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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: December 31, 2004
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Hennessy Advisors, Inc.
Address: The Courtyard Square
750 Grant Avenue, Suite 100
Novato, CA 94945
Form 13F File Number: 028-06715
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Teresa M. Nilsen
Title: Executive Vice President and Chief Financial Officer
Phone: (415) 899-1555
Signature, Place, and Date of Signing:
/s/ Teresa M. Nilsen Novato, CA January 21, 2005
--------------------------------------------------------------------------------
Teresa M. Nilsen City, State Date
Report Type (Check only one):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
-----------
Form 13F Information Table Entry Total: 140
-----------
Form 13F Information Table Value Total: $ 1,358,256
-----------
(thousands)
List of Other Included Managers: NONE
Page 1 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
----------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Mgrs. Voting Authority
----------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
ACTUANT CORP CLASS A 00508X203 23,076 442,500 SH SOLE 442,500
----------------------------------------------------------------------------------------------------------------------------------
AEGON NV ORD REG AMER ADR 007924103 139 10,147 SH SOLE 10,147
----------------------------------------------------------------------------------------------------------------------------------
ALAMOSA HOLDINGS INC COMMON 011589108 37,341 2,994,500 SH SOLE 2,994,500
----------------------------------------------------------------------------------------------------------------------------------
ALBERTSONS INC COMMON 013104104 4,019 168,300 SH SOLE 168,300
----------------------------------------------------------------------------------------------------------------------------------
ALCATEL -ADS ADR 013904305 14,980 958,400 SH SOLE 958,400
----------------------------------------------------------------------------------------------------------------------------------
ALLEGHENY ENERGY INC COMMON 017361106 2,151 109,146 SH SOLE 108,800 346
----------------------------------------------------------------------------------------------------------------------------------
ALLMERICA FINANCIAL CORP COMMON 019754100 15,673 477,400 SH SOLE 477,400
----------------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP COMMON 020039103 3,992 67,930 SH SOLE 67,100 830
----------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP INC COMMON 02209S103 9,729 242,510 SH SOLE 241,100 1,410
----------------------------------------------------------------------------------------------------------------------------------
AMERADA HESS CORP COMMON 023551104 1,623 19,700 SH SOLE 19,700
----------------------------------------------------------------------------------------------------------------------------------
AMR CORP/DE COMMON 001765106 12,957 1,183,300 SH SOLE 1,183,300
----------------------------------------------------------------------------------------------------------------------------------
AON CORP COMMON 037389103 4,125 172,900 SH SOLE 172,900
----------------------------------------------------------------------------------------------------------------------------------
ARROW ELECTRONICS INC COMMON 042735100 14,553 598,900 SH SOLE 598,900
----------------------------------------------------------------------------------------------------------------------------------
ASHLAND INC COMMON 044204105 1,810 31,000 SH SOLE 31,000
----------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COMMON 001957505 10,749 563,964 SH SOLE 559,975 3,989
----------------------------------------------------------------------------------------------------------------------------------
AVNET INC COMMON 053807103 11,719 642,500 SH SOLE 642,500
----------------------------------------------------------------------------------------------------------------------------------
BANK of AMERICA CORP COMMON 060505104 4,824 102,665 SH SOLE 86,800 15,865
----------------------------------------------------------------------------------------------------------------------------------
BB&T CORP COMMON 054937107 3,919 93,200 SH SOLE 93,200
----------------------------------------------------------------------------------------------------------------------------------
BELLSOUTH CORP COMMON 079860102 3,953 142,240 SH SOLE 138,300 3,940
----------------------------------------------------------------------------------------------------------------------------------
BEVERLY ENTERPRISES COMMON 087851309 18,135 1,982,000 SH SOLE 1,982,000
----------------------------------------------------------------------------------------------------------------------------------
BLACK & DECKER CORP COMMON 091797100 2,014 22,800 SH SOLE 22,800
----------------------------------------------------------------------------------------------------------------------------------
BP PLC -ADS ADR 055622104 4,414 75,588 SH SOLE 67,300 8,288
----------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB COMMON 110122108 4,209 164,300 SH SOLE 163,500 800
----------------------------------------------------------------------------------------------------------------------------------
Page 2 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
----------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Mgrs. Voting Authority
----------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP COMMON 117043109 1,955 39,500 SH SOLE 39,500
----------------------------------------------------------------------------------------------------------------------------------
C B RICHARD ELLIS SVCS COMMON 12489L108 336 10,000 SH SOLE 10,000
----------------------------------------------------------------------------------------------------------------------------------
CARPENTER TECHNOLOGY
CORP COMMON 144285103 33,883 579,600 SH SOLE 579,600
----------------------------------------------------------------------------------------------------------------------------------
CASH AMERICA INTL INC COMMON 14754D100 22,782 766,300 SH SOLE 766,300
----------------------------------------------------------------------------------------------------------------------------------
CEMEX S A ADR 151290889 4,265 117,100 SH SOLE 117,100
----------------------------------------------------------------------------------------------------------------------------------
CENTURY ALUMINUM CO COMMON 156431108 17,744 675,700 SH SOLE 675,700
----------------------------------------------------------------------------------------------------------------------------------
CHARLES SCHWAB CORP COMMON 808513105 121 10,100 SH SOLE 10,100
----------------------------------------------------------------------------------------------------------------------------------
CHECKPOINT SYSTEMS INC COMMON 162825103 14,052 778,500 SH SOLE 778,500
----------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP COMMON 166764100 4,906 93,430 SH SOLE 74,900 18,530
----------------------------------------------------------------------------------------------------------------------------------
CHIQUITA BRANDS INTL COMMON 170032809 15,519 703,500 SH SOLE 703,500
----------------------------------------------------------------------------------------------------------------------------------
CIRCUIT CITY STORES INC COMMON 172737108 1,811 115,800 SH SOLE 115,800
----------------------------------------------------------------------------------------------------------------------------------
CITIGROUP INC COMMON 172967101 12,311 255,527 SH SOLE 254,350 1,177
----------------------------------------------------------------------------------------------------------------------------------
COCA-COLA COMPANY COMMON 191216100 9,217 150,850 SH SOLE 150,850
----------------------------------------------------------------------------------------------------------------------------------
CONAGRA FOODS INC COMMON 205887102 4,217 143,200 SH SOLE 143,200
----------------------------------------------------------------------------------------------------------------------------------
COVENTRY HEALTH CARE COMMON 222862104 19,847 373,900 SH SOLE 373,900
----------------------------------------------------------------------------------------------------------------------------------
CUMMINS INC COMMON 231021106 26,193 312,600 SH SOLE 312,600
----------------------------------------------------------------------------------------------------------------------------------
D R HORTON INC COMMON 23331A109 25,093 622,500 SH SOLE 622,500
----------------------------------------------------------------------------------------------------------------------------------
DANA CORP COMMON 235811106 13,044 752,700 SH SOLE 752,700
----------------------------------------------------------------------------------------------------------------------------------
DICKS SPORTING GOODS INC COMMON 253393102 24,394 694,000 SH SOLE 694,000
----------------------------------------------------------------------------------------------------------------------------------
DONNELLEY (R R) & SONS
CO COMMON 257867101 4,083 115,700 SH SOLE 115,700
----------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL COMMON 260543103 4,015 81,100 SH SOLE 81,100
----------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE NEMOURS COMMON 263534109 13,237 269,860 SH SOLE 267,950 1,910
----------------------------------------------------------------------------------------------------------------------------------
EARTHLINK INC COMMON 270321102 17,406 1,510,900 SH SOLE 1,510,900
----------------------------------------------------------------------------------------------------------------------------------
Page 3 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
----------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Mgrs. Voting Authority
----------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
EMERSON ELECTRIC COMMON 291011104 1,441 20,550 SH SOLE 20,550
----------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION COMMON 30231G102 9,430 183,961 SH SOLE 175,675 8,286
----------------------------------------------------------------------------------------------------------------------------------
FANNIE MAE COMMON 313586109 4,023 56,500 SH SOLE 56,500
----------------------------------------------------------------------------------------------------------------------------------
FINISH LINE INC CLASS A 317923100 18,891 1,032,300 SH SOLE 1,032,300
----------------------------------------------------------------------------------------------------------------------------------
FMC TECHNOLOGIES INC COMMON 30249U101 1,671 51,900 SH SOLE 51,900
----------------------------------------------------------------------------------------------------------------------------------
FOOT LOCKER INC COMMON 344849104 17,728 658,300 SH SOLE 658,300
----------------------------------------------------------------------------------------------------------------------------------
FORD MOTOR CO COMMON 345370860 4,074 278,246 SH SOLE 277,600 646
----------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO. COMMON 369604103 9,477 259,638 SH SOLE 251,200 8,438
----------------------------------------------------------------------------------------------------------------------------------
GENERAL MILLS INC COMMON 370334104 4,071 81,900 SH SOLE 81,900
----------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP COMMON 370442105 11,124 277,684 SH SOLE 276,050 1,634
----------------------------------------------------------------------------------------------------------------------------------
GOODYEAR TIRE & RUBBER
CO COMMON 382550101 2,303 157,100 SH SOLE 157,100
----------------------------------------------------------------------------------------------------------------------------------
HARRIS CORP COMMON 413875105 1,959 31,700 SH SOLE 31,700
----------------------------------------------------------------------------------------------------------------------------------
HEINZ (H J) CO COMMON 423074103 4,055 104,000 SH SOLE 104,000
----------------------------------------------------------------------------------------------------------------------------------
HENNESSY ADVISORS INC COMMON 425885100 27,246 1,009,120 SH SOLE 1,009,120
----------------------------------------------------------------------------------------------------------------------------------
HONEYWELL INTERNATIONAL
INC COMMON 438516106 517 12,300 SH SOLE 12,300
----------------------------------------------------------------------------------------------------------------------------------
HSBC HOLDINGS PLC ADR 404280406 4,010 47,100 SH SOLE 47,100
----------------------------------------------------------------------------------------------------------------------------------
HUGHES SUPPLY INC COMMON 444482103 1,805 55,800 SH SOLE 55,800
----------------------------------------------------------------------------------------------------------------------------------
INFINEON TECHNLGIES AG ADR 45662N103 12,309 1,129,300 SH SOLE 1,129,300
----------------------------------------------------------------------------------------------------------------------------------
INFINITY PROPERTY & CAS
CORP COMMON 45665Q103 16,829 478,100 SH SOLE 478,100
----------------------------------------------------------------------------------------------------------------------------------
INTL PAPER CO COMMON 460146103 12,174 304,475 SH SOLE 302,350 2,125
----------------------------------------------------------------------------------------------------------------------------------
J P MORGAN CHASE & CO COMMON 46625H100 4,429 112,970 SH SOLE 111,025 1,945
----------------------------------------------------------------------------------------------------------------------------------
JLG INDUSTRIES INC COMMON 466210101 20,352 1,036,800 SH SOLE 1,036,800
----------------------------------------------------------------------------------------------------------------------------------
JOY GLOBAL INC COMMON 481165108 29,611 681,800 SH SOLE 681,800
----------------------------------------------------------------------------------------------------------------------------------
Page 4 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
----------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Mgrs. Voting Authority
----------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORP COMMON 492386107 3,901 67,500 SH SOLE 67,500
----------------------------------------------------------------------------------------------------------------------------------
KIMBERLY-CLARK CORP COMMON 494368103 4,108 62,426 SH SOLE 61,300 1,126
----------------------------------------------------------------------------------------------------------------------------------
KMART HOLDING CORP COMMON 498780105 1,989 20,100 SH SOLE 20,100
----------------------------------------------------------------------------------------------------------------------------------
LABOR READY INC COMMON 505401208 20,549 1,214,500 SH SOLE 1,214,500
----------------------------------------------------------------------------------------------------------------------------------
LILLY (ELI) & CO COMMON 532457108 3,961 69,800 SH SOLE 69,800
----------------------------------------------------------------------------------------------------------------------------------
LINCOLN NATIONAL CORP COMMON 534187109 3,893 83,400 SH SOLE 83,400
----------------------------------------------------------------------------------------------------------------------------------
LONE STAR TECHNOLOGIES COMMON 542312103 1,606 48,000 SH SOLE 48,000
----------------------------------------------------------------------------------------------------------------------------------
LOUISIANA-PACIFIC CORP COMMON 546347105 21,451 802,200 SH SOLE 802,200
----------------------------------------------------------------------------------------------------------------------------------
LYONDELL CHEMICAL CO COMMON 552078107 2,403 83,100 SH SOLE 83,100
----------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP COMMON 565849106 4,039 107,400 SH SOLE 107,400
----------------------------------------------------------------------------------------------------------------------------------
MARSH & MCLENNAN COS COMMON 571748102 4,152 126,200 SH SOLE 126,200
----------------------------------------------------------------------------------------------------------------------------------
MASSEY ENERGY CO COMMON 576206106 2,083 59,600 SH SOLE 59,600
----------------------------------------------------------------------------------------------------------------------------------
MAVERICK TUBE CORP COMMON 577914104 1,733 57,200 SH SOLE 57,200
----------------------------------------------------------------------------------------------------------------------------------
MAY DEPARTMENT STORES CO COMMON 577778103 4,081 138,800 SH SOLE 138,800
----------------------------------------------------------------------------------------------------------------------------------
MCDERMOTT INTL INC COMMON 580037109 26,907 1,465,500 SH SOLE 1,465,500
----------------------------------------------------------------------------------------------------------------------------------
MEADWESTVACO CORP COMMON 583334107 4,107 121,200 SH SOLE 121,200
----------------------------------------------------------------------------------------------------------------------------------
MERCK & CO COMMON 589331107 4,506 141,053 SH SOLE 139,400 1,653
----------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP COMMON 635405103 4,029 107,300 SH SOLE 107,300
----------------------------------------------------------------------------------------------------------------------------------
NAVISTAR INTERNATIONL COMMON 63934E108 14,417 327,800 SH SOLE 327,800
----------------------------------------------------------------------------------------------------------------------------------
NORDSTROM INC COMMON 655664100 20,215 432,600 SH SOLE 432,600
----------------------------------------------------------------------------------------------------------------------------------
NUCOR CORP COMMON 670346105 1,994 38,100 SH SOLE 38,100
----------------------------------------------------------------------------------------------------------------------------------
ORBITAL SCIENCES CORP COMMON 685564106 14,778 1,249,200 SH SOLE 1,249,200
----------------------------------------------------------------------------------------------------------------------------------
OXFORD INDUSTRIES INC COMMON 691497309 17,866 432,600 SH SOLE 432,600
----------------------------------------------------------------------------------------------------------------------------------
Page 5 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
----------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Mgrs. Voting Authority
----------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
P G & E CORP COMMON 69331C108 206 6,200 SH SOLE 6,200
----------------------------------------------------------------------------------------------------------------------------------
PACIFICARE HEALTH SYS COMMON 695112102 29,492 521,800 SH SOLE 521,800
----------------------------------------------------------------------------------------------------------------------------------
PEABODY ENERGY CORP COMMON 704549104 2,330 28,800 SH SOLE 28,800
----------------------------------------------------------------------------------------------------------------------------------
PENN NATIONAL GAMING INC COMMON 707569109 2,585 42,700 SH SOLE 42,700
----------------------------------------------------------------------------------------------------------------------------------
PFIZER INC COMMON 717081103 3,970 147,650 SH SOLE 145,500 2,150
----------------------------------------------------------------------------------------------------------------------------------
PILGRIMS PRIDE CORP COMMON 721467108 30,297 987,500 SH SOLE 987,500
----------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC COMMON 724479100 4,073 88,000 SH SOLE 88,000
----------------------------------------------------------------------------------------------------------------------------------
PNC FINANCIAL SVCS GROUP
INC COMMON 693475105 4,124 71,800 SH SOLE 71,800
----------------------------------------------------------------------------------------------------------------------------------
PPG INDUSTRIES INC COMMON 693506107 4,035 59,200 SH SOLE 59,200
----------------------------------------------------------------------------------------------------------------------------------
PREMCOR INC COMMON 74045Q104 1,915 45,400 SH SOLE 45,400
----------------------------------------------------------------------------------------------------------------------------------
PRIMUS TELECOMM GROUP
INC COMMON 741929103 4,244 1,334,600 SH SOLE 1,334,600
----------------------------------------------------------------------------------------------------------------------------------
PULTE HOMES INC COMMON 745867101 1,716 26,900 SH SOLE 26,900
----------------------------------------------------------------------------------------------------------------------------------
QUANTA SERVICES INC COMMON 74762E102 15,541 1,942,600 SH SOLE 1,942,600
----------------------------------------------------------------------------------------------------------------------------------
QUIKSILVER INC COMMON 74838C106 1,936 65,000 SH SOLE 65,000
----------------------------------------------------------------------------------------------------------------------------------
REGIONS FINL CORP COMMON 7591EP100 4,022 113,000 SH SOLE 113,000
----------------------------------------------------------------------------------------------------------------------------------
RITE AID CORP COMMON 767754104 10,523 2,875,100 SH SOLE 2,875,100
----------------------------------------------------------------------------------------------------------------------------------
RYDER SYSTEM INC COMMON 783549108 1,772 37,100 SH SOLE 37,100
----------------------------------------------------------------------------------------------------------------------------------
SAFEGUARD SCIENTIFICS
INC COMMON 786449108 6,192 2,920,700 SH SOLE 2,920,700
----------------------------------------------------------------------------------------------------------------------------------
SANMINA-SCI CORP COMMON 800907107 9,374 1,106,700 SH SOLE 1,106,700
----------------------------------------------------------------------------------------------------------------------------------
SARA LEE CORP COMMON 803111103 3,962 164,128 SH SOLE 162,900 1,228
----------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC COMMON 78387G103 13,074 507,321 SH SOLE 495,825 11,496
----------------------------------------------------------------------------------------------------------------------------------
SCANSOURCE INC COMMON 806037107 18,847 303,200 SH SOLE 303,200
----------------------------------------------------------------------------------------------------------------------------------
SIERRA HEALTH SERVICES COMMON 826322109 33,342 605,000 SH SOLE 605,000
----------------------------------------------------------------------------------------------------------------------------------
Page 6 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
----------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Mgrs. Voting Authority
----------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SIERRA PACIFIC RESOURCES COMMON 826428104 23,759 2,262,800 SH SOLE 2,262,800
----------------------------------------------------------------------------------------------------------------------------------
SOLECTRON CORP COMMON 834182107 11,469 2,151,700 SH SOLE 2,151,700
----------------------------------------------------------------------------------------------------------------------------------
STEEL DYNAMICS INC COMMON 858119100 1,803 47,600 SH SOLE 47,600
----------------------------------------------------------------------------------------------------------------------------------
SUNOCO INC COMMON 86764P109 1,977 24,200 SH SOLE 24,200
----------------------------------------------------------------------------------------------------------------------------------
TBC CORP COMMON 872183108 16,205 582,900 SH SOLE 582,900
----------------------------------------------------------------------------------------------------------------------------------
TELEFONICA DE ARGENTINA
CONT ADR 879991024 0 12,900 SH SOLE 12,900
---------------------------------------------------------------------------------------------------------------------------------
TELEFONICA DE ARGENTINA
CONT ADR 879991016 0 12,900 SH SOLE 12,900
----------------------------------------------------------------------------------------------------------------------------------
TELEFONOS DE MEX ADR 879403780 4,395 114,700 SH SOLE 114,700
----------------------------------------------------------------------------------------------------------------------------------
TELESYSTEM INTL WIRELESS
INC ADR 879946606 15,826 1,414,300 SH SOLE 1,414,300
----------------------------------------------------------------------------------------------------------------------------------
TEREX CORP COMMON 880779103 2,092 43,900 SH SOLE 43,900
----------------------------------------------------------------------------------------------------------------------------------
TESORO PETROLEUM CORP COMMON 881609101 36,534 1,146,700 SH SOLE 1,146,700
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SA -ADR ADR 89151E109 4,053 36,900 SH SOLE 36,900
----------------------------------------------------------------------------------------------------------------------------------
U G I CORPORATION COMMON 902681105 344 8,400 SH SOLE 8,400
----------------------------------------------------------------------------------------------------------------------------------
U S BANCORP COMMON 902973304 4,196 133,975 SH SOLE 133,900 75
----------------------------------------------------------------------------------------------------------------------------------
USG CORP COMMON 903293405 37,407 928,900 SH SOLE 928,900
----------------------------------------------------------------------------------------------------------------------------------
VALERO ENERGY CORP COMMON 91913Y100 2,043 45,000 SH SOLE 45,000
----------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS COMMON 92343V104 5,833 143,997 SH SOLE 129,750 14,247
----------------------------------------------------------------------------------------------------------------------------------
WABASH NATIONAL CORP COMMON 929566107 16,546 614,400 SH SOLE 614,400
----------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP COMMON 929903102 3,835 72,900 SH SOLE 72,900
----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC COMMON 939322103 4,082 96,550 SH SOLE 96,100 450
----------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO COMMON 949746101 5,057 81,364 SH SOLE 63,200 18,164
----------------------------------------------------------------------------------------------------------------------------------
WESTAMERICA BANCORP COMMON 957090103 627 10,749 SH SOLE 10,749
----------------------------------------------------------------------------------------------------------------------------------
WESTERN WIRELESS CORP CLASS A 95988E204 20,554 701,500 SH SOLE 701,500
----------------------------------------------------------------------------------------------------------------------------------
Page 7 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
----------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Mgrs. Voting Authority
----------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
WILLIAM LYON HOMES COMMON 552074106 19,323 275,100 SH SOLE 275,100
----------------------------------------------------------------------------------------------------------------------------------
XL CAPITAL LTD ADR 2283401 3,890 50,100 SH SOLE 50,100
----------------------------------------------------------------------------------------------------------------------------------
TOTAL 1,358,256
----------------------------------------------------------------------------------------------------------------------------------