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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
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SKECHERS U S A INC        COMMON      830566105      9,131   468,000  SH      SOLE                        468,000                 0
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SOUTHERN COPPER CORP      COMMON      84265V105      3,469    33,000  SH      SOLE                         33,000                 0
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SPARTAN STORES INC        COMMON      846822104     16,395   717,500  SH      SOLE                        717,500                 0
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SPX CORP                  COMMON      784635104      8,063    78,400  SH      SOLE                         78,400                 0
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STEEL DYNAMICS INC        COMMON      858119100     25,949   435,600  SH      SOLE                        435,600                 0
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SUN HEALTHCARE GROUP INC  COMMON      866933401     23,188 1,350,500  SH      SOLE                      1,350,500                 0
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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
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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
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THE CHARLES SCHWAB CORP   COMMON      808513105        258    10,100  SH      SOLE                              0            10,100
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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
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TWIN DISC INC             COMMON      901476101      2,328    32,900  SH      SOLE                         32,900                 0
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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
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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
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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
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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
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WARNACO GROUP INC         COMMON      934390402      8,324   239,200  SH      SOLE                        239,200                 0
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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
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WELLS FARGO & CO          COMMON      949746101      3,806   126,084  SH      SOLE                        115,300            10,784
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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
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WESTERN REFINING INC      COMMON      959319104      1,034    42,700  SH      SOLE                         42,700                 0
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                    TOTAL                        1,390,473
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