Hennessy Small Cap Financial Fund

Under typical circumstances, this fund allocates a minimum of 80% of its net assets to securities issued by small-capitalization companies primarily engaged in providing financial services. The fund's managers define a small-cap company as one possessing a market capitalization below $3 billion at the time of purchase. Additionally, the fund limits its exposure to equity-related instruments of any single company to no more than 5% of its total assets, specifically when that company derives over 15% of its revenue from brokerage or investment management activities. This investment vehicle operates on a non-diversified basis.