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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: December 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 1/8/04
--------------------------------------------------------------------------------
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: 138
---------
Form 13F Information Table Value Total: $ 983,334
---------
(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: Col. 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
------------------------------------------------------------------------------------------------------------------------------------
NAM TAI ELECTRONICS ADR 629865205 35,819 1,275,610 SH SOLE 1,275,610
------------------------------------------------------------------------------------------------------------------------------------
HARMAN INTERNATIONAL
INDS COM 413086109 30,657 414,400 SH SOLE 414,400
------------------------------------------------------------------------------------------------------------------------------------
PACIFICARE HEALTH SYS COM 695112102 30,352 449,000 SH SOLE 449,000
------------------------------------------------------------------------------------------------------------------------------------
ENGINEERED SUPPORT
SYSTEMS COM 292866100 27,395 497,550 SH SOLE 497,550
------------------------------------------------------------------------------------------------------------------------------------
SELECT COMFORT CORP COM 81616X103 26,191 1,057,800 SH SOLE 1,057,800
------------------------------------------------------------------------------------------------------------------------------------
AVID TECHNOLOGY INC COM 05367P100 26,078 543,300 SH SOLE 543,300
------------------------------------------------------------------------------------------------------------------------------------
HUNT (JB) TRANSPRT
SVCS INC COM 445658107 23,612 874,200 SH SOLE 874,200
------------------------------------------------------------------------------------------------------------------------------------
TRACTOR SUPPLY CO COM 892356106 23,326 598,200 SH SOLE 598,200
------------------------------------------------------------------------------------------------------------------------------------
FLAGSTAR BANCORP INC COM 337930101 23,086 1,077,800 SH SOLE 1,077,800
------------------------------------------------------------------------------------------------------------------------------------
CHICAGO BRIDGE &
IRON CO ADR 167250109 21,083 729,500 SH SOLE 729,500
------------------------------------------------------------------------------------------------------------------------------------
OLD DOMINION FREIGHT COM 679580100 19,985 586,400 SH SOLE 586,400
------------------------------------------------------------------------------------------------------------------------------------
WESTERN DIGITAL CORP COM 958102105 19,745 1,674,700 SH SOLE 1,674,700
------------------------------------------------------------------------------------------------------------------------------------
PACIFIC SUNWEAR
CALIF INC COM 694873100 19,535 925,850 SH SOLE 925,850
------------------------------------------------------------------------------------------------------------------------------------
BENCHMARK ELECTRONICS
INC COM 08160H101 19,128 549,500 SH SOLE 549,500
------------------------------------------------------------------------------------------------------------------------------------
ROCKWELL AUTOMATION COM 773903109 18,830 528,972 SH SOLE 528,700 272
------------------------------------------------------------------------------------------------------------------------------------
SBC COMMUNICATIONS INC COM 78387G103 18,754 960,157 SH SOLE 72,225 887,932
------------------------------------------------------------------------------------------------------------------------------------
AETNA INC COM 00817Y108 18,747 277,400 SH SOLE 277,400
------------------------------------------------------------------------------------------------------------------------------------
JARDEN CORP COM 471109108 18,744 685,600 SH SOLE 685,600
------------------------------------------------------------------------------------------------------------------------------------
CARLISLE COS INC COM 142339100 17,625 289,600 SH SOLE 289,600
------------------------------------------------------------------------------------------------------------------------------------
TORO CO COM 891092108 17,210 370,900 SH SOLE 370,900
------------------------------------------------------------------------------------------------------------------------------------
LANDAMERICA
FINANCIAL GP COM 514936103 16,958 324,500 SH SOLE 324,500
------------------------------------------------------------------------------------------------------------------------------------
FIDELITY NATIONAL
FINL INC COM 316326107 16,873 435,100 SH SOLE 435,100
------------------------------------------------------------------------------------------------------------------------------------
FOSSIL INC COM 349882100 16,757 595,700 SH SOLE 595,700
------------------------------------------------------------------------------------------------------------------------------------
NBTY INC COM 628782104 16,683 621,100 SH SOLE 621,100
------------------------------------------------------------------------------------------------------------------------------------
Page 2 of 6
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Funds
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Col. 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
------------------------------------------------------------------------------------------------------------------------------------
AMERICAN GREETINGS
-CL A COM 026375105 16,658 761,700 SH SOLE 761,700
------------------------------------------------------------------------------------------------------------------------------------
RENT-A-CENTER INC COM 76009N100 16,403 546,750 SH SOLE 546,750
------------------------------------------------------------------------------------------------------------------------------------
UGI CORP COM 902681105 16,290 481,362 SH SOLE 471,850 9,512
------------------------------------------------------------------------------------------------------------------------------------
CENTRAL GARDEN & PET CO COM 153527106 16,249 579,700 SH SOLE 579,700
------------------------------------------------------------------------------------------------------------------------------------
NVR INC COM 62944T105 16,124 34,600 SH SOLE 34,600
------------------------------------------------------------------------------------------------------------------------------------
WHOLE FOODS MARKET INC COM 966837106 15,802 235,400 SH SOLE 235,400
------------------------------------------------------------------------------------------------------------------------------------
LANDSTAR SYSTEM INC COM 515098101 15,695 412,600 SH SOLE 412,600
------------------------------------------------------------------------------------------------------------------------------------
SAKS INC COM 79377W108 15,499 1,030,500 SH SOLE 1,030,500
------------------------------------------------------------------------------------------------------------------------------------
QUIKSILVER INC COM 74838C106 15,390 868,000 SH SOLE 868,000
------------------------------------------------------------------------------------------------------------------------------------
FIRST AMERICAN CORP/CA COM 318522307 15,352 515,700 SH SOLE 515,700
------------------------------------------------------------------------------------------------------------------------------------
CLARCOR INC COM 179895107 15,078 341,900 SH SOLE 341,900
------------------------------------------------------------------------------------------------------------------------------------
BUNGE LTD COM sedol - 14,982 455,100 SH SOLE 455,100
2788713
------------------------------------------------------------------------------------------------------------------------------------
JACOBS ENGINEERING
GROUP INC COM 469814107 14,946 311,300 SH SOLE 311,300
------------------------------------------------------------------------------------------------------------------------------------
EGL INC COM 268484102 14,730 837,900 SH SOLE 837,900
------------------------------------------------------------------------------------------------------------------------------------
AMETEK INC COM 031100100 14,661 303,800 SH SOLE 303,800
------------------------------------------------------------------------------------------------------------------------------------
DOLLAR THRIFTY
AUTOMOTIVE GP COM 256743105 14,589 562,400 SH SOLE 562,400
------------------------------------------------------------------------------------------------------------------------------------
VARCO INTERNATIONAL INC COM 922122106 14,532 704,400 SH SOLE 704,400
------------------------------------------------------------------------------------------------------------------------------------
ROLLINS INC COM 775711104 14,460 641,250 SH SOLE 641,250
------------------------------------------------------------------------------------------------------------------------------------
BALL CORP COM 058498106 13,767 231,100 SH SOLE 231,100
------------------------------------------------------------------------------------------------------------------------------------
ROSS STORES INC COM 778296103 13,521 511,000 SH SOLE 511,000
------------------------------------------------------------------------------------------------------------------------------------
PACTIV CORP COM 695257105 12,798 535,500 SH SOLE 535,500
------------------------------------------------------------------------------------------------------------------------------------
ALBEMARLE CORP COM 012653101 12,342 411,800 SH SOLE 411,800
------------------------------------------------------------------------------------------------------------------------------------
TIMKEN CO COM 887389104 11,916 594,000 SH SOLE 594,000
------------------------------------------------------------------------------------------------------------------------------------
IMATION CORP COM 45245A107 10,633 302,500 SH SOLE 302,500
------------------------------------------------------------------------------------------------------------------------------------
Page 3 of 6
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Funds
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Col. 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
------------------------------------------------------------------------------------------------------------------------------------
COORS (ADOLPH) -CL B COM 217016104 10,575 188,500 SH SOLE 188,500
------------------------------------------------------------------------------------------------------------------------------------
SENSIENT TECHNOLOGIES
CORP COM 81725T100 9,893 500,400 SH SOLE 500,400
------------------------------------------------------------------------------------------------------------------------------------
COCA-COLA BTLNG CONS COM 191098102 9,113 172,400 SH SOLE 172,400
------------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP COM 370442105 2,397 44,879 SH SOLE 42,875 2,004
------------------------------------------------------------------------------------------------------------------------------------
Altria Group Inc COM 02209S103 2,234 42,136 SH SOLE 40,225 1,911
------------------------------------------------------------------------------------------------------------------------------------
J P MORGAN CHASE & CO COM 46625H100 2,085 57,750 SH SOLE 55,025 2,725
------------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS COM 92343V104 1,971 36,620 SH SOLE 13,500 23,120
------------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE
NEMOURS COM 263534109 1,967 42,775 SH SOLE 40,975 1,800
------------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM 001957505 1,820 94,850 SH SOLE 89,650 5,200
------------------------------------------------------------------------------------------------------------------------------------
PRECISION CASTPARTS
CORP COM 740189105 1,653 36,400 SH SOLE 36,400
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA-PACIFIC CORP COM 373298108 1,632 53,200 SH SOLE 53,200
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA-PACIFIC CORP COM 546347105 1,620 90,600 SH SOLE 90,600
------------------------------------------------------------------------------------------------------------------------------------
AVNET INC COM 053807103 1,603 74,000 SH SOLE 74,000
------------------------------------------------------------------------------------------------------------------------------------
AVAYA INC COM 053499109 1,577 122,130 SH SOLE 121,700 430
------------------------------------------------------------------------------------------------------------------------------------
ALLIED WASTE INDS INC COM 019589308 1,571 113,200 SH SOLE 113,200
------------------------------------------------------------------------------------------------------------------------------------
TRINITY INDUSTRIES COM 896522109 1,505 48,800 SH SOLE 48,800
------------------------------------------------------------------------------------------------------------------------------------
RITE AID CORP COM 767754104 1,491 246,800 SH SOLE 246,800
------------------------------------------------------------------------------------------------------------------------------------
HASBRO INC COM 418056107 1,475 69,300 SH SOLE 69,300
------------------------------------------------------------------------------------------------------------------------------------
SELECT MEDICAL CORP COM 816196109 1,444 88,700 SH SOLE 88,700
------------------------------------------------------------------------------------------------------------------------------------
PACCAR INC COM 693718108 1,396 16,400 SH SOLE 16,400
------------------------------------------------------------------------------------------------------------------------------------
CUMMINS INC COM 231021106 1,351 27,600 SH SOLE 27,600
------------------------------------------------------------------------------------------------------------------------------------
PERKINELMER INC COM 714046109 1,350 79,100 SH SOLE 79,100
------------------------------------------------------------------------------------------------------------------------------------
BP PLC -ADS ADR 055622104 1,350 19,873 SH SOLE 9,900 9,973
------------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION COM 30231G102 1,325 33,775 SH SOLE 25,375 8,400
------------------------------------------------------------------------------------------------------------------------------------
Page 4 of 6
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Funds
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Col. 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
------------------------------------------------------------------------------------------------------------------------------------
PROVIDIAN FINANCIAL
CORP COM 74406A102 1,311 112,600 SH SOLE 112,600
------------------------------------------------------------------------------------------------------------------------------------
JABIL CIRCUIT INC COM 466313103 1,307 46,200 SH SOLE 46,200
------------------------------------------------------------------------------------------------------------------------------------
STORAGE TECHNOLOGY CP COM 862111200 1,288 50,000 SH SOLE 50,000
------------------------------------------------------------------------------------------------------------------------------------
SPRINT PCS GROUP COM 852061506 1,235 219,700 SH SOLE 217,200 2,500
------------------------------------------------------------------------------------------------------------------------------------
MENS WEARHOUSE INC COM 587118100 1,220 48,800 SH SOLE 48,800
------------------------------------------------------------------------------------------------------------------------------------
CONTINENTAL AIRLS INC
-CL B COM 210795308 1,210 74,400 SH SOLE 74,400
------------------------------------------------------------------------------------------------------------------------------------
FREDS INC COM 356108100 1,209 39,000 SH SOLE 39,000
------------------------------------------------------------------------------------------------------------------------------------
WESTERN WIRELESS CORP
-CL A COM 95988E204 1,201 65,400 SH SOLE 65,400
------------------------------------------------------------------------------------------------------------------------------------
CARMAX INC COM 143130102 1,144 37,000 SH SOLE 37,000
------------------------------------------------------------------------------------------------------------------------------------
MAXTOR CORP COM 577729205 1,132 102,000 SH SOLE 102,000
------------------------------------------------------------------------------------------------------------------------------------
Charles Schwab Corp COM 808513105 1,109 18,831 SH SOLE 18,831
------------------------------------------------------------------------------------------------------------------------------------
CITIGROUP INC COM 172967101 1,107 22,950 SH SOLE 22,800 150
------------------------------------------------------------------------------------------------------------------------------------
BANK of AMERICA CORP COM 060505104 1,047 22,213 SH SOLE 5,900 16,313
------------------------------------------------------------------------------------------------------------------------------------
HONEYWELL INTERNATIONAL
INC COM 438516106 1,006 31,870 SH SOLE 29,850 2,020
------------------------------------------------------------------------------------------------------------------------------------
GATEWAY INC COM 367626108 977 212,500 SH SOLE 212,300 200
------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO COM 589331107 964 20,895 SH SOLE 20,575 320
------------------------------------------------------------------------------------------------------------------------------------
Aegon Nv Ord Reg Amer ADR 007924103 864 10,740 SH SOLE 10,740
------------------------------------------------------------------------------------------------------------------------------------
EASTMAN KODAK CO COM 277461109 852 34,600 SH SOLE 31,800 2,800
------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO. COM 369604103 784 30,622 SH SOLE 20,475 10,147
------------------------------------------------------------------------------------------------------------------------------------
SPRINT FON GROUP COM 852061100 666 36,275 SH SOLE 30,100 6,175
------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL PAPER CO COM 460146103 622 15,699 SH SOLE 14,400 1,299
------------------------------------------------------------------------------------------------------------------------------------
BELLSOUTH CORP COM 079860102 587 26,600 SH SOLE 16,500 10,100
------------------------------------------------------------------------------------------------------------------------------------
Enron Corp COM 293561106 536 10,775 SH SOLE 10,775
------------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL COM 260543103 520 12,500 SH SOLE 11,300 1,200
------------------------------------------------------------------------------------------------------------------------------------
Page 5 of 6
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Funds
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Col. 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
------------------------------------------------------------------------------------------------------------------------------------
ALBERTSONS INC COM 013104104 512 22,600 SH SOLE 22,600
------------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB COM 110122108 511 17,898 SH SOLE 17,100 798
------------------------------------------------------------------------------------------------------------------------------------
ALLTEL CORP COM 020039103 500 10,730 SH SOLE 9,900 830
------------------------------------------------------------------------------------------------------------------------------------
SHELL TRAN&TRADE -ADR ADR 822703609 495 11,000 SH SOLE 11,000
------------------------------------------------------------------------------------------------------------------------------------
DONNELLEY (R R) &
SONS CO COM 257867101 494 16,400 SH SOLE 16,400
------------------------------------------------------------------------------------------------------------------------------------
DELPHI CORP COM 247126105 494 48,366 SH SOLE 47,600 766
------------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP COM 166764100 493 16,092 SH SOLE 5,700 10,392
------------------------------------------------------------------------------------------------------------------------------------
CONOCOPHILLIPS COM 20825C104 492 7,500 SH SOLE 7,500
------------------------------------------------------------------------------------------------------------------------------------
MARATHON OIL CORP COM 565849106 490 14,800 SH SOLE 14,800
------------------------------------------------------------------------------------------------------------------------------------
SARA LEE CORP COM 803111103 489 22,528 SH SOLE 21,300 1,228
------------------------------------------------------------------------------------------------------------------------------------
U S BANCORP COM 902973304 486 16,360 SH SOLE 16,300 60
------------------------------------------------------------------------------------------------------------------------------------
MAY DEPARTMENT
STORES CO COM 577778103 485 16,700 SH SOLE 16,700
------------------------------------------------------------------------------------------------------------------------------------
CEMEX S A -ADR ADR 151290889 485 18,500 SH SOLE 18,500
------------------------------------------------------------------------------------------------------------------------------------
KERR-MCGEE CORP COM 492386107 483 10,400 SH SOLE 10,400
------------------------------------------------------------------------------------------------------------------------------------
NEWELL RUBBERMAID INC COM 651229106 483 21,200 SH SOLE 21,200
------------------------------------------------------------------------------------------------------------------------------------
COMERICA INC. COM 200340107 482 8,600 SH SOLE 8,600
------------------------------------------------------------------------------------------------------------------------------------
DAIMLERCHRYSLER AG ADR sedol - 481 10,400 SH SOLE 10,400
2307389
------------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO COM 949746101 477 118,100 SH SOLE 8,100 110,000
------------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC COM 724479100 475 11,700 SH SOLE 11,700
------------------------------------------------------------------------------------------------------------------------------------
ST PAUL COS COM 792860108 472 11,900 SH SOLE 11,900
------------------------------------------------------------------------------------------------------------------------------------
GLAXOSMITHKLINE PLC
-SP ADR ADR 37733W105 471 10,100 SH SOLE 10,100
------------------------------------------------------------------------------------------------------------------------------------
DIAGEO PLC -ADR ADR 25243Q205 470 8,900 SH SOLE 8,900
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC COM 939322103 470 11,830 SH SOLE 11,400 430
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP COM 635405103 468 13,800 SH SOLE 13,800
------------------------------------------------------------------------------------------------------------------------------------
Page 6 of 6
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Funds
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: Col. 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
------------------------------------------------------------------------------------------------------------------------------------
BB&T CORP COM 054937107 468 12,100 SH SOLE 12,100
------------------------------------------------------------------------------------------------------------------------------------
MEADWESTVACO CORP COM 583334107 467 15,700 SH SOLE 15,700
------------------------------------------------------------------------------------------------------------------------------------
HUNTINGTON BANCSHARES COM 446150104 466 20,700 SH SOLE 20,700
------------------------------------------------------------------------------------------------------------------------------------
AMSOUTH BANCORPORATION COM 032165102 466 19,000 SH SOLE 19,000
------------------------------------------------------------------------------------------------------------------------------------
LINCOLN NATIONAL CORP COM 534187109 464 11,500 SH SOLE 11,500
------------------------------------------------------------------------------------------------------------------------------------
FIRST TENNESSEE
NATL CORP COM 337162101 463 10,500 SH SOLE 10,500
------------------------------------------------------------------------------------------------------------------------------------
TELEFONOS DE MEX
-SPON ADR ADR 879403780 462 14,000 SH SOLE 14,000
------------------------------------------------------------------------------------------------------------------------------------
REGIONS FINL CORP COM 758940100 461 12,400 SH SOLE 12,400
------------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP COM 929903102 461 9,900 SH SOLE 9,900
------------------------------------------------------------------------------------------------------------------------------------
CONAGRA FOODS INC COM 205887102 459 17,400 SH SOLE 17,400
------------------------------------------------------------------------------------------------------------------------------------
HEINZ (H J) CO COM 423074103 455 12,500 SH SOLE 12,500
------------------------------------------------------------------------------------------------------------------------------------
GENUINE PARTS CO COM 372460105 455 13,700 SH SOLE 13,700
------------------------------------------------------------------------------------------------------------------------------------
Westamerica Bancorp COM 957090103 445 17,085 SH SOLE 17,085
------------------------------------------------------------------------------------------------------------------------------------
CATERPILLAR INC COM 149123101 438 5,495 SH SOLE 4,875 620
------------------------------------------------------------------------------------------------------------------------------------
Vodafone Group Plc
-Sp ADR ADR 92857W100 433 8,768 SH SOLE 8,768
------------------------------------------------------------------------------------------------------------------------------------
ALCOA INC COM 013817101 385 10,125 SH SOLE 8,450 1,675
------------------------------------------------------------------------------------------------------------------------------------
Lucent Technologies Inc COM 549463107 337 8,210 SH SOLE 8,210
------------------------------------------------------------------------------------------------------------------------------------
P G & E Corp COM 69331C108 207 7,300 SH SOLE 7,300
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 983,334