Penn Davis McFarland Inc. – ‘13F-HR’ for 12/31/05

On:  Monday, 1/23/06, at 12:04pm ET   ·   Effective:  1/23/06   ·   For:  12/31/05   ·   Accession #:  1108893-6-1   ·   File #:  28-05623

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Quarterly Holdings and Combination Report by a Money Manager   —   Form 13F
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 13F-HR      Quarterly Holdings and Combination Report by a         3     12K 
                Money Manager                                                    

13F-HR
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UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION  
Washington DC 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: [ ] is a restatement.                                           
[ ] adds new holdings entries.                  

Institutional Investment Manager Filing this Report:                            

Name:        PENN DAVIS MCFARLAND, INC.                                         
Address:     2626 COLE AVE.                                                     
SUITE 504                                             
DALLAS, TEXAS 75204                                   

Form 13F File Number: 28-05623                                                  

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:        JOHN S. MCFARLAND                                                  
Title:       PRESIDENT                                                          
Phone:       214-871-2772                                                       

Signature, Place, and Date of Signing:                                          

JOHN S. MCFARLAND                       DALLAS, TEXAS                  1/23/06  
------------------------------          --------------------          --------  
Signature                               City, State                   Date      

Report Type:                                                                    

[X] 13F HOLDINGS REPORT                                                         
[ ] 13F NOTICE                                                                  
[ ] 13F COMBINATION REPORT                                                      

13F-HR
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FORM 13F SUMMARY PAGE 

Report Summary:                                                                 

Number of Other Included Managers:         0                                    

Form 13F Information Table Entry Total:               42                        

Form 13F Information Table Value Total:         $331,092                        

List of Other Included Managers:                                                
NONE                                                                            

13F-HR
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                                                    FORM 13F INFORMATION TABLE                                                      

            COLUMN 1             COLUMN 2 COLUMN 3  COLUMN 4        COLUMN 5        COLUMN 6   COLUMN 7            COLUMN 8         
-------------------------------- -------- --------- -------- ---------------------- -------- ------------ --------------------------
                                  TITLE    CUSIP     VALUE     SHARES /    SH/ PUT/ INVSTMT     OTHER          VOTING AUTHORITY     
         NAME OF ISSUER          OF CLASS  NUMBER   (x$1000) PRINCIPAL AMT PRN CALL DSCRETN    MANAGERS     SOLE    SHARED    NONE  
-------------------------------- -------- --------- -------- ------------- --- ---- -------- ------------ -------- -------- --------
                                                                                                                                    
ALTRIA GROUP,  INC.              COMMON   02209S103     5949         79617 SH       SOLE                     79617                  
AMERICAN INTERNATIONAL GROUP     COMMON   026874107    14823        217247 SH       SOLE                    217247                  
AMGEN INC.                       COMMON   031162100    14300        181332 SH       SOLE                    181332                  
ANHEUSER-BUSCH CO.               COMMON   035229103     1052         24482 SH       SOLE                     24482                  
APOLLO GROUP INC. "A"            COMMON   037604105     2887         47745 SH       SOLE                     47745                  
ARRIS GROUP, INC.                COMMON   04269Q100      142         15000 SH       SOLE                     15000                  
BP PLC SPONSORED ADR             COMMON   055622104     8751        136264 SH       SOLE                    136264                  
BARR PHARMACEUTICALS, INC.       COMMON   068306109     9647        154879 SH       SOLE                    154879                  
CHEVRON CORPORATION              COMMON   166764100      750         13203 SH       SOLE                     13203                  
CIMAREX ENERGY CO.               COMMON   171798101      215          5000 SH       SOLE                      5000                  
CISCO SYSTEMS                    COMMON   17275R102      395         23081 SH       SOLE                     23081                  
CITIGROUP                        COMMON   172967101     1080         22262 SH       SOLE                     22262                  
CONOCOPHILLIPS                   COMMON   20825C104      253          4340 SH       SOLE                      4340                  
CULLEN FROST BANKERS             COMMON   229899109      242          4500 SH       SOLE                      4500                  
ECHOSTAR COMMUNICATIONS CORP     COMMON   278762109     1922         70700 SH       SOLE                     70700                  
ELECTRONIC ARTS INC.             COMMON   285512109     1079         20635 SH       SOLE                     20635                  
ENTERPRISE PRODUCTS PARTNERS L.P COMMON   293792107    23757        989473 SH       SOLE                    989473                  
EXXON MOBIL CORP                 COMMON   30231G102     1681         29935 SH       SOLE                     29935                  
GENERAL ELECTRIC CO.             COMMON   369604103    16824        480005 SH       SOLE                    480005                  
GOLDCORP, INC                    COMMON   380956409    23053       1034675 SH       SOLE                   1034675                  
HOME DEPOT INC.                  COMMON   437076102    17868        441394 SH       SOLE                    441394                  
HONEYWELL INTERNATIONAL INC.     COMMON   438516106     1537         41249 SH       SOLE                     41249                  
ITT EDUCATIONAL SERVICES         COMMON   45068B109    13900        235157 SH       SOLE                    235157                  
IBM CORPORATION                  COMMON   45920010      2540         30900 SH       SOLE                     30900                  
ISONICS CORP                     COMMON   464895101       18         10000 SH       SOLE                     10000                  
JOHNSON & JOHNSON                COMMON   47816010      1703         28343 SH       SOLE                     28343                  
MEDTRONIC, INC.                  COMMON   585055106      486          8445 SH       SOLE                      8445                  
MICROSOFT CORP                   COMMON   594918104      758         28987 SH       SOLE                     28987                  
NOBLE ENERGY                     COMMON   655044105    20558        510124 SH       SOLE                    510124                  
PFIZER INC.                      COMMON   717081103    12487        535458 SH       SOLE                    535458                  
QUALCOMM, INC.                   COMMON   747525103    49091       1139527 SH       SOLE                   1139527                  
SAN JUAN BASIN ROYALTY TRUST     COMMON   798241105      200          4600 SH       SOLE                      4600                  
SOUTHWEST AIRLINES               COMMON   844741108      189         11505 SH       SOLE                     11505                  
SUNRISE SENIOR LIVING            COMMON   86768K106    24558        728500 SH       SOLE                    728500                  
TYCO INTERNATIONAL               COMMON   902124106     9832        340666 SH       SOLE                    340666                  
UNION PACIFIC CORP.              COMMON   907818108      290          3600 SH       SOLE                      3600                  
UNITED TECHNOLOGIES              COMMON   913017109      256          4570 SH       SOLE                      4570                  
VERIZON COMMUNICATIONS           COMMON   92343V104      236          7847 SH       SOLE                      7847                  
VODAFONE GROUP PLC               COMMON   92857W100    12492        581844 SH       SOLE                    581844                  
WAL-MART STORES                  COMMON   93114210      4232         90437 SH       SOLE                     90437                  
WELLPOINT, INC.                  COMMON   94973V107    28685        359505 SH       SOLE                    359505                  
WELLS FARGO & CO                 COMMON   949746101      374          5960 SH       SOLE                      5960                  

Dates Referenced Herein

				Referenced-On Page
This ‘13F-HR’ Filing		Date		First		Last			Other Filings
Filed on / Effective on:		1/23/06							None on these Dates
For Period end:		12/31/05		1
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