UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F HR
Form 13F Cover Page
Report for the Calendar Year or Quarter Ended: June 29, 2007
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: Friedman, Billings, Ramsey Group, Inc.
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: Robert Dean
Title: Sr. Vice President / Director, Risk Management -
Friedman, Billings, Ramsey Group, Inc.
Phone: 703-469-9716
Signature, Place, and Date of Signing:
Robert Dean Arlington, VA August 9, 2007
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: 80,131,803
Form 13F Information Table Value Total: $1,876,756,345
List of Other Included Managers:
No: Name
1) Friedman Billings Ramsey & Co., Inc.
2) FBR Investment Mangement, Inc.
3) FBR Fund Advisers, Inc.
4) Friedman, Billings, Ramsey Group Inc.
5) FBR Capital Markets Corporation
Name of Issuer Tit- Cusip Value Prn Sh Put Inv. Oth Sole
le x1000 Amt. prn cal Disc Mgr Mgr
3M Co com 88579Y101 304 3500 sh 0 sole 0 3500
99 Cents Only Stores com 65440K106 45168 3445336 sh 0 sole 0 3445336
ABB Ltd com 000375204 689 30500 sh 0 sole 0 30500
Accredited Home Lend. com 00437P107 3468 253692 sh 0 sole 0 253692
ACE Ltd com G0070K103 894 14300 sh 0 sole 0 14300
AES Corp/The com 00130H105 21880 1000000 sh 0 sole 0 1000000
Affirmative Insurance com 008272106 1068 70000 sh 0 sole 0 70000
Affrd Residt'l Com com 008273104 5913 500225 sh 0 sole 0 500225
AGL Resources Inc com 001204106 5637 139250 sh 0 sole 0 139250
Alliant Energy Corp com 018802108 1133 29175 sh 0 sole 0 29175
AMBAC Financial Group com 023139108 262 3000 sh 0 sole 0 3000
Ameren Corp com 023608102 1427 29125 sh 0 sole 0 29125
America Movil SAB de com 02364W105 211 3400 sh 0 sole 0 3400
American International com 026874107 735 10500 sh 0 sole 0 10500
American Tower Corp com 029912201 172505 4107256 sh 0 sole 0 4107256
American Woodmark Corp com 030506109 25287 730850 sh 0 sole 0 730850
AmeriCredit Corp com 03060R101 35843 1350000 sh 0 sole 0 1350000
Ameriprise Financial com 03076C106 872 13725 sh 0 sole 0 13725
Amgen Inc com 031162100 553 10000 sh 0 sole 0 10000
Amtrust Financial Svc com 032359309 48088 2559228 sh 0 sole 0 2559228
Annaly Capital Mgmt. com 035710409 15845 1098806 sh 0 sole 0 1098806
Anworth Mortgage Asset com 037347101 8552 945006 sh 0 sole 0 945006
Apple Computer Inc com 037833100 561 4600 sh 0 sole 0 4600
Applera - Applied Bio com 038020103 275 9000 sh 0 sole 0 9000
Aquila Inc com 03840P102 710 173550 sh 0 sole 0 173550
Argonaut Group Inc com 040157109 939 30100 sh 0 sole 0 30100
ASML Holding NV com N07059111 299 10900 sh 0 sole 0 10900
AstraZeneca PLC com 046353108 374 7000 sh 0 sole 0 7000
Atmos Energy Corp com 049560105 5713 190050 sh 0 sole 0 190050
Autoliv Inc com 052800109 239 4200 sh 0 sole 0 4200
Avista Corp com 05379B107 482 22375 sh 0 sole 0 22375
Avnet Inc com 053807103 305 7700 sh 0 sole 0 7700
Bally Technologies Inc com 05874B107 42272 1600000 sh 0 sole 0 1600000
Bancorp Rhode Island com 059690107 5972 156622 sh 0 sole 0 156622
Bancshares of Florida com 05976U102 872 50000 sh 0 sole 0 50000
Bank Mutual Corp com 063750103 6317 547895 sh 0 sole 0 547895
Bank of America Corp com 060505104 733 15000 sh 0 sole 0 15000
BankUnited Financial com 06652B103 8465 421763 sh 0 sole 0 421763
Banner Corp com 06652V109 3464 101705 sh 0 sole 0 101705
Barr Pharmaceuticals com 068306109 678 13500 sh 0 sole 0 13500
Beazer Homes USA Inc com 07556Q105 247 10000 sh 0 sole 0 10000
Becton Dickinson & Co com 075887109 708 9500 sh 0 sole 0 9500
Berkshire Hathaway com 084670207 288 80 sh 0 sole 0 80
Berkshire Hathaway cl com 084670108 2190 20 sh 0 sole 0 20
Berkshire Hathaway Inc com 084670108 1861 17 sh 0 sole 0 17
Big 5 Sporting Goods com 08915P101 2751 107900 sh 0 sole 0 107900
Blackbaud Inc com 09227Q100 1811 82000 sh 0 sole 0 82000
Bradley Pharma com 104576103 4952 228100 sh 0 sole 0 228100
Broadcom Corp com 111320107 307 10500 sh 0 sole 0 10500
Brown & Brown Inc com 115236101 1257 50000 sh 0 sole 0 50000
Burl. North. Santa Fe com 12189T104 326 3825 sh 0 sole 0 3825
Cameron International com 13342B105 286 4000 sh 0 sole 0 4000
Canon Inc com 138006309 1576 26875 sh 0 sole 0 26875
Capital One Financial com 14040H105 706 9000 sh 0 sole 0 9000
Capitol Federal Fin. com 14057C106 2068 56025 sh 0 sole 0 56025
Capstead Mortgage Corp com 14067E506 3510 362200 sh 0 sole 0 362200
Carmax Inc com 143130102 76500 3000000 sh 0 sole 0 3000000
Cascade Natural Gas com 147339105 676 25600 sh 0 sole 0 25600
Castlepoint Holdings com G19522112 7352 500509 sh 0 sole 0 500509
Centerpoint Energy Inc com 15189T107 4663 268000 sh 0 sole 0 268000
Cerner Corp com 156782104 216 3900 sh 0 sole 0 3900
CH Energy Group Inc com 12541M102 360 8000 sh 0 sole 0 8000
Cheniere Energy Inc com 16411R208 3448 88900 sh 0 sole 0 88900
Chesapeake Energy Corp com 165167107 261 7550 sh 0 sole 0 7550
Chesapeake Utilities com 165303108 413 12065 sh 0 sole 0 12065
Chubb Corp com 171232101 704 13000 sh 0 sole 0 13000
CIT Group Inc com 125581108 329 6000 sh 0 sole 0 6000
Citigroup Inc com 172967101 718 14000 sh 0 sole 0 14000
Clinical Data Inc com 18725U109 601 28423 sh 0 sole 0 28423
CMS Energy Corp com 125896100 2311 134350 sh 0 sole 0 134350
CNA Financial Corp com 126117100 620 13000 sh 0 sole 0 13000
Cognizant Tech Sol. com 192446102 228 3038 sh 0 sole 0 3038
Cognos Inc com 19244C109 401 10100 sh 0 sole 0 10100
Comerica Inc com 200340107 690 11610 sh 0 sole 0 11610
Computer Sciences Corp com 205363104 526 8900 sh 0 sole 0 8900
Compuware Corp com 205638109 122 10300 sh 0 sole 0 10300
Consolidated Edison com 209115104 4407 97675 sh 0 sole 0 97675
Constellation Energy com 210371100 2079 23850 sh 0 sole 0 23850
Convergys Corp com 212485106 310 12775 sh 0 sole 0 12775
Corning Inc com 219350105 621 24300 sh 0 sole 0 24300
Cummins Inc com 231021106 681 6725 sh 0 sole 0 6725
Cytomyx Holdings com 033942276 16710 12108600sh 0 sole 0 12108600
Dassault Systemes SA com 237545108 339 5382 sh 0 sole 0 5382
Delta Natural Gas Co com 247748106 203 7807 sh 0 sole 0 7807
Dime Community Banc com 253922108 2028 153750 sh 0 sole 0 153750
Dominion Resources Inc com 25746U109 12157 140850 sh 0 sole 0 140850
Dover Motorsports Inc com 260174107 3659 603800 sh 0 sole 0 603800
Downey Financial Corp com 261018105 8030 121700 sh 0 sole 0 121700
DR Horton Inc com 23331A109 11294 566666 sh 0 sole 0 566666
DTE Energy Co com 233331107 2591 53725 sh 0 sole 0 53725
Duke Energy Corp com 26441C105 1756 95937 sh 0 sole 0 95937
Dynamex Inc com 26784F103 12527 490680 sh 0 sole 0 490680
Dynavax Technologies com 268158102 268 64572 sh 0 sole 0 64572
E.ON AG com 268780103 14958 268840 sh 0 sole 0 268840
ECC Capital Corp com 26826M108 1340 3940110 sh 0 sole 0 3940110
El Paso Corp com 28336L109 13526 785000 sh 0 sole 0 785000
Electronic Data Sys. com 285661104 666 24000 sh 0 sole 0 24000
Eli Lilly & Co com 532457108 522 9350 sh 0 sole 0 9350
Enbridge Inc com 29250N105 14811 438460 sh 0 sole 0 438460
Energen Corp com 29265N108 3276 59625 sh 0 sole 0 59625
Energy East Corp com 29266M109 3301 126509 sh 0 sole 0 126509
EnergySouth Inc com 292970100 920 18039 sh 0 sole 0 18039
Equitable Resources com 294549100 5965 120350 sh 0 sole 0 120350
Exelon Corp com 30161N101 5679 78225 sh 0 sole 0 78225
Exxon Mobil Corp com 30231G102 210 2500 sh 0 sole 0 2500
Fannie Mae com 313586109 686 10500 sh 0 sole 0 10500
Fastenal Co com 311900104 226 5400 sh 0 sole 0 5400
FBR Capital Markets com 30247C301 845 50001 sh 0 sole 0 50001
FirstFed Financial com 337907109 11062 195000 sh 0 sole 0 195000
Flagstone Reinsurance com G3529T105 21597 1621375 sh 0 sole 0 1621375
Flushing Financial com 343873105 1244 77461 sh 0 sole 0 77461
Forest Laboratories com 345838106 228 5000 sh 0 sole 0 5000
Fortress Investment com 34958B106 238 10000 sh 0 sole 0 10000
Franklin Bank Corp/TX com 352451108 2981 200084 sh 0 sole 0 200084
Freddie Mac com 313400301 2567 42291 sh 0 sole 0 42291
Freeport-McMoRan com 35671D857 260 3135 sh 0 sole 0 3135
Fr. Billings Ramsey com 358434108 1233 225873 sh 0 sole 0 225873
FUJIFILM Holdings Corp com 35958N107 1001 22434 sh 0 sole 0 22434
Gap Inc/The com 364760108 220 11500 sh 0 sole 0 11500
Genworth Financial Inc com 37247D106 654 19000 sh 0 sole 0 19000
Genzyme Corp com 372917104 487 7560 sh 0 sole 0 7560
Goldman Sachs Group com 38141G104 412 1900 sh 0 sole 0 1900
Google Inc com 38259P508 457 875 sh 0 sole 0 875
Graco Inc com 384109104 223 5525 sh 0 sole 0 5525
Hana Biosciences Inc com 40963P105 160 96670 sh 0 sole 0 96670
Harrington West Fin com 41383L104 1139 68100 sh 0 sole 0 68100
Hartford Financial Svc com 416515104 800 8119 sh 0 sole 0 8119
Highland Hospitality com 430141101 792 41251 sh 0 sole 0 41251
Hilb Rogal & Hobbs Co com 431294107 16865 393500 sh 0 sole 0 393500
Hingham Instit/Savings com 433323102 3123 99148 sh 0 sole 0 99148
Hitachi Ltd com 433578507 1090 15400 sh 0 sole 0 15400
HMN Financial Inc com 40424G108 3258 92688 sh 0 sole 0 92688
Horsehead Holdings com 440694107 558 9296 sh 0 sole 0 9296
Hudson City Bancorp com 443683107 18302 1497706 sh 0 sole 0 1497706
Infineon Technologies com 45662N103 617 37300 sh 0 sole 0 37300
Ingram Micro Inc com 457153104 278 12800 sh 0 sole 0 12800
Integrys Energy Group com 45822P105 1941 38271 sh 0 sole 0 38271
Intel Corp com 458140100 299 12600 sh 0 sole 0 12600
Interactive Brokers Gr com 45841N107 1110 40900 sh 0 sole 0 40900
Int'l Game Tech com 459902102 794 20000 sh 0 sole 0 20000
International Speedway com 460335201 3163 60000 sh 0 sole 0 60000
International Speedway com 460335300 1010 19000 sh 0 sole 0 19000
Investors Bancorp Inc com 46146P102 1880 140000 sh 0 sole 0 140000
Investors Title Co com 461804106 3085 61000 sh 0 sole 0 61000
Iomai Corp com 46202P103 184 101346 sh 0 sole 0 101346
Iron Mountain Inc com 462846106 4787 183200 sh 0 sole 0 183200
Isle of Capri Casinos com 464592104 13320 555943 sh 0 sole 0 555943
ITLA Capital Corp com 450565106 6119 117400 sh 0 sole 0 117400
Jack Henry & Assoc com 426281101 263 10200 sh 0 sole 0 10200
JPMorgan Chase & Co com 46625H100 1744 36000 sh 0 sole 0 36000
Keycorp com 493267108 618 18000 sh 0 sole 0 18000
KeySpan Corp com 49337W100 13291 316600 sh 0 sole 0 316600
Knight Transportation com 499064103 4712 243140 sh 0 sole 0 243140
Konami Corp com 50046R101 262 11300 sh 0 sole 0 11300
Koninklijke Philips El com 500472303 1206 28500 sh 0 sole 0 28500
Kyocera Corp com 501556203 921 8735 sh 0 sole 0 8735
Laclede Group Inc/The com 505597104 1423 44650 sh 0 sole 0 44650
Lam Research Corp com 512807108 247 4803 sh 0 sole 0 4803
Lehman Brothers Hold com 524908100 1023 13500 sh 0 sole 0 13500
Lexmark International com 529771107 316 6400 sh 0 sole 0 6400
LM Ericsson com 294821608 1375 34467 sh 0 sole 0 34467
Loews Corp com 540424108 724 14195 sh 0 sole 0 14195
LSI Corp com 502161102 482 64200 sh 0 sole 0 64200
Luminent Mortgage Cap com 550278303 8364 828906 sh 0 sole 0 828906
Markel Corp com 570535104 123757 255400 sh 0 sole 0 255400
Markwest Hydrocarbon com 570762104 22851 397890 sh 0 sole 0 397890
Marvell Technology com G5876H105 198 10900 sh 0 sole 0 10900
Mastercard Inc com 57636Q104 249 1500 sh 0 sole 0 1500
Matsushita Electric com 576879209 1389 70100 sh 0 sole 0 70100
McAfee Inc com 579064106 250 7100 sh 0 sole 0 7100
McKesson Corp com 58155Q103 370 6200 sh 0 sole 0 6200
MDU Resources Group com 552690109 1814 64700 sh 0 sole 0 64700
Merrill Lynch & Co Inc com 590188108 1003 12000 sh 0 sole 0 12000
MetLife Inc com 59156R108 742 11500 sh 0 sole 0 11500
MFA Mortgage Inv com 55272X102 7253 996306 sh 0 sole 0 996306
MGE Energy Inc com 55277P104 294 9003 sh 0 sole 0 9003
MGIC Investment Corp com 552848103 739 13000 sh 0 sole 0 13000
Micron Technology Inc com 595112103 299 23850 sh 0 sole 0 23850
Micros Systems Inc com 594901100 1909 35100 sh 0 sole 0 35100
MiddleBrook Pharma com 596087106 963 380662 sh 0 sole 0 380662
Mirant Corp com 60467R100 222 5200 sh 0 sole 0 5200
Molex Inc com 608554101 438 14600 sh 0 sole 0 14600
Monarch Casino & Res com 609027107 26670 993300 sh 0 sole 0 993300
Morgan Stanley com 617446448 742 10651 sh 0 sole 0 10651
Motorola Inc com 620076109 345 19500 sh 0 sole 0 19500
MPC Corp com 553166109 145 100000 sh 0 sole 0 100000
Nasdaq Stock Market com 631103108 505 17000 sh 0 sole 0 17000
National Fuel Gas Co com 636180101 4946 114200 sh 0 sole 0 114200
National Grid PLC com 636274300 14850 201276 sh 0 sole 0 201276
New Jersey Resources com 646025106 2321 45500 sh 0 sole 0 45500
Nicor Inc com 654086107 4107 95700 sh 0 sole 0 95700
NiSource Inc com 65473P105 7403 357450 sh 0 sole 0 357450
Nokia OYJ com 654902204 1079 38400 sh 0 sole 0 38400
Northeast Utilities com 664397106 794 28000 sh 0 sole 0 28000
Northwest Bancorp Inc com 667328108 523 20000 sh 0 sole 0 20000
Northwest Natural Gas com 667655104 2864 62000 sh 0 sole 0 62000
NorthWestern Corp com 668074305 856 26916 sh 0 sole 0 26916
NOVARTIS com 66987V109 496 8855 sh 0 sole 0 8855
Novellus Systems Inc com 670008101 261 9200 sh 0 sole 0 9200
Novo Nordisk A/S com 670100205 765 7050 sh 0 sole 0 7050
NSTAR com 67019E107 827 25500 sh 0 sole 0 25500
Nvidia Corp com 67066G104 238 5750 sh 0 sole 0 5750
NYSE Euronext com 629491101 582 7900 sh 0 sole 0 7900
Oneok Inc com 682680103 6029 119600 sh 0 sole 0 119600
O'Reilly Automotive com 686091109 21921 599746 sh 0 sole 0 599746
Oritani Financial Corp com 686323106 569 39800 sh 0 sole 0 39800
Pacific Premier Bcp com 69478X105 2380 222605 sh 0 sole 0 222605
Pall Corp com 696429307 207 4500 sh 0 sole 0 4500
Parkvale Financial com 701492100 7305 245863 sh 0 sole 0 245863
Patriot National Bcp com 70336F104 851 38702 sh 0 sole 0 38702
Patterson Cos Inc com 703395103 209 5596 sh 0 sole 0 5596
Penn National Gaming com 707569109 246369 4100000 sh 0 sole 0 4100000
Penn Virginia Corp com 707882106 17099 425350 sh 0 sole 0 425350
People's United Fin. com 712704105 5169 291525 sh 0 sole 0 291525
Pepco Holdings Inc com 713291102 364 12916 sh 0 sole 0 12916
Peyto Energy Trust com 717045108 15407 900000 sh 0 sole 0 900000
PFF Bancorp Inc com 69331W104 11552 413600 sh 0 sole 0 413600
Pfizer Inc com 717081103 821 32100 sh 0 sole 0 32100
PG&E Corp com 69331C108 10075 222400 sh 0 sole 0 222400
Piedmont Natural Gas com 720186105 3966 160900 sh 0 sole 0 160900
Pinnacle Entertainment com 723456109 45643 1621407 sh 0 sole 0 1621407
Pinnacle Gas Resources com 723464301 110 14124 sh 0 sole 0 14124
PMI Group Inc/The com 69344M101 536 12000 sh 0 sole 0 12000
PNM Resources Inc com 69349H107 622 22375 sh 0 sole 0 22375
Pool Corp com 73278L105 58545 1500000 sh 0 sole 0 1500000
PPL Corp com 69351T106 863 18450 sh 0 sole 0 18450
Principal Financial com 74251V102 554 9500 sh 0 sole 0 9500
Protalex Inc com 743642100 125 100000 sh 0 sole 0 100000
Prudential Financial com 744320102 535 5500 sh 0 sole 0 5500
Public Service Ent. com 744573106 10858 123700 sh 0 sole 0 123700
Puget Energy Inc com 745310102 1768 73100 sh 0 sole 0 73100
Qimonda AG com 746904101 239 15500 sh 0 sole 0 15500
Quanta Cap Holdings com 74763S100 7270 3029338 sh 0 sole 0 3029338
Quanta Cap Holdings com 74763S209 381 158718 sh 0 sole 0 158718
Questar Corp com 748356102 8855 167550 sh 0 sole 0 167550
RAIT Financial Trust com 749227104 6015 231173 sh 0 sole 0 231173
Respironics Inc com 761230101 230 5400 sh 0 sole 0 5400
RGC Resources Inc com 74955L103 132 4843 sh 0 sole 0 4843
Ricoh Co Ltd com 765658307 514 4500 sh 0 sole 0 4500
Rockwell Automation com 773903109 382 5500 sh 0 sole 0 5500
Ruddick Corp com 781258108 512 17000 sh 0 sole 0 17000
Safeco Corp com 786429100 613 9845 sh 0 sole 0 9845
Schering-Plough Corp com 806605101 426 14000 sh 0 sole 0 14000
SEMCO Energy Inc com 78412D109 623 80125 sh 0 sole 0 80125
Sempra Energy com 816851109 14843 250592 sh 0 sole 0 250592
Shuffle Master Inc com 825549108 2615 157500 sh 0 sole 0 157500
Sierra Pacific Res com 826428104 278 15825 sh 0 sole 0 15825
Simpson Manufacturing com 829073105 30444 902300 sh 0 sole 0 902300
Solectron Corp com 834182107 49 13450 sh 0 sole 0 13450
Sony Corp com 835699307 1377 26800 sh 0 sole 0 26800
South Jersey Indus com 838518108 1745 49310 sh 0 sole 0 49310
Southern First B'shrs com 39607Y100 475 23326 sh 0 sole 0 23326
Southern Union Co com 844030106 6790 208357 sh 0 sole 0 208357
Southwest Gas Corp com 844895102 3112 92050 sh 0 sole 0 92050
Southwestern Energy com 845467109 1555 34950 sh 0 sole 0 34950
Spectra Energy Corp com 847560109 14677 565368 sh 0 sole 0 565368
SPSS Inc com 78462K102 263 5950 sh 0 sole 0 5950
Station Casinos Inc com 857689103 20386 234861 sh 0 sole 0 234861
Sterling Financial com 859319105 11605 401000 sh 0 sole 0 401000
STMicroelectronics NV com 861012102 1102 57450 sh 0 sole 0 57450
Strayer Education Inc com 863236105 326 2475 sh 0 sole 0 2475
Stryker Corp com 863667101 404 6400 sh 0 sole 0 6400
Sun Microsystems Inc com 866810104 905 172100 sh 0 sole 0 172100
SunTrust Banks Inc com 867914103 429 5000 sh 0 sole 0 5000
T Rowe Price Group Inc com 74144T108 235 4525 sh 0 sole 0 4525
Target Corp com 87612E106 293 4600 sh 0 sole 0 4600
Taylor Capital Group com 876851106 5881 213614 sh 0 sole 0 213614
TDK Corp com 872351408 244 2525 sh 0 sole 0 2525
Techne Corp com 878377100 216 3775 sh 0 sole 0 3775
Teck Cominco Ltd com 878742204 230 5400 sh 0 sole 0 5400
TECO Energy Inc com 872375100 967 56275 sh 0 sole 0 56275
Telephone & Data Sys. com 879433100 319 5100 sh 0 sole 0 5100
Tellabs Inc com 879664100 282 26200 sh 0 sole 0 26200
TF Financial Corp com 872391107 2111 69784 sh 0 sole 0 69784
Thornburg Mortgage com 885218107 10095 385597 sh 0 sole 0 385597
THQ Inc com 872443403 405 13275 sh 0 sole 0 13275
TIBCO Software Inc com 88632Q103 143 15850 sh 0 sole 0 15850
Toll Brothers Inc com 889478103 14988 600000 sh 0 sole 0 600000
Total System Services com 891906109 292 9900 sh 0 sole 0 9900
Tower Group Inc com 891777104 3218 100890 sh 0 sole 0 100890
Trans Systems Arch com 893416107 209 6200 sh 0 sole 0 6200
TransCanada Corp com 89353D107 14884 432550 sh 0 sole 0 432550
Tyco International com 902124106 1553 29300 sh 0 sole 0 29300
UGI Corp com 902681105 1910 70025 sh 0 sole 0 70025
Unum Group com 91529Y106 749 28700 sh 0 sole 0 28700
URS Corp com 903236107 801 16500 sh 0 sole 0 16500
US Cellular Corp com 911684108 254 2800 sh 0 sole 0 2800
Varian Medical Systems com 92220P105 231 5425 sh 0 sole 0 5425
Vectren Corp com 92240G101 2168 80505 sh 0 sole 0 80505
Vishay Intertechnology com 928298108 254 16075 sh 0 sole 0 16075
Wachovia Corp com 929903102 308 6000 sh 0 sole 0 6000
Walgreen Co com 931422109 227 5225 sh 0 sole 0 5225
Wal-Mart Stores Inc com 931142103 274 5700 sh 0 sole 0 5700
Washington Federal Inc com 938824109 19894 818359 sh 0 sole 0 818359
Washington Mutual Inc com 939322103 241 5657 sh 0 sole 0 5657
Wells Fargo & Co com 949746101 208 5900 sh 0 sole 0 5900
WESCO International com 95082P105 9938 164400 sh 0 sole 0 164400
WGL Holdings Inc com 92924F106 3424 104900 sh 0 sole 0 104900
White River Capital com 96445P105 684 28200 sh 0 sole 0 28200
Williams Cos Inc com 969457100 11320 358000 sh 0 sole 0 358000
Wisconsin Energy Corp com 976657106 1421 32125 sh 0 sole 0 32125
WM Wrigley Jr Co com 982526105 221 4000 sh 0 sole 0 4000
WSFS Financial Corp com 929328102 513 7842 sh 0 sole 0 7842
Wyeth com 983024100 763 13300 sh 0 sole 0 13300
Xcel Energy Inc com 98389B100 2095 102350 sh 0 sole 0 102350
Xerox Corp com 984121103 846 45800 sh 0 sole 0 45800
Yahoo! Inc com 984332106 407 15000 sh 0 sole 0 15000
YM Biosciences Inc com 984238105 30 16580 sh 0 sole 0 16580
ZIOPHARM Oncology Inc com 98973P101 844 163930 sh 0 sole 0 163930