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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:  March 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                  4/29/04
-------------------------------------------------------------------------------
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:                       135
                                                       ----------------
Form 13F Information Table Value Total:                 $     1,298,466
                                                       ----------------
                                                           (thousands)

List of Other Included Managers:    NONE

Provide a numbered list of the name(s) and Form 13F file numbers(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.





                           FORM 13F INFORMATION TABLE





                                               Name of Reporting Manager: Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
         Column 1:           Column 2:  Column 3:      Column 4:   Column 5:            Column 6:      Column 7:    Column 8:
      Name of Issuer         Title of    CUSIP       Market Value  Shares or           Investment        Other       Voting
                              Class     Number        (x $1,000)   Principal           Discretion      Managers     Authority
                                                                    Amount
------------------------------------------------------------------------------------------------------------------------------------
                                                                          SH/ Put/ Sole Shared- Shared-         Sole Shared   None
                                                                          PRN Call      Defined  Other
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
WILLIAM LYON HOMES              COM     552074106      28,771     308,700  SH      SOLE                      308,700
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA-PACIFIC CORP          COM     546347105      26,027   1,008,800  SH      SOLE                    1,008,800
------------------------------------------------------------------------------------------------------------------------------------
PACIFICARE HEALTH SYS           COM     695112102      25,585     646,900  SH      SOLE                      646,900
------------------------------------------------------------------------------------------------------------------------------------
PILGRIMS PRIDE CORP             COM     721467108      24,850   1,107,900  SH      SOLE                    1,107,900
------------------------------------------------------------------------------------------------------------------------------------
D R HORTON INC                  COM     23331A109      24,744     698,400  SH      SOLE                      698,400
------------------------------------------------------------------------------------------------------------------------------------
SIERRA HEALTH SERVICES          COM     826322109      24,708     678,800  SH      SOLE                      678,800
------------------------------------------------------------------------------------------------------------------------------------
Hennessy Advisors Inc           COM     425885100      23,849   1,014,832  SH      SOLE                                    1,014,832
------------------------------------------------------------------------------------------------------------------------------------
TESORO PETROLEUM CORP           COM     881609101      22,933   1,220,500  SH      SOLE                    1,220,500
------------------------------------------------------------------------------------------------------------------------------------
CUMMINS INC                     COM     231021106      22,439     383,900  SH      SOLE                      383,900
------------------------------------------------------------------------------------------------------------------------------------
OXFORD INDUSTRIES INC           COM     691497309      22,416     485,300  SH      SOLE                      485,300
------------------------------------------------------------------------------------------------------------------------------------
CENTURY ALUMINUM CO             COM     156431108      21,401     758,100  SH      SOLE                      758,100
------------------------------------------------------------------------------------------------------------------------------------
CARPENTER TECHNOLOGY CORP       COM     144285103      21,382     650,300  SH      SOLE                      650,300
------------------------------------------------------------------------------------------------------------------------------------
FINISH LINE INC  -CL A          COM     317923100      21,322     579,100  SH      SOLE                      579,100
------------------------------------------------------------------------------------------------------------------------------------
DICKS SPORTING GOODS INC        COM     253393102      21,058     362,200  SH      SOLE                      362,200
------------------------------------------------------------------------------------------------------------------------------------
WESTERN WIRELESS CORP  -CL A    COM     95988E204      20,244     865,500  SH      SOLE                      865,500
------------------------------------------------------------------------------------------------------------------------------------
AVNET INC                       COM     053807103      19,827     809,600  SH      SOLE                      809,600
------------------------------------------------------------------------------------------------------------------------------------
CASH AMERICA INTL INC           COM     14754D100      19,816     859,700  SH      SOLE                      859,700
------------------------------------------------------------------------------------------------------------------------------------
JOY GLOBAL INC                  COM     481165108      19,812     706,300  SH      SOLE                      706,300
------------------------------------------------------------------------------------------------------------------------------------
ALAMOSA HOLDINGS INC            COM     011589108      19,620   3,359,600  SH      SOLE                    3,359,600
------------------------------------------------------------------------------------------------------------------------------------
ACTUANT CORP  -CL A             COM     00508X203      19,478     496,500  SH      SOLE                      496,500
------------------------------------------------------------------------------------------------------------------------------------
NORDSTROM INC                   COM     655664100      19,363     485,300  SH      SOLE                      485,300
------------------------------------------------------------------------------------------------------------------------------------
TBC CORP                        COM     872180104      19,208     654,000  SH      SOLE                      654,000
------------------------------------------------------------------------------------------------------------------------------------
RITE AID CORP                   COM     767754104      19,160   3,522,000  SH      SOLE                    3,522,000
------------------------------------------------------------------------------------------------------------------------------------








                                               Name of Reporting Manager: Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
         Column 1:           Column 2:  Column 3:      Column 4:   Column 5:            Column 6:      Column 7:    Column 8:
      Name of Issuer         Title of    CUSIP       Market Value  Shares or           Investment        Other       Voting
                              Class     Number        (x $1,000)   Principal           Discretion      Managers     Authority
                                                                    Amount
------------------------------------------------------------------------------------------------------------------------------------
                                                                          SH/ Put/ Sole Shared- Shared-         Sole Shared   None
                                                                          PRN Call      Defined  Other
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
FOOT LOCKER INC                 COM     344849104      19,056     738,600  SH      SOLE                      738,600
------------------------------------------------------------------------------------------------------------------------------------
INFINEON TECHNLGIES AG  -ADR    ADR     45662N103      18,562   1,267,000  SH      SOLE                    1,267,000
------------------------------------------------------------------------------------------------------------------------------------
ALLMERICA FINANCIAL CORP        COM     019754100      18,505     535,600  SH      SOLE                      535,600
------------------------------------------------------------------------------------------------------------------------------------
LABOR READY INC                 COM     505401208      18,421   1,362,500  SH      SOLE                    1,362,500
------------------------------------------------------------------------------------------------------------------------------------
USG CORP                        COM     903293405      18,226   1,042,100  SH      SOLE                    1,042,100
------------------------------------------------------------------------------------------------------------------------------------
TELESYSTEM INTL WIRELESS INC    ADR     879946606      18,041   1,586,700  SH      SOLE                    1,586,700
------------------------------------------------------------------------------------------------------------------------------------
COVENTRY HEALTH CARE            COM     222862104      17,757     419,500  SH      SOLE                      419,500
------------------------------------------------------------------------------------------------------------------------------------
ORBITAL SCIENCES CORP           COM     685564106      17,561   1,401,500  SH      SOLE                    1,401,500
------------------------------------------------------------------------------------------------------------------------------------
SIERRA PACIFIC RESOURCES        COM     826428104      17,195   2,323,600  SH      SOLE                    2,323,600
------------------------------------------------------------------------------------------------------------------------------------
ARROW ELECTRONICS INC           COM     042735100      17,107     671,900  SH      SOLE                      671,900
------------------------------------------------------------------------------------------------------------------------------------
ALCATEL  -ADS                   ADR     013904305      17,042   1,075,200  SH      SOLE                    1,075,200
------------------------------------------------------------------------------------------------------------------------------------
AMR CORP/DE                     COM     001765106      16,900   1,327,600  SH      SOLE                    1,327,600
------------------------------------------------------------------------------------------------------------------------------------
NAVISTAR INTERNATIONL           COM     63934E108      16,864     367,800  SH      SOLE                      367,800
------------------------------------------------------------------------------------------------------------------------------------
INFINITY PROPERTY & CAS CORP    COM     45665Q103      16,848     536,400  SH      SOLE                      536,400
------------------------------------------------------------------------------------------------------------------------------------
DANA CORP                       COM     235811106      16,772     844,500  SH      SOLE                      844,500
------------------------------------------------------------------------------------------------------------------------------------
JLG INDUSTRIES INC              COM     466210101      16,635   1,163,300  SH      SOLE                    1,163,300
------------------------------------------------------------------------------------------------------------------------------------
CHECKPOINT SYSTEMS INC          COM     162825103      16,507     873,400  SH      SOLE                      873,400
------------------------------------------------------------------------------------------------------------------------------------
CHIQUITA BRANDS INTL            COM     170032809      16,457     789,300  SH      SOLE                      789,300
------------------------------------------------------------------------------------------------------------------------------------
SCANSOURCE INC                  COM     806037107      16,301     340,100  SH      SOLE                      340,100
------------------------------------------------------------------------------------------------------------------------------------
WABASH NATIONAL CORP            COM     929566107      16,267     689,300  SH      SOLE                      689,300
------------------------------------------------------------------------------------------------------------------------------------
QUANTA SERVICES INC             COM     74762E102      15,430   2,179,400  SH      SOLE                    2,179,400
------------------------------------------------------------------------------------------------------------------------------------
EARTHLINK INC                   COM     270321102      15,036   1,695,100  SH      SOLE                    1,695,100
------------------------------------------------------------------------------------------------------------------------------------
BEVERLY ENTERPRISES             COM     087851309      14,232   2,223,700  SH      SOLE                    2,223,700
------------------------------------------------------------------------------------------------------------------------------------








                                               Name of Reporting Manager: Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
         Column 1:           Column 2:  Column 3:      Column 4:   Column 5:            Column 6:      Column 7:    Column 8:
      Name of Issuer         Title of    CUSIP       Market Value  Shares or           Investment        Other       Voting
                              Class     Number        (x $1,000)   Principal           Discretion      Managers     Authority
                                                                    Amount
------------------------------------------------------------------------------------------------------------------------------------
                                                                          SH/ Put/ Sole Shared- Shared-         Sole Shared   None
                                                                          PRN Call      Defined  Other
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
J P MORGAN CHASE & CO           COM     46625H100      14,156     337,445  SH      SOLE                      335,500           1,945
------------------------------------------------------------------------------------------------------------------------------------
MCDERMOTT INTL INC              COM     580037109      13,795   1,644,200  SH      SOLE                    1,644,200
------------------------------------------------------------------------------------------------------------------------------------
SANMINA-SCI CORP                COM     800907107      13,707   1,241,600  SH      SOLE                    1,241,600
------------------------------------------------------------------------------------------------------------------------------------
SOLECTRON CORP                  COM     834182107      13,349   2,414,000  SH      SOLE                    2,414,000
------------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC          COM     78387G103      13,336     543,457  SH      SOLE                      531,325          12,132
------------------------------------------------------------------------------------------------------------------------------------
CITIGROUP INC                   COM     172967101      13,301     257,277  SH      SOLE                      256,100           1,177
------------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP INC                COM     02209S103      13,170     241,881  SH      SOLE                      240,475           1,406
------------------------------------------------------------------------------------------------------------------------------------
AT&T CORP                       COM     001957505      12,859     657,059  SH      SOLE                      653,050           4,009
------------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP             COM     370442105      12,822     272,230  SH      SOLE                      270,600           1,630
------------------------------------------------------------------------------------------------------------------------------------
PRIMUS TELECOMM GROUP INC       COM     741929103      12,728   1,497,400  SH      SOLE                    1,497,400
------------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE NEMOURS        COM     263534109      12,239     289,885  SH      SOLE                      287,975           1,910
------------------------------------------------------------------------------------------------------------------------------------
SAFEGUARD SCIENTIFICS INC       COM     786449108      12,190   3,276,800  SH      SOLE                    3,276,800
------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO                      COM     589331107      11,735     265,547  SH      SOLE                      264,000           1,547
------------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION         COM     277461109       8,962     215,484  SH      SOLE                      207,225           8,259
------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO.            COM     30231G102       8,185     268,212  SH      SOLE                      259,775           8,437
------------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP              COM     166764100       4,924      56,097  SH      SOLE                       46,100           9,997
------------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO                COM     949746101       4,790      84,531  SH      SOLE                       65,700          18,831
------------------------------------------------------------------------------------------------------------------------------------
SPRINT FON GROUP                COM     852061100       4,670     253,407  SH      SOLE                      248,400           5,007
------------------------------------------------------------------------------------------------------------------------------------
MAY DEPARTMENT STORES CO        COM     577778103       4,654     134,600  SH      SOLE                      134,600
------------------------------------------------------------------------------------------------------------------------------------
BANK of AMERICA CORP            COM     060505104       4,650      57,421  SH      SOLE                       47,700           9,721
------------------------------------------------------------------------------------------------------------------------------------
CEMEX S A  -ADR                 ADR     151290889       4,554     152,700  SH      SOLE                      152,700
------------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS          COM     92343V104       4,507     123,347  SH      SOLE                      109,200          14,147
------------------------------------------------------------------------------------------------------------------------------------
BP PLC  -ADS                    ADR     055622104       4,490      87,688  SH      SOLE                       79,400           8,288
------------------------------------------------------------------------------------------------------------------------------------









                                               Name of Reporting Manager: Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
         Column 1:           Column 2:  Column 3:      Column 4:   Column 5:            Column 6:      Column 7:    Column 8:
      Name of Issuer         Title of    CUSIP       Market Value  Shares or           Investment        Other       Voting
                              Class     Number        (x $1,000)   Principal           Discretion      Managers     Authority
                                                                    Amount
------------------------------------------------------------------------------------------------------------------------------------
                                                                          SH/ Put/ Sole Shared- Shared-         Sole Shared   None
                                                                          PRN Call      Defined  Other
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
LINCOLN NATIONAL CORP           COM     534187109       4,382      92,600  SH      SOLE                       92,600
------------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORP                 COM     492386107       4,259      82,700  SH      SOLE                       82,700
------------------------------------------------------------------------------------------------------------------------------------
CONOCOPHILLIPS                  COM     20825C104       4,237      60,700  SH      SOLE                       60,700
------------------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP                     COM     020039103       4,078      81,730  SH      SOLE                       80,900             830
------------------------------------------------------------------------------------------------------------------------------------
FIRST TENNESSEE NATL CORP       COM     337162101       4,069      85,300  SH      SOLE                       85,300
------------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP               COM     565849106       4,034     119,800  SH      SOLE                      119,800
------------------------------------------------------------------------------------------------------------------------------------
DONNELLEY (R R) & SONS CO       COM     257867101       4,023     133,000  SH      SOLE                      133,000
------------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC                COM     724479100       4,010      94,100  SH      SOLE                       94,100
------------------------------------------------------------------------------------------------------------------------------------
ALBERTSONS INC                  COM     013104104       3,998     180,500  SH      SOLE                      180,500
------------------------------------------------------------------------------------------------------------------------------------
NEWELL RUBBERMAID INC           COM     651229106       3,988     171,900  SH      SOLE                      171,900
------------------------------------------------------------------------------------------------------------------------------------
TELEFONOS DE MEX  -SPON ADR     ADR     879403780       3,973     113,800  SH      SOLE                      113,800
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP              COM     635405103       3,967     111,500  SH      SOLE                      111,500
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC           COM     939322103       3,961      92,750  SH      SOLE                       92,300             450
------------------------------------------------------------------------------------------------------------------------------------
ST PAUL COS                     COM     792860108       3,853      96,300  SH      SOLE                       96,300
------------------------------------------------------------------------------------------------------------------------------------
DELPHI CORP                     COM     247126105       3,835     385,066  SH      SOLE                      384,600             466
------------------------------------------------------------------------------------------------------------------------------------
SARA LEE CORP                   COM     803111103       3,804     174,028  SH      SOLE                      172,800           1,228
------------------------------------------------------------------------------------------------------------------------------------
COMERICA INC.                   COM     200340107       3,786      69,700  SH      SOLE                       69,700
------------------------------------------------------------------------------------------------------------------------------------
CONAGRA FOODS INC               COM     205887102       3,785     140,500  SH      SOLE                      140,500
------------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP                   COM     929903102       3,765      80,100  SH      SOLE                       80,100
------------------------------------------------------------------------------------------------------------------------------------
BELLSOUTH CORP                  COM     079860102       3,748     135,340  SH      SOLE                      130,800           4,540
------------------------------------------------------------------------------------------------------------------------------------
DIAGEO PLC  -ADR                ADR     25243Q205       3,744      70,800  SH      SOLE                       70,800
------------------------------------------------------------------------------------------------------------------------------------
HEINZ (H J) CO                  COM     423074103       3,729     100,000  SH      SOLE                      100,000
------------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL                    COM     260543103       3,706      92,000  SH      SOLE                       92,000
------------------------------------------------------------------------------------------------------------------------------------









                                               Name of Reporting Manager: Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
         Column 1:           Column 2:  Column 3:      Column 4:   Column 5:            Column 6:      Column 7:    Column 8:
      Name of Issuer         Title of    CUSIP       Market Value  Shares or           Investment        Other       Voting
                              Class     Number        (x $1,000)   Principal           Discretion      Managers     Authority
                                                                    Amount
------------------------------------------------------------------------------------------------------------------------------------
                                                                          SH/ Put/ Sole Shared- Shared-         Sole Shared   None
                                                                          PRN Call      Defined  Other
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
REGIONS FINL CORP               COM     758940100       3,674     100,600  SH      SOLE                      100,600
------------------------------------------------------------------------------------------------------------------------------------
HUNTINGTON BANCSHARES           COM     446150104       3,661     166,200  SH      SOLE                      166,200
------------------------------------------------------------------------------------------------------------------------------------
GENUINE PARTS CO                COM     372460105       3,616     110,500  SH      SOLE                      110,500
------------------------------------------------------------------------------------------------------------------------------------
DAIMLERCHRYSLER AG              ADR   edol - 2307389    3,606      86,400  SH      SOLE                       86,400
------------------------------------------------------------------------------------------------------------------------------------
U S BANCORP                     COM     902973304       3,594     129,975  SH      SOLE                      129,900              75
------------------------------------------------------------------------------------------------------------------------------------
MEADWESTVACO CORP               COM     583334107       3,565     126,000  SH      SOLE                      126,000
------------------------------------------------------------------------------------------------------------------------------------
AMSOUTH BANCORPORATION          COM     032165102       3,562     151,500  SH      SOLE                      151,500
------------------------------------------------------------------------------------------------------------------------------------
SHELL TRAN&TRADE  -ADR          ADR     822703609       3,536      88,600  SH      SOLE                       88,500             100
------------------------------------------------------------------------------------------------------------------------------------
BB&T CORP                       COM     054937107       3,477      98,500  SH      SOLE                       98,500
------------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB            COM     110122108       3,387     139,800  SH      SOLE                      139,000             800
------------------------------------------------------------------------------------------------------------------------------------
GLAXOSMITHKLINE PLC  -SP ADR    ADR     37733W105       3,272      81,900  SH      SOLE                       81,900
------------------------------------------------------------------------------------------------------------------------------------
HARMAN INTERNATIONAL INDS       COM     413086109       2,547      32,000  SH      SOLE                       32,000
------------------------------------------------------------------------------------------------------------------------------------
AVAYA INC                       COM     053499109       2,322     146,250  SH      SOLE                      146,100             150
------------------------------------------------------------------------------------------------------------------------------------
SPRINT PCS GROUP                COM     852061506       2,190     238,000  SH      SOLE                      235,500           2,500
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA-PACIFIC CORP            COM     373298108       2,149      63,800  SH      SOLE                       63,800
------------------------------------------------------------------------------------------------------------------------------------
PERKINELMER INC                 COM     714046109       1,966      95,000  SH      SOLE                       95,000
------------------------------------------------------------------------------------------------------------------------------------
PRECISION CASTPARTS CORP        COM     740189105       1,924      43,700  SH      SOLE                       43,700
------------------------------------------------------------------------------------------------------------------------------------
ALLIED WASTE INDS INC           COM     019589308       1,809     135,900  SH      SOLE                      135,900
------------------------------------------------------------------------------------------------------------------------------------
HASBRO INC                      COM     418056107       1,807      83,100  SH      SOLE                       83,100
------------------------------------------------------------------------------------------------------------------------------------
SELECT MEDICAL CORP             COM     816196109       1,779     106,500  SH      SOLE                      106,500
------------------------------------------------------------------------------------------------------------------------------------
PROVIDIAN FINANCIAL CORP        COM     74406A102       1,771     135,200  SH      SOLE                      135,200
------------------------------------------------------------------------------------------------------------------------------------
TRACTOR SUPPLY CO               COM     892356106       1,673      43,200  SH      SOLE                       43,200
------------------------------------------------------------------------------------------------------------------------------------
STORAGE TECHNOLOGY CP           COM     862111200       1,670      60,000  SH      SOLE                       60,000
------------------------------------------------------------------------------------------------------------------------------------









                                               Name of Reporting Manager: Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
         Column 1:           Column 2:  Column 3:      Column 4:   Column 5:            Column 6:      Column 7:    Column 8:
      Name of Issuer         Title of    CUSIP       Market Value  Shares or           Investment        Other       Voting
                              Class     Number        (x $1,000)   Principal           Discretion      Managers     Authority
                                                                    Amount
------------------------------------------------------------------------------------------------------------------------------------
                                                                          SH/ Put/ Sole Shared- Shared-         Sole Shared   None
                                                                          PRN Call      Defined  Other
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  
PACCAR INC                      COM     693718108       1,659      29,600  SH      SOLE                       29,600
------------------------------------------------------------------------------------------------------------------------------------
HUNT (JB) TRANSPRT SVCS INC     COM     445658107       1,639      58,200  SH      SOLE                       58,200
------------------------------------------------------------------------------------------------------------------------------------
JABIL CIRCUIT INC               COM     466313103       1,633      55,500  SH      SOLE                       55,500
------------------------------------------------------------------------------------------------------------------------------------
TRINITY INDUSTRIES              COM     896522109       1,629      58,600  SH      SOLE                       58,600
------------------------------------------------------------------------------------------------------------------------------------
MENS WEARHOUSE INC              COM     587118100       1,557      58,600  SH      SOLE                       58,600
------------------------------------------------------------------------------------------------------------------------------------
BENCHMARK ELECTRONICS INC       COM     08160H101       1,536      48,800  SH      SOLE                       48,800
------------------------------------------------------------------------------------------------------------------------------------
GATEWAY INC                     COM     367626108       1,346     255,000  SH      SOLE                      254,800             200
------------------------------------------------------------------------------------------------------------------------------------
WESTERN DIGITAL CORP            COM     958102105       1,336     119,000  SH      SOLE                      119,000
------------------------------------------------------------------------------------------------------------------------------------
CARMAX INC                      COM     143130102       1,299      44,500  SH      SOLE                       44,500
------------------------------------------------------------------------------------------------------------------------------------
Emerson Electric                COM     291011104       1,231      20,550  SH      SOLE                                       20,550
------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO          COM     438516106       1,218      28,825  SH      SOLE                       26,700           2,125
------------------------------------------------------------------------------------------------------------------------------------
FREDS INC                       COM     356108100       1,134      46,800  SH      SOLE                       46,800
------------------------------------------------------------------------------------------------------------------------------------
CONTINENTAL AIRLS INC  -CL B    COM     210795308       1,119      89,300  SH      SOLE                       89,300
------------------------------------------------------------------------------------------------------------------------------------
MAXTOR CORP                     COM     577729205         998     122,400  SH      SOLE                      122,400
------------------------------------------------------------------------------------------------------------------------------------
HONEYWELL INTERNATIONAL INC     COM     370442105         634      18,725  SH      SOLE                       18,725
------------------------------------------------------------------------------------------------------------------------------------
EASTMAN KODAK CO                COM     263534109         631      24,125  SH      SOLE                       23,525             600
------------------------------------------------------------------------------------------------------------------------------------
Westamerica Bancorp             COM     957090103         544      10,785  SH      SOLE                                       10,785
------------------------------------------------------------------------------------------------------------------------------------
U G I Corporation New           COM     902681105         277       8,400  SH      SOLE                                        8,400
------------------------------------------------------------------------------------------------------------------------------------
Aegon Nv Ord Reg Amer           ADR     007924103         130      10,147  SH      SOLE                                       10,147
------------------------------------------------------------------------------------------------------------------------------------
Charles Schwab Corp             COM     808513105         117      10,100  SH      SOLE                                       10,100
------------------------------------------------------------------------------------------------------------------------------------
                            TOTAL                   1,298,466
------------------------------------------------------------------------------------------------------------------------------------