HMSIX Fees and Costs — Hennessy Midstream Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 1.45%: a 1.10% management fee plus 0.43% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $11K in broker commissions, 0.0137% of average net assets, and portfolio turnover was 6%.
HMSIX Fees and Expenses
Annual operating expenses and sales charges of HMSIX. Prospectus, as of March 2, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.43% |
| Gross expense ratio | 1.53% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.45% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
HMSIX Costs Over Time
On $10,000 invested in HMSIX, assuming 5% a year before costs, total costs come to $907 over 5 years, cutting the return by 1.54% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.45%) | $152 | $473 | $816 |
| Trading costs (broker commissions) | $1 | $4 | $8 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $154 | $501 | $907 |
| Value after costs | $10,346 | $11,075 | $11,856 |
| Impact on return, per year | 1.54% | 1.54% | 1.54% |
HMSIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0137%
- Total broker commissions: $11K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 6%
- Securities lending: none during the year
HMSIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wells Fargo Securities, LLC | $10K | 96.66% |
| Raymond James and Associates, Inc. | $360 | 3.34% |
Hennessy Midstream Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HMSIX | Institutional Class | 1.45% | — |
| HMSFX | Investor Class | 1.76% | — |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.