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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, 2005
--------------
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 July 25, 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: 135
----------------------
Form 13F Information Table Value Total: $1,345,014
----------------------
(thousands)
List of Other Included Managers: NONE
Page 1 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
ADOBE SYSTEMS INC COMMON 00724F101 114 4,000 SH SOLE 0 4,000
----------------------------------------------------------------------------------------------------------------------------------
AETNA INC COMMON 00817Y108 25,078 302,800 SH SOLE 302,800 0
----------------------------------------------------------------------------------------------------------------------------------
AK STEEL HOLDING CORP COMMON 001547108 8,368 1,305,400 SH SOLE 1,305,400 0
----------------------------------------------------------------------------------------------------------------------------------
ALBERTSONS INC COMMON 013104104 3,354 162,200 SH SOLE 162,200 0
----------------------------------------------------------------------------------------------------------------------------------
ALLEGHENY ENERGY INC COMMON 017361106 2,106 114,146 SH SOLE 113,800 346
----------------------------------------------------------------------------------------------------------------------------------
ALLIANCE IMAGING INC COMMON 018606202 17,563 1,679,100 SH SOLE 1,679,100 0
----------------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP COMMON 020039103 4,081 65,530 SH SOLE 64,700 830
----------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP INC COMMON 02209S103 12,946 200,213 SH SOLE 199,025 1,188
----------------------------------------------------------------------------------------------------------------------------------
AMERADA HESS CORP COMMON 023551104 1,770 20,600 SH SOLE 20,600 0
----------------------------------------------------------------------------------------------------------------------------------
AMERIGROUP CORP COMMON 03073T102 20,072 499,300 SH SOLE 499,300 0
----------------------------------------------------------------------------------------------------------------------------------
AON CORP COMMON 037389103 4,174 166,700 SH SOLE 166,700 0
----------------------------------------------------------------------------------------------------------------------------------
ASHLAND INC COMMON 044209104 1,950 32,400 SH SOLE 32,400 0
----------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COMMON 001957505 8,002 420,293 SH SOLE 419,100 1,193
----------------------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA CORP COMMON 060505104 4,424 96,991 SH SOLE 83,600 13,391
----------------------------------------------------------------------------------------------------------------------------------
BB&T CORP COMMON 054937107 3,589 89,800 SH SOLE 89,800 0
----------------------------------------------------------------------------------------------------------------------------------
BELLSOUTH CORP COMMON 079860102 3,648 137,291 SH SOLE 133,400 3,891
----------------------------------------------------------------------------------------------------------------------------------
BLACK & DECKER CORP COMMON 091797100 20,894 237,700 SH SOLE 237,700 0
----------------------------------------------------------------------------------------------------------------------------------
BLOUNT INTL INC COMMON 095180105 18,097 1,084,300 SH SOLE 1,084,300 0
----------------------------------------------------------------------------------------------------------------------------------
BLUEGREEN CORP COMMON 096231105 16,585 952,600 SH SOLE 952,600 0
----------------------------------------------------------------------------------------------------------------------------------
BP PLC -ADS ADR 055622104 4,453 71,388 SH SOLE 64,900 6,488
----------------------------------------------------------------------------------------------------------------------------------
BRINKS CO COMMON 109696104 17,208 478,000 SH SOLE 478,000 0
----------------------------------------------------------------------------------------------------------------------------------
Page 2 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB COMMON 110122108 3,957 158,400 SH SOLE 157,600 800
----------------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP COMMON 117043109 1,729 41,400 SH SOLE 41,400 0
----------------------------------------------------------------------------------------------------------------------------------
BUILDING MATERIALS HLDG
CP COMMON 120113105 34,181 493,300 SH SOLE 493,300 0
----------------------------------------------------------------------------------------------------------------------------------
BUNGE LTD COMMON G16962105 21,004 331,300 SH SOLE 331,300 0
----------------------------------------------------------------------------------------------------------------------------------
C B RICHARD ELLIS SVCS COMMON 12489L108 439 10,000 SH SOLE 0 10,000
----------------------------------------------------------------------------------------------------------------------------------
CARPENTER TECHNOLOGY CORP COMMON 144285103 16,737 323,100 SH SOLE 323,100 0
----------------------------------------------------------------------------------------------------------------------------------
CEMEX S A -ADR ADR 151290889 4,789 112,900 SH SOLE 112,900 0
----------------------------------------------------------------------------------------------------------------------------------
CENTENE CORP COMMON 15135B101 22,374 666,300 SH SOLE 666,300 0
----------------------------------------------------------------------------------------------------------------------------------
CHAMPION ENTERPRISES INC COMMON 158496109 15,885 1,598,100 SH SOLE 1,598,100 0
----------------------------------------------------------------------------------------------------------------------------------
CHARLES SCHWAB CORP COMMON 808513105 114 10,100 SH SOLE 0 10,100
----------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP COMMON 166764100 4,932 88,197 SH SOLE 72,200 15,997
----------------------------------------------------------------------------------------------------------------------------------
CIRCUIT CITY STORES INC COMMON 172737108 1,735 121,200 SH SOLE 121,200 0
----------------------------------------------------------------------------------------------------------------------------------
CITIGROUP INC COMMON 172967101 11,492 248,575 SH SOLE 247,450 1,125
----------------------------------------------------------------------------------------------------------------------------------
CLEVELAND-CLIFFS INC COMMON 185896107 21,007 363,700 SH SOLE 363,700 0
----------------------------------------------------------------------------------------------------------------------------------
COCA-COLA COMPANY COMMON 191216100 3,311 79,300 SH SOLE 78,200 1,100
----------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL METALS COMMON 201723103 17,798 747,200 SH SOLE 747,200 0
----------------------------------------------------------------------------------------------------------------------------------
CONAGRA FOODS INC COMMON 205887102 3,198 138,100 SH SOLE 138,100 0
----------------------------------------------------------------------------------------------------------------------------------
CONSOL ENERGY INC COMMON 20854P109 24,658 460,200 SH SOLE 460,200 0
----------------------------------------------------------------------------------------------------------------------------------
DICKS SPORTING GOODS INC COMMON 253393102 1,657 50,600 SH SOLE 50,600 0
----------------------------------------------------------------------------------------------------------------------------------
DONNELLEY (R R) & SONS CO COMMON 257867101 3,851 111,600 SH SOLE 111,600 0
----------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL COMMON 260543103 3,482 78,200 SH SOLE 78,200 0
----------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE NEMOURS COMMON 263534109 10,909 253,635 SH SOLE 252,050 1,585
----------------------------------------------------------------------------------------------------------------------------------
Page 3 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
ELECTRONICS BOUTIQUE HLDG
CP COMMON 286045109 27,929 439,900 SH SOLE 439,900 0
----------------------------------------------------------------------------------------------------------------------------------
EMERSON ELECTRIC COMMON 291011104 1,287 20,550 SH SOLE 0 20,550
----------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION COMMON 30231G102 6,365 110,758 SH SOLE 103,550 7,208
----------------------------------------------------------------------------------------------------------------------------------
FANNIE MAE COMMON 313586109 3,183 54,500 SH SOLE 54,500 0
----------------------------------------------------------------------------------------------------------------------------------
FMC TECHNOLOGIES INC COMMON 30249U101 1,606 54,300 SH SOLE 54,300 0
----------------------------------------------------------------------------------------------------------------------------------
FORD MOTOR CO COMMON 345370860 2,744 267,946 SH SOLE 267,700 246
----------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO. COMMON 369604103 5,132 148,109 SH SOLE 147,575 534
----------------------------------------------------------------------------------------------------------------------------------
GENERAL MILLS INC COMMON 370334104 3,696 79,000 SH SOLE 79,000 0
----------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP COMMON 370442105 10,278 302,287 SH SOLE 300,150 2,137
----------------------------------------------------------------------------------------------------------------------------------
GENESCO INC COMMON 371532102 22,499 606,600 SH SOLE 606,600 0
----------------------------------------------------------------------------------------------------------------------------------
GEORGIA GULF CORP COMMON 373200203 11,777 379,300 SH SOLE 379,300 0
----------------------------------------------------------------------------------------------------------------------------------
GOODYEAR TIRE & RUBBER CO COMMON 382550101 1,957 164,400 SH SOLE 164,400 0
----------------------------------------------------------------------------------------------------------------------------------
GRACE (W R) & CO COMMON 38388F108 10,812 1,387,900 SH SOLE 1,387,900 0
----------------------------------------------------------------------------------------------------------------------------------
GREENBRIER COMPANIES INC COMMON 393657101 15,122 558,000 SH SOLE 558,000 0
----------------------------------------------------------------------------------------------------------------------------------
HARRIS CORP COMMON 413875105 1,933 66,300 SH SOLE 66,300 0
----------------------------------------------------------------------------------------------------------------------------------
HEINZ (H J) CO COMMON 423074103 3,553 100,300 SH SOLE 100,300 0
----------------------------------------------------------------------------------------------------------------------------------
HENNESSY ADVISORS INC COMMON 425885100 37,715 1,479,030 SH SOLE 0 79,030
----------------------------------------------------------------------------------------------------------------------------------
HEXCEL CORP COMMON 428291108 22,042 1,302,700 SH SOLE 1,302,700 0
----------------------------------------------------------------------------------------------------------------------------------
HSBC HOLDINGS PLC -ADR ADR 404280406 3,616 45,400 SH SOLE 45,400 0
----------------------------------------------------------------------------------------------------------------------------------
HUGHES SUPPLY INC COMMON 444482103 1,550 58,400 SH SOLE 58,400 0
----------------------------------------------------------------------------------------------------------------------------------
HUNT (JB) TRANSPRT SVCS
INC COMMON 445658107 16,197 842,300 SH SOLE 842,300 0
----------------------------------------------------------------------------------------------------------------------------------
Page 4 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
INTL PAPER CO COMMON 460146103 2,992 99,025 SH SOLE 98,150 875
----------------------------------------------------------------------------------------------------------------------------------
IPSCO INC ADR 462622101 17,270 395,200 SH SOLE 395,200 0
----------------------------------------------------------------------------------------------------------------------------------
J P MORGAN CHASE & CO COMMON 46625H100 10,862 307,545 SH SOLE 305,500 2,045
----------------------------------------------------------------------------------------------------------------------------------
JONES LANG LASALLE INC COMMON 48020Q107 22,332 504,900 SH SOLE 504,900 0
----------------------------------------------------------------------------------------------------------------------------------
JOY GLOBAL INC COMMON 481165108 2,563 81,900 SH SOLE 81,900 0
----------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORP COMMON 492386107 4,968 65,100 SH SOLE 65,100 0
----------------------------------------------------------------------------------------------------------------------------------
KIMBERLY-CLARK CORP COMMON 494368103 3,770 60,226 SH SOLE 59,100 1,126
----------------------------------------------------------------------------------------------------------------------------------
LANDSTAR SYSTEM INC COMMON 515098101 15,482 513,000 SH SOLE 513,000 0
----------------------------------------------------------------------------------------------------------------------------------
LILLY (ELI) & CO COMMON 532457108 3,749 67,300 SH SOLE 67,300 0
----------------------------------------------------------------------------------------------------------------------------------
LINCOLN NATIONAL CORP COMMON 534187109 3,772 80,400 SH SOLE 80,400 0
----------------------------------------------------------------------------------------------------------------------------------
LONE STAR TECHNOLOGIES COMMON 542312103 1,766 50,200 SH SOLE 50,200 0
----------------------------------------------------------------------------------------------------------------------------------
LYONDELL CHEMICAL CO COMMON 552078107 19,421 740,100 SH SOLE 740,100 0
----------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP COMMON 565849106 5,524 103,500 SH SOLE 103,500 0
----------------------------------------------------------------------------------------------------------------------------------
MARSH & MCLENNAN COS COMMON 571748102 3,371 121,700 SH SOLE 121,700 0
----------------------------------------------------------------------------------------------------------------------------------
MASSEY ENERGY CO COMMON 576206106 2,226 62,400 SH SOLE 62,400 0
----------------------------------------------------------------------------------------------------------------------------------
MAVERICK TUBE CORP COMMON 577914104 1,736 59,900 SH SOLE 59,900 0
----------------------------------------------------------------------------------------------------------------------------------
MAY DEPARTMENT STORES CO COMMON 577778103 5,373 133,800 SH SOLE 133,800 0
----------------------------------------------------------------------------------------------------------------------------------
MCDERMOTT INTL INC COMMON 580037109 21,605 1,028,800 SH SOLE 1,028,800 0
----------------------------------------------------------------------------------------------------------------------------------
MEADWESTVACO CORP COMMON 583334107 3,278 116,900 SH SOLE 116,900 0
----------------------------------------------------------------------------------------------------------------------------------
MERCK & CO COMMON 589331107 10,189 330,808 SH SOLE 328,700 2,108
----------------------------------------------------------------------------------------------------------------------------------
MERITAGE HOMES CORP COMMON 59001A102 26,648 335,200 SH SOLE 335,200 0
----------------------------------------------------------------------------------------------------------------------------------
Page 5 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
MOLINA HEALTHCARE INC COMMON 60855R100 18,027 407,300 SH SOLE 407,300 0
----------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP COMMON 635405103 3,531 103,500 SH SOLE 103,500 0
----------------------------------------------------------------------------------------------------------------------------------
NCR CORP COMMON 62886E108 19,166 545,732 SH SOLE 545,700 32
----------------------------------------------------------------------------------------------------------------------------------
NOVA CHEMICALS CORP ADR 66977W109 12,206 399,400 SH SOLE 399,400 0
----------------------------------------------------------------------------------------------------------------------------------
NOVAMERICAN STEEL INC ADR 669959108 9,285 336,400 SH SOLE 336,400 0
----------------------------------------------------------------------------------------------------------------------------------
NUCOR CORP COMMON 670346105 18,513 400,800 SH SOLE 400,800 0
----------------------------------------------------------------------------------------------------------------------------------
NVR INC COMMON 62944T105 19,926 24,600 SH SOLE 24,600 0
----------------------------------------------------------------------------------------------------------------------------------
OLD DOMINION FREIGHT COMMON 679580100 14,563 542,800 SH SOLE 542,800 0
----------------------------------------------------------------------------------------------------------------------------------
OREGON STEEL MILLS INC COMMON 686079104 16,023 931,000 SH SOLE 931,000 0
----------------------------------------------------------------------------------------------------------------------------------
P G & E CORP COMMON 69331C108 225 6,005 SH SOLE 0 6,005
----------------------------------------------------------------------------------------------------------------------------------
PEABODY ENERGY CORP COMMON 704549104 2,494 60,400 SH SOLE 60,400 0
----------------------------------------------------------------------------------------------------------------------------------
PENN NATIONAL GAMING INC COMMON 707569109 2,342 89,400 SH SOLE 89,400 0
----------------------------------------------------------------------------------------------------------------------------------
PFIZER INC COMMON 717081103 7,218 261,725 SH SOLE 257,775 3,950
----------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC COMMON 724479100 3,693 84,800 SH SOLE 84,800 0
----------------------------------------------------------------------------------------------------------------------------------
PNC FINANCIAL SVCS GROUP
INC COMMON 693475105 3,774 69,300 SH SOLE 69,300 0
----------------------------------------------------------------------------------------------------------------------------------
PPG INDUSTRIES INC COMMON 693506107 3,584 57,100 SH SOLE 57,100 0
----------------------------------------------------------------------------------------------------------------------------------
PREMCOR INC COMMON 74045Q104 2,530 47,500 SH SOLE 47,500 0
----------------------------------------------------------------------------------------------------------------------------------
PULTE HOMES INC COMMON 745867101 1,848 28,100 SH SOLE 28,100 0
----------------------------------------------------------------------------------------------------------------------------------
QUIKSILVER INC COMMON 74838C106 22,025 1,404,200 SH SOLE 1,404,200 0
----------------------------------------------------------------------------------------------------------------------------------
REGIONS FINL CORP COMMON 7591EP100 3,693 109,000 SH SOLE 109,000 0
----------------------------------------------------------------------------------------------------------------------------------
RELIANT ENERGY INC COMMON 75952B105 17,131 1,383,800 SH SOLE 1,383,800 0
----------------------------------------------------------------------------------------------------------------------------------
Page 6 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
RYDER SYSTEM INC COMMON 783549108 1,443 38,800 SH SOLE 38,800 0
----------------------------------------------------------------------------------------------------------------------------------
SARA LEE CORP COMMON 803111103 3,134 158,228 SH SOLE 157,000 1,228
----------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC COMMON 78387G103 11,639 490,044 SH SOLE 479,900 10,144
----------------------------------------------------------------------------------------------------------------------------------
SEARS HOLDING CORP COMMON 812350106 31,114 211,900 SH SOLE 211,900 0
----------------------------------------------------------------------------------------------------------------------------------
SIERRA HEALTH SERVICES COMMON 826322109 24,496 342,800 SH SOLE 342,800 0
----------------------------------------------------------------------------------------------------------------------------------
SIERRA PACIFIC RESOURCES COMMON 826428104 1,923 200,600 SH SOLE 200,600 0
----------------------------------------------------------------------------------------------------------------------------------
SPRINT FON GROUP COMMON 852061100 157 6,257 SH SOLE 0 6,257
----------------------------------------------------------------------------------------------------------------------------------
STEEL DYNAMICS INC COMMON 858119100 1,530 49,800 SH SOLE 49,800 0
----------------------------------------------------------------------------------------------------------------------------------
SUNOCO INC COMMON 86764P109 2,340 25,400 SH SOLE 25,400 0
----------------------------------------------------------------------------------------------------------------------------------
TELEFONOS DE MEX
-SPON ADR ADR 879403780 4,180 221,300 SH SOLE 221,300 0
----------------------------------------------------------------------------------------------------------------------------------
TEREX CORP COMMON 880779103 1,775 46,000 SH SOLE 46,000 0
----------------------------------------------------------------------------------------------------------------------------------
TERRA INDUSTRIES INC COMMON 880915103 14,486 2,127,200 SH SOLE 2,127,200 0
----------------------------------------------------------------------------------------------------------------------------------
TESORO PETROLEUM CORP COMMON 881609101 29,614 654,500 SH SOLE 654,500 0
----------------------------------------------------------------------------------------------------------------------------------
TEXAS INDUSTRIES INC COMMON 882491103 17,026 302,800 SH SOLE 302,800 0
----------------------------------------------------------------------------------------------------------------------------------
TOLL BROTHERS INC COMMON 889478103 27,957 275,300 SH SOLE 275,300 0
----------------------------------------------------------------------------------------------------------------------------------
TORO CO COMMON 891092108 17,930 464,400 SH SOLE 464,400 0
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SA -ADR ADR 89151E109 4,160 35,600 SH SOLE 35,600 0
----------------------------------------------------------------------------------------------------------------------------------
U G I CORPORATION NEW COMMON 902681105 469 16,800 SH SOLE 0 16,800
----------------------------------------------------------------------------------------------------------------------------------
U S BANCORP COMMON 902973304 3,772 129,175 SH SOLE 129,100 75
----------------------------------------------------------------------------------------------------------------------------------
USG CORP COMMON 903293405 19,937 469,100 SH SOLE 469,100 0
----------------------------------------------------------------------------------------------------------------------------------
VALERO ENERGY CORP COMMON 91913Y100 35,995 463,200 SH SOLE 463,200 0
----------------------------------------------------------------------------------------------------------------------------------
Page 7 of 7
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS COMMON 92343V104 7,252 209,894 SH SOLE 194,950 14,944
----------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP COMMON 929903102 3,487 70,300 SH SOLE 70,300 0
----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC COMMON 939322103 3,790 93,150 SH SOLE 92,700 450
----------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO COMMON 949746101 4,691 76,175 SH SOLE 60,900 15,275
----------------------------------------------------------------------------------------------------------------------------------
WESCO INTL INC COMMON 95082P105 19,998 637,300 SH SOLE 637,300 0
----------------------------------------------------------------------------------------------------------------------------------
WESTAMERICA BANCORP COMMON 957090103 497 9,407 SH SOLE 0 9,407
----------------------------------------------------------------------------------------------------------------------------------
XL CAPITAL LTD ADR G98255105 3,594 48,300 SH SOLE 48,300 0
----------------------------------------------------------------------------------------------------------------------------------
YELLOW ROADWAY CORP COMMON 985577105 17,226 339,100 SH SOLE 339,100 0
----------------------------------------------------------------------------------------------------------------------------------
TOTAL 1,345,014
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