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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:  September 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                  October 21, 2004
--------------------------------------------------------------------------------
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:                      139               
                                                     -----------

Form 13F Information Table Value Total:              $ 1,216,147         
                                                     -----------
                                                     (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    35,220   1,192,700  SH       SOLE                            1,192,700
------------------------------------------------------------------------------------------------------------------------------------
SIERRA HEALTH SERVICES    COM      826322109    30,306     632,300  SH       SOLE                              632,300
------------------------------------------------------------------------------------------------------------------------------------
CARPENTER TECHNOLOGY CORP COM      144285103    28,921     605,800  SH       SOLE                              605,800
------------------------------------------------------------------------------------------------------------------------------------
PILGRIMS PRIDE CORP       COM      721467108    27,947   1,032,000  SH       SOLE                            1,032,000
------------------------------------------------------------------------------------------------------------------------------------
DICKS SPORTING GOODS INC  COM      253393102    25,671     720,700  SH       SOLE                              720,700
------------------------------------------------------------------------------------------------------------------------------------
WILLIAM LYON HOMES        COM      552074106    25,559     287,500  SH       SOLE                              287,500
------------------------------------------------------------------------------------------------------------------------------------
JOY GLOBAL INC            COM      481165108    24,324     707,500  SH       SOLE                              707,500
------------------------------------------------------------------------------------------------------------------------------------
CUMMINS INC               COM      231021106    24,140     326,700  SH       SOLE                              326,700
------------------------------------------------------------------------------------------------------------------------------------
HENNESSY ADVISORS INC     COM      425885100    23,958   1,019,470  SH       SOLE                                    0     1,019,470
------------------------------------------------------------------------------------------------------------------------------------
ALAMOSA HOLDINGS INC      COM      011589108    23,910   3,129,600  SH       SOLE                            3,129,600
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA-PACIFIC CORP    COM      546347105    21,756     838,400  SH       SOLE                              838,400
------------------------------------------------------------------------------------------------------------------------------------
D R HORTON INC            COM      23331A109    21,541     650,600  SH       SOLE                              650,600
------------------------------------------------------------------------------------------------------------------------------------
SIERRA PACIFIC RESOURCES  COM      826428104    20,999   2,346,300  SH       SOLE                            2,346,300
------------------------------------------------------------------------------------------------------------------------------------
COVENTRY HEALTH CARE      COM      222862104    20,857     390,800  SH       SOLE                              390,800
------------------------------------------------------------------------------------------------------------------------------------
SCANSOURCE INC            COM      806037107    20,212     316,800  SH       SOLE                              316,800
------------------------------------------------------------------------------------------------------------------------------------
PACIFICARE HEALTH SYS     COM      695112102    20,016     545,400  SH       SOLE                              545,400
------------------------------------------------------------------------------------------------------------------------------------
CASH AMERICA INTL INC     COM      14754D100    19,588     800,800  SH       SOLE                              800,800
------------------------------------------------------------------------------------------------------------------------------------
CENTURY ALUMINUM CO       COM      156431108    19,583     706,200  SH       SOLE                              706,200
------------------------------------------------------------------------------------------------------------------------------------
ACTUANT CORP  -CL A       COM      00508X203    19,060     462,500  SH       SOLE                              462,500
------------------------------------------------------------------------------------------------------------------------------------
WESTERN WIRELESS CORP
  -CL A                   COM      95988E204    18,848     733,100  SH       SOLE                              733,100
------------------------------------------------------------------------------------------------------------------------------------
JLG INDUSTRIES INC        COM      466210101    18,204   1,083,600  SH       SOLE                            1,083,600
------------------------------------------------------------------------------------------------------------------------------------
MCDERMOTT INTL INC        COM      580037109    18,073   1,531,600  SH       SOLE                            1,531,600
------------------------------------------------------------------------------------------------------------------------------------
LABOR READY INC           COM      505401208    17,794   1,269,200  SH       SOLE                            1,269,200
------------------------------------------------------------------------------------------------------------------------------------





Page 2 of 6



                                              Name of Reporting Manager:   Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
                                                                                             
USG CORP                  COM      903293405    17,698     970,800  SH       SOLE                              970,800
------------------------------------------------------------------------------------------------------------------------------------
WABASH NATIONAL CORP      COM      929566107    17,638     642,100  SH       SOLE                              642,100
------------------------------------------------------------------------------------------------------------------------------------
NORDSTROM INC             COM      655664100    17,288     452,100  SH       SOLE                              452,100
------------------------------------------------------------------------------------------------------------------------------------
OXFORD INDUSTRIES INC     COM      691497309    16,841     452,100  SH       SOLE                              452,100
------------------------------------------------------------------------------------------------------------------------------------
FINISH LINE INC  -CL A    COM      317923100    16,678     539,400  SH       SOLE                              539,400
------------------------------------------------------------------------------------------------------------------------------------
FOOT LOCKER INC           COM      344849104    16,306     688,000  SH       SOLE                              688,000
------------------------------------------------------------------------------------------------------------------------------------
EARTHLINK INC             COM      270321102    16,264   1,579,000  SH       SOLE                            1,579,000
------------------------------------------------------------------------------------------------------------------------------------
BEVERLY ENTERPRISES       COM      087851309    15,680   2,071,400  SH       SOLE                            2,071,400
------------------------------------------------------------------------------------------------------------------------------------
ORBITAL SCIENCES CORP     COM      685564106    14,910   1,305,600  SH       SOLE                            1,305,600
------------------------------------------------------------------------------------------------------------------------------------
INFINITY PROPERTY & CAS 
  CORP                    COM      45665Q103    14,753     499,600  SH       SOLE                              499,600
------------------------------------------------------------------------------------------------------------------------------------
ARROW ELECTRONICS INC     COM      042735100    14,133     625,900  SH       SOLE                              625,900
------------------------------------------------------------------------------------------------------------------------------------
TELESYSTEM INTL WIRELESS
  INC                     ADR      879946606    13,983   1,478,100  SH       SOLE                            1,478,100
------------------------------------------------------------------------------------------------------------------------------------
DANA CORP                 COM      235811106    13,917     786,700  SH       SOLE                              786,700
------------------------------------------------------------------------------------------------------------------------------------
TBC CORP                  COM      872180104    13,610     609,200  SH       SOLE                              609,200
------------------------------------------------------------------------------------------------------------------------------------
ALLMERICA FINANCIAL CORP  COM      019754100    13,410     498,900  SH       SOLE                              498,900
------------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC    COM      78387G103    13,326     513,507  SH       SOLE                              501,375        12,132
------------------------------------------------------------------------------------------------------------------------------------
CHIQUITA BRANDS INTL      COM      170032809    12,802     735,300  SH       SOLE                              735,300
------------------------------------------------------------------------------------------------------------------------------------
NAVISTAR INTERNATIONL     COM      63934E108    12,741     342,600  SH       SOLE                              342,600
------------------------------------------------------------------------------------------------------------------------------------
CHECKPOINT SYSTEMS INC    COM      162825103    12,668     813,600  SH       SOLE                              813,600
------------------------------------------------------------------------------------------------------------------------------------
J P MORGAN CHASE & CO     COM      46625H100    12,644     318,245  SH       SOLE                              316,300         1,945
------------------------------------------------------------------------------------------------------------------------------------
QUANTA SERVICES INC       COM      74762E102    12,283   2,030,200  SH       SOLE                            2,030,200
------------------------------------------------------------------------------------------------------------------------------------
INFINEON TECHNLGIES AG  
  -ADR                    ADR      45662N103    12,062   1,180,200  SH       SOLE                            1,180,200
------------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE NEMOURS  COM      263534109    11,766     274,910  SH       SOLE                              273,000         1,910
------------------------------------------------------------------------------------------------------------------------------------
ALCATEL  -ADS             ADR      013904305    11,749   1,001,600  SH       SOLE                            1,001,600
------------------------------------------------------------------------------------------------------------------------------------
AVNET INC                 COM      053807103    11,496     671,500  SH       SOLE                              671,500
------------------------------------------------------------------------------------------------------------------------------------
SOLECTRON CORP            COM      834182107    11,131   2,248,700  SH       SOLE                            2,248,700
------------------------------------------------------------------------------------------------------------------------------------





Page 3 of 6



                                              Name of Reporting Manager:   Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
                                                                                             
CITIGROUP INC             COM      172967101    11,125     252,152  SH       SOLE                              250,975         1,177
------------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP       COM      370442105    10,796     254,132  SH       SOLE                              252,500         1,632
------------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP INC          COM      02209S103    10,626     225,884  SH       SOLE                              224,475         1,409
------------------------------------------------------------------------------------------------------------------------------------
RITE AID CORP             COM      767754104    10,577   3,004,800  SH       SOLE                            3,004,800
------------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION   COM      30231G102     9,569     198,003  SH       SOLE                              189,725         8,278
------------------------------------------------------------------------------------------------------------------------------------
AMR CORP/DE               COM      001765106     9,064   1,236,600  SH       SOLE                            1,236,600
------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO.      COM      369604103     9,041     269,238  SH       SOLE                              260,800         8,438
------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO                COM      589331107     8,691     263,375  SH       SOLE                              261,825         1,550
------------------------------------------------------------------------------------------------------------------------------------
AT&T CORP                 COM      001957505     8,198     572,459  SH       SOLE                              568,450         4,009
------------------------------------------------------------------------------------------------------------------------------------
SANMINA-SCI CORP          COM      800907107     8,154   1,156,600  SH       SOLE                            1,156,600
------------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP        COM      166764100     5,884     109,686  SH       SOLE                               91,200        18,486
------------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS    COM      92343V104     5,842     148,347  SH       SOLE                              134,100        14,247
------------------------------------------------------------------------------------------------------------------------------------
SAFEGUARD SCIENTIFICS INC COM      786449108     5,708   3,052,400  SH       SOLE                            3,052,400
------------------------------------------------------------------------------------------------------------------------------------
BP PLC  -ADS              ADR      055622104     5,016      87,188  SH       SOLE                               78,900         8,288
------------------------------------------------------------------------------------------------------------------------------------
SPRINT FON GROUP          COM      852061100     4,955     246,157  SH       SOLE                              239,900         6,257
------------------------------------------------------------------------------------------------------------------------------------
CONOCOPHILLIPS            COM      20825C104     4,946      59,700  SH       SOLE                               59,700
------------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO          COM      949746101     4,936      82,771  SH       SOLE                               64,200        18,571
------------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP         COM      565849106     4,871     118,000  SH       SOLE                              118,000
------------------------------------------------------------------------------------------------------------------------------------
BANK of AMERICA CORP      COM      060505104     4,769     110,065  SH       SOLE                               94,200        15,865
------------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORP           COM      492386107     4,735      82,700  SH       SOLE                               82,700
------------------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP               COM      020039103     4,378      79,730  SH       SOLE                               78,900           830
------------------------------------------------------------------------------------------------------------------------------------
LINCOLN NATIONAL CORP     COM      534187109     4,310      91,700  SH       SOLE                               91,700
------------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP INC          COM      013104104     4,303     179,800  SH       SOLE                              179,800
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP        COM      635405103     4,252     110,100  SH       SOLE                              110,100
------------------------------------------------------------------------------------------------------------------------------------
GENUINE PARTS CO          COM      372460105     4,176     108,800  SH       SOLE                              108,800
------------------------------------------------------------------------------------------------------------------------------------
CEMEX S A  -ADR           ADR      151290889     4,145     147,300  SH       SOLE                              147,300
------------------------------------------------------------------------------------------------------------------------------------





Page 4 of 6



                                              Name of Reporting Manager:   Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
                                                                                             
HUNTINGTON BANCSHARES     COM      446150104     4,103     164,700  SH       SOLE                              164,700
------------------------------------------------------------------------------------------------------------------------------------
DONNELLEY (R R) & SONS CO COM      257867101     4,094     130,700  SH       SOLE                              130,700
------------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC          COM      724479100     4,088      92,700  SH       SOLE                               92,700
------------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL              COM      260543103     4,075      90,200  SH       SOLE                               90,200
------------------------------------------------------------------------------------------------------------------------------------
COMERICA INC.             COM      200340107     4,048      68,200  SH       SOLE                               68,200
------------------------------------------------------------------------------------------------------------------------------------
REGIONS FINL CORP         COM      7591EP100     4,030     121,900  SH       SOLE                              121,900
------------------------------------------------------------------------------------------------------------------------------------
MEADWESTVACO CORP         COM      583334107     3,997     125,300  SH       SOLE                              125,300
------------------------------------------------------------------------------------------------------------------------------------
SARA LEE CORP             COM      803111103     3,901     170,628  SH       SOLE                              169,400         1,228
------------------------------------------------------------------------------------------------------------------------------------
SHELL TRAN&TRADE  -ADR    ADR      822703609     3,899      87,600  SH       SOLE                               87,500           100
------------------------------------------------------------------------------------------------------------------------------------
BB&T CORP                 COM      054937107     3,830      96,500  SH       SOLE                               96,500
------------------------------------------------------------------------------------------------------------------------------------
U S BANCORP               COM      902973304     3,753     129,875  SH       SOLE                              129,800            75
------------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP             COM      929903102     3,704      78,900  SH       SOLE                               78,900
------------------------------------------------------------------------------------------------------------------------------------
AMSOUTH BANCORPORATION    COM      032165102     3,682     150,900  SH       SOLE                              150,900
------------------------------------------------------------------------------------------------------------------------------------
BELLSOUTH CORP            COM      079860102     3,670     135,340  SH       SOLE                              130,800         4,540
------------------------------------------------------------------------------------------------------------------------------------
FIRST HORIZON NATIONAL 
  CORP                    COM      320517105     3,621      83,500  SH       SOLE                               83,500
------------------------------------------------------------------------------------------------------------------------------------
TELEFONOS DE MEX  -SPON 
  ADR                     ADR      879403780     3,585     111,100  SH       SOLE                              111,100
------------------------------------------------------------------------------------------------------------------------------------
HEINZ (H J) CO            COM      423074103     3,577      99,300  SH       SOLE                               99,300
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC     COM      939322103     3,574      91,450  SH       SOLE                               91,000           450
------------------------------------------------------------------------------------------------------------------------------------
CONAGRA FOODS INC         COM      205887102     3,561     138,500  SH       SOLE                              138,500
------------------------------------------------------------------------------------------------------------------------------------
DIAGEO PLC  -ADR          ADR      25243Q205     3,555      70,500  SH       SOLE                               70,500
------------------------------------------------------------------------------------------------------------------------------------
DELPHI CORP               COM      247126105     3,523     379,266  SH       SOLE                              378,800           466
------------------------------------------------------------------------------------------------------------------------------------
GLAXOSMITHKLINE PLC  
  -SP ADR                 ADR      37733W105     3,520      80,500  SH       SOLE                               80,500
------------------------------------------------------------------------------------------------------------------------------------
DAIMLERCHRYSLER AG        ADR      sedol -
                                   2307389       3,438      83,000  SH       SOLE                               83,000
------------------------------------------------------------------------------------------------------------------------------------
MAY DEPARTMENT STORES CO  COM      577778103     3,414     133,200  SH       SOLE                              133,200
------------------------------------------------------------------------------------------------------------------------------------
NEWELL RUBBERMAID INC     COM      651229106     3,383     168,800  SH       SOLE                              168,800
------------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB      COM      110122108     3,243     137,000  SH       SOLE                              136,200           800
------------------------------------------------------------------------------------------------------------------------------------





Page 5 of 6



                                              Name of Reporting Manager:   Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
                                                                                             
ST PAUL COS               COM      792860108     3,144      95,100  SH       SOLE                               95,100
------------------------------------------------------------------------------------------------------------------------------------
PRIMUS TELECOMM GROUP INC COM      741929103     2,050   1,394,800  SH       SOLE                            1,394,800
------------------------------------------------------------------------------------------------------------------------------------
TEREX CORP                COM      880779103     1,810      41,700  SH       SOLE                               41,700
------------------------------------------------------------------------------------------------------------------------------------
LYONDELL CHEMICAL CO      COM      552078107     1,770      78,800  SH       SOLE                               78,800
------------------------------------------------------------------------------------------------------------------------------------
STEEL DYNAMICS INC        COM      858119100     1,742      45,100  SH       SOLE                               45,100
------------------------------------------------------------------------------------------------------------------------------------
LONE STAR TECHNOLOGIES    COM      542312103     1,720      45,500  SH       SOLE                               45,500
------------------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP            COM      117043109     1,716      37,500  SH       SOLE                               37,500
------------------------------------------------------------------------------------------------------------------------------------
VALERO ENERGY CORP        COM      91913Y100     1,708      21,300  SH       SOLE                               21,300
------------------------------------------------------------------------------------------------------------------------------------
SUNOCO INC                COM      86764P109     1,702      23,000  SH       SOLE                               23,000
------------------------------------------------------------------------------------------------------------------------------------
CIRCUIT CITY STORES INC   COM      172737108     1,684     109,800  SH       SOLE                              109,800
------------------------------------------------------------------------------------------------------------------------------------
MAVERICK TUBE CORP        COM      577914104     1,673      54,300  SH       SOLE                               54,300
------------------------------------------------------------------------------------------------------------------------------------
BLACK & DECKER CORP       COM      091797100     1,673      21,600  SH       SOLE                               21,600
------------------------------------------------------------------------------------------------------------------------------------
KMART HOLDING CORP        COM      498780105     1,671      19,100  SH       SOLE                               19,100
------------------------------------------------------------------------------------------------------------------------------------
AMERADA HESS CORP         COM      023551104     1,664      18,700  SH       SOLE                               18,700
------------------------------------------------------------------------------------------------------------------------------------
PREMCOR INC               COM      74045Q104     1,659      43,100  SH       SOLE                               43,100
------------------------------------------------------------------------------------------------------------------------------------
RYDER SYSTEM INC          COM      783549108     1,656      35,200  SH       SOLE                               35,200
------------------------------------------------------------------------------------------------------------------------------------
NUCOR CORP                COM      670346105     1,654      18,100  SH       SOLE                               18,100
------------------------------------------------------------------------------------------------------------------------------------
HARRIS CORP               COM      413875105     1,654      30,100  SH       SOLE                               30,100
------------------------------------------------------------------------------------------------------------------------------------
ALLEGHENY ENERGY INC      COM      017361106     1,653     103,546  SH       SOLE                              103,200           346
------------------------------------------------------------------------------------------------------------------------------------
ASHLAND INC               COM      044204105     1,649      29,400  SH       SOLE                               29,400
------------------------------------------------------------------------------------------------------------------------------------
FMC TECHNOLOGIES INC      COM      30249U101     1,643      49,200  SH       SOLE                               49,200
------------------------------------------------------------------------------------------------------------------------------------
PENN NATIONAL GAMING INC  COM      707569109     1,636      40,500  SH       SOLE                               40,500
------------------------------------------------------------------------------------------------------------------------------------
MASSEY ENERGY CO          COM      576206106     1,635      56,500  SH       SOLE                               56,500
------------------------------------------------------------------------------------------------------------------------------------
PEABODY ENERGY CORP       COM      704549104     1,624      27,300  SH       SOLE                               27,300
------------------------------------------------------------------------------------------------------------------------------------
GOODYEAR TIRE & RUBBER CO COM      382550101     1,600     149,000  SH       SOLE                              149,000
------------------------------------------------------------------------------------------------------------------------------------
HUGHES SUPPLY INC         COM      444482103     1,591      52,900  SH       SOLE                               52,900
------------------------------------------------------------------------------------------------------------------------------------





Page 6 of 6



                                              Name of Reporting Manager:   Hennessy Funds
------------------------------------------------------------------------------------------------------------------------------------
                                                                                             
QUIKSILVER INC            COM      74838C106     1,566      61,600  SH       SOLE                               61,600
------------------------------------------------------------------------------------------------------------------------------------
PULTE HOMES INC           COM      745867101     1,565      25,500  SH       SOLE                               25,500
------------------------------------------------------------------------------------------------------------------------------------
EMERSON ELECTRIC          COM      291011104     1,272      20,550  SH       SOLE                                    0        20,550
------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO    COM      460146103       664      16,425  SH       SOLE                               14,300         2,125
------------------------------------------------------------------------------------------------------------------------------------
WESTAMERICA BANCORP       COM      957090103       590      10,745  SH       SOLE                                    0        10,745
------------------------------------------------------------------------------------------------------------------------------------
C B RICHARD ELLIS SVCS    COM      12489L108       400      17,321  SH       SOLE                                    0        17,321
------------------------------------------------------------------------------------------------------------------------------------
U G I CORPORATION NEW     COM      902681105       313       8,400  SH       SOLE                                    0         8,400
------------------------------------------------------------------------------------------------------------------------------------
AEGON NV ORD REG AMER     ADR      007924103       110      10,147  SH       SOLE                                    0        10,147
------------------------------------------------------------------------------------------------------------------------------------
TELEFONICA DE ARGENTINA 
  CONT                    ADR      879991016         0      12,900  SH       SOLE                               12,900
------------------------------------------------------------------------------------------------------------------------------------
TELEFONICA DE ARGENTINA 
  CONT                    ADR      879991024         0      12,900  SH       SOLE                               12,900
------------------------------------------------------------------------------------------------------------------------------------
ENRON CORP                COM      293561106         0      10,392  SH       SOLE                                    0        10,392
------------------------------------------------------------------------------------------------------------------------------------
CHARLES SCHWAB CORP       COM      808513105        93      10,100  SH       SOLE                                    0        10,100
------------------------------------------------------------------------------------------------------------------------------------
                    TOTAL                    1,216,147
------------------------------------------------------------------------------------------------------------------------------------