UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F HR/A
Form 13F Cover Page
Report for the Calendar Year or Quarter Ended: March 31, 2006
Check here if Amendment ( x ) Amendment Number: 1
This Amendment (Check only one.): ( ) is a restatement
( ) adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Friedman, Billings, Ramsey Group
Address: 1001 19th Street North
Potomac Tower
Arlington, VA 22209
13F File Number: 28-5254
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 the 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: James Lindsay
Title: Chief Compliance Officer - FBRC
Phone: 703-469-1022
Signature, Place, and Date of Signing:
James Lindsay Arlington, VA May 5, 2006
Report Type (Check only one.):
(X ) 13F HOLDINGS REPORT
( ) 13F NOTICE.
( ) 13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:
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: 5
Form 13F Information Table Entry Total: 88,841,616
Form 13F Information Table Value Total: $1,779,283,566
List of Other Included Managers:
No: Name
1) Friedman Billings Ramsey & Co., Inc.
2) FBR Investment Mangement, Inc.
3) FBR Fund Adviser, Inc.
4) Money Management Advisers, Inc.
5) FBR Group, Inc.
Name of Issuer Tit. Cusip Value Prn Sh Put Inv. Oth Sole
x1000 Amt. prn cal Disc Mgr Mgr
3Com Corp com 885535104 51 10000 sh 0 sole 0 10000
99 Cents Only Stores com 65440K106 46719 3445336 sh 0 sole 0 3445336
Aames Investment Corp com 00253G108 26741 4707900 sh 0 sole 0 4707900
Adolor Corp com 00724X102 1580 66400 sh 0 sole 0 66400
Advanced Micro Devices com 007903107 602 18150 sh 0 sole 0 18150
Advancis Pharma com 00764L109 1308 397467 sh 0 sole 0 397467
Advanta Corp com 007942204 2270 61569 sh 0 sole 0 61569
AES Corp/The com 00130H105 17060 1000000 sh 0 sole 0 1000000
Agilent Technologies Inc com 00846U101 753 20040 sh 0 sole 0 20040
AGL Resources Inc com 001204106 5514 152950 sh 0 sole 0 152950
Akorn Inc com 009728106 384 79000 sh 0 sole 0 79000
Alexion Pharmas Inc com 015351109 697 19685 sh 0 sole 0 19685
Alkermes Inc com 01642T108 221 10000 sh 0 sole 0 10000
Alliant Energy Corp com 018802108 871 27675 sh 0 sole 0 27675
Alpha Innotech Corp com 02075U109 1863 1379778 sh 0 sole 0 1379778
Altana AG com 02143N103 358 5775 sh 0 sole 0 5775
Ameren Corp com 023608102 1710 34325 sh 0 sole 0 34325
American Fin'l Rlty com 02607P305 171 14666 sh 0 sole 0 14666
Amer Power Conversion com 029066107 283 12225 sh 0 sole 0 12225
American Tower Corp com 029912201 124532 4107256 sh 0 sole 0 4107256
American Woodmark Corp com 030506109 25945 730850 sh 0 sole 0 730850
AmeriCredit Corp com 03060R101 31491 1024759 sh 0 sole 0 1024759
Amylin Pharmas Inc com 032346108 1322 27000 sh 0 sole 0 27000
Anadarko Petroleum Corp com 032511107 656 6495 sh 0 sole 0 6495
Analog Devices Inc com 032654105 612 15975 sh 0 sole 0 15975
Annaly Mort Mgmt. com 035710409 2383 196306 sh 0 sole 0 196306
Anworth Mort Asset com 037347101 3995 508306 sh 0 sole 0 508306
Apple Computer Inc com 037833100 273 4350 sh 0 sole 0 4350
Applied Materials Inc com 038222105 771 44050 sh 0 sole 0 44050
Aquila Inc com 03840P102 1130 283250 sh 0 sole 0 283250
Arena Pharmas Inc com 040047102 746 41189 sh 0 sole 0 41189
Arrow Electronics Inc com 042735100 240 7450 sh 0 sole 0 7450
Aspreva Pharmas Corp com 04538T109 1343 53960 sh 0 sole 0 53960
Asta Funding Inc com 046220109 7410 222800 sh 0 sole 0 222800
Astoria Financial Corp com 046265104 1548 50000 sh 0 sole 0 50000
AT&T Inc com 00206R102 1079 39894 sh 0 sole 0 39894
Atmel Corp com 049513104 66 13975 sh 0 sole 0 13975
Atmos Energy Corp com 049560105 5273 200250 sh 0 sole 0 200250
AU Optronics com 002255107 440 29500 sh 0 sole 0 29500
Avalon Pharmas com 05346P106 426 84402 sh 0 sole 0 84402
Avista Corp com 05379B107 483 23375 sh 0 sole 0 23375
Bally Technologies Inc com 05874B107 27184 1600000 sh 0 sole 0 1600000
Bancorp Rhode Island Inc com 059690107 6837 195837 sh 0 sole 0 195837
Bank Mutual Corp com 063750103 8322 702895 sh 0 sole 0 702895
Bank of America Corp com 060505104 1093 24000 sh 0 sole 0 24000
Bankunited Financial Corp com 06652B103 30353 1122513 sh 0 sole 0 1122513
Banner Corp com 06652V109 12112 356241 sh 0 sole 0 356241
Beach First Nat. Banc com 073334104 854 33408 sh 0 sole 0 33408
Bear Stearns Cos Inc/The com 073902108 824 5942 sh 0 sole 0 5942
Berkshire Hathaway Inc com 084670207 241 80 sh 0 sole 0 80
Beverly Hills Bancorp Inc com 087866109 710 67000 sh 0 sole 0 67000
Big 5 Sporting Goods Corp com 08915P101 2113 107900 sh 0 sole 0 107900
BioCryst Pharmas Inc com 09058V103 542 30000 sh 0 sole 0 30000
BioMarin Pharmas Inc com 09061G101 671 50000 sh 0 sole 0 50000
Bradley Pharmas Inc com 104576103 3392 228100 sh 0 sole 0 228100
Brown & Brown Inc com 115236101 1660 50000 sh 0 sole 0 50000
Canon Inc com 138006309 1135 17182 sh 0 sole 0 17182
Capital One Financial com 14040H105 242 3000 sh 0 sole 0 3000
Capitol Federal Financial com 14057C106 4276 132397 sh 0 sole 0 132397
Cardiome Pharma Corp com 14159U202 630 49600 sh 0 sole 0 49600
Carmax Inc com 143130102 49020 1500000 sh 0 sole 0 1500000
Carrington Laboratories com 144525102 120 20000 sh 0 sole 0 20000
Cascade Natural Gas Corp com 147339105 558 28300 sh 0 sole 0 28300
Cbot Holdings Inc com 14984K106 597 5000 sh 0 sole 0 5000
CDW Corp com 12512N105 224 3800 sh 0 sole 0 3800
Celgene Corp com 151020104 442 10000 sh 0 sole 0 10000
Centerpoint Energy Inc com 15189T107 3325 278700 sh 0 sole 0 278700
CH Energy Group Inc com 12541M102 406 8450 sh 0 sole 0 8450
Check Point Software com M22465104 254 12700 sh 0 sole 0 12700
Cheniere Energy Inc com 16411R208 398 9800 sh 0 sole 0 9800
Chesapeake Energy Corp com 165167107 314 10000 sh 0 sole 0 10000
Chesapeake Utilities Corp com 165303108 389 12465 sh 0 sole 0 12465
Chicago Merc Ex. Hlds com 167760107 671 1500 sh 0 sole 0 1500
Cinergy Corp com 172474108 3176 69950 sh 0 sole 0 69950
CIT Group Inc com 125581108 910 17000 sh 0 sole 0 17000
Citigroup Inc com 172967101 1039 22000 sh 0 sole 0 22000
Clinical Data com 18725U109 524 25560 sh 0 sole 0 25560
CMS Energy Corp com 125896100 1516 117050 sh 0 sole 0 117050
CNA Financial Corp com 126117100 947 29750 sh 0 sole 0 29750
Comerica Inc com 200340107 1362 23490 sh 0 sole 0 23490
Commercial Capital Banc com 20162L105 12724 905000 sh 0 sole 0 905000
Compudyne Corp com 204795306 281 40000 sh 0 sole 0 40000
Computer Sciences Corp com 205363104 439 7900 sh 0 sole 0 7900
Compuware Corp com 205638109 280 35700 sh 0 sole 0 35700
Comverse Technology Inc com 205862402 302 12850 sh 0 sole 0 12850
ConocoPhillips com 20825C104 316 5000 sh 0 sole 0 5000
Consolidated Edison Inc com 209115104 4318 99275 sh 0 sole 0 99275
Constellation Energy com 210371100 1792 32753 sh 0 sole 0 32753
Cubist Pharmas Inc com 229678107 747 32500 sh 0 sole 0 32500
Cummins Inc com 231021106 252 2400 sh 0 sole 0 2400
Cyberonics Inc com 23251P102 219 8514 sh 0 sole 0 8514
Cytomyx Holdings com 033942276 31030 9547740 sh 0 sole 0 9547740
Deerfield Triarc Capital com 244572301 1605 119000 sh 0 sole 0 119000
Delta Natural Gas Co Inc com 247748106 220 8291 sh 0 sole 0 8291
Dime Community Bancshares com 253922108 8141 566497 sh 0 sole 0 566497
Diversa Corp com 255064107 273 30000 sh 0 sole 0 30000
Dominion Resources Inc com 25746U109 9222 133600 sh 0 sole 0 133600
Dov Pharma Inc com 259858108 208 13000 sh 0 sole 0 13000
Dover Motorsports Inc com 260174107 3315 603800 sh 0 sole 0 603800
Downey Financial Corp com 261018105 28057 416900 sh 0 sole 0 416900
DR Horton Inc com 23331A109 18825 566666 sh 0 sole 0 566666
DTE Energy Co com 233331107 2735 68225 sh 0 sole 0 68225
Duke Energy Corp com 264399106 12067 413965 sh 0 sole 0 413965
Dynamex Inc com 26784F103 8984 464997 sh 0 sole 0 464997
Dynavax Technologies Corp com 268158102 419 69444 sh 0 sole 0 69444
E.ON AG com 268780103 12039 328940 sh 0 sole 0 328940
ECC Capital Corp com 26826M108 5989 3940110 sh 0 sole 0 3940110
El Paso Corp com 28336L109 10111 839100 sh 0 sole 0 839100
EMC Corp/Massachusetts com 268648102 458 33575 sh 0 sole 0 33575
Enbridge Inc com 29250N105 11869 411110 sh 0 sole 0 411110
Encore Acquisition Co com 29255W100 270 8700 sh 0 sole 0 8700
Encysive Pharmas Inc com 29256X107 196 40000 sh 0 sole 0 40000
Energen Corp com 29265N108 2475 70725 sh 0 sole 0 70725
Energy East Corp com 29266M109 3374 138850 sh 0 sole 0 138850
EnergySouth Inc com 292970100 652 20489 sh 0 sole 0 20489
ENSCO International Inc com 26874Q100 772 15000 sh 0 sole 0 15000
Entergy Corp com 29364G103 296 4300 sh 0 sole 0 4300
Equitable Resources Inc com 294549100 4500 123250 sh 0 sole 0 123250
Exelon Corp com 30161N101 4588 86725 sh 0 sole 0 86725
Fairfax Financial Hldgs com 303901102 1362 12700 sh 0 sole 0 12700
Fannie Mae com 313586109 720 14000 sh 0 sole 0 14000
Fieldstone Investment com 31659U300 42474 3599495 sh 0 sole 0 3599495
First Pactrust Bancorp com 33589V101 264 8778 sh 0 sole 0 8778
FirstFed Financial Corp com 337907109 35049 586000 sh 0 sole 0 586000
Flagstar Bancorp Inc com 337930101 3247 215000 sh 0 sole 0 215000
Flextronics International com Y2573F102 279 27000 sh 0 sole 0 27000
Florida Gaming Corp com 340689306 748 49882 sh 0 sole 0 49882
Flushing Financial Corp com 343873105 3011 172461 sh 0 sole 0 172461
Franklin Bank Corp com 352451108 12815 666393 sh 0 sole 0 666393
Freddie Mac com 313400301 4715 77291 sh 0 sole 0 77291
Freescale Semi-B com 35687M206 511 18411 sh 0 sole 0 18411
Frontier Oil Corp com 35914P105 297 5000 sh 0 sole 0 5000
Fuji Photo Film Co Ltd com 359586302 274 8190 sh 0 sole 0 8190
General Motors Corp com 370442105 553 26000 sh 0 sole 0 26000
Gen-Probe Inc com 36866T103 400 7249 sh 0 sole 0 7249
Genworth Financial Inc com 37247D106 716 21406 sh 0 sole 0 21406
Global Imaging Systems com 37934A100 20612 542700 sh 0 sole 0 542700
Golden West Financial com 381317106 5995 88291 sh 0 sole 0 88291
Goldman Sachs Group Inc com 38141G104 314 2000 sh 0 sole 0 2000
Government Properties com 38374W107 2003 210000 sh 0 sole 0 210000
Greenville First Banc com 39607Y100 1084 44511 sh 0 sole 0 44511
Hana Biosciences Inc com 40963P105 1617 153963 sh 0 sole 0 153963
Harleysville Svngs Fin'l com 412865107 624 35740 sh 0 sole 0 35740
Harrington West Fin'l com 41383L104 1182 72935 sh 0 sole 0 72935
Hartford Financial Svcs com 416515104 476 5914 sh 0 sole 0 5914
HealthExtras Inc com 422211102 1236 35000 sh 0 sole 0 35000
Highland Hospitality Corp com 430141101 7278 572588 sh 0 sole 0 572588
Hilb Rogal & Hobbs Co com 431294107 16220 393500 sh 0 sole 0 393500
Hingham Instit for Svgs com 433323102 3873 99308 sh 0 sole 0 99308
HMN Financial Inc com 40424G108 3642 104698 sh 0 sole 0 104698
Hologic Inc com 436440101 1107 20000 sh 0 sole 0 20000
Hudson City Bancorp Inc com 443683107 31606 2378175 sh 0 sole 0 2378175
Humana Inc com 444859102 405 7700 sh 0 sole 0 7700
Hyperspace Comm wts 44915d111 360 100000 sh 0 sole 0 100000
Imperial Sugar Co com 453096117 493 16193 sh 0 sole 0 16193
Imperial Sugar Co com 453096208 1218 39961 sh 0 sole 0 39961
Indep. Community Bank com 453414104 2791 66964 sh 0 sole 0 66964
Infineon Technologies AG com 45662N103 360 35000 sh 0 sole 0 35000
Intel Corp com 458140100 917 47100 sh 0 sole 0 47100
IntercontinentalExchange com 45865V100 621 9000 sh 0 sole 0 9000
IBM com 459200101 295 3580 sh 0 sole 0 3580
International Game Tech com 459902102 704 20000 sh 0 sole 0 20000
International Speedway com 460335300 960 19000 sh 0 sole 0 19000
International Speedway com 460335201 3054 60000 sh 0 sole 0 60000
Intervest Bancshares Corp com 460927106 304 8423 sh 0 sole 0 8423
Investors Title Co com 461804106 2619 61000 sh 0 sole 0 61000
Isle of Capri Casinos Inc com 464592104 7065 212300 sh 0 sole 0 212300
ITLA Capital Corp com 450565106 13497 279910 sh 0 sole 0 279910
JPMorgan Chase & Co com 46625H100 1332 32000 sh 0 sole 0 32000
Keycorp com 493267108 1406 38205 sh 0 sole 0 38205
KeySpan Corp com 49337W100 11987 293300 sh 0 sole 0 293300
Kla-Tencor Corp com 482480100 468 9675 sh 0 sole 0 9675
Kyocera Corp com 501556203 809 9175 sh 0 sole 0 9175
L.G. Phillips LTD com 50186V102 565 24900 sh 0 sole 0 24900
Laclede Group Inc/The com 505597104 1675 48650 sh 0 sole 0 48650
Lincoln National Corp com 534187109 356 6520 sh 0 sole 0 6520
Luminent Mortgage Capital com 550278303 3235 398906 sh 0 sole 0 398906
MAF Bancorp Inc com 55261R108 8083 184679 sh 0 sole 0 184679
Markel Corp com 570535104 86243 255400 sh 0 sole 0 255400
Markwest Hydrocarbon Inc com 570762104 8283 361719 sh 0 sole 0 361719
MASSBANK Corp com 576152102 3840 116745 sh 0 sole 0 116745
Matrix Bancorp com 576819106 4846 220273 sh 0 sole 0 220273
McKesson Corp com 58155Q103 739 14175 sh 0 sole 0 14175
MDU Resources Group Inc com 552690109 1920 57400 sh 0 sole 0 57400
Medco Health Solutions com 58405U102 572 10000 sh 0 sole 0 10000
Medimmune Inc com 584699102 240 6569 sh 0 sole 0 6569
MEMC Electronic Materials com 552715104 1108 30000 sh 0 sole 0 30000
Merck & Co Inc com 589331107 250 7100 sh 0 sole 0 7100
Merrill Lynch & Co Inc com 590188108 591 7500 sh 0 sole 0 7500
Metlife Inc com 59156R108 881 18214 sh 0 sole 0 18214
MFA Mortgage Investments com 55272X102 3691 581306 sh 0 sole 0 581306
MGE Energy Inc com 55277P104 371 11194 sh 0 sole 0 11194
Micron Technology Inc com 595112103 468 31785 sh 0 sole 0 31785
Micros Systems Inc com 594901100 1474 32000 sh 0 sole 0 32000
Mitsubishi UFJ Fin'l com 606822104 2625 172597 sh 0 sole 0 172597
Molex Inc com 608554101 279 8400 sh 0 sole 0 8400
Monarch Casino & Resort com 609027107 28163 992000 sh 0 sole 0 992000
Monsanto Co com 61166W101 593 7000 sh 0 sole 0 7000
Morgan Stanley com 617446448 1010 16076 sh 0 sole 0 16076
Motorola Inc com 620076109 990 43200 sh 0 sole 0 43200
Myogen Inc com 62856E104 1638 45250 sh 0 sole 0 45250
NASDAQ Stock Market com 009311376 701 17500 sh 0 sole 0 17500
Nasdaq Stock Market Inc com 631103108 601 15000 sh 0 sole 0 15000
National City Corp com 635405103 977 28000 sh 0 sole 0 28000
National Fuel Gas Co com 636180101 4129 126200 sh 0 sole 0 126200
National Grid PLC com 636274300 11783 237426 sh 0 sole 0 237426
NCR Corp com 62886E109 322 7700 sh 0 sole 0 7700
New Century Financial C com 6435EV108 14781 321185 sh 0 sole 0 321185
New Jersey Resources Corp com 646025106 2290 50600 sh 0 sole 0 50600
New York Mortgage Trust com 649604105 1080 200000 sh 0 sole 0 200000
Nicor Inc com 654086107 4164 105250 sh 0 sole 0 105250
NiSource Inc com 65473P105 7687 380150 sh 0 sole 0 380150
Northeast Utilities com 664397106 767 39250 sh 0 sole 0 39250
Northwest Natural Gas Co com 667655104 2459 69300 sh 0 sole 0 69300
Northwestern Corp. com 668074305 856 27502 sh 0 sole 0 27502
Novartis com 66987V109 740 13355 sh 0 sole 0 13355
Novell Inc com 670006105 101 13100 sh 0 sole 0 13100
Novellus Systems Inc com 670008101 246 10250 sh 0 sole 0 10250
NSTAR com 67019E107 730 25500 sh 0 sole 0 25500
NYSE Group Inc com 62949W103 634 8000 sh 0 sole 0 8000
Oneok Inc com 682680103 4728 146600 sh 0 sole 0 146600
Opteum Inc com 68384A100 2799 327006 sh 0 sole 0 327006
O'Reilly Automotive Inc com 686091109 13034 356508 sh 0 sole 0 356508
Pacific Premier Bancorp com 69478X105 3046 259693 sh 0 sole 0 259693
Parkvale Financial Corp com 701492100 7593 271675 sh 0 sole 0 271675
Partners Trust Financial com 70213F102 1074 90118 sh 0 sole 0 90118
Penn National Gaming Inc com 707569109 1729384100000 sh 0 sole 0 4100000
Penn Virginia Corp com 707882106 15038 211800 sh 0 sole 0 211800
Pennfed Financial Svcs com 708167101 2368 123501 sh 0 sole 0 123501
People's Bank/Bridgeport com 710198102 5348 163292 sh 0 sole 0 163292
Peoples Energy Corp com 711030106 2947 82675 sh 0 sole 0 82675
Pepco Holdings Inc com 713291102 335 14716 sh 0 sole 0 14716
PFF Bancorp Inc com 69331W104 13905 412500 sh 0 sole 0 412500
PG&E Corp com 69331C108 9454 243025 sh 0 sole 0 243025
Piedmont Natural Gas Co com 720186105 4450 185500 sh 0 sole 0 185500
Pinnacle Entertainment com 723456109 41450 1471407 sh 0 sole 0 1471407
PNM Resources Inc com 69349H107 451 18475 sh 0 sole 0 18475
PPL Corp com 69351T106 592 20150 sh 0 sole 0 20150
Principal Financial Group com 74251V102 772 15826 sh 0 sole 0 15826
Provident Financial Svcs com 74386T105 3312 183000 sh 0 sole 0 183000
Prudential Financial Inc com 744320102 796 10497 sh 0 sole 0 10497
Public Service Enterprise com 744573106 7730 120700 sh 0 sole 0 120700
Puget Energy Inc com 745310102 1749 82600 sh 0 sole 0 82600
Quanta Cap Holdings com 74763S100 8612 2870620 sh 0 sole 0 2870620
Questar Corp com 748356102 7280 103925 sh 0 sole 0 103925
S&P Dep Rcpts com 78462F103 2207 17000 sh 0 sole 0 17000
SanDisk Corp com 80004C101 460 8000 sh 0 sole 0 8000
Saxon Capital Inc com 80556T106 17532 1679300 sh 0 sole 0 1679300
Schering-Plough Corp com 806605101 501 26375 sh 0 sole 0 26375
Seagate Technology Inc com G7945J104 600 22800 sh 0 sole 0 22800
SEMCO Energy Inc com 78412D109 456 82325 sh 0 sole 0 82325
Shuffle Master Inc com 825549108 5629 157500 sh 0 sole 0 157500
Sierra Pacific Resources com 826428104 205 14825 sh 0 sole 0 14825
Simpson Manufacturing Co com 829073105 22282 514600 sh 0 sole 0 514600
Solectron Corp com 834182107 208 52000 sh 0 sole 0 52000
Solexa Inc com 83420X105 208 20857 sh 0 sole 0 20857
Sony Corp com 835699307 853 18522 sh 0 sole 0 18522
South Jersey Industries com 838518108 1647 60410 sh 0 sole 0 60410
Southern Union Co com 844030106 6701 269857 sh 0 sole 0 269857
Southwest Gas Corp com 844895102 2704 96750 sh 0 sole 0 96750
Southwestern Energy Co com 845467109 2158 67050 sh 0 sole 0 67050
Sovereign Bancorp Inc com 845905108 4382 200000 sh 0 sole 0 200000
Spclty Underwriters' All com 84751T309 8460 1244099 sh 0 sole 0 1244099
Stancorp Financial Group com 852891100 3247 60000 sh 0 sole 0 60000
Station Casinos Inc com 857689103 19843 250000 sh 0 sole 0 250000
Sterling Financial Corp com 859319105 19764 681500 sh 0 sole 0 681500
STMicroelectronics NV com 861012102 810 44025 sh 0 sole 0 44025
SunTrust Banks Inc com 867914103 1310 18000 sh 0 sole 0 18000
Syngenta AG com 87160A100 703 25000 sh 0 sole 0 25000
Taiwan Semi com 874039100 443 44000 sh 0 sole 0 44000
Taylor Capital Group Inc com 876851106 10548 269157 sh 0 sole 0 269157
TDK Corp com 872351408 487 6493 sh 0 sole 0 6493
TECO Energy Inc com 872375100 628 38975 sh 0 sole 0 38975
Ericsson LM com 294821608 260 6900 sh 0 sole 0 6900
Texas Instruments Inc com 882508104 805 24800 sh 0 sole 0 24800
TF Financial Corp com 872391107 2700 89987 sh 0 sole 0 89987
Thornburg Mortgage Inc com 885218107 8053 297597 sh 0 sole 0 297597
Toll Brothers Inc com 889478103 20795 600488 sh 0 sole 0 600488
Tower Group Inc com 891777104 3997 173048 sh 0 sole 0 173048
TransCanada Corp com 89353D107 11902 411400 sh 0 sole 0 411400
TRM Corp com 872636105 2185 324662 sh 0 sole 0 324662
UGI Corp com 902681105 1105 52425 sh 0 sole 0 52425
UnionBanCal Corp com 908906100 210 3000 sh 0 sole 0 3000
United Therapeutics Corp com 91307C102 504 7600 sh 0 sole 0 7600
UnitedHealth Group Inc com 91324P102 279 5000 sh 0 sole 0 5000
UnumProvident Corp com 91529Y106 818 39934 sh 0 sole 0 39934
Vectren Corp com 92240G101 3163 119905 sh 0 sole 0 119905
Vertex Pharmas Inc com 92532F100 988 27000 sh 0 sole 0 27000
VerticalNet Inc com 92532L206 527 1064332 sh 0 sole 0 1064332
Wachovia Corp com 929903102 3160 56370 sh 0 sole 0 56370
Washington Federal Inc com 938824109 28187 1164734 sh 0 sole 0 1164734
Washington Mutual Inc com 939322103 298 7000 sh 0 sole 0 7000
WellPoint Inc com 94973V107 387 5000 sh 0 sole 0 5000
WGL Holdings Inc com 92924F106 3629 119300 sh 0 sole 0 119300
Whittier Energy com 966785206 12923 1792359 sh 0 sole 0 1792359
Williams Cos Inc com 969457100 9732 455000 sh 0 sole 0 455000
Wisconsin Energy Corp com 976657106 1957 48925 sh 0 sole 0 48925
WP Carey & Co LLC com 92930Y107 3131 116900 sh 0 sole 0 116900
WPS Resources Corp com 92931B106 678 13780 sh 0 sole 0 13780
WSFS Financial Corp com 929328102 5771 91848 sh 0 sole 0 91848
Xcel Energy Inc com 98389B100 2066 113850 sh 0 sole 0 113850
Xilinx Inc com 983919101 435 17100 sh 0 sole 0 17100
XTO Energy Inc com 98385X106 838 20000 sh 0 sole 0 20000
Yardville Nat'l Bncor com 985021104 8222 223418 sh 0 sole 0 223418