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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, 2007
------------------
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: 7250 Redwood Boulevard, Suite 200
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 January 22, 2008
--------------------------------------------------------------------------------
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: 179
----------------------
Form 13F Information Table Value Total: $1,390,473
----------------------
(thousands)
List of Other Included Managers: NONE
Page 1 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
1-800-FLOWERS.COM COMMON 68243Q106 2,190 250,900 SH SOLE 250,900 0
------------------------------------------------------------------------------------------------------------------------------------
A T & T INC COMMON 00206R102 12,086 290,818 SH SOLE 279,740 11,078
------------------------------------------------------------------------------------------------------------------------------------
AEGON NV ADR 007924103 3,604 205,615 SH SOLE 200,300 5,315
------------------------------------------------------------------------------------------------------------------------------------
AIRGAS INC COMMON 009363102 7,103 136,300 SH SOLE 136,300 0
------------------------------------------------------------------------------------------------------------------------------------
AK STEEL HOLDING CORP COMMON 001547108 47,410 1,025,300 SH SOLE 1,025,300 0
------------------------------------------------------------------------------------------------------------------------------------
ALLIANT TECHSYSTEMS INC COMMON 018804104 7,579 66,625 SH SOLE 66,600 25
------------------------------------------------------------------------------------------------------------------------------------
ALLIED IRISH BANKS -ADR ADR 019228402 3,542 77,100 SH SOLE 77,100 0
------------------------------------------------------------------------------------------------------------------------------------
ALPHA NATURAL RESOURCES
INC COMMON 02076X102 9,224 284,000 SH SOLE 284,000 0
------------------------------------------------------------------------------------------------------------------------------------
ALTRIA GROUP INC COMMON 02209S103 11,448 151,467 SH SOLE 151,345 122
------------------------------------------------------------------------------------------------------------------------------------
AMERIGROUP CORP COMMON 03073T102 16,577 454,800 SH SOLE 454,800 0
------------------------------------------------------------------------------------------------------------------------------------
AMKOR TECHNOLOGY INC COMMON 031652100 1,437 168,500 SH SOLE 168,500 0
------------------------------------------------------------------------------------------------------------------------------------
ANIXTER INTL INC COMMON 035290105 5,442 87,400 SH SOLE 87,400 0
------------------------------------------------------------------------------------------------------------------------------------
ARCELOR MITTAL -ADR ADR 03938L104 2,924 37,800 SH SOLE 37,800 0
------------------------------------------------------------------------------------------------------------------------------------
ARROW ELECTRONICS INC COMMON 042735100 6,854 174,500 SH SOLE 174,500 0
------------------------------------------------------------------------------------------------------------------------------------
ASTEC INDUSTRIES INC COMMON 046224101 1,934 52,000 SH SOLE 52,000 0
------------------------------------------------------------------------------------------------------------------------------------
AVNET INC COMMON 053807103 1,983 56,700 SH SOLE 56,700 0
------------------------------------------------------------------------------------------------------------------------------------
BANK of AMERICA CORP COMMON 060505104 3,782 91,674 SH SOLE 82,200 9,474
------------------------------------------------------------------------------------------------------------------------------------
BARCLAYS PLC/ENGLAND
-ADR ADR 06738E204 3,286 81,400 SH SOLE 81,400 0
------------------------------------------------------------------------------------------------------------------------------------
BARNES GROUP INC COMMON 067806109 9,573 286,700 SH SOLE 286,700 0
------------------------------------------------------------------------------------------------------------------------------------
BB&T CORP COMMON 054937107 3,254 106,100 SH SOLE 106,100 0
------------------------------------------------------------------------------------------------------------------------------------
BELDEN CDT INC COMMON 077454106 16,563 372,200 SH SOLE 372,200 0
------------------------------------------------------------------------------------------------------------------------------------
Page 2 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
BIG LOTS INC COMMON 089302103 10,053 628,700 SH SOLE 628,700 0
------------------------------------------------------------------------------------------------------------------------------------
BLOCKBUSTER INC COMMON 093679108 9,998 2,563,700 SH SOLE 2,563,700 0
------------------------------------------------------------------------------------------------------------------------------------
BP PLC -ADS ADR 055622104 3,439 47,000 SH SOLE 46,700 300
------------------------------------------------------------------------------------------------------------------------------------
BRISTOL MYERS SQUIBB COMMON 110122108 3,296 124,300 SH SOLE 123,500 800
------------------------------------------------------------------------------------------------------------------------------------
BRITISH AIRWAYS PLC -ADR ADR 110419306 9,432 155,900 SH SOLE 155,900 0
------------------------------------------------------------------------------------------------------------------------------------
BROWN SHOE CO INC COMMON 115736100 7,313 482,100 SH SOLE 482,100 0
------------------------------------------------------------------------------------------------------------------------------------
BRUSH ENGINEERED
MATERIALS COMMON 117421107 4,909 132,600 SH SOLE 132,600 0
------------------------------------------------------------------------------------------------------------------------------------
BT GROUP PLC -ADR ADR 05577E101 3,273 60,700 SH SOLE 60,700 0
------------------------------------------------------------------------------------------------------------------------------------
BUCKEYE TECHNOLOGIES INC COMMON 118255108 2,014 161,100 SH SOLE 161,100 0
------------------------------------------------------------------------------------------------------------------------------------
CAL-MAINE FOODS INC COMMON 128030202 3,258 122,800 SH SOLE 122,800 0
------------------------------------------------------------------------------------------------------------------------------------
CARMAX INC COMMON 143130102 11,175 565,800 SH SOLE 565,800 0
------------------------------------------------------------------------------------------------------------------------------------
CARNIVAL CORP/PLC (USA) COMMON 143658300 3,426 77,000 SH SOLE 77,000 0
------------------------------------------------------------------------------------------------------------------------------------
CBS CORP COMMON 124857202 3,613 132,600 SH SOLE 132,600 0
------------------------------------------------------------------------------------------------------------------------------------
CELANESE CORP COMMON 150870103 2,814 66,500 SH SOLE 66,500 0
------------------------------------------------------------------------------------------------------------------------------------
CENVEO INC COMMON 15670S105 12,285 703,200 SH SOLE 703,200 0
------------------------------------------------------------------------------------------------------------------------------------
CF INDUSTRIES HOLDINGS
INC COMMON 125269100 61,942 562,800 SH SOLE 562,800 0
------------------------------------------------------------------------------------------------------------------------------------
CHARLOTTE RUSSE HOLDING
INC COMMON 161048103 9,047 560,200 SH SOLE 560,200 0
------------------------------------------------------------------------------------------------------------------------------------
CHART INDUSTRIES INC COMMON 16115Q308 2,642 85,500 SH SOLE 85,500 0
------------------------------------------------------------------------------------------------------------------------------------
CHEVRONTEXACO CORP COMMON 166764100 937 10,045 SH SOLE 0 10,045
------------------------------------------------------------------------------------------------------------------------------------
CHUNGHWA TELECOM CO -ADR ADR 17133Q304 3,564 168,809 SH SOLE 168,809 0
------------------------------------------------------------------------------------------------------------------------------------
CIT GROUP INC COMMON 125581108 3,367 140,100 SH SOLE 140,100 0
------------------------------------------------------------------------------------------------------------------------------------
Page 3 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
CITIGROUP INC COMMON 172967101 8,090 274,805 SH SOLE 274,805 0
------------------------------------------------------------------------------------------------------------------------------------
CLEAN HARBORS INC COMMON 184496107 16,275 314,800 SH SOLE 314,800 0
------------------------------------------------------------------------------------------------------------------------------------
CNH GLOBAL NV ADR sedol
2534778 2,863 43,500 SH SOLE 43,500 0
------------------------------------------------------------------------------------------------------------------------------------
COCA-COLA COMPANY COMMON 008615731 1,344 21,900 SH SOLE 21,900 0
------------------------------------------------------------------------------------------------------------------------------------
COMSYS IT PARTNERS INC COMMON 20581E104 12,091 766,200 SH SOLE 766,200 0
------------------------------------------------------------------------------------------------------------------------------------
CONTINENTAL AIRLS INC
-CL B CLASS B 210795308 8,811 396,000 SH SOLE 396,000 0
------------------------------------------------------------------------------------------------------------------------------------
CONVERGYS CORP COMMON 212485106 10,437 634,100 SH SOLE 634,100 0
------------------------------------------------------------------------------------------------------------------------------------
COPANO ENERGY LLC COMMON 217202100 18,938 521,000 SH SOLE 521,000 0
------------------------------------------------------------------------------------------------------------------------------------
CORN PRODUCTS INTL INC COMMON 219023108 5,685 154,688 SH SOLE 154,500 188
------------------------------------------------------------------------------------------------------------------------------------
COUNTRYWIDE FINANCIAL
CORP COMMON 222372104 3,172 354,800 SH SOLE 353,700 1,100
------------------------------------------------------------------------------------------------------------------------------------
CPI CORP COMMON 125902106 918 39,000 SH SOLE 39,000 0
------------------------------------------------------------------------------------------------------------------------------------
CUMMINS INC COMMON 231021106 2,726 21,400 SH SOLE 21,400 0
------------------------------------------------------------------------------------------------------------------------------------
DEUTSCHE TELEKOM AG -ADR ADR 251566105 3,480 160,600 SH SOLE 160,600 0
------------------------------------------------------------------------------------------------------------------------------------
DIAGEO PLC -ADR ADR 25243Q205 3,476 40,500 SH SOLE 40,500 0
------------------------------------------------------------------------------------------------------------------------------------
DICKS SPORTING GOODS INC COMMON 253393102 6,063 218,400 SH SOLE 218,400 0
------------------------------------------------------------------------------------------------------------------------------------
DOW CHEMICAL COMMON 260543103 3,173 80,500 SH SOLE 80,400 100
------------------------------------------------------------------------------------------------------------------------------------
DU PONT (E I) DE NEMOURS COMMON 263534109 10,256 232,605 SH SOLE 232,605 0
------------------------------------------------------------------------------------------------------------------------------------
DYNCORP INTL INC COMMON 26817C101 3,089 114,900 SH SOLE 114,900 0
------------------------------------------------------------------------------------------------------------------------------------
EMBARQ CORP COMMON 29078E105 3,492 70,512 SH SOLE 70,200 312
------------------------------------------------------------------------------------------------------------------------------------
EMERGENCY MEDICAL SVCS
CORP COMMON 29100P102 1,698 58,000 SH SOLE 58,000 0
------------------------------------------------------------------------------------------------------------------------------------
ENI SPA -ADR ADR 26874R108 3,556 49,100 SH SOLE 49,100 0
------------------------------------------------------------------------------------------------------------------------------------
Page 4 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
ENTERPRISE PRODS PRTNER
-LP COMMON 293792107 3,587 112,500 SH SOLE 112,500 0
------------------------------------------------------------------------------------------------------------------------------------
ESTERLINE TECHNOLOGIES
CORP COMMON 297425100 7,069 136,600 SH SOLE 136,600 0
------------------------------------------------------------------------------------------------------------------------------------
EXXON MOBIL CORPORATION COMMON 30231G102 492 5,248 SH SOLE 0 5,248
------------------------------------------------------------------------------------------------------------------------------------
FIAT SPA -ADR ADR 315621888 2,010 77,900 SH SOLE 77,900 0
------------------------------------------------------------------------------------------------------------------------------------
FLOWSERVE CORP COMMON 34354P105 9,004 93,600 SH SOLE 93,600 0
------------------------------------------------------------------------------------------------------------------------------------
FRANCE TELECOM -ADR ADR 35177Q105 3,506 98,400 SH SOLE 98,400 0
------------------------------------------------------------------------------------------------------------------------------------
FTD GROUP INC COMMON 30267U108 11,949 927,700 SH SOLE 927,700 0
------------------------------------------------------------------------------------------------------------------------------------
GAMESTOP CORP COMMON 36467W109 3,677 59,200 SH SOLE 59,200 0
------------------------------------------------------------------------------------------------------------------------------------
GANNETT CO COMMON 364730101 3,830 98,200 SH SOLE 98,200 0
------------------------------------------------------------------------------------------------------------------------------------
GENERAL CABLE CORP/DE COMMON 369300108 29,158 397,900 SH SOLE 397,900 0
------------------------------------------------------------------------------------------------------------------------------------
GENERAL ELECTRIC CO. COMMON 038923908 6,335 170,897 SH SOLE 169,870 1,027
------------------------------------------------------------------------------------------------------------------------------------
GENERAL MOTORS CORP COMMON 370442105 8,173 328,356 SH SOLE 327,985 371
------------------------------------------------------------------------------------------------------------------------------------
GENESIS ENERGY -LP COMMON 371927104 1,638 69,700 SH SOLE 69,700 0
------------------------------------------------------------------------------------------------------------------------------------
GEO GROUP INC COMMON 36159R103 22,557 805,600 SH SOLE 805,600 0
------------------------------------------------------------------------------------------------------------------------------------
GLAXOSMITHKLINE PLC -ADR ADR 37733W105 3,296 65,400 SH SOLE 65,400 0
------------------------------------------------------------------------------------------------------------------------------------
GOLDMAN SACHS GROUP INC COMMON 38141G104 16,279 75,700 SH SOLE 75,700 0
------------------------------------------------------------------------------------------------------------------------------------
GOODRICH CORP COMMON 382388106 7,492 106,100 SH SOLE 106,100 0
------------------------------------------------------------------------------------------------------------------------------------
GRACE (W R) & CO COMMON 38388F108 6,338 242,100 SH SOLE 242,100 0
------------------------------------------------------------------------------------------------------------------------------------
GREIF INC -CL A CLASS A 397624107 19,265 294,700 SH SOLE 294,700 0
------------------------------------------------------------------------------------------------------------------------------------
HARDINGE INC COMMON 412324303 1,092 65,100 SH SOLE 65,100 0
------------------------------------------------------------------------------------------------------------------------------------
HARSCO CORP COMMON 415864107 7,836 122,300 SH SOLE 122,300 0
------------------------------------------------------------------------------------------------------------------------------------
Page 5 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
HENNESSY ADVISORS INC. COMMON 425885100 20,887 1,740,548 SH SOLE 0 1,740,548
------------------------------------------------------------------------------------------------------------------------------------
HEWITT ASSOCIATES INC COMMON 42822Q100 7,976 208,300 SH SOLE 208,300 0
------------------------------------------------------------------------------------------------------------------------------------
HOLLY CORP COMMON 435758305 15,328 301,200 SH SOLE 301,200 0
------------------------------------------------------------------------------------------------------------------------------------
HOME DEPOT INC COMMON 022217806 2,592 96,230 SH SOLE 96,230 0
------------------------------------------------------------------------------------------------------------------------------------
HORIZON LINES INC COMMON 44044K101 11,693 627,300 SH SOLE 627,300 0
------------------------------------------------------------------------------------------------------------------------------------
HSBC HOLDINGS PLC -ADR ADR 404280406 3,440 41,100 SH SOLE 41,100 0
------------------------------------------------------------------------------------------------------------------------------------
HUDSON HIGHLAND GROUP INC COMMON 443792106 1,141 135,700 SH SOLE 135,700 0
------------------------------------------------------------------------------------------------------------------------------------
ICO INC COMMON 449293109 2,843 221,400 SH SOLE 221,400 0
------------------------------------------------------------------------------------------------------------------------------------
INFINEON TECHNOLOGIES
AG-ADR ADR 45662N103 13,065 1,122,400 SH SOLE 1,122,400 0
------------------------------------------------------------------------------------------------------------------------------------
ING GROEP NV -ADR ADR 456837103 3,498 89,900 SH SOLE 89,900 0
------------------------------------------------------------------------------------------------------------------------------------
INGLES MARKETS INC -CL A CLASS A 457030104 12,004 472,800 SH SOLE 472,800 0
------------------------------------------------------------------------------------------------------------------------------------
INNOSPEC INC ADR 45768S105 12,843 748,400 SH SOLE 748,400 0
------------------------------------------------------------------------------------------------------------------------------------
INTEGRATED ELECTRICAL
SVCS COMMON 45811E301 1,428 76,000 SH SOLE 76,000 0
------------------------------------------------------------------------------------------------------------------------------------
IOMEGA CORP COMMON 462030305 1,598 460,400 SH SOLE 460,400 0
------------------------------------------------------------------------------------------------------------------------------------
J.P. MORGAN CHASE &
COMPANY COMMON 023386144 6,335 145,130 SH SOLE 144,990 140
------------------------------------------------------------------------------------------------------------------------------------
JACK IN THE BOX INC COMMON 466367109 13,666 530,300 SH SOLE 530,300 0
------------------------------------------------------------------------------------------------------------------------------------
KAMAN CORP COMMON 483548103 2,683 72,900 SH SOLE 72,900 0
------------------------------------------------------------------------------------------------------------------------------------
KEYCORP COMMON 493267108 3,586 152,900 SH SOLE 152,900 0
------------------------------------------------------------------------------------------------------------------------------------
KOOKMIN BANK -ADR ADR 50049M109 3,541 48,300 SH SOLE 48,300 0
------------------------------------------------------------------------------------------------------------------------------------
KRAFT FOODS INC COMMON 009534608 402 12,321 SH SOLE 12,321 0
------------------------------------------------------------------------------------------------------------------------------------
LAN AIRLINES SA -ADR ADR 501723100 18,091 1,349,100 SH SOLE 1,349,100 0
------------------------------------------------------------------------------------------------------------------------------------
Page 6 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
LEAR CORP COMMON 521865105 13,271 479,800 SH SOLE 479,800 0
------------------------------------------------------------------------------------------------------------------------------------
LLOYDS TSB GROUP PLC
-ADR ADR 539439109 3,419 90,800 SH SOLE 90,800 0
------------------------------------------------------------------------------------------------------------------------------------
LORAL SPACE &
COMMUNICATIONS COMMON 543881106 12,172 355,400 SH SOLE 355,400 0
------------------------------------------------------------------------------------------------------------------------------------
LSB INDUSTRIES INC COMMON 502160104 3,265 115,700 SH SOLE 115,700 0
------------------------------------------------------------------------------------------------------------------------------------
LUBRIZOL CORP COMMON 549271104 5,779 106,700 SH SOLE 106,700 0
------------------------------------------------------------------------------------------------------------------------------------
M & F WORLDWIDE CORP COMMON 552541104 28,379 527,000 SH SOLE 527,000 0
------------------------------------------------------------------------------------------------------------------------------------
MANITOWOC CO COMMON 563571108 27,023 553,400 SH SOLE 553,400 0
------------------------------------------------------------------------------------------------------------------------------------
MARKWEST HYDROCARBON INC COMMON 570762104 21,483 342,900 SH SOLE 342,900 0
------------------------------------------------------------------------------------------------------------------------------------
MARSHALL & ILSLEY CORP COMMON 571837103 3,246 122,600 SH SOLE 122,600 0
------------------------------------------------------------------------------------------------------------------------------------
MASCO CORP COMMON 574599106 3,410 157,800 SH SOLE 157,800 0
------------------------------------------------------------------------------------------------------------------------------------
MATRIX SERVICE COMPANY COMMON 576853105 2,182 100,000 SH SOLE 100,000 0
------------------------------------------------------------------------------------------------------------------------------------
MATTEL INC COMMON 577081102 3,340 175,400 SH SOLE 175,400 0
------------------------------------------------------------------------------------------------------------------------------------
MERCK & CO., INC. COMMON 011358912 8,391 144,404 SH SOLE 144,000 404
------------------------------------------------------------------------------------------------------------------------------------
METHODE ELECTRONICS
-CL A CLASS A 591520200 2,284 138,900 SH SOLE 138,900 0
------------------------------------------------------------------------------------------------------------------------------------
MFRI INC COMMON 552721102 928 87,000 SH SOLE 87,000 0
------------------------------------------------------------------------------------------------------------------------------------
MIVA INC COMMON 55311R108 675 353,500 SH SOLE 353,500 0
------------------------------------------------------------------------------------------------------------------------------------
NALCO HOLDING CO COMMON 62985Q101 5,859 242,300 SH SOLE 242,300 0
------------------------------------------------------------------------------------------------------------------------------------
NATIONAL CITY CORP COMMON 635405103 3,434 208,600 SH SOLE 208,600 0
------------------------------------------------------------------------------------------------------------------------------------
NEXSTAR BROADCASTING
GROUP COMMON 65336K103 1,796 196,500 SH SOLE 196,500 0
------------------------------------------------------------------------------------------------------------------------------------
ODYSSEY RE HOLDINGS CORP COMMON 67612W108 15,139 412,400 SH SOLE 412,400 0
------------------------------------------------------------------------------------------------------------------------------------
OIL STATES INTL INC COMMON 678026105 5,388 157,900 SH SOLE 157,900 0
------------------------------------------------------------------------------------------------------------------------------------
Page 7 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
OSHKOSH TRUCK CORP COMMON 688239201 5,657 119,700 SH SOLE 119,700 0
------------------------------------------------------------------------------------------------------------------------------------
OWENS-ILLINOIS INC COMMON 690768403 11,741 237,200 SH SOLE 237,200 0
------------------------------------------------------------------------------------------------------------------------------------
PAREXEL INTERNATIONAL
CORP COMMON 699462107 7,907 163,700 SH SOLE 163,700 0
------------------------------------------------------------------------------------------------------------------------------------
PENFORD CORP COMMON 707051108 1,753 68,500 SH SOLE 68,500 0
------------------------------------------------------------------------------------------------------------------------------------
PERINI CORP COMMON 713839108 1,429 34,500 SH SOLE 34,500 0
------------------------------------------------------------------------------------------------------------------------------------
PFIZER INC COMMON 717081103 10,457 460,041 SH SOLE 457,800 2,241
------------------------------------------------------------------------------------------------------------------------------------
PINNACLE AIRLINES CORP COMMON 723443107 1,992 130,600 SH SOLE 130,600 0
------------------------------------------------------------------------------------------------------------------------------------
PITNEY BOWES INC COMMON 724479100 3,549 93,300 SH SOLE 93,300 0
------------------------------------------------------------------------------------------------------------------------------------
PNC FINANCIAL SVCS GROUP
INC COMMON 693475105 3,512 53,500 SH SOLE 53,500 0
------------------------------------------------------------------------------------------------------------------------------------
PRICESMART INC COMMON 741511109 2,976 99,000 SH SOLE 99,000 0
------------------------------------------------------------------------------------------------------------------------------------
QUANTA SERVICES INC COMMON 74762E102 20,268 772,400 SH SOLE 772,400 0
------------------------------------------------------------------------------------------------------------------------------------
QWEST COMMUNICATION INTL
INC COMMON 749121109 3,467 494,519 SH SOLE 494,500 19
------------------------------------------------------------------------------------------------------------------------------------
REGIONS FINL CORP COMMON 7591EP100 3,415 144,400 SH SOLE 144,400 0
------------------------------------------------------------------------------------------------------------------------------------
RELIANT ENERGY INC COMMON 75952B105 2,188 83,400 SH SOLE 83,400 0
------------------------------------------------------------------------------------------------------------------------------------
REYNOLDS AMERICAN INC COMMON 761713106 3,417 51,800 SH SOLE 51,800 0
------------------------------------------------------------------------------------------------------------------------------------
RITE AID CORP COMMON 767754104 7,612 2,728,300 SH SOLE 2,728,300 0
------------------------------------------------------------------------------------------------------------------------------------
ROBBINS & MYERS INC COMMON 770196103 32,687 432,200 SH SOLE 432,200 0
------------------------------------------------------------------------------------------------------------------------------------
ROCK-TENN CO COMMON 772739207 12,471 490,800 SH SOLE 490,800 0
------------------------------------------------------------------------------------------------------------------------------------
SASOL LTD -ADR ADR 803866300 3,646 73,700 SH SOLE 73,700 0
------------------------------------------------------------------------------------------------------------------------------------
SAUER-DANFOSS INC COMMON 804137107 12,092 482,700 SH SOLE 482,700 0
------------------------------------------------------------------------------------------------------------------------------------
SCHNITZER STEEL INDS
-CL A CLASS A 806882106 7,210 104,300 SH SOLE 104,300 0
------------------------------------------------------------------------------------------------------------------------------------
Page 8 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
SHERWIN-WILLIAMS CO COMMON 824348106 14,051 242,100 SH SOLE 242,100 0
------------------------------------------------------------------------------------------------------------------------------------
SKECHERS U S A INC COMMON 830566105 9,131 468,000 SH SOLE 468,000 0
------------------------------------------------------------------------------------------------------------------------------------
SOUTHERN COPPER CORP COMMON 84265V105 3,469 33,000 SH SOLE 33,000 0
------------------------------------------------------------------------------------------------------------------------------------
SPARTAN STORES INC COMMON 846822104 16,395 717,500 SH SOLE 717,500 0
------------------------------------------------------------------------------------------------------------------------------------
SPX CORP COMMON 784635104 8,063 78,400 SH SOLE 78,400 0
------------------------------------------------------------------------------------------------------------------------------------
STEEL DYNAMICS INC COMMON 858119100 25,949 435,600 SH SOLE 435,600 0
------------------------------------------------------------------------------------------------------------------------------------
SUN HEALTHCARE GROUP INC COMMON 866933401 23,188 1,350,500 SH SOLE 1,350,500 0
------------------------------------------------------------------------------------------------------------------------------------
SYSTEMAX INC COMMON 871851101 16,475 810,800 SH SOLE 810,800 0
------------------------------------------------------------------------------------------------------------------------------------
TAIWAN SEMICONDUCTOR
-ADR ADR 874039100 3,578 359,200 SH SOLE 359,200 0
------------------------------------------------------------------------------------------------------------------------------------
TEREX CORP COMMON 880779103 1,790 27,300 SH SOLE 27,300 0
------------------------------------------------------------------------------------------------------------------------------------
TERRA INDUSTRIES INC COMMON 880915103 14,605 305,800 SH SOLE 305,800 0
------------------------------------------------------------------------------------------------------------------------------------
THE CHARLES SCHWAB CORP COMMON 808513105 258 10,100 SH SOLE 0 10,100
------------------------------------------------------------------------------------------------------------------------------------
TRIUMPH GROUP INC COMMON 896818101 7,494 91,000 SH SOLE 91,000 0
------------------------------------------------------------------------------------------------------------------------------------
TUPPERWARE BRANDS CORP COMMON 899896104 6,883 208,400 SH SOLE 208,400 0
------------------------------------------------------------------------------------------------------------------------------------
TWIN DISC INC COMMON 901476101 2,328 32,900 SH SOLE 32,900 0
------------------------------------------------------------------------------------------------------------------------------------
U G I CORPORATION COMMON 902681105 474 17,400 SH SOLE 0 17,400
------------------------------------------------------------------------------------------------------------------------------------
U S BANCORP COMMON 902973304 3,370 106,175 SH SOLE 106,100 75
------------------------------------------------------------------------------------------------------------------------------------
ULTRAPAR PARTICIPACOES
-ADR ADR 90400P101 2,487 71,800 SH SOLE 71,800 0
------------------------------------------------------------------------------------------------------------------------------------
URS CORP COMMON 903236107 6,547 120,500 SH SOLE 120,500 0
------------------------------------------------------------------------------------------------------------------------------------
US AIRWAYS GROUP INC COMMON 90341W108 4,557 309,800 SH SOLE 309,800 0
------------------------------------------------------------------------------------------------------------------------------------
VERIZON COMMUNICATIONS COMMON 92343V104 12,045 275,700 SH SOLE 262,565 13,135
------------------------------------------------------------------------------------------------------------------------------------
Page 9 of 9 12/31/2007
FORM 13F INFORMATION TABLE
Name of Reporting Manager: Hennessy Advisors, Inc.
Column
Column 1: Column 2: Column 3: Column 4: Column 5: Column 6: 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
------------------------------------------------------------------------------------------------------------------------------------
VOLT INFO SCIENCES INC COMMON 928703107 8,456 463,100 SH SOLE 463,100 0
------------------------------------------------------------------------------------------------------------------------------------
VOLVO AB SWE -ADR ADR 928856400 20,689 1,253,900 SH SOLE 1,253,900 0
------------------------------------------------------------------------------------------------------------------------------------
VSE CORP COMMON 918284100 2,432 49,800 SH SOLE 49,800 0
------------------------------------------------------------------------------------------------------------------------------------
WACHOVIA CORP COMMON 929903102 3,377 88,800 SH SOLE 88,800 0
------------------------------------------------------------------------------------------------------------------------------------
WARNACO GROUP INC COMMON 934390402 8,324 239,200 SH SOLE 239,200 0
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON MUTUAL INC COMMON 939322103 3,114 228,800 SH SOLE 228,800 0
------------------------------------------------------------------------------------------------------------------------------------
WELLCARE HEALTH PLANS INC COMMON 94946T106 12,914 304,500 SH SOLE 304,500 0
------------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO COMMON 949746101 3,806 126,084 SH SOLE 115,300 10,784
------------------------------------------------------------------------------------------------------------------------------------
WESTAMERICA BANCORP COMMON 957090103 418 9,383 SH SOLE 0 9,383
------------------------------------------------------------------------------------------------------------------------------------
WESTERN GEOPOWER CORP ADR 95827Q103 11 25,002 SH SOLE 0 25,002
------------------------------------------------------------------------------------------------------------------------------------
WESTERN REFINING INC COMMON 959319104 1,034 42,700 SH SOLE 42,700 0
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 1,390,473
------------------------------------------------------------------------------------------------------------------------------------