<SEC-DOCUMENT>0001144204-12-003019.txt : 20120119
<SEC-HEADER>0001144204-12-003019.hdr.sgml : 20120119
<ACCEPTANCE-DATETIME>20120119170716
ACCESSION NUMBER:		0001144204-12-003019
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120119
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120119
DATE AS OF CHANGE:		20120119

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:		12535269

	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>
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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">UNITED STATES</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>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</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">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>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</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">Date of Report (Date of earliest event reported)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;January 19, 2012</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">000-49872</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">Commission</font></div>

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<td valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160; </font></td>
<td valign="top" width="33%"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">&#160; </font></td>
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<td colspan="2" valign="top" width="67%">
<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; TEXT-DECORATION: underline">Novato, California</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 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 Results of Operations and Financial Condition</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">On January 19, 2012, Hennessy Advisors, Inc. (&#8220;Hennessy Advisors&#8221;) issued a press release announcing, among other things, the quarterly financial results for the reporting period ended December 31, 2011.&#160;&#160;A copy of the press 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" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item 7.01 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">On January 19, 2012, Hennessy Advisors issued a press release announcing, among other things, that it had declared a cash dividend of $0.03125 per share on its common stock, payable March 1, 2012 to shareholders of record at the close of business on February 7, 2012.&#160;&#160;A copy of the press 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 align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press release issued January 19, 2012 by Hennessy Advisors, Inc. announcing quarterly financial results for the reporting period ended December 31, 2011 and declaration of cash dividend.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</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">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/ Neil J. Hennessy</font></div>
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<div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press release issued January 19, 2012 by Hennessy Advisors, Inc. announcing quarterly financial results for the reporting period ended December 31, 2011 and declaration of cash dividend.</font></div>
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<TYPE>EX-99.1
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<FILENAME>v245702_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
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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. Increases Dividend by 25% and Announces First Quarter Earnings of $0.03 Per Share</b></p></div><div style="width:100%;margin-left:10pt;"><div style="margin:0;margin-top:16pt;"><b>&#160;</b><p>NOVATO, Calif., Jan. 19, 2012 /PRNewswire/ -- <b>Hennessy Advisors, Inc.</b> (OTCBB:HNNA) the Board of Directors of Hennessy Advisors, Inc. today declared a 25% increase in the annual cash dividend from 10 cents to 12.5 cents per share for calendar year 2012.  Based on the current share price of $2.70, this dividend represents a 4.6% yield for HNNA stock.  The dividend will continue to be paid quarterly, with the first installment to be paid on March 1, 2012 to shareholders of
record as of February 7, 2012.</p><p>The company today also announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.03 for the first quarter, which ended December 31, 2011.  Total assets under management decreased 12% and average assets decreased by 13%, causing a decrease in revenue, net income and earnings per share versus the prior comparable period.  </p><p>&#34;While revenue and earnings fell during this first quarter of fiscal 2012, we remained profitable and continued to grow our already strong cash position. For that reason, the Board of Directors has voted to increase the dividend by 25% to continue to reward our long term shareholders,&#34; said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. &#34;We continue to manage the company through this economic roller coaster and remain committed to our long-range business plan,&#34; he noted.
&#34;The financial markets ended on a positive note for the first quarter of our fiscal year, and I believe that investors may finally be recognizing the strong fundamentals present in today&#39;s equity market. I am optimistic that as smart investors return to investing in mutual funds this will translate into continued profitability for our firm,&#34; added Mr. Hennessy.</p><div><table style="BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt; BORDER-COLLAPSE: collapse; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt" border="0" cellspacing="0" cellpadding="0"><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="7" style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: center; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font
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1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; (232,349)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-11.9%</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="2" style="BORDER-BOTTOM: black 0.5pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: 1pt"><p style="MARGIN:
0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Net Income&#160;</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; &#160;
&#160;152,267</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160;266,258</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; (113,991)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN:
right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-42.8%</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="3" style="BORDER-BOTTOM: black 0.5pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Earnings per share (diluted)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt;
PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;0.03</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;0.05</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 10pt; VERTICAL-ALIGN: bottom;
BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; (0.02)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-40.0%</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="3" style="BORDER-BOTTOM: 1pt; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT:
1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Weighted Average number of</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt;
TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="3" style="BORDER-BOTTOM: black 0.5pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt;
VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">shares outstanding (diluted)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5,713,006</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font
style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">5,719,554</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">(6,548)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-0.1%</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP:
0px"><td colspan="3" style="BORDER-BOTTOM: 1pt; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Mutual Fund Average Assets&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p
style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px;
PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="2" style="BORDER-BOTTOM: black 0.5pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Under Management</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt;
VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; 777,066,606</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; 896,409,336</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font
style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160;(119,342,730)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-13.3%</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY:
Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN:
0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt
solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="2" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><b>At Period Ending Date</b></font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom;
BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><b>Dec. 31, 2011</b></font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><b>Dec. 31,
2010</b></font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><b>$ Change</b></font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt"><b>% Change</b></font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="3"
style="BORDER-BOTTOM: 1pt; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Mutual Fund Total Assets</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font
style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: 1pt; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px;
PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="2" style="BORDER-BOTTOM: black 0.5pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Under Management</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom;
BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; 780,950,415</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; 885,353,734</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY:
Arial; FONT-SIZE: 8pt">$ &#160; (104,403,319)</font></font></p></td><td style="BORDER-BOTTOM: black 0.5pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: 1pt; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">-11.8%</font></font></p></td></tr><tr style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px"><td colspan="2" style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black 0.5pt solid; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">Retained
Earnings</font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; BORDER-LEFT: 1pt; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-SIZE: 8pt; FONT-FAMILY: Arial">&#160;</font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; 15,469,142</font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt;
VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; 14,944,131</font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 12pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: 1pt"><p style="MARGIN: 0in"><font style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">$ &#160; &#160; &#160; &#160; &#160; 525,011</font></font></p></td><td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; BORDER-LEFT: black 0.5pt solid; PADDING-LEFT: 6pt; PADDING-RIGHT: 6pt; VERTICAL-ALIGN: bottom; BORDER-TOP: black; BORDER-RIGHT: black 1pt solid"><p style="MARGIN: 0in"><font
style="font-family:Arial;font-size:8pt;color:black"><font style="FONT-FAMILY: Arial; FONT-SIZE: 8pt">3.5%</font></font></p></td></tr></table></div><p><b><u>About Hennessy Advisors, Inc.
<br /></u></b>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
<br /></b></u>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.
<br />Neil J. Hennessy
<br />https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=100270</p><br /><br /><p>CONTACT: Tania Kelley of Hennessy Advisors, Inc., 1-800-966-4354, +1-415-899-1555</p></div></div></body></html>
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