AMERICAP ADVISERS LLC (Form Type: 13F-HR, Filing Date: 02/06/2006)

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: AMERICAP ADVISERS, LLC Address: 228 East 45th Street, Suite 1802 New York, NY 10017 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: Nadia Albert Gayed Title: Chairman & Chief Executive Officer Phone: (212) 375-6270 Signature, Place, and Date of Signing: Nadia Albert Gayed New York, NY 02/06/2006 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. List of Other Managers Reporting for this Manager: NONE I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.

FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 58 Form 13F Information Table Value Total: $ 215,047 List of Other Included Managers: NONE

<TABLE> 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- <S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> ABBOTT LABS COM 002824100 1238 31400 SH SOLE 31400 ALCOA INC. COM 013817101 5399 182600 SH SOLE 182600 ALTERA COM 021441100 2012 108600 SH SOLE 108600 ANHEUSER BUSCH COS INC COM 035229103 1504 35000 SH SOLE 35000 APPLIED MATLS INC COM 038222105 8308 463100 SH SOLE 458100 5000 AVON PRODUCTS COM 054303102 428 15000 SH SOLE 15000 BAXTER INTL. COM 071813109 6148 163300 SH SOLE 163300 BEA SYSTEMS INC COM 073325102 2114 224900 SH SOLE 214900 10000 BRISTOL MYERS- SQUIBB COM 110122108 8238 358500 SH SOLE 356500 2000 CISCO SYSTEMS COM 17275R102 4811 281000 SH SOLE 281000 COCA COLA CO COM COM 191216100 2257 56000 SH SOLE 56000 COEUR D ALENE MINES COM 192108108 172 43000 SH SOLE 43000 COSTCO WHOLESALE CORP. COM 22160K105 2325 47000 SH SOLE 47000 Cambior Inc COM 13201l103 140 50200 SH SOLE 50200 DELL COMPUTER CORP. COM 24702R101 1198 40000 SH SOLE 40000 DISNEY WALT CO DEL COM 254687106 719 30000 SH SOLE 30000 DOW CHEMICAL COM 260543103 1534 35000 SH SOLE 35000 DU PONT E I DE NEMOURS COM 263534109 1275 30000 SH SOLE 30000 E*TRADE GROUP INC COM 269246104 1277 61200 SH SOLE 61200 EBAY INC COM 278642103 2113 48900 SH SOLE 48900 ELI LILLY & CO COM COM 532457108 1698 30000 SH SOLE 30000 EMC CORP COM 268648102 8542 627200 SH SOLE 627200 EMDEON CORP COM 290849108 7421 877237 SH SOLE 865237 12000 FREEPORT MCMORAN COPPER COM 35671D857 1592 29600 SH SOLE 29600 GENERAL ELECTRIC CORP. COM 369604103 6512 185800 SH SOLE 185800 HEALTH MANAGEMENT CL A COM 421933102 470 21400 SH SOLE 21400 HECLA MINING CO. COM 422704106 65 16000 SH SOLE 16000 INTEL CORP. COM 458140100 11319 453500 SH SOLE 447500 6000 JOHNSON & JOHNSON COM 478160104 1623 27000 SH SOLE 27000 JUNIPER NETWORKS COM 48203r104 4560 204500 SH SOLE 203000 1500 KIMBERLY CLARK COM 494368103 716 12000 SH SOLE 12000 KINROSS GOLD CORP. COM 496902404 157 17000 SH SOLE 17000 LUCENT TECHNOLOGIES INC COM 549463107 10185 3829000 SH SOLE 3774000 55000 MCKESSON HBOC Inc COM 58155Q103 8966 173800 SH SOLE 173800 MEDIMMUNE INCC COM 584699102 7855 224300 SH SOLE 224300 MELLON BANK COM 58551A108 2113 61700 SH SOLE 61700 MERCK & CO INC COM COM 589331107 3817 120000 SH SOLE 120000 MICROSOFT CORP COM COM 594918104 4689 179300 SH SOLE 178800 500 MORGAN STANLEY COM 617446448 7858 138500 SH SOLE 136000 2500 NEWMONT MINING CORP COM 651639106 7225 135300 SH SOLE 135300 Nasdaq Stock Martket Inc COM 631103108 2445 69500 SH SOLE 69500 PAYCHEX, INC. COM 704326107 1845 48400 SH SOLE 48400 PFIZER INC COM 717081103 2362 101300 SH SOLE 101300 PRAXAIR INC COM 74005P104 477 9000 SH SOLE 9000 PRIDE INTERNATIONAL INC COM 74153Q102 2026 65900 SH SOLE 65900 PROCTER & GAMBLE CO COM 742718109 3473 60000 SH SOLE 60000 REALNETWORKS INC COM 75605l104 2662 343000 SH SOLE 333000 10000 RED HAT INC COM 756577102 3435 126000 SH SOLE 121000 5000 SCHERING PLOUGH CORP COM 806605101 8521 408700 SH SOLE 403700 5000 SUN MICROSYSTEMS COM 866810104 2793 666500 SH SOLE 640000 26500 SYMANTEC COM 871503108 5336 304900 SH SOLE 304900 TIDEWATER INC COM 886423102 1734 39000 SH SOLE 39000 TIME WARNER INC. COM 887317105 6235 357500 SH SOLE 357500 UNITED PARCEL SVC INC CL B COM 911312106 2750 36600 SH SOLE 36600 UTSTARCOM INC. COM 918076100 100 12400 SH SOLE 12400 VERISIGN INC COM 92343E102 6699 305900 SH SOLE 301900 4000 WYETH COM 983024100 2299 49900 SH SOLE 49900 YAHOO! INC COM 984332106 9258 236300 SH SOLE 236300 </TABLE>