,134 | ) | 9,942,315 | (39,642,953 | ) | |||||||||||||||
170,295,314 | 144,576,928 | 78,023,112 | 78,898,246 | 117,578,990 | 157,221,943 | |||||||||||||||||
$ | 187,471,650 | $ | 170,295,314 | $ | 109,775,186 | $ | 78,023,112 | $ | 127,521,305 | $ | 117,578,990 | |||||||||||
$ | 1,029,849 | $ | — | $ | 1,080,454 | $ | 559,148 | $ | 2,446,268 | $ | 3,329,807 | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
1,154,875 | — | 3,110,613 | — | — | — | |||||||||||||||||
4,595,496 | 4,688,679 | 204,448 | 113,003 | 1,221,855 | 847,873 | |||||||||||||||||
312,388 | 598,584 | 4,836 | 7,307 | 100,889 | 6,843 | |||||||||||||||||
— | — | 1,455,027 | 55,671 | 264,813 | 312,206 | |||||||||||||||||
— | — | 2,689 | 88 | 2,967 | 2,077 | |||||||||||||||||
(6,262,135 | ) | (3,673,362 | ) | (911,650 | ) | (610,123 | ) | (1,636,482 | ) | (4,539,225 | ) | |||||||||||
(512,726 | ) | (538,511 | ) | (1,399 | ) | (1,715 | ) | (14,382 | ) | (25,568 | ) | |||||||||||
(712,102 | ) | 1,075,390 | 3,864,564 | (435,769 | ) | (60,340 | ) | (3,395,794 | ) |
Statements of Changes in Net Assets
|
Hennessy Large Value Fund
|
||||||||
Year Ended
|
Year Ended
|
|||||||
October 31, 2012
|
October 31, 2011
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$ | 1,452,637 | $ | 1,283,875 | ||||
Net realized gain (loss) on securities
|
9,806,738 | 11,600,606 | ||||||
Change in unrealized appreciation (depreciation) on securities
|
7,541,982 | (5,464,551 | ) | |||||
Net increase (decrease) in net assets resulting from operations
|
18,801,357 | 7,419,930 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
||||||||
Net investment income – Investor Class
|
(1,007,288 | ) | (1,291,601 | ) | ||||
Net investment income – Institutional Class
|
(471 | ) | (582 | ) | ||||
Net realized gains – Investor Class
|
— | — | ||||||
Net realized gains – Institutional Class
|
— | — | ||||||
Total distributions
|
(1,007,759 | ) | (1,292,183 | ) | ||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares subscribed – Investor Class
|
1,325,949 | 1,847,792 | ||||||
Proceeds from shares subscribed – Institutional Class
|
13,303 | 10,610 | ||||||
Dividends reinvested – Investor Class
|
961,881 | 1,235,299 | ||||||
Dividends reinvested – Institutional Class
|
471 | 528 | ||||||
Cost of shares redeemed – Investor Class
|
(19,010,445 | ) | (16,781,736 | ) | ||||
Cost of shares redeemed – Institutional Class
|
(289 | ) | (12,669 | ) | ||||
Net increase (decrease) in net assets derived from capital share transactions
|
(16,709,130 | ) | (13,700,176 | ) | ||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
1,084,468 | (7,572,429 | ) | |||||
NET ASSETS:
|
||||||||
Beginning of period
|
124,005,977 | 131,578,406 | ||||||
End of period
|
$ | 125,090,445 | $ | 124,005,977 | ||||
Accumulated net investment income (loss), end of period
|
$ | 1,060,739 | $ | 634,102 | ||||
CHANGES IN SHARES OUTSTANDING:
|
||||||||
Shares sold – Investor Class
|
56,881 | 84,224 | ||||||
Shares sold – Institutional Class
|
579 | 497 | ||||||
Shares issued to holders as reinvestment of dividends – Investor Class
|
43,942 | 56,743 | ||||||
Shares issued to holders as reinvestment of dividends – Institutional Class
|
21 | 24 | ||||||
Shares redeemed – Investor Class
|
(817,082 | ) | (759,938 | ) | ||||
Shares redeemed – Institutional Class
|
(13 | ) | (615 | ) | ||||
Net increase (decrease) in shares outstanding
|
(715,672 | ) | (619,065 | ) |
Hennessy Total Return Fund
|
Hennessy Balanced Fund
|
Hennessy Japan Fund
|
||||||||||||||||||||
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
Year Ended
|
|||||||||||||||||
October 31, 2012
|
October 31, 2011
|
October 31, 2012
|
October 31, 2011
|
October 31, 2012
|
October 31, 2011
|
|||||||||||||||||
$ | 1,016,797 | $ | 1,021,401 | $ | 78,381 | $ | 57,635 | $ | 1,984 | $ | (82,227 | ) | ||||||||||
3,337,953 | 3,288,471 | 493,334 | 498,835 | (816,325 | ) | 1,052,378 | ||||||||||||||||
3,331,681 | 2,165,518 | 918,830 | 310,456 | 2,653,253 | (4,618,650 | ) | ||||||||||||||||
7,686,431 | 6,475,390 | 1,490,545 | 866,926 | 1,838,912 | (3,648,499 | ) | ||||||||||||||||
(1,013,041 | ) | (1,003,505 | ) | (81,724 | ) | (55,526 | ) | — | — | |||||||||||||
N/A | N/A | N/A | N/A | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
N/A | N/A | N/A | N/A | — | — | |||||||||||||||||
(1,013,041 | ) | (1,003,505 | ) | (81,724 | ) | (55,526 | ) | — | — | |||||||||||||
29,998,535 | 11,718,225 | 13,386,838 | 8,374,392 | 6,766,669 | 68,660,478 | |||||||||||||||||
N/A | N/A | N/A | N/A | 157,102 | 1,179,768 | |||||||||||||||||
923,418 | 905,737 | 77,883 | 53,435 | — | — | |||||||||||||||||
N/A | N/A | N/A | N/A | — | — | |||||||||||||||||
(24,056,017 | ) | (23,040,187 | ) | (7,726,009 | ) | (3,720,748 | ) | (12,101,974 | ) | (68,498,669 | ) (1) | |||||||||||
N/A | N/A | N/A | N/A | (1,853,965 | ) | (16,765,426 | ) | |||||||||||||||
6,865,936 | (10,416,225 | ) | 5,738,712 | 4,707,079 | (7,032,168 | ) | (15,423,849 | ) | ||||||||||||||
13,539,326 | (4,944,340 | ) | 7,147,533 | 5,518,479 | (5,193,256 | ) | (19,072,348 | ) | ||||||||||||||
64,131,461 | 69,075,801 | 18,022,243 | 12,503,764 | 24,511,477 | 43,583,825 | |||||||||||||||||
$ | 77,670,787 | $ | 64,131,461 | $ | 25,169,776 | $ | 18,022,243 | $ | 19,318,221 | $ | 24,511,477 | |||||||||||
$ | 78,405 | $ | 74,649 | $ | 2,932 | $ | 6,275 | $ | — | $ | — | |||||||||||
2,462,738 | 1,061,206 | 1,156,321 | 760,081 | 460,787 | 4,803,522 | |||||||||||||||||
N/A | N/A | N/A | N/A | 10,560 | 80,655 | |||||||||||||||||
74,537 | 81,262 | 6,678 | 4,931 | — | — | |||||||||||||||||
N/A | N/A | N/A | N/A | — | — | |||||||||||||||||
(1,983,914 | ) | (2,087,396 | ) | (663,666 | ) | (344,283 | ) | (845,443 | ) | (5,335,288 | ) | |||||||||||
N/A | N/A | N/A | N/A | (124,185 | ) | (1,256,328 | ) | |||||||||||||||
553,361 | (944,928 | ) | 499,333 | 420,729 | (498,281 | ) | (1,707,439 | ) |
Statements of Changes in Net Assets
|
Hennessy Japan Small Cap Fund
|
||||||||
Year Ended
|
Year Ended
|
|||||||
October 31, 2012
|
October 31, 2011
|
|||||||
OPERATIONS:
|
||||||||
Net investment income (loss)
|
$ | (99,955 | ) | $ | 41,453 | |||
Net realized gain (loss) on securities
|
2,043,302 | 1,413,091 | ||||||
Change in unrealized appreciation (depreciation) on securities
|
(380,675 | ) | (331,017 | ) | ||||
Net increase (decrease) in net assets resulting from operations
|
1,562,672 | 1,123,527 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS FROM:
|
||||||||
Net investment income – Investor Class
|
(99,101 | ) | — | |||||
Net investment income – Institutional Class
|
N/A | N/A | ||||||
Net realized gains – Investor Class
|
— | — | ||||||
Net realized gains – Institutional Class
|
N/A | N/A | ||||||
Total distributions
|
(99,101 | ) | — | |||||
CAPITAL SHARE TRANSACTIONS:
|
||||||||
Proceeds from shares subscribed – Investor Class
|
2,526,353 | 18,301,075 | ||||||
Proceeds from shares subscribed – Institutional Class
|
N/A | N/A | ||||||
Dividends reinvested – Investor Class
|
95,320 | — | ||||||
Dividends reinvested – Institutional Class
|
N/A | N/A | ||||||
Cost of shares redeemed – Investor Class
|
(23,061,781 | ) | (10,506,600 | ) (1) | ||||
Cost of shares redeemed – Institutional Class
|
N/A | N/A | ||||||
Net increase (decrease) in net assets derived from capital share transactions
|
(20,440,108 | ) | 7,794,475 | |||||
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
(18,976,537 | ) | 8,918,002 | |||||
NET ASSETS:
|
||||||||
Beginning of period
|
24,083,059 | 15,165,057 | ||||||
End of period
|
$ | 5,106,522 | $ | 24,083,059 | ||||
Accumulated net investment income (loss), end of period
|
$ | (57,735 | ) | $ | (190,480 | ) | ||
CHANGES IN SHARES OUTSTANDING:
|
||||||||
Shares sold – Investor Class
|
235,392 | 1,751,882 | ||||||
Shares sold – Institutional Class
|
N/A | N/A | ||||||
Shares issued to holders as reinvestment of dividends – Investor Class
|
9,570 | — | ||||||
Shares issued to holders as reinvestment of dividends – Institutional Class
|
N/A | N/A | ||||||
Shares redeemed – Investor Class
|
(2,148,260 | ) | (1,007,763 | ) | ||||
Shares redeemed – Institutional Class
|
N/A | N/A | ||||||
Net increase (decrease) in shares outstanding
|
(1,903,298 | ) | 744,119 |
Hennessy Total Return Fund
For the Year Ended October 31, 2012
|
Cash Flows From Operating Activities:
|
||||
Net increase in net assets from operations
|
$ | 7,686,431 | ||
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:
|
||||
Purchase of investment securities
|
(266,722,396 | ) | ||
Proceeds on sale of securities
|
248,951,662 | |||
Decrease in other receivables, net
|
750,048 | |||
Increase in other assets
|
(60 | ) | ||
Increase in accrued expenses and other payables
|
276,380 | |||
Net accretion of discount on securities
|
(18,326 | ) | ||
Net realized gain on investments
|
(3,337,953 | ) | ||
Unrealized appreciation on securities
|
(3,331,681 | ) | ||
Net cash used in operating activities
|
(15,745,895 | ) | ||
Cash Flows From Financing Activities:
|
||||
Increase in reverse repurchase agreements
|
9,893,000 | |||
Proceeds on shares sold
|
29,998,535 | |||
Payment on shares repurchased
|
(24,056,017 | ) | ||
Cash dividends paid, net of dividends reinvested
|
(89,623 | ) | ||
Net cash provided by financing activities
|
15,745,895 | |||
Cash at beginning of year
|
— | |||
Cash at end of year
|
— | |||
Net increase (decrease) in cash
|
$ | — | ||
Cash paid for interest
|
$ | 52,901 |
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 | $ | 19.4 | ||||||||||
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 Cornerstone Mid Cap 30 Fund (formerly the Hennessy Focus 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 (formerly the Hennessy Focus 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 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 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 Large Value Fund (formerly the Hennessy Select 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 (formerly the Hennessy Select 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 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 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 Japan Fund (formerly the Hennessy Select SPARX 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 (formerly the Hennessy Select SPARX 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 (formerly the Hennessy Select SPARX Japan Smaller Companies 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.
|
a).
|
Investment Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.
|
b).
|
Federal Income Taxes – Provision for Federal income taxes or excise taxes has not been made since the Funds have elected to be taxed as “regulated investment companies” and intend to distribute substantially all taxable income to shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Net investment income or loss and realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of temporary book and tax basis differences. Temporary differences are primarily the result of the treatment of wash sales for tax reporting purposes. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income to shareholders for tax purposes.
|
|
Due to inherent differences in the recognition of income, expenses, and realized gains/losses under U.S. generally accepted accounting principles and federal income tax purposes, permanent differences between book and tax basis reporting for the 2012 fiscal year have been identified and appropriately reclassified on the Statement of Assets and Liabilities.
|
Accumulated Net | Accumulated Net |
Paid In
|
||||||||||||
Investment Income/(Loss) | Realized Gain/(Loss) |
Capital
|
||||||||||||
Growth Fund
|
$ | (1,180,937 | ) | $ | 2,766,634 | $ | (1,585,697 | ) | ||||||
Mid Cap 30 Fund
|
$ | (39,596 | ) | $ | 1,567,459 | $ | (1,527,863 | ) | ||||||
Large Growth Fund
|
$ | — | $ | 4,678,538 | $ | (4,678,538 | ) | |||||||
Value Fund
|
$ | (348,207 | ) | $ | 306,487 | $ | 41,720 | |||||||
Large Value Fund
|
$ | (18,241 | ) | $ | 18,323 | $ | (82 | ) | ||||||
Total Return Fund
|
$ | — | $ | — | $ | — | ||||||||
Balanced Fund
|
$ | — | $ | — | $ | — | ||||||||
Japan Fund
|
$ | (1,984 | ) | $ | 4,767 | $ | (2,783 | ) | ||||||
Japan Small Cap Fund
|
$ | 331,801 | $ | (233,429 | ) | $ | (98,372 | ) |
|
The permanent differences primarily relate to Net Operating Losses, 988 currency transactions, partnership sales adjustments, and PFIC sale adjustments.
|
c).
|
Income and Expenses – Dividend income is recognized on the ex-dividend date or as soon as information is available to the Funds and interest income, which includes the amortization of premium and accretion of discount, is recognized on an accrual basis. Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its respective net assets.
|
d).
|
Distributions to Shareholders – Dividends from net investment income for the Growth Fund, Mid Cap 30 Fund, Large Growth Fund, Value Fund, Large Value Fund, Japan Fund and Japan Small Cap Fund, if any, are declared and paid out annually, usually in November or December of each year. Dividends from net investment income for the Total Return Fund and Balanced Fund are declared and paid on a calendar quarter basis. Distributions of net realized capital gains, if any, are declared and paid annually, usually in November or December of each year, for all of the Funds.
|
e).
|
Security Transactions – Investment and shareholder transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the original cost of the security lot sold with the net sale proceeds. Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security.
|
f).
|
Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported change in net assets during the reporting period. Actual results could differ from those estimates.
|
g).
|
Share Valuation – The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange is closed for trading. The offering and redemption price per share for each Fund is equal to each Fund’s net asset value per share.
|
h).
|
Foreign Currency – Values of investments denominated in foreign currencies are converted into U.S. dollars using the spot market rate of exchange at the time of valuation. Purchases and sales of investments and income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The effect of changes in foreign exchange rates on realized and unrealized security gains and losses is reflected as a component of such gains or losses. Foreign investments present additional risks due to currency fluctuations, economic and political factors, lower liquidity, government regulations, differences in accounting standards and other factors.
|
i).
|
Forward Contracts – The Funds may enter into forward currency contracts to reduce their exposure to changes in foreign currency exchange rates on their foreign holdings and to lock in the U.S. dollar cost of firm purchase and sale commitments for securities denominated in foreign currencies. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing of such contract is included in net realized gain or loss from foreign currency transactions. During the year ended October 31, 2012, the Funds did not enter into any forward contracts.
|
j).
|
Repurchase Agreements – The Funds may enter into repurchase agreements with member banks or security dealers of the Federal Reserve whom the investment advisor deems creditworthy. The repurchase price generally equals the price paid by the Fund plus interest negotiated on the basis of current short-term rates.
|
|
Securities pledged as collateral for repurchase agreements are held by the custodian bank until the respective agreements mature. Provisions of the repurchase agreements ensure that the market value of the collateral, including accrued interest thereon, is sufficient, in the event of default of the counterparty. If the counterparty defaults and the value of the collateral declines or if the counterparty enters an insolvency proceeding, realization of the collateral by the Fund may be delayed or limited.
|
k).
|
Accounting for Uncertainty in Income Taxes – The Funds have adopted accounting policies regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds have reviewed all open tax years and major jurisdictions and concluded that there is no impact on the Funds’ net assets and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. As of October 31, 2012, open Federal and state tax years for the Funds include the tax years ended October 31, 2009 through 2012.
|
l).
|
Derivatives – The Funds may invest in, or enter into, derivatives, such as options, futures contracts, options on futures contracts and swaps, for a variety of reasons, including to hedge certain risks, to provide a substitute for purchasing or selling particular securities or to increase potential income gain. Derivatives may provide a cheaper, quicker or more specifically focused way for a Fund to invest than “traditional” securities would. The main purpose of utilizing these derivative instruments is for hedging purposes.
|
|
The Funds have adopted the financial accounting reporting rules as required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification (“FASB ASC”). The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivatives instruments affect an entity’s results of operations and financial position. During the year ended October 31, 2012, the Funds did not hold any derivative instruments.
|
m).
|
Events Subsequent to the Fiscal Period End – The Funds have adopted financial reporting rules regarding subsequent events which requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Funds’ related events and transactions that occurred subsequent to October 31, 2012, through the date of issuance of the Funds’ financial statements. There were no events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Funds’ financial statements.
|
n).
|
New Accounting Pronouncements – In December 2011, FASB issued ASU No. 2011-11 related to disclosures about offsetting assets and liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective applications for all comparative periods presented. Management is currently evaluating the impact ASU 2011-11 will have on the financial statements disclosures.
|
Level 1 –
|
Quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
|
Level 2 –
|
Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, the prices are fair value adjusted due to post market close subsequent events (foreign markets), little public information exists or instances where prices vary substantially over time or among brokered market makers. These inputs may also include interest rates, prepayment speeds, credit risk curves, default rates and similar data.
|
Level 3 –
|
Model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Funds’ own assumptions that market participant’s would use to price the asset or liability based on the best available information.
|
Growth
|
Mid Cap 30
|
Large Growth
|
Value
|
Large Value
|
|
Fund
|
Fund
|
Fund
|
Fund
|
Fund
|
|
Purchases
|
$226,967,274
|
$39,499,217
|
$ —
|
$58,195,967
|
$136,908,387
|
Sales
|
$192,094,061
|
$53,398,542
|
$8,666,147
|
$56,321,280
|
$152,295,014
|
Total Return
|
Balanced
|
Japan
|
Japan Small Cap
|
||
Fund
|
Fund
|
Fund
|
Fund
|
||
Purchases
|
$11,487,835
|
$4,746,748
|
$ 462,576
|
$ 7,218,187
|
|
Sales
|
$12,611,127
|
$1,924,682
|
$6,340,937
|
$27,506,821
|
Growth Fund
|
0.74%
|
||
Mid Cap 30 Fund
|
0.74%
|
||
Large Growth Fund
|
0.74%
|
||
Value Fund
|
0.74%
|
||
Large Value Fund
|
0.85%
|
||
Total Return Fund
|
0.60%
|
||
Balanced Fund
|
0.60%
|
||
Japan Fund
|
1.00%
|
||
Japan Small Cap Fund
|
1.20%
|
Growth Fund
|
$180,177
|
||
Mid Cap 30 Fund
|
$122,844
|
||
Large Growth Fund
|
$64,209
|
||
Value Fund
|
$81,603
|
||
Large Value Fund
|
$91,323
|
||
Total Return Fund
|
$39,979
|
||
Balanced Fund
|
$12,940
|
||
Japan Fund
|
$16,290
|
||
Japan Small Cap Fund
|
$5,399
|
Oct. 31, 2013
|
Oct. 31, 2014
|
Oct. 31, 2015
|
Total
|
|
Large Value Fund – Inv. Class
|
$38,444
|
$ —
|
$ —
|
$38,444
|
Japan Fund – Inv. Class
|
$37,425
|
$ —
|
$ —
|
$37,425
|
Japan Fund – Inst. Class
|
$12,915
|
$ —
|
$ —
|
$12,915
|
Japan Small Cap Fund – Inv. Class
|
$19,527
|
$ —
|
$ —
|
$19,527
|
Growth Fund
|
$21,786
|
||
Mid Cap 30 Fund
|
$13,866
|
||
Large Growth Fund
|
$6,537
|
||
Value Fund
|
$10,813
|
||
Large Value Fund
|
$10,739
|
||
Total Return Fund
|
$6,663
|
||
Balanced Fund
|
$2,157
|
||
Japan Fund
|
$877
|
||
Japan Small Cap Fund
|
$450
|
Growth Fund
|
$343,459
|
||
Mid Cap 30 Fund
|
$254,514
|
||
Large Growth Fund
|
$19,666
|
||
Value Fund
|
$74,671
|
||
Large Value Fund
|
$89,951
|
||
Total Return Fund
|
$30,149
|
||
Balanced Fund
|
$20,402
|
||
Japan Fund
|
$20,699
|
||
Japan Small Cap Fund
|
$23,539
|
Growth Fund
|
$555,538
|
||
Mid Cap 30 Fund
|
$415,538
|
||
Large Growth Fund
|
$197,895
|
||
Value Fund
|
$314,513
|
||
Large Value Fund
|
$319,745
|
||
Total Return Fund
|
$180,627
|
||
Balanced Fund
|
$58,174
|
||
Japan Fund
|
$52,396
|
||
Japan Small Cap Fund
|
$38,198
|
Growth
|
Mid Cap 30
|
Large Growth
|
||||||||||
Fund
|
Fund
|
Fund
|
||||||||||
Cost of investments for tax purposes
|
$ | 272,787,207 | $ | 162,770,617 | $ | 101,226,194 | ||||||
Gross tax unrealized appreciation
|
44,200,587 | 30,575,395 | 18,829,340 | |||||||||
Gross tax unrealized depreciation
|
(15,674,995 | ) | (3,255,399 | ) | (10,266,235 | ) | ||||||
Net tax unrealized appreciation (depreciation)
|
$ | 28,525,592 | $ | 27,319,996 | $ | 8,563,105 | ||||||
Undistributed ordinary income
|
$ | — | $ | 1,029,849 | $ | 1,080,454 | ||||||
Undistributed long-term capital gains
|
— | — | 169,340 | |||||||||
Total distributable earnings
|
$ | — | $ | 1,029,849 | $ | 1,249,794 | ||||||
Other accumulated gains/(loss)
|
$ | (246,589,256 | ) | $ | (44,993,297 | ) | $ | (4,061,012 | ) | |||
Total accumulated earnings/(loss)
|
$ | (218,063,664 | ) | $ | (16,643,452 | ) | $ | 5,751,887 | ||||
Value
|
Large Value
|
Total Return
|
||||||||||
Fund
|
Fund
|
Fund
|
||||||||||
Cost of investments for tax purposes
|
$ | 108,730,517 | $ | 107,067,386 | $ | 98,251,218 | ||||||
Gross tax unrealized appreciation
|
21,078,375 | 20,433,398 | 8,394,757 | |||||||||
Gross tax unrealized depreciation
|
(2,156,189 | ) | (2,008,917 | ) | (170,519 | ) | ||||||
Net tax unrealized appreciation (depreciation)
|
$ | 18,922,186 | $ | 18,424,481 | $ | 8,224,238 | ||||||
Undistributed ordinary income
|
$ | 2,446,268 | $ | 1,060,739 | $ | 78,405 | ||||||
Undistributed long-term capital gains
|
— | — | — | |||||||||
Total distributable earnings
|
$ | 2,446,268 | $ | 1,060,739 | $ | 78,405 | ||||||
Other accumulated gains/(loss)
|
$ | (43,841,856 | ) | $ | (29,476,742 | ) | $ | (7,009,187 | ) | |||
Total accumulated earnings/(loss)
|
$ | (22,473,402 | ) | $ | (9,991,522 | ) | $ | 1,293,456 |
Balanced
|
Japan
|
Japan Small Cap
|
||||||||||
Fund
|
Fund
|
Fund
|
||||||||||
Cost of investments for tax purposes
|
$ | 23,578,357 | $ | 15,823,302 | $ | 5,091,643 | ||||||
Gross tax unrealized appreciation
|
1,793,810 | 4,105,359 | 590,961 | |||||||||
Gross tax unrealized depreciation
|
(186,959 | ) | (677,280 | ) | (454,726 | ) | ||||||
Net tax unrealized appreciation (depreciation)
|
$ | 1,606,851 | $ | 3,428,079 | $ | 136,235 | ||||||
Undistributed ordinary income
|
$ | 2,932 | $ | — | $ | — | ||||||
Undistributed long-term capital gains
|
— | — | 1,115,067 | |||||||||
Total distributable earnings
|
$ | 2,932 | $ | — | $ | 1,115,067 | ||||||
Other accumulated gains/(loss)
|
$ | (1,233,401 | ) | $ | (33,406,069 | ) | $ | (58,667 | ) | |||
Total accumulated earnings/(loss)
|
$ | 376,382 | $ | (29,977,990 | ) | $ | 1,192,635 |
Growth Fund
|
5,439,299
|
|
Mid Cap 30 Fund
|
573,537
|
|
Large Growth Fund
|
2,352
|
|
Value Fund
|
2,872,985
|
|
Large Value Fund
|
9,750,615
|
|
Total Return Fund
|
3,320,669
|
|
Balanced Fund
|
502,700
|
|
Japan Fund
|
—
|
|
Japan Small Cap Fund
|
694,391
|
Post October Late Year |
Post October
|
|||||||||
Ordinary Loss Deferral |
Loss Deferral
|
|||||||||
Growth Fund
|
$ | 2,592,872 | — | |||||||
Mid Cap 30 Fund
|
— | — | ||||||||
Large Growth Fund
|
— | — | ||||||||
Value Fund
|
— | — | ||||||||
Large Value Fund
|
— | — | ||||||||
Total Return Fund
|
— | — | ||||||||
Balanced Fund
|
— | — | ||||||||
Japan Fund
|
— | — | ||||||||
Japan Small Cap Fund
|
57,735 | — |
Year Ended
|
Year Ended
|
||||||||
Growth Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | — | $ | — | |||||
Long-term capital gain
|
— | — | |||||||
$ | — | $ | — | ||||||
Year Ended
|
Year Ended
|
||||||||
Mid Cap 30 Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | — | $ | — | |||||
Long-term capital gain
|
— | — | |||||||
$ | — | $ | — | ||||||
Year Ended
|
Year Ended
|
||||||||
Large Growth Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | 559,148 | $ | 627,807 | |||||
Long-term capital gain
|
15,375,965 | 109,248 | |||||||
$ | 15,935,113 | $ | 737,055 | ||||||
Year Ended
|
Year Ended
|
||||||||
Value Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | 3,834,285 | $ | 4,283,374 | |||||
Long-term capital gain
|
— | — | |||||||
$ | 3,834,285 | $ | 4,283,374 | ||||||
Year Ended
|
Year Ended
|
||||||||
Large Value Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | 1,007,759 | $ | 1,292,183 | |||||
Long-term capital gain
|
— | — | |||||||
$ | 1,007,759 | $ | 1,292,183 | ||||||
Year Ended
|
Year Ended
|
||||||||
Total Return Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | 1,013,041 | $ | 1,003,505 | |||||
Long-term capital gain
|
— | — | |||||||
$ | 1,013,041 | $ | 1,003,505 | ||||||
Year Ended
|
Year Ended
|
||||||||
Balanced Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | 81,724 | $ | 55,526 | |||||
Long-term capital gain
|
— | — | |||||||
$ | 81,724 | $ | 55,526 | ||||||
Year Ended
|
Year Ended
|
||||||||
Japan Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | — | $ | — | |||||
Long-term capital gain
|
— | — | |||||||
$ | — | $ | — | ||||||
Year Ended
|
Year Ended
|
||||||||
Japan Small Cap Fund
|
October 31, 2012
|
October 31, 2011
|
|||||||
Ordinary Income
|
$ | 99,101 | $ | — | |||||
Long-term capital gain
|
— | — | |||||||
$ | 99,101 | $ | — |
FBR Small Cap
|
Shares issued to Shareholders
|
Hennessy Cornerstone
|
|||
Fund Net Assets
|
of FBR Small Cap Fund
|
Growth Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$34,071,809
(1)
|
2,732,499
|
$265,131,165
|
$299,202,974
|
Non-taxable
|
(1)
|
Includes accumulated realized losses and unrealized appreciation in the amounts of ($5,680,576) and $1,928,859 respectively.
|
FBR Mid Cap
|
Shares issued to Shareholders
|
Hennessy Cornerstone
|
|||
Fund Net Assets
|
of FBR Mid Cap Fund
|
Mid Cap 30 Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$16,374,686
(1)
|
1,154,875
|
$171,822,952
|
$188,197,638
|
Non-taxable
|
(1)
|
Includes accumulated realized losses and unrealized appreciation in the amounts of ($3,572,309) and $2,496,269 respectively.
|
FBR Large Cap
|
Shares issued to Shareholders
|
Hennessy Cornerstone
|
|||
Fund Net Assets
|
of FBR Large Cap Fund
|
Large Growth Fund Net Assets
|
Combined Net Assets
|
Tax Status of Transfer
|
|
$33,698,161
(1)
|
3,110,613
|
$75,963,129
|
$109,661,290
|
Non-taxable
|
(1)
|
Includes accumulated realized losses and unrealized appreciation in the amounts of ($8,751,401) and $4,423,584 respectively.
|
Hennessy Cornerstone | Hennessy Cornerstone | Hennessy Cornerstone | ||||||||||||
Growth Fund | Mid Cap 30 Fund | Large Growth Fund | ||||||||||||
Net investment income/(loss)
|
$ | (1,277,452 | ) | $ | 1,183,817 | $ | 1,514,359 | |||||||
Net realized gain/(loss) on investments
|
$ | 6,068,686 | $ | 415,390 | $ | 501,406 | ||||||||
Change in unrealized appreciation/depreciation on investments
|
$ | 46,095,075 | $ | 22,755,030 | $ | 7,914,251 | ||||||||
Net increase/(decrease) in net assets resulting from operations
|
$ | 50,886,309 | $ | 24,354,237 | $ | 9,930,016 |
Number of
|
|||||
Portfolios
|
Other
|
||||
in the Fund
|
Directorships
|
||||
Position(s)
|
Term of Office
|
Complex
|
(During Past
|
||
Held with
|
and Length of
|
Principal Occupation(s)
|
Overseen
|
5 Years) Held
|
|
Name, Address, and Age
|
the Fund
|
Time Served
|
During Past 5 Years
|
by Trustee
|
by Trustee
|
Interested Persons
|
|||||
Teresa M. Nilsen
(1)
|
Executive
|
1 year term
|
Ms. Nilsen has been employed by
|
N/A
|
N/A
|
Age: 46
|
Vice President
|
Hennessy Advisors, Inc., the Funds’
|
|||
Address:
|
and Treasurer
|
Since January 1996
|
investment advisor, since 1989. She
|
||
c/o Hennessy Advisors, Inc.
|
HMFI and HFI; since
|
currently serves as Executive Vice
|
|||
7250 Redwood Blvd.
|
July 2005 HFT; and
|
President, Chief Operations Officer,
|
|||
Suite 200
|
since September
|
Chief Financial Officer and Secretary
|
|||
Novato, CA 94945
|
2009 HSFT
|
of Hennessy Advisors, Inc.
|
|||
Daniel B. Steadman
(1)
|
Executive
|
1 year term
|
Mr. Steadman has been employed by
|
N/A
|
N/A
|
Age: 56
|
Vice President
|
Hennessy Advisors, Inc., the Funds’
|
|||
Address:
|
and Secretary
|
Since March 2000
|
investment advisor, since 2000. He
|
||
c/o Hennessy Advisors, Inc.
|
HMFI and HFI; since
|
currently serves as Executive Vice
|
|||
7250 Redwood Blvd.
|
July 2005 HFT; and
|
President and Chief Compliance Officer
|
|||
Suite 200
|
since September
|
of Hennessy Advisors, Inc.
|
|||
Novato, CA 94945
|
2009 HSFT
|
||||
David Ellison
(1)
|
Senior
|
1 year term
|
Mr. Ellison has served as Portfolio
|
N/A
|
N/A
|
Age: 54
|
Vice President
|
Manager of the Hennessy Large Cap
|
|||
Address:
|
& Chief
|
Since October 2012
|
Financial Fund (formerly the FBR Large
|
||
100 Federal Street
|
Investment
|
Cap Financial Fund), the Hennessy
|
|||
29th Floor
|
Officer
|
Small Cap Financial Fund (formerly the
|
|||
Boston, MA 02110
|
FBR Small Cap Financial Fund), and the
|
||||
Hennessy Technology Fund (formerly
|
|||||
the FBR Technology Fund) since inception.
|
|||||
Mr. Ellison previously served as Director,
|
|||||
CIO & President of FBR Advisers, Inc. from
|
|||||
December 1999 to October 2012.
|
|||||
Brian Peery
(1)
|
Vice President
|
1 year term
|
Mr. Peery has been employed by
|
N/A
|
N/A
|
Age: 43
|
and
|
Hennessy Advisors, Inc., the Funds’
|
|||
Address:
|
Co-Portfolio
|
As Vice President, since
|
investment advisor, since 2002.
|
||
c/o Hennessy Advisors, Inc.
|
Manager
|
March 2003 HMFI and
|
|||
7250 Redwood Blvd.
|
HFI; since July 2005
|
||||
Suite 200
|
HFT; and since
|
||||
Novato, CA 94945
|
September 2009 HSFT
|
||||
As Co-Portfolio Manager,
|
|||||
since February 2011
|
|||||
HMFI, HFI, HFT and HSFT
|
|||||
Winsor (Skip) Aylesworth
(1)
|
Vice President &
|
1 year term
|
Mr. Aylesworth has been Portfolio
|
N/A
|
N/A
|
Age: 65
|
Portfolio Manager
|
Manager of the Hennessy Gas Utility
|
|||
Address:
|
Since October 2012
|
Index Fund (formerly the FBR Gas Utility
|
|||
100 Federal Street
|
Index Fund) since 1998 and Portfolio
|
||||
29th Floor
|
Manager of the Hennessy Technology
|
||||
Boston, MA 02110
|
Fund (formerly the FBR Technology
|
||||
Fund) since inception.
|
|||||
Mr. Aylesworth previously served as
|
|||||
Executive Vice President of the FBR
|
|||||
Funds from 1999 to October 2012.
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
(1)
|
|
Investor Class
|
5/1/12
|
10/31/12
|
5/1/12 – 10/31/12
|
Actual
|
|||
Growth Fund – Investor Class
|
$1,000.00
|
$1,047.40
|
$ 6.84
|
Mid Cap 30 Fund – Investor Class
|
$1,000.00
|
$1,028.50
|
$ 6.88
|
Large Growth Fund – Investor Class
|
$1,000.00
|
$986.30
|
$ 6.34
|
Value Fund – Investor Class
|
$1,000.00
|
$1,036.20
|
$ 6.40
|
Large Value Fund – Investor Class
|
$1,000.00
|
$1,026.60
|
$ 7.13
|
Total Return Fund – Investor Class
|
$1,000.00
|
$1,028.60
|
$ 6.78
|
Balanced Fund – Investor Class
|
$1,000.00
|
$1,016.90
|
$ 8.16
|
Japan Fund – Investor Class
|
$1,000.00
|
$1,024.60
|
$10.64
|
Japan Small Cap Fund – Investor Class
|
$1,000.00
|
$ 935.20
|
$12.99
|
Hypothetical (5% return before expenses)
|
|||
Growth Fund – Investor Class
|
$1,000.00
|
$1,018.45
|
$6.75
|
Mid Cap 30 Fund – Investor Class
|
$1,000.00
|
$1,018.35
|
$6.85
|
Large Growth Fund – Investor Class
|
$1,000.00
|
$1,018.75
|
$6.44
|
Value Fund – Investor Class
|
$1,000.00
|
$1,018.85
|
$6.34
|
Large Value Fund – Investor Class
|
$1,000.00
|
$1,018.10
|
$7.10
|
Total Return Fund – Investor Class
|
$1,000.00
|
$1,018.45
|
$6.75
|
Balanced Fund – Investor Class
|
$1,000.00
|
$1,017.04
|
$8.16
|
Japan Fund – Investor Class
|
$1,000.00
|
$1,014.63
|
$10.58
|
Japan Small Cap Fund – Investor Class
|
$1,000.00
|
$1,011.71
|
$13.50
|
(1)
|
Expenses are equal to the Growth Fund’s expense ratio of 1.33%, the Mid Cap 30 Fund’s expense ratio of 1.35%, the Large Growth Fund’s expense ratio of 1.27%, the Value Fund’s expense ratio of 1.25%, the Large Value Fund’s expense ratio of 1.40%, the Total Return Fund’s expense ratio of 1.33%, the Balanced Fund’s expense ratio of 1.61%, the Japan Fund’s expense ratio of 2.09%, and the Japan Small Cap Fund’s expense ratio of 2.67% multiplied by the average account value over the period, multiplied by 184/366 days (to reflect one-half year period).
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
(2)
|
|
Institutional Class
|
5/1/12
|
10/31/12
|
5/1/12 – 10/31/12
|
Actual
|
|||
Growth Fund – Institutional Class
|
$1,000.00
|
$1,048.40
|
$5.05
|
Mid Cap 30 Fund – Institutional Class
|
$1,000.00
|
$1,030.20
|
$5.00
|
Large Growth Fund – Institutional Class
|
$1,000.00
|
$ 987.30
|
$4.90
|
Value Fund – Institutional Class
|
$1,000.00
|
$1,037.70
|
$5.02
|
Large Value Fund – Institutional Class
|
$1,000.00
|
$1,028.60
|
$5.00
|
Japan Fund – Institutional Class
|
$1,000.00
|
$1,025.60
|
$9.52
|
Hypothetical (5% return before expenses)
|
|||
Growth Fund – Institutional Class
|
$1,000.00
|
$1,020.21
|
$4.98
|
Mid Cap 30 Fund – Institutional Class
|
$1,000.00
|
$1,020.21
|
$4.98
|
Large Growth Fund – Institutional Class
|
$1,000.00
|
$1,020.21
|
$4.98
|
Value Fund – Institutional Class
|
$1,000.00
|
$1,020.21
|
$4.98
|
Large Value Fund – Institutional Class
|
$1,000.00
|
$1,020.21
|
$4.98
|
Japan Fund – Institutional Class
|
$1,000.00
|
$1,015.74
|
$9.48
|
(2)
|
Expenses are equal to the Growth, Mid Cap 30, Large Growth, Value, and Large Value Fund’s expense ratio of 0.98%, and the Japan Fund’s expense ratio of 1.87%, multiplied by the average account value over the period, multiplied by 184/365 days (to reflect one-half year period).
|
Growth Fund
|
0.00%
|
|
Mid Cap 30 Fund
|
0.00%
|
|
Large Growth Fund
|
100.00%
|
|
Value Fund
|
100.00%
|
|
Large Value Fund
|
100.00%
|
|
Total Return Fund
|
100.00%
|
|
Balanced Fund
|
100.00%
|
|
Japan Fund
|
0.00%
|
|
Japan Small Cap Fund
|
0.00%
|
•
|
information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and date of birth;
|
|
and
|
•
|
information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, payment history, parties to transactions, cost basis information and other financial information.
|
FYE 10/31/2012
|
FYE 10/31/2011
|
|
Audit Fees
|
$144,800
|
$30,000
|
Audit-Related Fees
|
-
|
-
|
Tax Fees
|
$29,600
|
$7,000
|
All Other Fees
|
-
|
-
|
FYE 10/31/2012
|
FYE 10/31/2011
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
FYE 10/31/2012
|
FYE 10/31/2011
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 10/31/2012
|
FYE 10/31/2011
|
Registrant
|
-
|
-
|
Registrant’s Investment Adviser
|
-
|
-
|
(a)
|
The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1)
Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.
Filed herewith
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|