13F-HR 1 q306.txt 093006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: 09/30/06 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: Muhlenkamp & Company Address: 5000 Stonewood Drive, Suite 300 Wexford, PA 15090 Form 13F File Number: 28-03447 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: Jack Kunkle Title: Analyst Phone: 724-934-5126 /s/ Jack Kunkle November 15, 2006 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: 85 Form 13F Information Table Value Total: 3,320,256 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- ------ AMR Corp. COM 001765106 3553 153545.0000 SH Sole 153545.0000 Allstate Insurance Grp. COM 020002101 156926 2501612.8420 SH Sole 2501612.8420 Altria Group Inc COM 02209S103 99984 1306121.5817 SH Sole 1306121.5817 American Express Co. COM 025816109 219 3910.0000 SH Sole 3910.0000 American International Group COM 026874107 124339 1876530.0000 SH Sole 1876530.0000 American Woodmark Corp COM 030506109 16487 489387.6535 SH Sole 489387.6535 Anadarko Petroleum Corp. COM 032511107 111083 2534405.0000 SH Sole 2534405.0000 BHP BILLITON LTD SPONSORED ADR COM 088606108 86979 2296165.0000 SH Sole 2296165.0000 Bank of America Corp COM 060505104 764 14264.4065 SH Sole 14264.4065 Beazer Homes Inc. COM 07556Q105 35637 912825.3800 SH Sole 912825.3800 Berkshire Hathaway CL B COM 084670207 270 85.0000 SH Sole 85.0000 Black & Decker Corp COM 091797100 47667 600723.8109 SH Sole 600723.8109 CHAPARRAL STL CO DEL COM COM 159423102 19886 583862.0000 SH Sole 583862.0000 Capital One Financial Corp. COM 14040H105 131890 1676711.7350 SH Sole 1676711.7350 Caterpillar COM 149123101 95230 1447264.0000 SH Sole 1447264.0000 Cemex S A Ssponsor ADR New Rep COM 151290889 166607 5538790.3800 SH Sole 5538790.3800 Centex Corp COM 152312104 86681 1647309.2220 SH Sole 1647309.2220 ChevronTexaco Corp. COM 166764100 207 3195.0000 SH Sole 3195.0000 Cisco Systems Inc COM 17275R102 554 24099.0000 SH Sole 24099.0000 Citigroup Inc. COM 172967101 129877 2614788.9233 SH Sole 2614788.9233 ConocoPhillips COM 20825C104 118736 1994560.8400 SH Sole 1994560.8400 Countrywide Financial Corp. COM 222372104 130308 3718826.2951 SH Sole 3718826.2951 DEVON ENERGY CORP NEW COM COM 25179M103 98357 1557517.5640 SH Sole 1557517.5640 DOLLAR THRIFTY AUTOMOT COM COM 256743105 214 4800.0000 SH Sole 4800.0000 Dell Inc. COM 24702R101 280 12244.0000 SH Sole 12244.0000 Dynegy Inc. COM 26816Q101 3989 720000.0000 SH Sole 720000.0000 EMBARQ CORP COM COM 29078E105 2262 46773.0000 SH Sole 46773.0000 EResearch COM 29481V108 8439 1041875.0000 SH Sole 1041875.0000 Eagle Materials Inc COM 26969P108 10884 323162.8453 SH Sole 323162.8453 El Paso Corporation COM 28336l109 10947 802589.0000 SH Sole 802589.0000 Exxon Mobil Corp. COM 30231G102 839 12497.0000 SH Sole 12497.0000 FIDELITY NATIONAL TITLE COM 6426 306592.0000 SH Sole 306592.0000 Fannie Mae COM 313586109 7963 142428.0000 SH Sole 142428.0000 Fidelity National Financial (O COM 316326107 82766 1987190.0830 SH Sole 1987190.0830 GAMCO INVESTORS INC-A COM 361438104 4628 121600.0000 SH Sole 121600.0000 General Electric COM 369604103 1668 47253.3032 SH Sole 47253.3032 Goldman Sachs Group Inc. COM 38141G104 1166 6890.0000 SH Sole 6890.0000 Graco Inc. COM 384109104 8556 219051.0000 SH Sole 219051.0000 Harley Davidson Inc. COM 412822108 26691 425360.0000 SH Sole 425360.0000 Houston Exploration COM 442120101 42859 777135.0000 SH Sole 777135.0000 Intel Corp COM 458140100 329 16000.0000 SH Sole 16000.0000 International Business Machine COM 459200101 12308 150203.3785 SH Sole 150203.3785 J.P. Morgan Chase & Co. COM 46625H100 575 12234.0000 SH Sole 12234.0000 Johnson & Johnson COM 478160104 135047 2079563.8700 SH Sole 2079563.8700 LONE STAR TECHNOLOGIES COM COM 542312103 3026 62540.0000 SH Sole 62540.0000 Lamson & Sessions COM 513696104 3287 138000.0000 SH Sole 138000.0000 Lowes Companies Inc. COM 548661107 248 8841.0000 SH Sole 8841.0000 MARSHALL EDWARDS INC COM COM 572322303 228 77397.0000 SH Sole 77397.0000 Masco Corp COM 574599106 30978 1129758.3860 SH Sole 1129758.3860 Mastec Inc. COM 576323109 5111 461700.0000 SH Sole 461700.0000 Meritage Corp. COM 59001A102 44924 1079635.0000 SH Sole 1079635.0000 Merrill Lynch COM 590188108 141088 1803732.5420 SH Sole 1803732.5420 Microsoft Corp COM 594918104 968 35391.1095 SH Sole 35391.1095 Mohawk Industries, Inc. COM 608190104 27535 369852.0000 SH Sole 369852.0000 Morgan Stanley COM 617446448 25751 353184.0000 SH Sole 353184.0000 NOVAGOLD RES INC COM NEW COM 66987E206 8389 534700.0000 SH Sole 534700.0000 NVR Inc. COM 62944T105 81928 153137.0000 SH Sole 153137.0000 Nabors Industries LTD New (Ber COM G6359F103 112785 3791082.0000 SH Sole 3791082.0000 National RV Holdings COM 637277104 1553 447683.0000 SH Sole 447683.0000 Novogen LTD COM 67010F103 2882 251710.0000 SH Sole 251710.0000 OPENTV CORP CL A COM G67543101 570 200000.0000 SH Sole 200000.0000 Patterson Energy Inc. COM 703481101 78456 3302009.0460 SH Sole 3302009.0460 Pfizer Inc COM 717081103 90393 3187325.8187 SH Sole 3187325.8187 Polaris Industries, Inc. COM 731068102 22795 553955.0000 SH Sole 553955.0000 Pulte Homes, Inc. COM 745867101 20703 649800.0000 SH Sole 649800.0000 RTI International Metals Inc. COM 74973W107 13758 315690.0000 SH Sole 315690.0000 Rush Enterprises CLA COM 781846209 3446 206605.0000 SH Sole 206605.0000 Rush Enterprises CLB COM 781846308 4412 283005.0000 SH Sole 283005.0000 Stanley Furniture Inc New COM 854305208 17960 842805.0000 SH Sole 842805.0000 Terex Corp Del COM 880779103 58328 1289874.0000 SH Sole 1289874.0000 Texas Industries Inc. COM 882491103 10902 209415.0000 SH Sole 209415.0000 Thor Industries Inc. COM 885160101 68338 1659909.0000 SH Sole 1659909.0000 Toll Brothers Inc. COM 889478103 55373 1971975.0000 SH Sole 1971975.0000 U S Bancorp Del New COM 902973304 515 15510.0000 SH Sole 15510.0000 United Technologies Corp. COM 913017109 493 7780.0000 SH Sole 7780.0000 UnitedHealth Group Inc. COM 91324P102 136201 2768303.1220 SH Sole 2768303.1220 WYNDHAM WORLDWIDE CORPORATION COM 98310W108 11518 411790.0000 SH Sole 411790.0000 Wal-Mart Stores COM 931142103 572 11592.0000 SH Sole 11592.0000 Washington Mutual Inc. COM 939322103 56102 1290582.0000 SH Sole 1290582.0000 Wells Fargo & Co. COM 949746101 291 8040.0000 SH Sole 8040.0000 Whirlpool Corp COM 963320106 50325 598320.0000 SH Sole 598320.0000 Winnebago Inds. Inc. COM 974637100 34015 1083959.1950 SH Sole 1083959.1950 Wyeth COM 983024100 759 14938.0000 SH Sole 14938.0000 YRC WORLDWIDE INC COM 984249102 61926 1671877.0000 SH Sole 1671877.0000 Muhlenkamp Fund 962096103 346 4289.3240 SH Sole 4289.3240