SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549



                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


         Date of Report (Date of earliest event reported): May 12, 2004


                             HENNESSY ADVISORS, INC.
             (Exact name of registrant as specified in its charter)


        California                       000-49872              68-0176227
(State or other jurisdiction            (Commission            (IRS Employer
     of incorporation)                    File No.)          Identification No.)


750 Grant Avenue, Suite 100
Novato, California                                                 94945
(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number including area code:   (415) 899-1555


          (Former name or former address, if changed since last report)




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Item 7.  Financial Statements and Exhibits.

         (c)   Exhibits

               Exhibit 99.1    Earnings release issued May 12, 2004, by
                               Hennessy Advisors, Inc., for the three months
                               ended March 31, 2004.




Item 12. Results of Operations and Financial Condition

         The registrant has issued an earnings release for the three months
         ended March 31, 2004, which is included herein as Exhibit 99.1.





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                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        HENNESSY ADVISORS, INC.


May 12, 2004                            By:     /s/ Neil J. Hennessy
                                        ----------------------------------
                                               Neil J. Hennessy
                                               President




                                  EXHIBIT INDEX


Exhibit 99.1  Earnings release issued May 12, 2004, by Hennessy Advisors,
              Inc., for the three months ended March 31, 2004.




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