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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
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