HENNESSY ADVISORS INC — Director's Dealing 2007

Feb 6, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: HENNESSY ADVISORS INC (HNNA)
CIK: 0001145255
Period of Report: 2007-02-02

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-02	Common Stock	M	900	$10.67	Acquired	38625	Direct
2007-02-02	Common Stock	S	300	$25.32	Disposed	38325	Direct
2007-02-02	Common Stock	S	400	$25.02	Disposed	37925	Direct
2007-02-02	Common Stock	S	200	$24.98	Disposed	37725	Direct
2007-02-05	Common Stock	M	2785	$10.67	Acquired	40510	Direct
2007-02-05	Common Stock	S	1085	$25.47	Disposed	39425	Direct
2007-02-05	Common Stock	S	200	$25.27	Disposed	39225	Direct
2007-02-05	Common Stock	S	500	$24.97	Disposed	38725	Direct
2007-02-05	Common Stock	S	1000	$27.96	Disposed	37725	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-02	Stock Option (right to acquire)	$10.67	M	900	Disposed	2014-11-03	Common Stock (900)	Direct
2007-02-05	Stock Option (right to acquire)	$10.67	M	2785	Disposed	2014-11-03	Common Stock (2785)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	225	Indirect
Common Stock	225	Indirect
Common Stock	675	Indirect

Footnotes

F1: Adjusted for 3-for-2 stock splits in the form of dividends on March 8, 2005 and March 7, 2006.