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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: June 30, 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 7/15/04
--------------------------------------------------------------------------------
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: 133
-----------
Form 13F Information Table Value Total: $ 1,278,727
-----------
(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.
Page 1 of 6
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:
------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------
TESORO PETROLEUM CORP COM 881609101 32,309 1,170,600 SH SOLE 1,170,600
------------------------------------------------------------------------------------------------------------------------------------
PILGRIMS PRIDE CORP COM 721467108 30,752 1,062,600 SH SOLE 1,062,600
------------------------------------------------------------------------------------------------------------------------------------
SIERRA HEALTH SERVICES COM 826322109 29,100 651,000 SH SOLE 651,000
------------------------------------------------------------------------------------------------------------------------------------
WILLIAM LYON HOMES COM 552074106 27,276 296,000 SH SOLE 296,000
------------------------------------------------------------------------------------------------------------------------------------
Hennessy Advisors Inc COM 425885100 24,395 1,016,470 SH SOLE 0 1,016,470
------------------------------------------------------------------------------------------------------------------------------------
WESTERN WIRELESS CORP
-CL A COM 95988E204 24,189 836,700 SH SOLE 836,700
------------------------------------------------------------------------------------------------------------------------------------
PACIFICARE HEALTH SYS COM 695112102 24,166 625,100 SH SOLE 625,100
------------------------------------------------------------------------------------------------------------------------------------
ALAMOSA HOLDINGS INC COM 011589108 23,683 3,222,200 SH SOLE 3,222,200
------------------------------------------------------------------------------------------------------------------------------------
CUMMINS INC COM 231021106 23,175 370,800 SH SOLE 370,800
------------------------------------------------------------------------------------------------------------------------------------
DICKS SPORTING
GOODS INC COM 253393102 23,168 694,700 SH SOLE 694,700
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA-PACIFIC CORP COM 546347105 23,052 974,700 SH SOLE 974,700
------------------------------------------------------------------------------------------------------------------------------------
CARPENTER TECHNOLOGY
CORP COM 144285103 21,237 623,700 SH SOLE 623,700
------------------------------------------------------------------------------------------------------------------------------------
JOY GLOBAL INC COM 481165108 20,284 677,500 SH SOLE 677,500
------------------------------------------------------------------------------------------------------------------------------------
OXFORD INDUSTRIES INC COM 691497309 20,277 465,500 SH SOLE 465,500
------------------------------------------------------------------------------------------------------------------------------------
LABOR READY INC COM 505401208 20,255 1,306,800 SH SOLE 1,306,800
------------------------------------------------------------------------------------------------------------------------------------
NORDSTROM INC COM 655664100 19,835 465,500 SH SOLE 465,500
------------------------------------------------------------------------------------------------------------------------------------
COVENTRY HEALTH CARE COM 222862104 19,677 402,400 SH SOLE 402,400
------------------------------------------------------------------------------------------------------------------------------------
SCANSOURCE INC COM 806037107 19,383 326,200 SH SOLE 326,200
------------------------------------------------------------------------------------------------------------------------------------
D R HORTON INC COM 23331A109 19,022 669,800 SH SOLE 669,800
------------------------------------------------------------------------------------------------------------------------------------
CASH AMERICA INTL INC COM 14754D100 18,964 824,500 SH SOLE 824,500
------------------------------------------------------------------------------------------------------------------------------------
ACTUANT CORP -CL A COM 00508X203 18,567 476,200 SH SOLE 476,200
------------------------------------------------------------------------------------------------------------------------------------
ORBITAL SCIENCES CORP COM 685564106 18,563 1,344,200 SH SOLE 1,344,200
------------------------------------------------------------------------------------------------------------------------------------
BEVERLY ENTERPRISES COM 087851309 18,341 2,132,700 SH SOLE 2,132,700
------------------------------------------------------------------------------------------------------------------------------------
WABASH NATIONAL CORP COM 929566107 18,213 661,100 SH SOLE 661,100
------------------------------------------------------------------------------------------------------------------------------------
Page 2 of 6
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:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
CENTURY ALUMINUM CO COM 156431108 18,025 727,100 SH SOLE 727,100
------------------------------------------------------------------------------------------------------------------------------------
AVNET INC COM 053807103 17,781 783,300 SH SOLE 783,300
------------------------------------------------------------------------------------------------------------------------------------
RITE AID CORP COM 767754104 17,773 3,404,700 SH SOLE 3,404,700
------------------------------------------------------------------------------------------------------------------------------------
USG CORP COM 903293405 17,571 999,500 SH SOLE 999,500
------------------------------------------------------------------------------------------------------------------------------------
ALLMERICA FINANCIAL
CORP COM 019754100 17,363 513,700 SH SOLE 513,700
------------------------------------------------------------------------------------------------------------------------------------
ARROW ELECTRONICS INC COM 042735100 17,283 644,400 SH SOLE 644,400
------------------------------------------------------------------------------------------------------------------------------------
FOOT LOCKER INC COM 344849104 17,242 708,400 SH SOLE 708,400
------------------------------------------------------------------------------------------------------------------------------------
SIERRA PACIFIC
RESOURCES COM 826428104 17,183 2,228,600 SH SOLE 2,228,600
------------------------------------------------------------------------------------------------------------------------------------
INFINITY PROPERTY &
CAS CORP COM 45665Q103 16,975 514,400 SH SOLE 514,400
------------------------------------------------------------------------------------------------------------------------------------
EARTHLINK INC COM 270321102 16,827 1,625,800 SH SOLE 1,625,800
------------------------------------------------------------------------------------------------------------------------------------
FINISH LINE INC -CL A COM 317923100 16,756 555,400 SH SOLE 555,400
------------------------------------------------------------------------------------------------------------------------------------
INFINEON TECHNLGIES
AG -ADR ADR 45662N103 16,527 1,215,200 SH SOLE 1,215,200
------------------------------------------------------------------------------------------------------------------------------------
MCDERMOTT INTL INC COM 580037109 16,021 1,576,900 SH SOLE 1,576,900
------------------------------------------------------------------------------------------------------------------------------------
ALCATEL -ADS ADR 013904305 15,975 1,031,300 SH SOLE 1,031,300
------------------------------------------------------------------------------------------------------------------------------------
DANA CORP COM 235811106 15,874 809,900 SH SOLE 809,900
------------------------------------------------------------------------------------------------------------------------------------
CHIQUITA BRANDS INTL COM 170032809 15,836 757,000 SH SOLE 757,000
------------------------------------------------------------------------------------------------------------------------------------
JLG INDUSTRIES INC COM 466210101 15,497 1,115,700 SH SOLE 1,115,700
------------------------------------------------------------------------------------------------------------------------------------
AMR CORP/DE COM 001765106 15,420 1,273,300 SH SOLE 1,273,300
------------------------------------------------------------------------------------------------------------------------------------
CHECKPOINT SYSTEMS INC COM 162825103 15,020 837,700 SH SOLE 837,700
------------------------------------------------------------------------------------------------------------------------------------
SOLECTRON CORP COM 834182107 14,980 2,315,300 SH SOLE 2,315,300
------------------------------------------------------------------------------------------------------------------------------------
TBC CORP COM 872180104 14,927 627,200 SH SOLE 627,200
------------------------------------------------------------------------------------------------------------------------------------
TELESYSTEM INTL
WIRELESS INC ADR 879946606 14,898 1,521,800 SH SOLE 1,521,800
------------------------------------------------------------------------------------------------------------------------------------
NAVISTAR INTERNATIONL COM 63934E108 13,671 352,700 SH SOLE 352,700
------------------------------------------------------------------------------------------------------------------------------------
QUANTA SERVICES INC COM 74762E102 13,002 2,090,300 SH SOLE 2,090,300
------------------------------------------------------------------------------------------------------------------------------------
Page 3 of 6
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:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC COM 78387G103 12,583 518,907 SH SOLE 506,775 12,132
------------------------------------------------------------------------------------------------------------------------------------
J P MORGAN CHASE & CO COM 46625H100 12,476 321,795 SH SOLE 319,850 1,945
------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO COM 589331107 12,409 261,249 SH SOLE 259,700 1,549
------------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE
NEMOURS COM 263534109 12,309 277,110 SH SOLE 275,200 1,910
------------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP COM 370442105 12,038 258,381 SH SOLE 256,750 1,631
------------------------------------------------------------------------------------------------------------------------------------
CITIGROUP INC COM 172967101 11,747 252,627 SH SOLE 251,450 1,177
------------------------------------------------------------------------------------------------------------------------------------
Altria Group Inc COM 02209S103 11,432 228,407 SH SOLE 227,000 1,407
------------------------------------------------------------------------------------------------------------------------------------
SANMINA-SCI CORP COM 800907107 10,837 1,190,900 SH SOLE 1,190,900
------------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION COM 30231G102 9,007 202,819 SH SOLE 194,550 8,269
------------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM 001957505 8,655 591,584 SH SOLE 587,575 4,009
------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO. COM 369604103 8,514 262,763 SH SOLE 254,325 8,438
------------------------------------------------------------------------------------------------------------------------------------
PRIMUS TELECOMM
GROUP INC COM 741929103 7,295 1,436,100 SH SOLE 1,436,100
------------------------------------------------------------------------------------------------------------------------------------
SAFEGUARD SCIENTIFICS
INC COM 786449108 7,228 3,142,800 SH SOLE 3,142,800
------------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP COM 166764100 5,281 56,120 SH SOLE 46,100 10,020
------------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS COM 92343V104 5,136 141,922 SH SOLE 127,675 14,247
------------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO COM 949746101 4,838 84,531 SH SOLE 65,700 18,831
------------------------------------------------------------------------------------------------------------------------------------
BANK of AMERICA CORP COM 060505104 4,837 57,161 SH SOLE 47,700 9,461
------------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP INC COM 013104104 4,790 180,500 SH SOLE 180,500
------------------------------------------------------------------------------------------------------------------------------------
BP PLC -ADS ADR 055622104 4,697 87,688 SH SOLE 79,400 8,288
------------------------------------------------------------------------------------------------------------------------------------
CONOCOPHILLIPS COM 20825C104 4,631 60,700 SH SOLE 60,700
------------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP COM 565849106 4,533 119,800 SH SOLE 119,800
------------------------------------------------------------------------------------------------------------------------------------
SPRINT FON GROUP COM 852061100 4,482 254,657 SH SOLE 248,400 6,257
------------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORP COM 492386107 4,447 82,700 SH SOLE 82,700
------------------------------------------------------------------------------------------------------------------------------------
CEMEX S A -ADR ADR 151290889 4,444 152,700 SH SOLE 152,700
------------------------------------------------------------------------------------------------------------------------------------
Page 4 of 6
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:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
DONNELLEY (R R) &
SONS CO COM 257867101 4,392 133,000 SH SOLE 133,000
------------------------------------------------------------------------------------------------------------------------------------
GENUINE PARTS CO COM 372460105 4,385 110,500 SH SOLE 110,500
------------------------------------------------------------------------------------------------------------------------------------
LINCOLN NATIONAL CORP COM 534187109 4,375 92,600 SH SOLE 92,600
------------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC COM 724479100 4,164 94,100 SH SOLE 94,100
------------------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP COM 020039103 4,137 81,730 SH SOLE 80,900 830
------------------------------------------------------------------------------------------------------------------------------------
DELPHI CORP COM 247126105 4,113 385,066 SH SOLE 384,600 466
------------------------------------------------------------------------------------------------------------------------------------
DAIMLERCHRYSLER AG ADR sedol 4,067 86,400 SH SOLE 86,400
- 2307389
------------------------------------------------------------------------------------------------------------------------------------
NEWELL RUBBERMAID INC COM 651229106 4,040 171,900 SH SOLE 171,900
------------------------------------------------------------------------------------------------------------------------------------
SARA LEE CORP COM 803111103 4,001 174,028 SH SOLE 172,800 1,228
------------------------------------------------------------------------------------------------------------------------------------
SHELL TRAN&TRADE -ADR ADR 822703609 3,960 88,600 SH SOLE 88,500 100
------------------------------------------------------------------------------------------------------------------------------------
HEINZ (H J) CO COM 423074103 3,920 100,000 SH SOLE 100,000
------------------------------------------------------------------------------------------------------------------------------------
ST PAUL COS COM 792860108 3,904 96,300 SH SOLE 96,300
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP COM 635405103 3,904 111,500 SH SOLE 111,500
------------------------------------------------------------------------------------------------------------------------------------
FIRST HORIZON NATIONAL
CORP COM 320517105 3,879 85,300 SH SOLE 85,300
------------------------------------------------------------------------------------------------------------------------------------
DIAGEO PLC -ADR ADR 25243Q205 3,876 70,800 SH SOLE 70,800
------------------------------------------------------------------------------------------------------------------------------------
AMSOUTH BANCORPORATION COM 032165102 3,859 151,500 SH SOLE 151,500
------------------------------------------------------------------------------------------------------------------------------------
COMERICA INC. COM 200340107 3,825 69,700 SH SOLE 69,700
------------------------------------------------------------------------------------------------------------------------------------
HUNTINGTON BANCSHARES COM 446150104 3,819 166,200 SH SOLE 166,200
------------------------------------------------------------------------------------------------------------------------------------
CONAGRA FOODS INC COM 205887102 3,805 140,500 SH SOLE 140,500
------------------------------------------------------------------------------------------------------------------------------------
TELEFONOS DE MEX
-SPON ADR ADR 879403780 3,786 113,800 SH SOLE 113,800
------------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL COM 260543103 3,744 92,000 SH SOLE 92,000
------------------------------------------------------------------------------------------------------------------------------------
MEADWESTVACO CORP COM 583334107 3,703 126,000 SH SOLE 126,000
------------------------------------------------------------------------------------------------------------------------------------
MAY DEPARTMENT
STORES CO COM 577778103 3,700 134,600 SH SOLE 134,600
------------------------------------------------------------------------------------------------------------------------------------
REGIONS FINL CORP COM 7591EP100 3,677 100,600 SH SOLE 100,600
------------------------------------------------------------------------------------------------------------------------------------
Page 5 of 6
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:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
BB&T CORP COM 054937107 3,642 98,500 SH SOLE 98,500
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC COM 939322103 3,584 92,750 SH SOLE 92,300 450
------------------------------------------------------------------------------------------------------------------------------------
U S BANCORP COM 902973304 3,582 129,975 SH SOLE 129,900 75
------------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP COM 929903102 3,564 80,100 SH SOLE 80,100
------------------------------------------------------------------------------------------------------------------------------------
BELLSOUTH CORP COM 079860102 3,549 135,340 SH SOLE 130,800 4,540
------------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB COM 110122108 3,425 139,800 SH SOLE 139,000 800
------------------------------------------------------------------------------------------------------------------------------------
GLAXOSMITHKLINE PLC
-SP ADR ADR 37733W105 3,396 81,900 SH SOLE 81,900
------------------------------------------------------------------------------------------------------------------------------------
HARMAN INTERNATIONAL
INDS COM 413086109 2,985 32,800 SH SOLE 32,800
------------------------------------------------------------------------------------------------------------------------------------
PRECISION CASTPARTS
CORP COM 740189105 2,483 45,400 SH SOLE 45,400
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA-PACIFIC CORP COM 373298108 2,437 65,900 SH SOLE 65,900
------------------------------------------------------------------------------------------------------------------------------------
AVAYA INC COM 053499109 2,384 150,950 SH SOLE 150,800 150
------------------------------------------------------------------------------------------------------------------------------------
HUNT (JB) TRANSPRT
SVCS INC COM 445658107 2,334 60,500 SH SOLE 60,500
------------------------------------------------------------------------------------------------------------------------------------
PROVIDIAN FINANCIAL
CORP COM 74406A102 2,074 141,400 SH SOLE 141,400
------------------------------------------------------------------------------------------------------------------------------------
PERKINELMER INC COM 714046109 1,978 98,700 SH SOLE 98,700
------------------------------------------------------------------------------------------------------------------------------------
TRINITY INDUSTRIES COM 896522109 1,936 60,900 SH SOLE 60,900
------------------------------------------------------------------------------------------------------------------------------------
TRACTOR SUPPLY CO COM 892356106 1,882 45,000 SH SOLE 45,000
------------------------------------------------------------------------------------------------------------------------------------
ALLIED WASTE INDS INC COM 019589308 1,868 141,700 SH SOLE 141,700
------------------------------------------------------------------------------------------------------------------------------------
STORAGE TECHNOLOGY CP COM 862111200 1,824 62,900 SH SOLE 62,900
------------------------------------------------------------------------------------------------------------------------------------
PACCAR INC COM 693718108 1,792 30,900 SH SOLE 30,900
------------------------------------------------------------------------------------------------------------------------------------
HASBRO INC COM 418056107 1,651 86,900 SH SOLE 86,900
------------------------------------------------------------------------------------------------------------------------------------
MENS WEARHOUSE INC COM 587118100 1,626 61,600 SH SOLE 61,600
------------------------------------------------------------------------------------------------------------------------------------
BENCHMARK ELECTRONICS
INC COM 08160H101 1,502 51,600 SH SOLE 51,600
------------------------------------------------------------------------------------------------------------------------------------
SELECT MEDICAL CORP COM 816196109 1,486 110,700 SH SOLE 110,700
------------------------------------------------------------------------------------------------------------------------------------
JABIL CIRCUIT INC COM 466313103 1,465 58,200 SH SOLE 58,200
Page 6 of 6
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:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
Emerson Electric COM 291011104 1,306 20,550 SH SOLE 0 20,550
------------------------------------------------------------------------------------------------------------------------------------
GATEWAY INC COM 367626108 1,208 268,500 SH SOLE 268,300 200
------------------------------------------------------------------------------------------------------------------------------------
FREDS INC COM 356108100 1,120 50,700 SH SOLE 50,700
------------------------------------------------------------------------------------------------------------------------------------
WESTERN DIGITAL CORP COM 958102105 1,109 128,100 SH SOLE 128,100
------------------------------------------------------------------------------------------------------------------------------------
CONTINENTAL AIRLS INC
-CL B COM 210795308 1,090 95,900 SH SOLE 95,900
------------------------------------------------------------------------------------------------------------------------------------
CARMAX INC COM 143130102 1,034 47,300 SH SOLE 47,300
------------------------------------------------------------------------------------------------------------------------------------
MAXTOR CORP COM 577729205 894 134,800 SH SOLE 134,800
------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO COM 460146103 877 19,625 SH SOLE 17,500 2,125
------------------------------------------------------------------------------------------------------------------------------------
Westamerica Bancorp COM 957090103 564 10,761 SH SOLE 0 10,761
------------------------------------------------------------------------------------------------------------------------------------
EASTMAN KODAK CO COM 277461109 359 13,300 SH SOLE 12,700 600
------------------------------------------------------------------------------------------------------------------------------------
C B Richard Ellis Svcs COM 12489L108 331 17,321 SH SOLE 0 17,321
------------------------------------------------------------------------------------------------------------------------------------
U G I Corporation New COM 902681105 270 8,400 SH SOLE 0 8,400
------------------------------------------------------------------------------------------------------------------------------------
Aegon Nv Ord Reg Amer ADR 007924103 123 10,147 SH SOLE 0 10,147
------------------------------------------------------------------------------------------------------------------------------------
1,278,727
====================================================================================================================================