<SEC-DOCUMENT>0001144204-11-044032.txt : 20110804
<SEC-HEADER>0001144204-11-044032.hdr.sgml : 20110804
<ACCEPTANCE-DATETIME>20110804172903
ACCESSION NUMBER:		0001144204-11-044032
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110804
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110804
DATE AS OF CHANGE:		20110804

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HENNESSY ADVISORS INC
		CENTRAL INDEX KEY:			0001145255
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				680176227
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49872
		FILM NUMBER:		111011570

	BUSINESS ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
		BUSINESS PHONE:		415-899-1555

	MAIL ADDRESS:	
		STREET 1:		7250 REDWOOD BLVD.
		STREET 2:		SUITE 200
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES AND EXCHANGE COMMISSION</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington, DC&#160;&#160;&#160;20549</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM 8-K</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT REPORT</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date of Report (Date of earliest event reported)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;August 4, 2011</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">HENNESSY ADVISORS, INC.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-DECORATION: underline"><font style="DISPLAY: inline">68-0176227</font></font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">7250 Redwood Blvd., Suite 200</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Novato, California</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address of principal executive offices)</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></div>

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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 2.02</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Results of Operations and Financial Condition</font></div>
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<div style="DISPLAY: block; TEXT-INDENT: 0pt">
<div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The registrant has issued an earnings release for the three and nine months ended June 30, 2011, which is included herein as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Form 8-K by reference.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Regulation FD Disclosure</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 63pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On August 4, 2011, Hennessy Advisors, Inc. announced in its earnings release that it had declared a cash dividend of $0.025 per share on its common stock, payable September 8, 2011 to shareholders of record at the close of business on August 18, 2011.&#160;&#160;A copy of the earnings release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Form 8-K by reference.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit 99.1&#160;</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left">
<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings and dividend release issued August 4, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2011, by Hennessy Advisors, Inc., for the three and&#160;nine months ended June 30, 2011.</font></div>
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<td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">HENNESSY ADVISORS, INC.</font></td>
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<html><head><META content="text/html; charset=utf-8"></META></head><body style="font-size:10pt;font-family:Arial;color:black;"><div style="width:100%;margin-left:10pt"><p style="text-align:center"><b>Hennessy Advisors, Inc. Announces Third Quarter Earnings of $0.06 Per Share and Declares Quarterly Dividend</b></p></div><div style="width:100%;margin-left:10pt;"><div style="margin:0;margin-top:16pt;"><p>NOVATO, Calif., Aug. 4, 2011<b> </b>/PRNewswire/ --<b> Hennessy Advisors, Inc. </b>(OTCBB: HNNA)<b> </b>today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.06 for the third quarter which ended June 30, 2011, an increase of 20% versus the prior comparable period.  While total assets under management increased by almost 9%, average assets decreased by over 1%, driving a corresponding decrease in total revenue versus the prior comparable period. However, net
income increased by approximately 28% during the same period due to a reduction in expenses.</p><p>The Board of Directors of Hennessy Advisors, Inc. also today declared a quarterly cash dividend of 2.5 cents per share. The dividend will be paid on September 8, 2011 to shareholders of record as of August 18, 2011.</p><p>&#34;Our business is lean and profitable and we remain very pleased with the solid financial performance of Hennessy Advisors, Inc. We are proud to report our third quarter earnings, which is the third consecutive quarter of improved earnings over the prior comparable period,&#34; said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. &#34;For the past few years we have proven that Hennessy Advisors can perform well even in a difficult economic climate, and we are committed to delivering consistent results to our shareholders,&#34; he added. &#34;The
first nine months of our fiscal year have been defined by volatility, investor apathy and global unrest.  However, U.S. corporations are reporting stronger earnings and at some point in time, we believe investors will return to the equity markets. We remain steadfastly focused on our long-range business plan, and we are optimistic that the economy will steadily improve, which should translate to continued growth of the company,&#34; noted Mr. Hennessy.</p><div style="margin-bottom:.0001in; margin-top:.0001in"><table cellspacing="0" cellpadding="1" style="border-collapse:collapse;border:none;"><tr><td valign="bottom" colspan="7" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Hennessy Advisors, Inc.</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="7" style="padding: 0pt 5.4pt 2pt
5.4pt;"><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Financial Highlights</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="7" style="padding: 0pt 5.4pt 2pt 5.4pt;"><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Period to Period</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; "><br /></td><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; "><p style="margin:0in;
text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Three Months Ended </font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; "><br /></td><td style=""></td></tr><tr><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">Third Quarter</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font
style="font-family:Arial;font-size:8pt;">Jun. 30, 2011</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Jun. 30, 2010</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">$ Change</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">% Change</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="2"
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&#160; &#160; 1,964,026</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; &#160; &#160; &#160; &#160;(41,524)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-2.1%</font></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><font
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border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;76,713</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">27.8%</font></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Earnings per share (diluted)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt;
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&#160; &#160;0.01</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">20.0%</font></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Weighted Average number of</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding:
0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; border-right:solid black 1pt; "><br /></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">shares outstanding (diluted)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">5,700,878</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">5,722,016</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">(21,138)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-0.4%</font></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Mutual Fund Average Assets </font></p></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; border-right:solid black 1pt; "><br /></td><td style=""></td></tr><tr><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Under Management</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt;
padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; 893,457,531</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; 906,579,221</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 12pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160;(13,121,690)</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt;
border-right:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">-1.4%</font></p></td><td style=""></td></tr><tr><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;"><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; border-right:solid black 1pt; "><br /></td><td style=""></td></tr><tr><td
valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><b><font style="font-family:Arial;font-size:8pt;">At Period Ending Date</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Jun. 30, 2011</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">Jun. 30, 2010</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt
5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">$ Change</font></b></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; "><p style="margin:0in; text-align: center; "><b><font style="font-family:Arial;font-size:8pt;">% Change</font></b></p></td><td style=""></td></tr><tr><td valign="bottom" colspan="3" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Mutual Fund Total Assets</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td
valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-left:solid black 1pt; border-right:solid black 1pt; "><br /></td><td style=""></td></tr><tr><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Under Management</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; 882,597,023</font></p></td><td valign="bottom"
style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; 812,594,965</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; &#160;70,002,058</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">8.6%</font></p></td><td
style=""></td></tr><tr><td valign="bottom" colspan="2" style="padding: 0pt 5.4pt 2pt 5.4pt;border-top:solid black 1pt; border-bottom:solid black 1pt; border-left:solid black 1pt; "><p style=" margin:0in;"><font style="font-family:Arial;font-size:8pt;">Retained Earnings</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; "><br /></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; &#160; 15,340,803</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font
style="font-family:Arial;font-size:8pt;">$ &#160; &#160; &#160; 14,967,863</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; padding-right: 14pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">$ &#160; &#160; &#160; &#160; &#160; 372,940</font></p></td><td valign="bottom" style="padding: 0pt 5.4pt 2pt 5.4pt;border-bottom:solid black 1pt; border-left:solid black 1pt; border-right:solid black 1pt; padding-right: 6pt; "><p style="white-space: nowrap;  margin:0in; text-align: right; "><font style="font-family:Arial;font-size:8pt;">2.5%</font></p></td><td style=""></td></tr><tr><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt
2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td><td style="padding: 0pt 5.4pt 2pt 5.4pt;"></td></tr></table><br /><br /></div><p><u><b>About Hennessy Advisors, Inc.</b></u></p><p>Hennessy Advisors, Inc. is a publicly traded investment manager of a wide range of both domestic and international equity products. Hennessy Advisors, Inc. is committed to its consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach, and to superior service to shareholders.</p><p><u><b>Supplemental Information</b></u></p><p>Nothing in this press release shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such
jurisdiction.</p><p>Available Topic Expert(s): For information on the listed expert(s), click appropriate link.</p><p>Neil Hennessy</p><p>https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=100270</p><br /><br /><p>CONTACT: Media, Terry Nilsen, Hennessy Advisors, Inc., 1-800-966-4354, +1-415-899-1555</p></div></div></body></html>
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