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 30, 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 August 10, 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: 97,631,793
Form 13F Information Table Value Total: $7,716,873,809
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
le x1000 Amt. prn cal Disc Mgr Mgr
99 Cents Only Stores com 65440K106 36038 3445336 sh 0 sole 0 3445336
Aames Investment Corp com 00253G108 23737 4756900 sh 0 sole 0 4756900
Adolor Corp com 00724X102 487 19468 sh 0 sole 0 19468
Advanced Micro Devices com 007903107 609 24950 sh 0 sole 0 24950
Advancis Pharmaceutical com 00764L109 1180 397467 sh 0 sole 0 397467
Advanta Corp com 007942204 2213 61569 sh 0 sole 0 61569
AES Corp/The com 00130H105 18450 1000000 sh 0 sole 0 1000000
Aetna Inc com 00817Y108 280 7000 sh 0 sole 0 7000
Affirmative Ins. Hold. com 008272106 704 45000 sh 0 sole 0 45000
AGL Resources Inc com 001204106 5240 137450 sh 0 sole 0 137450
Akorn Inc com 009728106 133 33400 sh 0 sole 0 33400
Alexion Pharmaceuticals com 015351109 426 11785 sh 0 sole 0 11785
Alkermes Inc com 01642T108 298 15755 sh 0 sole 0 15755
Allergan Inc com 018490102 322 3000 sh 0 sole 0 3000
Alliant Energy Corp com 018802108 846 24675 sh 0 sole 0 24675
Altana AG com 02143N103 250 4475 sh 0 sole 0 4475
Altiva Financial Corp com 021497300 1 285230 sh 0 sole 0 285230
Ameren Corp com 023608102 1663 32925 sh 0 sole 0 32925
American Fin'l Rlty Tr com 02607P305 142 14666 sh 0 sole 0 14666
American International com 026874107 361 6120 sh 0 sole 0 6120
American Power Conv. com 029066107 242 12425 sh 0 sole 0 12425
American Tower Corp com 029912201 127818 4107256 sh 0 sole 0 4107256
American Woodmark Corp com 030506109 25609 730850 sh 0 sole 0 730850
AmeriCredit Corp com 03060R101 28395 1017000 sh 0 sole 0 1017000
AmerisourceBergen Corp com 03073E105 281 6700 sh 0 sole 0 6700
Amylin Pharmaceuticals com 032346108 407 8242 sh 0 sole 0 8242
Analog Devices Inc com 032654105 594 18475 sh 0 sole 0 18475
Annaly Mortgage Mgmt. com 035710409 6358 496306 sh 0 sole 0 496306
Anworth Mortgage Asset com 037347101 4883 588306 sh 0 sole 0 588306
Apache Corp com 37411105 387 5677 sh 0 sole 0 5677
Applied Materials Inc com 038222105 562 34550 sh 0 sole 0 34550
Aquila Inc com 03840P102 1055 250550 sh 0 sole 0 250550
Archer-Daniels-Midland com 039483102 369 8932 sh 0 sole 0 8932
Arrow Electronics Inc com 042735100 330 10250 sh 0 sole 0 10250
Aspreva Pharmaceuticals com 04538T109 673 24799 sh 0 sole 0 24799
Asta Funding Inc com 046220109 7957 212800 sh 0 sole 0 212800
Astoria Financial Corp com 046265104 1157 38000 sh 0 sole 0 38000
AT&T Inc com 00206R102 972 34864 sh 0 sole 0 34864
Atmel Corp com 049513104 79 14275 sh 0 sole 0 14275
Atmos Energy Corp com 049560105 5193 186050 sh 0 sole 0 186050
AU Optronics com 002255107 463 33500 sh 0 sole 0 33500
Avalon Pharmaceuticals com 05346P106 286 84402 sh 0 sole 0 84402
Avista Corp com 05379B107 467 20475 sh 0 sole 0 20475
Bally Technologies Inc com 05874B107 26352 1600000 sh 0 sole 0 1600000
Bancorp Rhode Island com 059690107 7556 189370 sh 0 sole 0 189370
Bancshares of Florida com 05976U102 1102 50098 sh 0 sole 0 50098
Bank Mutual Corp com 063750103 8223 672895 sh 0 sole 0 672895
Bank of America Corp com 060505104 1154 24000 sh 0 sole 0 24000
Bankunited Financial com 06652B103 33801 1107513 sh 0 sole 0 1107513
Banner Corp com 06652V109 10866 281947 sh 0 sole 0 281947
Beach 1st Nat'l Banc. com 073334104 314 12365 sh 0 sole 0 12365
Bear Stearns Cos Inc. com 073902108 1043 7448 sh 0 sole 0 7448
Berkshire Hathaway B com 084670207 243 80 sh 0 sole 0 80
Berkshire Hathaway A com 084670108 1287 37 sh 0 sole 0 37
Beverly Hills Bancorp com 087866109 645 67000 sh 0 sole 0 67000
Big 5 Sporting Goods com 08915P101 2104 107900 sh 0 sole 0 107900
BioMarin Pharma com 09061G101 390 27162 sh 0 sole 0 27162
Bradley Pharmaceuticals com 104576103 2327 228100 sh 0 sole 0 228100
Brown & Brown Inc com 115236101 1461 50000 sh 0 sole 0 50000
Canon Inc com 138006309 1327 18117 sh 0 sole 0 18117
Capital One Financial com 14040H105 256 3000 sh 0 sole 0 3000
Capitol Federal Fin. com 14057C106 3264 95200 sh 0 sole 0 95200
Cardiome Pharma Corp com 14159U202 365 41250 sh 0 sole 0 41250
Carmax Inc com 143130102 53190 1500000 sh 0 sole 0 1500000
Cascade Natural Gas com 147339105 576 27300 sh 0 sole 0 27300
Cbot Holdings Inc com 14984K106 598 5000 sh 0 sole 0 5000
CDW Corp com 12512N105 208 3800 sh 0 sole 0 3800
Celgene Corp com 151020104 706 14890 sh 0 sole 0 14890
Centerpoint Energy Inc com 15189T107 3271 261700 sh 0 sole 0 261700
Cephalon Inc com 156708109 481 8000 sh 0 sole 0 8000
CH Energy Group Inc com 12541M102 358 7450 sh 0 sole 0 7450
Check Point Software com M22465104 268 15200 sh 0 sole 0 15200
Cheniere Energy Inc com 16411R208 495 12700 sh 0 sole 0 12700
Chesapeake Utilities com 165303108 354 11765 sh 0 sole 0 11765
Chevron Corp com 166764100 348 5600 sh 0 sole 0 5600
Chicago Merc. Ex. Hldgs com 167760107 982 2000 sh 0 sole 0 2000
CIT Group Inc com 125581108 784 15000 sh 0 sole 0 15000
Citigroup Inc com 172967101 869 18000 sh 0 sole 0 18000
Clinical Data com 18725U109 410 25560 sh 0 sole 0 25560
CMS Energy Corp com 125896100 1509 116650 sh 0 sole 0 116650
CNA Financial Corp com 126117100 826 25065 sh 0 sole 0 25065
Comerica Inc com 200340107 1073 20635 sh 0 sole 0 20635
Commercial Capital Bcp com 20162L105 6615 420000 sh 0 sole 0 420000
Compudyne Corp com 204795306 255 40000 sh 0 sole 0 40000
Computer Sciences Corp com 205363104 427 8800 sh 0 sole 0 8800
Compuware Corp com 205638109 334 49800 sh 0 sole 0 49800
Comverse Technology Inc com 205862402 294 14850 sh 0 sole 0 14850
Consolidated Edison Inc com 209115104 3941 88675 sh 0 sole 0 88675
Constellation Energy com 210371100 1695 31098 sh 0 sole 0 31098
Costco Wholesale Corp com 22160K105 237 4154 sh 0 sole 0 4154
Countrywide Financial com 222372104 228 6000 sh 0 sole 0 6000
CSX Corp com 126408103 283 4011 sh 0 sole 0 4011
Cubist Pharmaceuticals com 229678107 574 22800 sh 0 sole 0 22800
Cummins Inc com 231021106 245 2000 sh 0 sole 0 2000
Cytomyx Holdings com 33942276 26294 11047740 sh 0 sole 0 11047740
Deerfield Triarc Cap. com 244572301 1545 119000 sh 0 sole 0 119000
Delta Natural Gas Co com 247748106 204 8307 sh 0 sole 0 8307
Dime Comm. Bancshares com 253922108 8058 593809 sh 0 sole 0 593809
Dominion Resources Inc com 25746U109 9745 130300 sh 0 sole 0 130300
Dover Motorsports Inc com 260174107 3544 603800 sh 0 sole 0 603800
Downey Financial Corp com 261018105 28422 418900 sh 0 sole 0 418900
DR Horton Inc com 23331A109 13498 566666 sh 0 sole 0 566666
DTE Energy Co com 233331107 2657 65225 sh 0 sole 0 65225
Duke Energy Corp com 26441C105 11965 407387 sh 0 sole 0 407387
Dynamex Inc com 26784F103 10142 464997 sh 0 sole 0 464997
Dynavax Technologies com 268158102 288 69444 sh 0 sole 0 69444
E.ON AG com 268780103 12316 321140 sh 0 sole 0 321140
ECC Capital Corp com 26826M108 4807 3940110 sh 0 sole 0 3940110
Edison International com 281020107 218 5601 sh 0 sole 0 5601
El Paso Corp com 28336L109 11889 792600 sh 0 sole 0 792600
EMC Corp/Massachusetts com 268648102 248 22575 sh 0 sole 0 22575
Enbridge Inc com 29250N105 12216 399610 sh 0 sole 0 399610
Encysive Pharma com 29256X107 164 23700 sh 0 sole 0 23700
Energen Corp com 29265N108 2482 64625 sh 0 sole 0 64625
Energy East Corp com 29266M109 3294 137650 sh 0 sole 0 137650
EnergySouth Inc com 292970100 577 18489 sh 0 sole 0 18489
Entergy Corp com 29364G103 304 4300 sh 0 sole 0 4300
Equitable Resources Inc com 294549100 4085 121950 sh 0 sole 0 121950
Exelon Corp com 30161N101 4502 79225 sh 0 sole 0 79225
Fannie Mae com 313586109 577 12000 sh 0 sole 0 12000
Fieldstone Investment com 31659U300 32879 3589403 sh 0 sole 0 3589403
Fieldstone Investment com 31659U102 102 11166 sh 0 sole 0 11166
FirstFed Financial Corp com 337907109 33795 586000 sh 0 sole 0 586000
Flagstar Bancorp Inc com 337930101 3671 230000 sh 0 sole 0 230000
Flextronics Int. com Y2573F102 287 27000 sh 0 sole 0 27000
Florida Gaming Corp com 340689306 617 44086 sh 0 sole 0 44086
Flushing Financial Corp com 343873105 3097 172461 sh 0 sole 0 172461
Franklin Bank Corp com 352451108 12374 612862 sh 0 sole 0 612862
Freddie Mac com 313400301 4178 73291 sh 0 sole 0 73291
Freescale Semi-B com 35687M206 696 24001 sh 0 sole 0 24001
Friedman Billings Ram com 358434108 2435 221928 sh 0 sole 0 221928
Fuji Photo Film Co Ltd com 359586302 448 13340 sh 0 sole 0 13340
Genentech Inc com 368710406 327 4000 sh 0 sole 0 4000
Genworth Financial Inc com 37247D106 722 20715 sh 0 sole 0 20715
Gilead Sciences Inc com 375558103 408 6900 sh 0 sole 0 6900
Global Imaging Systems com 37934A100 22403 542700 sh 0 sole 0 542700
Golden West Financial com 381317106 2533 34141 sh 0 sole 0 34141
Goldman Sachs Group Inc com 38141G104 602 4000 sh 0 sole 0 4000
Government Properties com 38374W107 1993 210000 sh 0 sole 0 210000
Greenville First Banc com 39607Y100 785 38886 sh 0 sole 0 38886
Hana Biosciences Inc com 40963P105 1396 153963 sh 0 sole 0 153963
Harleysville Savings com 412865107 616 35740 sh 0 sole 0 35740
Harrington West Fin'l com 41383L104 1160 72935 sh 0 sole 0 72935
Hartford Financial Serv com 416515104 628 7419 sh 0 sole 0 7419
HealthExtras Inc com 422211102 363 12000 sh 0 sole 0 12000
Highland Hospitality C com 430141101 3753 266546 sh 0 sole 0 266546
Hilb Rogal & Hobbs Co com 431294107 14666 393500 sh 0 sole 0 393500
Hingham Inst. for Sav com 433323102 3686 99308 sh 0 sole 0 99308
HMN Financial Inc com 40424G108 3539 101698 sh 0 sole 0 101698
Hudson City Bancorp Inc com 443683107 30901 2318156 sh 0 sole 0 2318156
Hyperspace Comm. wts 44915D111 125 100000 sh 0 sole 0 100000
Inco Ltd com 453258402 209 3168 sh 0 sole 0 3168
Infineon Technologies com 45662N103 357 32000 sh 0 sole 0 32000
Intel Corp com 458140100 849 44700 sh 0 sole 0 44700
International Game Tech com 459902102 759 20000 sh 0 sole 0 20000
International Speedway com 460335300 882 19000 sh 0 sole 0 19000
International Speedway com 460335201 2782 60000 sh 0 sole 0 60000
Intuitive Surgical Inc com 46120E602 575 5000 sh 0 sole 0 5000
Investors Bancorp Inc com 46146P102 1084 80000 sh 0 sole 0 80000
Investors Title Co com 461804106 2698 61000 sh 0 sole 0 61000
Iomai Corp com 46202P103 489 118046 sh 0 sole 0 118046
ISHARES TR com 464287655 1076 15000 sh 0 sole 0 15000
Ishares Trust MSCI Eme com 464287234 986 10500 sh 0 sole 0 10500
Isle of Capri Casinos com 464592104 5445 212300 sh 0 sole 0 212300
ITLA Capital Corp com 450565106 14163 269366 sh 0 sole 0 269366
Jabil Circuit Inc com 466313103 340 13275 sh 0 sole 0 13275
JER Investors Trust Inc com 46614H301 1357 87235 sh 0 sole 0 87235
JPMorgan Chase & Co com 46625H100 1218 29000 sh 0 sole 0 29000
Keycorp com 493267108 1264 35430 sh 0 sole 0 35430
KeySpan Corp com 49337W100 11304 279800 sh 0 sole 0 279800
Kla-Tencor Corp com 482480100 448 10775 sh 0 sole 0 10775
Kyocera Corp com 501556203 1002 12885 sh 0 sole 0 12885
L.G. Phillips LTD com 50186V102 843 46550 sh 0 sole 0 46550
Laclede Group Inc com 505597104 1672 48650 sh 0 sole 0 48650
Lincoln National Corp com 534187109 399 7070 sh 0 sole 0 7070
Luminent Mortgage Cap com 550278303 4712 508906 sh 0 sole 0 508906
MAF Bancorp Inc com 55261R108 7912 184679 sh 0 sole 0 184679
Marathon Oil Corp com 565849106 212 2550 sh 0 sole 0 2550
Markel Corp com 570535104 88624 255400 sh 0 sole 0 255400
Markwest Hydrocarbon com 570762104 9848 397890 sh 0 sole 0 397890
MASSBANK Corp com 576152102 3830 116745 sh 0 sole 0 116745
Matrix Bancorp com 576819106 5148 220000 sh 0 sole 0 220000
McKesson Corp com 58155Q103 1143 24175 sh 0 sole 0 24175
MDU Resources Group com 552690109 1316 53900 sh 0 sole 0 53900
Medical Properties Tr com 58463J106 250 22627 sh 0 sole 0 22627
Merrill Lynch & Co Inc com 590188108 591 8500 sh 0 sole 0 8500
Metlife Inc com 59156R108 1117 21819 sh 0 sole 0 21819
MFA Mortgage Inv com 55272X102 4963 721306 sh 0 sole 0 721306
MGE Energy Inc com 55277P104 375 12028 sh 0 sole 0 12028
Micron Technology Inc com 595112103 644 42735 sh 0 sole 0 42735
Micros Systems Inc com 594901100 1398 32000 sh 0 sole 0 32000
Mitsubishi Financial adr 606822104 2352 168597 sh 0 sole 0 168597
Molex Inc com 608554101 282 8400 sh 0 sole 0 8400
Monarch Casino & Resort com 609027107 27895 992000 sh 0 sole 0 992000
Morgan Stanley com 617446448 1310 20726 sh 0 sole 0 20726
Motorola Inc com 620076109 937 46500 sh 0 sole 0 46500
Myogen Inc com 62856E104 602 20750 sh 0 sole 0 20750
Nasdaq Stock Market Inc com 631103108 508 17000 sh 0 sole 0 17000
National City Corp com 635405103 1013 28000 sh 0 sole 0 28000
National Fuel Gas Co com 636180101 4094 116500 sh 0 sole 0 116500
National Grid PLC com 636274300 12608 233226 sh 0 sole 0 233226
National Semiconductor com 637640103 262 10975 sh 0 sole 0 10975
Nations Inst. Reserves com 19765K530 36980 10750102 sh 0 sole 0 10750102
NCR Corp com 62886E108 385 10500 sh 0 sole 0 10500
New Jersey Resources com 646025106 2203 47100 sh 0 sole 0 47100
New York Mortgage Trust com 649604105 899 224630 sh 0 sole 0 224630
Nicor Inc com 654086107 4007 96550 sh 0 sole 0 96550
NiSource Inc com 65473P105 7730 353950 sh 0 sole 0 353950
Norfolk Southern Corp com 655844108 301 5664 sh 0 sole 0 5664
Northeast Utilities com 664397106 749 36250 sh 0 sole 0 36250
Northwest Natural Gas com 667655104 2329 62900 sh 0 sole 0 62900
NorthWestern Corp com 668074305 894 26016 sh 0 sole 0 26016
Novartis AG adr 66987V109 437 8105 sh 0 sole 0 8105
Novell Inc com 670006105 93 14100 sh 0 sole 0 14100
Novellus Systems Inc com 670008101 265 10725 sh 0 sole 0 10725
NSTAR com 67019E107 729 25500 sh 0 sole 0 25500
NYSE Group Inc com 62949W103 685 10000 sh 0 sole 0 10000
Occidental Petroleum com 674599105 420 4095 sh 0 sole 0 4095
Oneok Inc com 682680103 4772 140200 sh 0 sole 0 140200
Onyx Pharmaceuticals com 683399109 640 38000 sh 0 sole 0 38000
Opteum Inc com 68384A100 3696 409706 sh 0 sole 0 409706
O'Reilly Automotive Inc com 686091109 11119 356508 sh 0 sole 0 356508
Pacific Premier Bancorp com 69478X105 2997 259668 sh 0 sole 0 259668
Parkvale Financial Corp com 701492100 7946 271675 sh 0 sole 0 271675
Partners Trust Fin. com 70213F102 572 50118 sh 0 sole 0 50118
PDL BioPharma Inc com 69329Y104 444 24100 sh 0 sole 0 24100
Penn National Gaming com 707569109 158998 4100000 sh 0 sole 0 4100000
Penn Virginia Corp com 707882106 14801 211800 sh 0 sole 0 211800
Pennfed Financial Serv com 708167101 2305 123591 sh 0 sole 0 123591
People's Bank com 710198102 5199 158250 sh 0 sole 0 158250
Peoples Energy Corp com 711030106 2983 83075 sh 0 sole 0 83075
Pepco Holdings Inc com 713291102 347 14716 sh 0 sole 0 14716
PFF Bancorp Inc com 69331W104 11957 360600 sh 0 sole 0 360600
PG&E Corp com 69331C108 9224 234825 sh 0 sole 0 234825
Piedmont Natural Gas Co com 720186105 4330 178200 sh 0 sole 0 178200
Pinnacle Entertainment com 723456109 45099 1471407 sh 0 sole 0 1471407
PNM Resources Inc com 69349H107 421 16875 sh 0 sole 0 16875
PPL Corp com 69351T106 505 15650 sh 0 sole 0 15650
Principal Financial com 74251V102 931 16726 sh 0 sole 0 16726
Provident Financial com 74386T105 1849 103000 sh 0 sole 0 103000
Prudential Financial com 744320102 831 10697 sh 0 sole 0 10697
Public Service Ent. com 744573106 7518 113700 sh 0 sole 0 113700
Puget Energy Inc com 745310102 1678 78100 sh 0 sole 0 78100
Quanta Cap Holdings Ltd com G7313F106 7846 3029338 sh 0 sole 0 3029338
Questar Corp com 748356102 7278 90425 sh 0 sole 0 90425
Royal Dutch Shell com 780259206 209 6218 sh 0 sole 0 6218
SanDisk Corp com 80004C101 464 9100 sh 0 sole 0 9100
Sanofi-Synthelabo com 80105N105 390 8000 sh 0 sole 0 8000
Saxon Capital Inc com 80556T106 19211 1679300 sh 0 sole 0 1679300
Schering-Plough Corp com 806605101 445 23375 sh 0 sole 0 23375
Seagate Technology Inc com G7945J104 607 26800 sh 0 sole 0 26800
SEMCO Energy Inc com 78212D109 413 74325 sh 0 sole 0 74325
Shuffle Master Inc com 825549108 5163 157500 sh 0 sole 0 157500
Sierra Pac. Resources com 826428104 208 14825 sh 0 sole 0 14825
Simpson Manufacturing com 829073105 18551 514600 sh 0 sole 0 514600
Solectron Corp com 834182107 221 64650 sh 0 sole 0 64650
Solexa Inc com 83420X105 177 20857 sh 0 sole 0 20857
Sony Corp com 835699307 1184 26892 sh 0 sole 0 26892
South Jersey Industries com 838518108 1764 64410 sh 0 sole 0 64410
Southern Union Co com 844030106 6528 241257 sh 0 sole 0 241257
Southwest Airlines Co com 844741108 234 14267 sh 0 sole 0 14267
Southwest Gas Corp com 844895102 2813 89750 sh 0 sole 0 89750
Southwestern Energy com 845467109 2311 74150 sh 0 sole 0 74150
Sovereign Bancorp com 845905108 975 48000 sh 0 sole 0 48000
Spclty Underwriters' Al com 84751T309 6573 984002 sh 0 sole 0 984002
St Paul Travelers Cos com 792860108 241 5404 sh 0 sole 0 5404
Stancorp Financial Gr. com 852891100 1884 37000 sh 0 sole 0 37000
Station Casinos Inc com 857689103 17020 250000 sh 0 sole 0 250000
Sterling Financial Corp com 859319105 19877 651500 sh 0 sole 0 651500
STMicroelectronics NV com 861012102 982 61100 sh 0 sole 0 61100
SunTrust Banks Inc com 867914103 1068 14000 sh 0 sole 0 14000
Syngenta AG Sponsored adr 87160A100 693 26100 sh 0 sole 0 26100
Taiwan Semi Manu. com 874039100 625 68100 sh 0 sole 0 68100
Taylor Capital Group com 876851106 10534 258123 sh 0 sole 0 258123
TD Ameritrade Holding com 87236Y108 222 15000 sh 0 sole 0 15000
TDK Corp com 872351408 717 9458 sh 0 sole 0 9458
TECO Energy Inc com 872375100 552 36975 sh 0 sole 0 36975
Texas Instruments Inc com 882508104 685 22600 sh 0 sole 0 22600
TF Financial Corp com 872391107 2273 78788 sh 0 sole 0 78788
Thomas Properties Group com 884453101 161 13700 sh 0 sole 0 13700
Thornburg Mortgage Inc com 885218107 9409 337597 sh 0 sole 0 337597
Toll Brothers Inc com 889478103 15397 602138 sh 0 sole 0 602138
Tower Group Inc com 891777104 3339 110377 sh 0 sole 0 110377
TransCanada Corp com 89353D107 11779 410700 sh 0 sole 0 410700
TRM Corp com 872636105 1128 162774 sh 0 sole 0 162774
UGI Corp com 902681105 1074 43625 sh 0 sole 0 43625
Union Pacific Corp com 907818108 436 4688 sh 0 sole 0 4688
UnitedHealth Group Inc com 91324P102 448 10000 sh 0 sole 0 10000
UnumProvident Corp com 91529Y106 698 38474 sh 0 sole 0 38474
Vectren Corp com 92240G101 3164 116105 sh 0 sole 0 116105
Vertex Pharmaceuticals com 92532F100 455 12400 sh 0 sole 0 12400
VerticalNet Inc com 92532L206 196 152047 sh 0 sole 0 152047
Washington Federal Inc com 938824109 26546 1144734 sh 0 sole 0 1144734
Washington Mutual Inc com 939322103 512 11232 sh 0 sole 0 11232
WGL Holdings Inc com 92924F106 3384 116900 sh 0 sole 0 116900
White River Capital Inc com 96445P105 451 28200 sh 0 sole 0 28200
Whittier Energy Corp com 966785305 15108 1792120 sh 0 sole 0 1792120
Williams Cos Inc com 969457100 10078 431400 sh 0 sole 0 431400
Wisconsin Energy Corp com 976657106 1706 42325 sh 0 sole 0 42325
WPS Resources Corp com 92931B106 718 14480 sh 0 sole 0 14480
WSFS Financial Corp com 929328102 5647 91899 sh 0 sole 0 91899
Xcel Energy Inc com 98389B100 1944 101350 sh 0 sole 0 101350
Xilinx Inc com 983919101 428 18900 sh 0 sole 0 18900
Yardville National Bcp com 985021104 7050 197318 sh 0 sole 0 197318
YM Biosciences Inc com 984238105 769 180086 sh 0 sole 0 180086
ZIOPHARM Oncology com 98973P101 852 163930 sh 0 sole 0 163930