HENNESSY ADVISORS INC — Director's Dealing 2006

Jan 27, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HENNESSY ADVISORS INC (HNNA)
CIK: 0001145255
Period of Report: 2006-01-26

Reporting Person: NILSEN TERESA M (Director, EVP, CFO and Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-26	Common Stock	A	5000	—	Acquired	25150	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	150	Indirect
Common Stock	150	Indirect

Footnotes

F1: Represents restricted stock granted pursuant to Hennessy's 2001 Omnibus Plan. Shares vest 25% per year beginning on the
first anniversary of the date of grant.