13F-HR 1 x13f-1205.txt GKM ADVISERS, LLC - FORM 13F-HR 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, 2005 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: GKM Advisers, LLC Address: 11150 Santa Monica Boulevard, Suite 850 Los Angeles, CA 90025 Form 13F File Number: 28-10383 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: Timothy J. Wahl Title: President Phone: (310) 268-2605 Signature, Place, and Date of Signing: /s/ Timothy J. Wahl Los Angeles, California 01/26/2006 ---------------------- [Signature] [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: 168 Form 13F Information Table Value Total: $ 508,125 (thousands) List of Other Included Managers: NONE FORM 13F INFORMATION TABLE

COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- ----------- --------------------- ---------- -------- ---------------------- NAME OF ISSUER TITLE OF CUSIP FAIR MARKET SHARES OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY CLASS NUMBER VALUE PRINCIPAL PRN CALL DISCRETION MANAGERS SOLE SHAREHOLDER NONE (000'S) AMOUNT ---------------------------- -------- -------- ----------- --------- --- ---- ---------- -------- ----- ----------- ---- AMDOCS LTD ORD G02602103 ~~1981~~1959 ~~71435~~71235 SH -- SOLE -- ~~44975~~44775 26460 ACCENTURE LTD BERMUDA CL A G1150G111 4783 165690 SH -- SOLE -- 92325 73365 GARMIN LTD ORD G37260109 ~~9668~~12025 ~~142537~~181237 SH -- SOLE -- ~~73490~~82490 ~~69047~~98747 INGERSOLL-RAND COMPANY LTD CL A G4776G101 ~~1413~~1157 ~~36950~~28670 SH -- SOLE -- ~~22380~~17520 ~~14570~~11150 TRANSOCEAN INC ORD G90078109 ~~530~~563 ~~8650~~8075 SH -- SOLE -- ~~8650~~8075 WEATHERFORD INTERNATIONAL LT COM G95089101 ~~503~~494 ~~7325~~13650 SH -- SOLE -- ~~7325~~13650 FLEXTRONICS INTL LTD ORD Y2573F102 ~~3989~~3197 ~~310425~~306200 SH -- SOLE -- ~~184000~~180925 ~~126425~~125275 ABBOTT LABS COM 002824100 ~~5560~~5073 ~~131121~~128646 SH -- SOLE -- ~~53826~~53026 ~~77295~~75620 ADOBE SYS INC COM 00724F101 ~~8400~~10350 ~~281410~~280035 SH -- SOLE -- ~~107450~~109575 ~~173960~~170460 AFFILIATED COMPUTER SERVICES CL A 008190100 ~~4366~~4653 ~~79955~~78630 SH -- SOLE -- ~~53305~~53180 ~~26650~~25450 AIR PRODS & CHEMS INC COM 009158106 ~~425~~456 7700 SH -- SOLE -- 400 7300 ALBERTO CULVER CO COM 013068101 ~~3102~~3027 ~~69321~~66171 SH -- SOLE -- ~~47221~~46921 ~~22100~~19250 ALLERGAN INC COM 018490102 ~~369~~421 ~~4025~~3900 SH -- SOLE -- ~~4025~~3900 AMERICA MOVIL S A DE C V SPON ADR L SHS 02364W105 ~~878~~976 33370 SH -- SOLE -- 33370 AMERICAN EXPRESS CO COM 025816109 ~~1242~~1055 ~~21625~~20500 SH -- SOLE -- ~~9925~~8800 11700 AMERICAN INTL GROUP INC COM 026874107 ~~419~~476 ~~6756~~6976 SH -- SOLE -- ~~6756~~6976 AMGEN INC COM 031162100 ~~6603~~6497 ~~82884~~82384 SH -- SOLE -- ~~33434~~33784 ~~49450~~48600 ANHEUSER BUSCH COS INC COM 035229103 ~~3471~~3175 ~~80635~~73900 SH -- SOLE -- ~~5985~~3700 ~~74650~~70200 APOLLO GROUP INC CL A 037604105 ~~363~~310 ~~5470~~5133 SH -- SOLE -- ~~5470~~5133 APPLERA CORP COM AP BIO GRP 038020103 ~~574~~656 24680 SH -- SOLE -- 1200 23480 APPLIED MATLS INC COM 038222105 ~~3372~~3597 ~~198815~~200475 SH -- SOLE -- ~~128100~~132000 ~~70715~~68475 AUTOMATIC DATA PROCESSING IN COM 053015103 ~~3795~~4023 ~~88163~~87638 SH -- SOLE -- ~~33475~~33550 ~~54688~~54088 AVERY DENNISON CORP COM 053611109 ~~322~~312 ~~6145~~5645 SH -- SOLE -- 320 ~~5825~~5325 AVON PRODS INC COM 054303102 ~~489~~450 ~~18125~~15775 SH -- SOLE -- ~~15375~~13925 ~~2750~~1850 BANK OF AMERICA CORPORATION COM 060505104 ~~948~~984 ~~22520~~21320 SH -- SOLE -- ~~8328~~7128 14192 BAUSCH & LOMB INC COM 071707103 ~~4113~~3425 ~~50985~~50435 SH -- SOLE -- ~~31315~~31615 ~~19670~~18820 ~~BAXTER~~BEAR ~~INTL~~STEARNS COS INC COM ~~071813109~~073902108 ~~271~~3917 ~~6800~~33902 SH -- SOLE -- ~~800~~7925 ~~6000~~25977 ~~BEAR~~BED ~~STEARNS~~BATH ~~COS~~& BEYOND INC COM ~~073902108~~075896100 ~~3677~~3196 ~~33502~~88410 SH -- SOLE -- ~~6150~~56325 ~~27352~~32085 ~~BED~~BERKSHIRE ~~BATH~~HATHAWAY &INC ~~BEYOND~~DEL ~~INC~~CL ~~COM~~B ~~075896100~~084670207 ~~3499~~220 ~~87080~~75 SH -- SOLE -- ~~55725~~43 ~~31355~~32 BEST BUY INC COM 086516101 202 4650 SH -- SOLE -- 4650 BIOGEN IDEC INC COM 09062X103 1310 28891 SH -- SOLE -- 18477 10414 BLOCK H & R INC COM 093671105 ~~2938~~3008 122520 SH -- SOLE -- 4800 117720 BOEING CO COM 097023105 ~~608~~628 8946 SH -- SOLE -- 800 8146 BRADY CORP CL A 104674106 ~~625~~709 ~~20200~~19600 SH -- SOLE -- ~~20200~~19600 CLECO CORP NEW COM 12561W105 ~~358~~317 15200 SH -- SOLE -- 15200 CVB FINL CORP COM 126600105 ~~338~~369 18156 SH -- SOLE -- 18156 CARDIODYNAMICS INTL CORP COM 141597104 ~~135~~121 100000 SH -- SOLE -- 100000 CARNIVAL CORP PAIRED CTF 143658300 ~~207~~373 ~~4150~~6975 SH -- SOLE -- ~~1175~~4050 ~~2975~~2925 CATERPILLAR INC DEL COM 149123101 ~~2285~~2232 ~~38902~~38633 SH -- SOLE -- ~~33439~~33170 5463 CISCO SYS INC COM 17275R102 ~~6415~~5995 ~~357794~~350194 SH -- SOLE -- ~~107184~~102884 ~~250610~~247310 CITIGROUP INC COM 172967101 ~~2676~~2817 ~~58795~~58038 SH -- SOLE -- ~~17764~~17407 ~~41031~~40631 CITRIX SYS INC COM 177376100 ~~4460~~5072 ~~177410~~176235 SH -- SOLE -- ~~129150~~128175 ~~48260~~48060 ~~CITY NATL CORP COM 178566105 329 4700 SH -- SOLE -- 3000 1700~~ COHERENT INC COM 192479103 ~~2140~~2170 73100 SH -- SOLE -- 800 72300 COMCAST CORP NEW CL A 20030N101 ~~1904~~1521 ~~64801~~58576 SH -- SOLE -- ~~41461~~39236 ~~23340~~19340 COMPUTER SCIENCES CORP COM 205363104 ~~1603~~1716 33880 SH -- SOLE -- 1200 32680 CONCEPTUS INC COM 206016107 ~~177~~269 ~~15300~~21300 SH -- SOLE -- ~~15300~~21300 CORNING INC COM 219350105 ~~1274~~1271 ~~65928~~64628 SH -- SOLE -- ~~44625~~43325 21303 COSTCO WHSL CORP NEW COM 22160K105 ~~2772~~3155 ~~64342~~63778 SH -- SOLE -- ~~6000~~6200 ~~58342~~57578 COVANCE INC COM 222816100 ~~4247~~4228 ~~88495~~87095 SH -- SOLE -- ~~52275~~52575 ~~36220~~34520 DECODE GENETICS INC COM 243586104 ~~1524~~1473 ~~181632~~178385 SH -- SOLE -- ~~106347~~103100 75285 DELL INC COM 24702R101 ~~636~~533 ~~18590~~17765 SH -- SOLE -- ~~17850~~17025 740 ~~DELUXE CORP COM 248019101 598 14892 SH -- SOLE -- 14892~~ DIEBOLD INC COM 253651103 ~~3283~~3545 ~~95261~~93301 SH -- SOLE -- ~~51025~~51675 ~~44236~~41626 DIONEX CORP COM 254546104 ~~5263~~4641 ~~97010~~94570 SH -- SOLE -- ~~32325~~32025 ~~64685~~62545 DISNEY WALT CO COM DISNEY 254687106 ~~220~~218 9115 SH -- SOLE -- 2115 7000 ~~DOMINION RES INC VA NEW COM 25746U109 215 2500 SH -- SOLE -- 800 1700~~ DONALDSON INC COM 257651109 ~~2332~~2430 76400 SH -- SOLE -- 1200 75200 DOW CHEM CO COM 260543103 ~~313~~329 7500 SH -- SOLE -- 7500 DUKE ENERGY CORP COM 264399106 ~~534~~465 ~~18300~~16950 SH -- SOLE -- ~~15700~~14350 2600 ECOLAB INC COM 278865100 ~~3044~~3400 ~~95319~~93744 SH -- SOLE -- ~~60945~~60670 ~~34374~~33074 EMERSON ELEC CO COM 291011104 ~~646~~598 ~~9000~~8000 SH -- SOLE -- ~~1600~~1300 ~~7400~~6700 ENCORE MEDICAL CORP COM 29256E109 119 24000 SH -- SOLE -- 24000 ENGLEHARD CORP COM 292845104 ~~694~~204 ~~24875~~6775 SH -- SOLE -- ~~2500~~400 ~~22375~~6375 EVANS & SUTHERLAND COMPUTER COM 299096107 6049 10000 SH -- SOLE -- 10000 EXPEDIA INC DEL COM 30212P105 217 9054 SH -- SOLE -- 9054 FPL GROUP INC COM 302571104 ~~1368~~976 ~~28730~~23480 SH -- SOLE -- ~~28730~~14180 9300 FEDEX CORP COM 31428X106 ~~8151~~9300 ~~93555~~89955 SH -- SOLE -- ~~39055~~39030 ~~54500~~50925 FIRST DATA CORP COM 319963104 ~~254~~273 6350 SH -- SOLE -- 3700 2650 FIRSTENERGY CORP COM 337932107 ~~394~~370 7557 SH -- SOLE -- 7557 GENENTECH INC COM NEW 368710406 ~~360~~395 4275 SH -- SOLE -- 4275 GENERAL ~~ELEC~~ELECTRIC CO COM 369604103 ~~6569~~6780 ~~195106~~193424 SH -- SOLE -- ~~68029~~68104 ~~127077~~125320 GENZYME CORP COM 372917104 ~~3395~~3805 ~~47390~~53760 SH -- SOLE -- ~~24175~~27445 ~~23215~~26315 ~~GILLETTE CO COM 375766102 5354 92000 SH -- SOLE -- 5550 86450~~ GOOGLE INC CL A 38259P508 ~~7372~~9739 ~~23295~~23475 SH -- SOLE -- ~~11160~~10780 ~~12135~~12695 GRACO INC COM 384109104 ~~1452~~1261 ~~42361~~34561 SH -- SOLE -- ~~34699~~26899 7662 GRAINGER W W INC COM 384802104 ~~5385~~6037 ~~85581~~84906 SH -- SOLE -- ~~49570~~49495 ~~36011~~35411 GRANITE CONSTR INC COM 387328107 ~~1304~~1225 34102 SH -- SOLE -- 800 33302 GRANT PRIDECO INC COM 38821G101 ~~780~~794 ~~19200~~18000 SH -- SOLE -- ~~19200~~18000 GRUPO TMM S A SP ADR A SHS 40051D105 ~~1435~~1278 ~~350050~~331850 SH -- SOLE -- ~~12650~~1000 ~~337400~~330850 ~~HARLAND JOHN H CO COM 412693103 391 8800 SH -- SOLE -- 400 8400~~ HARMAN INTL INDS INC COM 413086109 ~~8214~~7963 ~~80316~~81380 SH -- SOLE -- ~~43160~~43735 ~~37156~~37645 HARRAHS ENTMT INC COM 413619107 ~~3186~~3217 ~~48865~~45120 SH -- SOLE -- ~~21425~~21880 ~~27440~~23240 HERSHEY CO COM 427866108 ~~3371~~3261 ~~59870~~59020 SH -- SOLE -- ~~37830~~37730 ~~22040~~21290 HEWLETT PACKARD CO COM 428236103 ~~1011~~997 ~~34622~~34828 SH -- SOLE -- ~~3197~~3403 31425 HILTON HOTELS CORP COM 432848109 ~~1033~~969 ~~46275~~40175 SH -- SOLE -- ~~35925~~34425 ~~10350~~5750 HOME DEPOT INC COM 437076102 ~~6667~~7046 ~~174816~~174066 SH -- SOLE -- 7587 ~~167229~~166479 IAC INTERACTIVECORP COM ~~44919P102~~NEW ~~234~~44919P300 ~~9228~~223 SH7880 ~~-- SOLE -- 9228 ID BIOMEDICAL CORP COM 44936D108 930 30950~~ SH -- SOLE -- ~~23700~~7880 ~~7250~~ INTEL CORP COM 458140100 ~~12076~~12122 ~~489888~~485652 SH -- SOLE -- ~~102077~~101079 ~~387811~~384573 INTERGRAPH CORP COM 458683109 ~~2421~~2679 ~~54140~~53790 SH -- SOLE -- ~~33990~~34040 ~~20150~~19750 INTERNATIONAL BUSINESS MACHS COM 459200101 ~~7502~~7489 ~~93522~~91112 SH -- SOLE -- ~~31625~~31285 ~~61897~~59827 INTERNATIONAL FLAVORS&FRAGRA COM 459506101 ~~3656~~2632 ~~102581~~78581 SH -- SOLE -- ~~55880~~49730 ~~46701~~28851 INTERSIL CORP CL A 46069S109 ~~437~~238 ~~20050~~9550 SH -- SOLE -- ~~19750~~9250 300 ~~JDS~~JP ~~UNIPHASE~~MORGAN ~~CORP COM 46612J101 103 46205 SH -- SOLE -- 46105 100 JPMORGAN~~ & CHASE & CO COM 46625H100 ~~293~~351 ~~8644~~8844 SH -- SOLE -- ~~5744~~5944 2900 JOHNSON & JOHNSON COM 478160104 ~~13172~~12531 ~~208151~~208501 SH -- SOLE -- ~~37237~~37587 170914 JOHNSON CTLS INC COM 478366107 ~~670~~780 ~~10800~~10700 SH -- SOLE -- ~~3100~~3000 7700 KENNEMETAL INC COM 489170100 ~~1151~~1073 ~~23465~~21015 SH -- SOLE -- 3165 ~~20300~~17850 LEHMAN BROS HLDGS INC COM 524908100 ~~419~~455 ~~3600~~3550 SH -- SOLE -- ~~3100~~3050 500 LEXMARK INTL NEW CL A 529771107 ~~6495~~3467 ~~106391~~77335 SH -- SOLE -- ~~22880~~6580 ~~83511~~70755 ~~LIBERTY MEDIA CORP NEW COM SER A 530718105 225 27925 SH -- SOLE -- 27925~~ LILLY ELI & CO COM 532457108 ~~4896~~8990 ~~91473~~158865 SH -- SOLE -- ~~37670~~78860 ~~53803~~80005 LO-JACK CORP COM 539451104 ~~4128~~4441 ~~195280~~184030 SH -- SOLE -- ~~78950~~77900 ~~116330~~106130 LOWES COS INC COM 548661107 ~~640~~633 ~~9940~~9500 SH -- SOLE -- ~~9900~~9500 40 MACDERMID INC COM 554273102 ~~1182~~1256 45000 SH -- SOLE -- 45000 MANPOWER INC COM 56418H100 ~~4224~~4281 ~~95160~~92060 SH -- SOLE -- ~~52000~~50300 ~~43160~~41760 MCDONALDS CORP COM 580135101 ~~532~~526 ~~15900~~15600 SH -- SOLE -- ~~1300~~1000 14600 MCGRAW HILL COS INC COM 580645109 ~~3216~~3399 ~~66940~~65840 SH -- SOLE -- ~~66940~~46095 19745 MEDTRONIC INC COM 585055106 ~~32045~~35060 ~~597631~~608991 SH -- SOLE -- ~~69505~~81130 ~~528126~~527861 MENS WEARHOUSE INC COM 587118100 ~~3759~~4153 ~~140804~~141054 SH -- SOLE -- ~~82012~~82412 ~~58792~~58642 MEREDITH CORP COM 589433101 ~~3248~~3394 ~~65100~~64850 SH -- SOLE -- ~~34400~~34900 ~~30700~~29950 MICROSOFT CORP COM 594918104 ~~25189~~25687 ~~978955~~982280 SH -- SOLE -- ~~211534~~218709 ~~767421~~763571 MILLENNIUM PHARMACEUTICALS I COM 599902103 ~~124~~116 ~~13250~~12000 SH -- SOLE -- ~~13250~~12000 MOODYS CORP COM 615369105 ~~410~~493 8020 SH -- SOLE -- 8020 MOTOROLA INC COM 620076109 ~~204~~216 ~~9247~~9547 SH -- SOLE -- ~~8347~~8647 900 NEWS CORP CL A 65248E104 ~~344~~320 ~~22083~~20572 SH -- SOLE -- ~~22083~~20572 NEWS CORP CL B 65248E203 ~~528~~544 ~~32000~~32750 SH -- SOLE -- ~~20150~~22550 ~~11850~~10200 NIKE INC CL B 654106103 ~~3167~~3400 ~~38775~~39175 SH -- SOLE -- ~~27400~~27800 11375 NOKIA CORP SPONSORED ADR 654902204 ~~4698~~4984 ~~277845~~272370 SH -- SOLE -- ~~172845~~169770 ~~105000~~102600 NORFOLK SOUTHERN CORP COM 655844108 ~~657~~704 ~~16200~~15700 SH -- SOLE -- ~~500~~ 15700 NOVARTIS A G SPONSORED ADR 66987V109 ~~5848~~6932 ~~114660~~132085 SH -- SOLE -- ~~66000~~71300 ~~48660~~60785 ~~NOVATEL INC COM 669954109 250 9480 SH -- SOLE -- 9480~~ NSTAR COM 67019E107 ~~243~~241 8400 SH -- SOLE -- 8400 NUCOR CORP COM 670346105 ~~484~~547 8200 SH -- SOLE -- 6700 1500 OPENWAVE SYS INC COM NEW 683718308 ~~229~~223 12764 SH -- SOLE -- 8765 3999 ORACLE CORP COM 68389X105 ~~2325~~2313 ~~187668~~189418 SH -- SOLE -- ~~80935~~82735 ~~106733~~106683 PALL CORP COM 696429307 ~~3622~~3020 ~~131695~~112445 SH -- SOLE -- ~~78800~~63200 ~~52895~~49245 PATTERSON COMPANIES INC COM 703395103 ~~2788~~2325 ~~69650~~69600 SH -- SOLE -- ~~37900~~38600 ~~31750~~31000 PEPSICO INC COM 713448108 ~~4016~~4214 ~~70810~~71330 SH -- SOLE -- ~~15086~~15481 ~~55724~~55849 PETSMART INC COM 716768106 ~~2581~~3151 ~~118490~~122815 SH -- SOLE -- ~~68325~~72575 ~~50165~~50240 PFIZER INC COM 717081103 ~~5294~~4784 ~~212033~~205156 SH -- SOLE -- ~~102466~~95689 ~~109567~~109467 PITNEY BOWES INC COM 724479100 ~~7405~~7368 ~~177414~~174384 SH -- SOLE -- ~~56445~~56345 ~~120969~~118039 PROCTER & GAMBLE CO COM 742718109 ~~2391~~7503 ~~40211~~129626 SH -- SOLE -- ~~10150~~15308 ~~30061~~114318 PROGRESS ENERGY INC COM 743263105 ~~208~~204 4642 SH -- SOLE -- 4642 PUBLIC SVC ENTERPRISE GROUP COM 744573106 ~~592~~598 9200 SH -- SOLE -- 9200 QUALCOMM INC COM 747525103 ~~5383~~5160 ~~120294~~119769 SH -- SOLE -- ~~91303~~90678 ~~28991~~29091 RITE AID CORP COM 767754104 5146 13200 SH -- SOLE -- 13200 SANDISK CORP COM 80004C101 ~~490~~602 ~~10150~~9575 SH -- SOLE -- ~~10150~~9575 SAP AKTIENGESELLSCHAFT SPONSORED ADR 803054204 ~~2813~~2889 ~~64910~~64110 SH -- SOLE -- 44650 ~~20260~~19460 SARA LEE CORP COM 803111103 ~~359~~358 18926 SH -- SOLE -- 260 18666 SCANA CORP NEW COM 80589M102 ~~338~~315 8000 SH -- SOLE -- 8000 SCHEIN HENRY INC COM 806407102 ~~1848~~1761 ~~43350~~40350 SH -- SOLE -- ~~33850~~33750 ~~9500~~6600 SCOTTS MIRACLE GRO CO CL A 810186106 ~~16325~~16661 ~~185655~~368286 SH -- SOLE -- ~~80675~~162600 ~~104980~~205686 SERVICEMASTER CO COM 81760N109 ~~3856~~3248 ~~284801~~271768 SH -- SOLE -- 17062 ~~267739~~254706 SHAW GROUP INC COM 820280105 ~~633~~689 ~~25675~~23675 SH -- SOLE -- ~~25675~~23675 SIGMA ALDRICH CORP COM 826552101 ~~2777~~2702 ~~43350~~42695 SH -- SOLE -- ~~31975~~31475 ~~11375~~11220 STERIS CORP COM 859152100 ~~2517~~2618 ~~105785~~104635 SH -- SOLE -- ~~67150~~66800 ~~38635~~37835 STRIDE RITE CORP COM 863314100 ~~449~~475 35000 SH -- SOLE -- 35000 STRYKER CORP COM 863667101 ~~2655~~2342 ~~53717~~52717 SH -- SOLE -- 36792 ~~16925~~15925 SUNCOR ENERGY INC COM 867229106 ~~230~~240 3800 SH -- SOLE -- 3800 SYMBOL TECHNOLOGIES INC COM 871508107 ~~436~~488 ~~44996~~38058 SH -- SOLE -- ~~39667~~33125 ~~5329~~4933 SYSCO CORP COM 871829107 ~~10098~~10008 ~~321910~~322310 SH -- SOLE -- ~~72075~~72475 249835 TELEFONOS DE MEXICO S A SPON ADR A SHS 879403707 ~~252~~291 12000 SH -- SOLE -- 12000 TELLABS INC COM 879664100 ~~7976~~8188 ~~758155~~751180 SH -- SOLE -- ~~93000~~91900 ~~665155~~659280 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 ~~8083~~10207 ~~241864~~237314 SH -- SOLE -- ~~68434~~68084 ~~173430~~169230 TEXAS INSTRS INC COM 882508104 ~~7401~~6964 ~~218315~~217140 SH -- SOLE -- ~~31033~~32233 ~~187282~~184907 3M CO COM 88579Y101 ~~4998~~5214 ~~68123~~67273 SH -- SOLE -- ~~39150~~38750 ~~28973~~28523 TIFFANY & CO NEW COM 886547108 ~~3385~~3205 ~~85112~~83712 SH -- SOLE -- 13650 ~~71462~~70062 TRIMBLE NAVIGATION LTD COM 896239100 ~~9239~~9815 ~~274235~~276548 SH -- SOLE -- ~~129350~~130250 ~~144885~~146298 TYCO INTL LTD NEW COM 902124106 ~~471~~446 ~~16904~~15438 SH -- SOLE -- ~~16904~~15438 UNITED PARCEL SERVICE INC CL B 911312106 ~~3580~~3866 ~~51790~~51440 SH -- SOLE -- ~~38100~~37900 ~~13690~~13540 UNITEDHEALTH GROUP INC COM 91324P102 ~~1325~~1465 23580 SH -- SOLE -- 22080 1500 UNIVISION COMMUNICATIONS INC CL A 914906102 ~~412~~386 ~~15545~~13124 SH -- SOLE -- ~~15545~~13124 VECTREN CORP COM 92240G101 ~~234~~224 8261 SH -- SOLE -- 8261 VERISIGN INC COM 92343E102 ~~727~~480 ~~34000~~21900 SH -- SOLE -- ~~25500~~14100 ~~8500~~7800 VERIZON COMMUNICATIONS COM 92343V104 ~~311~~212 ~~9514~~7053 SH -- SOLE -- ~~9014~~7053 ~~500~~ VODAFONE GROUP PLC NEW SPONSORED ADR 92857W100 ~~497~~385 ~~19125~~17925 SH -- SOLE -- ~~12625~~11425 6500 WAL MART STORES INC COM 931142103 ~~257~~271 ~~5870~~5800 SH -- SOLE -- 4950 ~~920~~850 WALGREEN CO COM 931422109 ~~4512~~4583 ~~103850~~103550 SH -- SOLE -- 600 ~~103250~~102950 WASTE MGMT INC DEL COM 94106L109 ~~860~~781 ~~30050~~25725 SH -- SOLE -- ~~20700~~18500 ~~9350~~7225 WATSON PHARMACEUTICALS INC COM 942683103 ~~1650~~1465 45061 SH -- SOLE -- 3765 41296 WELLS FARGO & CO NEW COM 949746101 ~~1599~~1533 ~~27298~~24398 SH -- SOLE -- ~~23383~~21358 ~~3915~~3040 WHOLE FOODS MKT INC COM 966837106 ~~2407~~2771 ~~17900~~35800 SH -- SOLE -- ~~16250~~32500 ~~1650~~3300 ~~WOLVERINE WORLD WIDE INC COM 978097103 438 20812 SH -- SOLE -- 2025 18787~~ XCEL ENERGY INC COM 98389B100 ~~197~~185 10040 SH -- SOLE -- 10040 YELLOW ROADWAY CORP COM 985577105 ~~1516~~1417 ~~36595~~31775 SH -- SOLE -- 3775 ~~32820~~28000 YUM BRANDS INC COM 988498101 ~~317~~292 ~~6550~~6225 SH -- SOLE -- ~~3650~~3450 ~~2900~~2775

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