HENNESSY ADVISORS, INC.

Hennessy Advisors, Inc. is a publicly traded investment management firm that primarily provides investment advisory services. The company advises a family of 16 open-end mutual funds and one exchange-traded fund (ETF), all branded as the Hennessy Funds. Its investment approach is consistent and disciplined, based on a buy-and-hold philosophy that avoids market timing. The company's main revenue source is investment advisory services to the Hennessy Funds. These services include managing each fund's portfolio composition, monitoring compliance with investment objectives and federal securities laws, overseeing liquidity, reviewing investment performance, and supervising sub-advisors and other service providers. Hennessy Advisors also maintains in-house marketing and distribution departments, prepares regulatory reports, and oversees fund distribution through third-party financial institutions. A secondary revenue source is providing shareholder services to investors in the Hennessy Mutual Funds. These services include maintaining a toll-free number for investor inquiries and acting as a liaison between investors and U.S. Bank Global Fund Services, the Hennessy Funds' administrator. Fees for both investment advisory and shareholder services are calculated as a percentage of the average daily net asset values of the Hennessy Funds. Consequently, the company's total revenue fluctuates with its average assets under management. The firm was founded over 35 years ago.