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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, 2003
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 04/21/03
--------------------------------------------------------------------------------
Teresa M. Nilsen 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: 107
-----------
Form 13F Information Table Value Total: $ 482,360
-----------
(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 5
FORM 13F INFORMATION TABLE
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
A T & T CORP COM 001957505 280 17,306 SH SOLE 17,306
------------------------------------------------------------------------------------------------------------------------------------
AEGON NV ADR 007924103 271 35,943 SH SOLE 35,943
------------------------------------------------------------------------------------------------------------------------------------
AETNA INC COM 00817Y108 10,348 209,900 SH SOLE 209,900
------------------------------------------------------------------------------------------------------------------------------------
ALBEMARLE CORP COM 012653101 7,585 311,500 SH SOLE 311,500
------------------------------------------------------------------------------------------------------------------------------------
ALBERTSONS INC COM 013104104 298 15,800 SH SOLE 15,800
------------------------------------------------------------------------------------------------------------------------------------
Altria Group Inc COM 02209S103 1,133 37,824 SH SOLE 37,824
------------------------------------------------------------------------------------------------------------------------------------
AMERICAN GREETINGS
-CL A COM 026375105 7,548 576,200 SH SOLE 576,200
------------------------------------------------------------------------------------------------------------------------------------
AMETEK INC COM 031100100 7,586 229,800 SH SOLE 229,800
------------------------------------------------------------------------------------------------------------------------------------
AMSOUTH BANCORPORATION COM 032165102 370 18,600 SH SOLE 18,600
------------------------------------------------------------------------------------------------------------------------------------
AON CORP COM 037389103 387 18,700 SH SOLE 18,700
------------------------------------------------------------------------------------------------------------------------------------
AVID TECHNOLOGY INC COM 05367P100 9,131 411,500 SH SOLE 411,500
------------------------------------------------------------------------------------------------------------------------------------
BALL CORP COM 058498106 9,736 174,800 SH SOLE 174,800
------------------------------------------------------------------------------------------------------------------------------------
BANK of AMERICA CORP COM 060505104 1,110 16,612 SH SOLE 16,612
------------------------------------------------------------------------------------------------------------------------------------
BB&T CORP COM 054937107 292 9,300 SH SOLE 9,300
------------------------------------------------------------------------------------------------------------------------------------
BCE INC ADR 05534B109 350 19,100 SH SOLE 19,100
------------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
ELECTRONICS INC COM 08160H101 7,269 256,600 SH SOLE 256,600
------------------------------------------------------------------------------------------------------------------------------------
BP PLC -ADS ADR 055622104 683 17,696 SH SOLE 17,696
------------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB COM 110122108 283 13,400 SH SOLE 13,400
------------------------------------------------------------------------------------------------------------------------------------
BUNGE LTD COM sedol - 8,663 344,300 SH SOLE 344,300
2788713
------------------------------------------------------------------------------------------------------------------------------------
CARLISLE COS INC COM 142339100 8,867 219,000 SH SOLE 219,000
------------------------------------------------------------------------------------------------------------------------------------
CATERPILLAR INC COM 149123101 1,656 33,668 SH SOLE 33,668
------------------------------------------------------------------------------------------------------------------------------------
CEMEX S A -ADR ADR 151290889 270 15,500 SH SOLE 15,500
------------------------------------------------------------------------------------------------------------------------------------
CENTRAL GARDEN & PET CO COM 153527106 9,511 439,500 SH SOLE 439,500
------------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP COM 166764100 1,337 20,683 SH SOLE 20,683
------------------------------------------------------------------------------------------------------------------------------------
Page 2 of 5
FORM 13F INFORMATION TABLE
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
CHICAGO BRIDGE & IRON CO ADR 167250109 8,961 551,800 SH SOLE 551,800
------------------------------------------------------------------------------------------------------------------------------------
CLARCOR INC COM 179895107 9,361 258,600 SH SOLE 258,600
------------------------------------------------------------------------------------------------------------------------------------
COCA-COLA BTLNG CONS COM 191098102 6,532 130,900 SH SOLE 130,900
------------------------------------------------------------------------------------------------------------------------------------
CONAGRA FOODS INC COM 205887102 289 14,400 SH SOLE 14,400
------------------------------------------------------------------------------------------------------------------------------------
CONOCOPHILLIPS COM 20825C104 375 7,000 SH SOLE 7,000
------------------------------------------------------------------------------------------------------------------------------------
COORS (ADOLPH) -CL B COM 217016104 6,916 142,600 SH SOLE 142,600
------------------------------------------------------------------------------------------------------------------------------------
DELPHI CORP COM 247126105 296 43,266 SH SOLE 43,266
------------------------------------------------------------------------------------------------------------------------------------
DOLLAR THRIFTY
AUTOMOTIVE GP COM 256743105 7,083 425,400 SH SOLE 425,400
------------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL COM 260543103 362 13,100 SH SOLE 13,100
------------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE NEMOURS COM 263534109 1,509 38,835 SH SOLE 38,835
------------------------------------------------------------------------------------------------------------------------------------
EASTMAN KODAK CO COM 277461109 1,490 50,325 SH SOLE 50,325
------------------------------------------------------------------------------------------------------------------------------------
EGL INC COM 268484102 9,426 634,300 SH SOLE 634,300
------------------------------------------------------------------------------------------------------------------------------------
ELECTRONIC DATA
SYSTEMS CORP COM 285661104 375 21,300 SH SOLE 21,300
------------------------------------------------------------------------------------------------------------------------------------
EMERSON ELECTRIC CO COM 291011104 1,357 29,920 SH SOLE 29,920
------------------------------------------------------------------------------------------------------------------------------------
ENGINEERED SUPPORT
SYSTEMS COM 292866100 9,823 250,900 SH SOLE 250,900
------------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION COM 30231G102 727 20,795 SH SOLE 20,795
------------------------------------------------------------------------------------------------------------------------------------
FIDELITY NATIONAL
FINL INC COM 316326107 8,992 263,300 SH SOLE 263,300
------------------------------------------------------------------------------------------------------------------------------------
FIRST AMERICAN CORP/CA COM 318522307 9,518 390,100 SH SOLE 390,100
------------------------------------------------------------------------------------------------------------------------------------
FLAGSTAR BANCORP INC COM 337930101 10,748 407,600 SH SOLE 407,600
------------------------------------------------------------------------------------------------------------------------------------
FLEETBOSTON
FINANCIAL CORP COM 339030108 337 14,100 SH SOLE 14,100
------------------------------------------------------------------------------------------------------------------------------------
FORD MOTOR CO COM 345370860 282 37,446 SH SOLE 37,446
------------------------------------------------------------------------------------------------------------------------------------
FOSSIL INC COM 349882100 7,759 450,600 SH SOLE 450,600
------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO. COM 369604103 921 36,115 SH SOLE 36,115
------------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP COM 370442105 1,322 39,325 SH SOLE 39,325
------------------------------------------------------------------------------------------------------------------------------------
Page 3 of 5
FORM 13F INFORMATION TABLE
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
GLAXOSMITHKLINE PLC
-SP ADR ADR 37733W105 334 9,500 SH SOLE 9,500
------------------------------------------------------------------------------------------------------------------------------------
HARMAN INTERNATIONAL
INDS COM 413086109 8,592 146,700 SH SOLE 146,700
------------------------------------------------------------------------------------------------------------------------------------
HEINZ (H J) CO COM 423074103 295 10,100 SH SOLE 10,100
------------------------------------------------------------------------------------------------------------------------------------
Hennessy Advisors Inc COM 425885100 9,457 859,762 SH SOLE 859,762
------------------------------------------------------------------------------------------------------------------------------------
HONEYWELL INTERNATIONAL
INC COM 438516106 953 44,600 SH SOLE 44,600
------------------------------------------------------------------------------------------------------------------------------------
HSBC HLDGS PLC -SPON ADR ADR 404280406 317 6,200 SH SOLE 6,200
------------------------------------------------------------------------------------------------------------------------------------
HUNT (JB) TRANSPRT
SVCS INC COM 445658107 8,407 312,300 SH SOLE 312,300
------------------------------------------------------------------------------------------------------------------------------------
IMATION CORP COM 45245A107 8,516 228,800 SH SOLE 228,800
------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO COM 460146103 628 18,573 SH SOLE 18,573
------------------------------------------------------------------------------------------------------------------------------------
J P MORGAN CHASE & CO COM 46625H100 1,532 64,595 SH SOLE 64,595
------------------------------------------------------------------------------------------------------------------------------------
JACOBS ENGINEERING
GROUP INC COM 469814107 9,893 235,500 SH SOLE 235,500
------------------------------------------------------------------------------------------------------------------------------------
JARDEN CORP COM 471109108 8,988 345,700 SH SOLE 345,700
------------------------------------------------------------------------------------------------------------------------------------
KELLOGG CO COM 487836108 322 10,500 SH SOLE 10,500
------------------------------------------------------------------------------------------------------------------------------------
LANDAMERICA FINANCIAL GP COM 514936103 9,759 245,500 SH SOLE 245,500
------------------------------------------------------------------------------------------------------------------------------------
LANDSTAR SYSTEM INC COM 515098101 8,970 156,000 SH SOLE 156,000
------------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP COM 565849106 396 16,500 SH SOLE 16,500
------------------------------------------------------------------------------------------------------------------------------------
MAY DEPARTMENT
STORES CO COM 577778103 298 15,000 SH SOLE 15,000
------------------------------------------------------------------------------------------------------------------------------------
MEADWESTVACO CORP COM 583334107 351 15,400 SH SOLE 15,400
------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO., INC. COM 589331107 847 15,466 SH SOLE 15,466
------------------------------------------------------------------------------------------------------------------------------------
NAM TAI ELECTRONICS ADR 629865205 7,362 292,600 SH SOLE 292,600
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP COM 635405103 359 12,900 SH SOLE 12,900
------------------------------------------------------------------------------------------------------------------------------------
NBTY INC COM 628782104 8,907 469,800 SH SOLE 469,800
------------------------------------------------------------------------------------------------------------------------------------
NVR INC COM 62944T105 9,212 28,000 SH SOLE 28,000
------------------------------------------------------------------------------------------------------------------------------------
OCCIDENTAL
PETROLEUM CORP COM 674599105 383 12,800 SH SOLE 12,800
------------------------------------------------------------------------------------------------------------------------------------
Page 4 of 5
FORM 13F INFORMATION TABLE
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
OLD DOMINION FREIGHT COM 679580100 9,422 299,100 SH SOLE 299,100
------------------------------------------------------------------------------------------------------------------------------------
PACIFIC SUNWEAR
CALIF INC COM 694873100 9,501 466,900 SH SOLE 466,900
------------------------------------------------------------------------------------------------------------------------------------
PACIFICARE HEALTH SYS COM 695112102 7,730 320,200 SH SOLE 320,200
------------------------------------------------------------------------------------------------------------------------------------
PACTIV CORP COM 695257105 8,548 421,100 SH SOLE 421,100
------------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC COM 724479100 329 10,300 SH SOLE 10,300
------------------------------------------------------------------------------------------------------------------------------------
PNC FINANCIAL SVCS
GROUP INC COM 693475105 364 8,600 SH SOLE 8,600
------------------------------------------------------------------------------------------------------------------------------------
QUIKSILVER INC COM 74838C106 10,053 328,300 SH SOLE 328,300
------------------------------------------------------------------------------------------------------------------------------------
REGIONS FINL CORP COM 758940100 340 10,500 SH SOLE 10,500
------------------------------------------------------------------------------------------------------------------------------------
RENT-A-CENTER INC COM 76009N100 9,085 165,400 SH SOLE 165,400
------------------------------------------------------------------------------------------------------------------------------------
ROCKWELL AUTOMATION COM 773903109 8,638 417,272 SH SOLE 417,272
------------------------------------------------------------------------------------------------------------------------------------
ROLLINS INC COM 775711104 11,171 485,050 SH SOLE 485,050
------------------------------------------------------------------------------------------------------------------------------------
ROSS STORES INC COM 778296103 7,190 199,100 SH SOLE 199,100
------------------------------------------------------------------------------------------------------------------------------------
ROYAL DUTCH
PETROLEUM -ADR ADR 780257804 362 8,872 SH SOLE 8,872
------------------------------------------------------------------------------------------------------------------------------------
SAKS INC COM 79377W108 5,994 779,500 SH SOLE 779,500
------------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC COM 78387G103 1,562 77,857 SH SOLE 77,857
------------------------------------------------------------------------------------------------------------------------------------
SEARS ROEBUCK & CO COM 812387108 331 13,700 SH SOLE 13,700
------------------------------------------------------------------------------------------------------------------------------------
SELECT COMFORT CORP COM 81616X103 8,073 800,100 SH SOLE 800,100
------------------------------------------------------------------------------------------------------------------------------------
SENSIENT TECHNOLOGIES
CORP COM 81725T100 7,578 378,500 SH SOLE 378,500
------------------------------------------------------------------------------------------------------------------------------------
SHELL TRAN&TRADE -ADR ADR 822703609 337 9,300 SH SOLE 9,300
------------------------------------------------------------------------------------------------------------------------------------
SPRINT FON GROUP COM 852061100 344 29,307 SH SOLE 29,307
------------------------------------------------------------------------------------------------------------------------------------
TIMKEN CO COM 887389104 7,018 449,300 SH SOLE 449,300
------------------------------------------------------------------------------------------------------------------------------------
TORO CO COM 891092108 9,828 140,300 SH SOLE 140,300
------------------------------------------------------------------------------------------------------------------------------------
TRACTOR SUPPLY CO COM 892356106 7,430 225,000 SH SOLE 225,000
------------------------------------------------------------------------------------------------------------------------------------
U S BANCORP COM 902973304 315 16,575 SH SOLE 16,575
------------------------------------------------------------------------------------------------------------------------------------
Page 5 of 5
FORM 13F INFORMATION TABLE
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Column 7: Column 8:
------------------------------------------------------------------------------------------------------------------------------------
Title Market
of CUSIP Value Shares or Other
Name of Issuer Class Number (x$1,000) Principal Amount Investment Discretion Managers Voting Authority
------------------------------------------------------------------------------------------------------------------------------------
SH/ Put/ Shared- Shared-
PRN Call Sole Defined Other Sole Shared None
------------------------------------------------------------------------------------------------------------------------------------
UGI CORP COM 902681105 11,128 243,500 SH SOLE 243,500
------------------------------------------------------------------------------------------------------------------------------------
UNION PLANTERS CORP COM 908068109 326 12,400 SH SOLE 12,400
------------------------------------------------------------------------------------------------------------------------------------
UNUMPROVIDENT CORP COM 91529Y106 205 20,900 SH SOLE 20,900
------------------------------------------------------------------------------------------------------------------------------------
VARCO INTERNATIONAL INC COM 922122106 9,756 532,800 SH SOLE 532,800
------------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS COM 92343V104 937 26,513 SH SOLE 26,513
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC COM 939322103 358 10,150 SH SOLE 10,150
------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo & Co New COM 949746101 841 18,690 SH SOLE 18,690
------------------------------------------------------------------------------------------------------------------------------------
Westamerica Bancorp COM 957090103 498 12,622 SH SOLE 12,622
------------------------------------------------------------------------------------------------------------------------------------
WESTERN DIGITAL CORP COM 958102105 11,391 1,257,300 SH SOLE 1,257,300
------------------------------------------------------------------------------------------------------------------------------------
WEYERHAEUSER CO COM 962166104 359 7,500 SH SOLE 7,500
------------------------------------------------------------------------------------------------------------------------------------
WHOLE FOODS MARKET INC COM 966837106 10,216 183,600 SH SOLE 183,600
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 482,360
------------------------------------------------------------------------------------------------------------------------------------