UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F HRA Form 13F Cover Page Report for the Calendar Year or Quarter Ended: March 31, 2004 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: Nicholas J. Nichols Title: EVP and Chief Compliance Officer Phone: 703-312-9500 Signature, Place, and Date of Signing: Nicholas J. Nichols Arlington, VA May 18, 2004 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: 6 Form 13F Information Table Entry Total: 52,192,483 Form 13F Information Table Value Total: $ 1,401,378,666 List of Other Included Managers: No: Name 1) Friedman Billings Ramsey & Co. 2) Friedman Billings Ramsey Investment management Inc. 3) FBR Fund Advisers, Inc. 4) FBR Venture Capital Managers, Inc. 5) Money Management Associates 6) FBR Asset Investment Corp. Name of Issuer Cla Cusip Value Prn sh Put/ Inv. Oth Sole ss x1000 Amt prn Call Disc Mgr Mgr Accred Home Lenders com 00437P107 20121 510697 sh 0 sole 0 510697 Advancis com 00764L109 7266 794936 sh 0 sole 0 794936 Aerogen com 007779309 148 41000 sh 0 sole 0 41000 AGL Resources com 001204106 6614 227900 sh 0 sole 0 227900 Alkermes com 01642T108 320 20000 sh 0 sole 0 20000 Allegheny Energy com 01736A106 232 16950 sh 0 sole 0 16950 Alliance Banc of NE com 01852Q109 10948 269000 sh 0 sole 0 269000 Alliant Energy com 018802108 981 37650 sh 0 sole 0 37650 Allin Corporation com 019924109 188 696733 sh 0 sole 0 696733 Ameren/aee com 023608102 1806 39175 sh 0 sole 0 39175 American Ele Power com 025537101 1022 31050 sh 0 sole 0 31050 American Express com 025816109 1037 20000 sh 0 sole 0 20000 American Fin'l Rlt com 02607P305 63790 3763441 sh 0 sole 0 3763441 Americredit Corp com 03060R101 56880 3340000 sh 0 sole 0 3340000 Ameritrade Hldg com 03074K109 5814 377500 sh 0 sole 0 377500 Angiotech Pharma com 034918102 610 25000 sh 0 sole 0 25000 Annaly Mortgage com 035710409 6610 338100 sh 0 sole 0 338100 Anworth Mortgage com 037347101 3630 260000 sh 0 sole 0 260000 Aquila Inc com 03840P102 826 175400 sh 0 sole 0 175400 Aradigm Corp. com 038505103 232 100000 sh 0 sole 0 100000 Asta Funding com 046220109 8380 437359 sh 0 sole 0 437359 Astoria Fin'l com 046265104 2282 60000 sh 0 sole 0 60000 Atmos Energy com 049560105 4672 182700 sh 0 sole 0 182700 Avista Corp com 05379B107 727 38450 sh 0 sole 0 38450 Banc Corp com 05944B103 819 114200 sh 0 sole 0 114200 Banc One com 06423A103 981 18000 sh 0 sole 0 18000 Banc Rhode Island com 059690107 12054 357700 sh 0 sole 0 357700 Bank Mutual com 063750103 10159 907895 sh 0 sole 0 907895 Bank North Gp com 06646R107 511 15000 sh 0 sole 0 15000 Bank of America com 060505104 17654 218000 sh 0 sole 0 218000 Bank of New York com 064057102 1588 50400 sh 0 sole 0 50400 Bank One com 06423A103 9200 168750 sh 0 sole 0 168750 BankUnited Fin'l com 06652B103 14901 501733 sh 0 sole 0 501733 Banner Bank com 06652V109 12551 428511 sh 0 sole 0 428511 Bayer AG com 072730302 244 10000 sh 0 sole 0 10000 Bear Stearns com 073902108 877 10000 sh 0 sole 0 10000 Berkshire Hathaway A com 084670108 8397 90 sh 0 sole 0 90 Berkshire Hills Banc com 084680107 2977 85300 sh 0 sole 0 85300 Biocryst Pharma com 09058V103 334 40000 sh 0 sole 0 40000 Bioenvision com 09059N100 435 43500 sh 0 sole 0 43500 Biogen Idec com 09062X103 612 11000 sh 0 sole 0 11000 Biosource Internl com 09066H104 249 35500 sh 0 sole 0 35500 Boston Scientific com 101137107 636 15000 sh 0 sole 0 15000 Bristol-Meyers com 110122108 267 11000 sh 0 sole 0 11000 Brookline Bcorp com 11373M107 12250 768000 sh 0 sole 0 768000 BSB Bancorp com 055652101 12489 325070 sh 0 sole 0 325070 Camden National com 133034108 2534 79300 sh 0 sole 0 79300 Canon Inc com 138006309 329 6350 sh 0 sole 0 6350 Capital One Fin'l com 14040H105 1961 26000 sh 0 sole 0 26000 Capitol Fed Finl com 14057C106 11309 315000 sh 0 sole 0 315000 Cardinal Health com 14149Y108 317 4600 sh 0 sole 0 4600 Celgene com 151020104 334 7000 sh 0 sole 0 7000 CenterPoint Energy com 15189T107 4866 425700 sh 0 sole 0 425700 CH Energy Group com 12541M102 547 11150 sh 0 sole 0 11150 Charter One Fin'l com 160903100 884 25000 sh 0 sole 0 25000 Chesapeake Utilities com 165303108 437 17040 sh 0 sole 0 17040 Cheviot Financial com 166774109 2470 187000 sh 0 sole 0 187000 Chiron Corp com 170040109 273 6200 sh 0 sole 0 6200 Cinergy Corp com 172474108 2200 53800 sh 0 sole 0 53800 CIT Group Hldgs com 125581108 2017 53000 sh 0 sole 0 53000 City Holding com 177835105 2829 81800 sh 0 sole 0 81800 CMS Energy com 125896100 1325 148000 sh 0 sole 0 148000 Coastal Bcorp com 19041P105 4105 99282 sh 0 sole 0 99282 Comerica Inc com 200340107 19827 365000 sh 0 sole 0 365000 Commerical Cap com 20162L105 14638 638666 sh 0 sole 0 638666 Consol Energy com 20854P109 14067 524901 sh 0 sole 0 524901 Consolidated Edison com 209115104 6446 146175 sh 0 sole 0 146175 Constellation Enrgy com 210371100 2244 56175 sh 0 sole 0 56175 Corvis Corp com 221009103 23 11800 sh 0 sole 0 11800 Countrywide Finl com 222372104 1438 15000 sh 0 sole 0 15000 Delta Natural Gas com 247748106 319 12600 sh 0 sole 0 12600 Dime Comm Bcp com 253922108 1874 92100 sh 0 sole 0 92100 Dominion Resources com 25746U109 10870 169050 sh 0 sole 0 169050 DOV Pharma com 259858108 222 14300 sh 0 sole 0 14300 Downey Fin'l Corp com 261018105 19044 360000 sh 0 sole 0 360000 DTE Energy Hds com 233331107 3719 90375 sh 0 sole 0 90375 Duke Energy com 264399106 11023 487750 sh 0 sole 0 487750 DVAX com 268158102 1053 138888 sh 0 sole 0 138888 E*Trade com 269246104 4699 352000 sh 0 sole 0 352000 El Paso Energy com 28336L109 6107 858950 sh 0 sole 0 858950 Elan Corp. Plc com 284131208 825 40000 sh 0 sole 0 40000 Eli Lilly com 532457108 669 10000 sh 0 sole 0 10000 EMC Corporation com 268648102 313 22975 sh 0 sole 0 22975 Energen Corp com 29265N108 2439 59125 sh 0 sole 0 59125 Energy East Corp com 29266M109 4616 182000 sh 0 sole 0 182000 Energysouth Inc com 292970100 683 19553 sh 0 sole 0 19553 Entergy Corp com 29364G103 396 6650 sh 0 sole 0 6650 Equitable Resources com 294549100 4420 99500 sh 0 sole 0 99500 ESpeed Inc com 296643109 671 32000 sh 0 sole 0 32000 Exelon Corp com 30161N101 4831 70150 sh 0 sole 0 70150 Fannie Mae com 313586109 1338 18000 sh 0 sole 0 18000 First Indiana com 32054R108 3442 170833 sh 0 sole 0 170833 First Pac Trust com 33589V101 5560 245600 sh 0 sole 0 245600 First Security Fed com 336392105 1899 53654 sh 0 sole 0 53654 FirstFed America com 337929103 4181 150000 sh 0 sole 0 150000 FirstFed Fin'l Corp com 337907109 31368 680000 sh 0 sole 0 680000 Fleet Boston Fin'l com 339030108 5613 125000 sh 0 sole 0 125000 Forbes Medi-Tech com 344907100 73 10000 sh 0 sole 0 10000 Forest Laboratories com 345838106 716 10000 sh 0 sole 0 10000 Franklin Bank com 352451108 17842 963900 sh 0 sole 0 963900 Freddie Mac com 313400301 1654 28000 sh 0 sole 0 28000 Fr. Billings Ramsey com 358434108 24106 893155 sh 0 sole 0 893155 Gen-Probe com 36866T103 474 14200 sh 0 sole 0 14200 Genzyme com 372917104 470 10000 sh 0 sole 0 10000 Golden West Fin'l com 381317106 2015 18000 sh 0 sole 0 18000 Goldman Sachs com 38141G104 626 6000 sh 0 sole 0 6000 Gov't Prop. Trust com 38374W107 7520 571000 sh 0 sole 0 571000 Harrington W Finl com 41383L104 1556 86700 sh 0 sole 0 86700 Hawthorne Fin'l com 420542102 28179 640000 sh 0 sole 0 640000 Hewlett-Packard com 428236103 309 13550 sh 0 sole 0 13550 Hibernia Corp com 428656102 3124 133000 sh 0 sole 0 133000 Hingham Inst Svgs com 433323102 4495 113800 sh 0 sole 0 113800 HMN Fin'l com 40424G108 4287 156109 sh 0 sole 0 156109 Hudson City com 443683107 26934 715000 sh 0 sole 0 715000 ICOS Corp. com 449295104 371 10000 sh 0 sole 0 10000 Independence com 453414104 14466 355000 sh 0 sole 0 355000 Inkine Pharma com 457214104 156 30000 sh 0 sole 0 30000 Integrated Alarm Svcs com 45890M109 3343 350000 sh 0 sole 0 350000 Intel Corp com 458140100 286 10500 sh 0 sole 0 10500 Intermune com 45884X103 390 20000 sh 0 sole 0 20000 Int'l Business Mach. com 459200101 280 3050 sh 0 sole 0 3050 ITLA Capital Corp com 450565106 16376 332633 sh 0 sole 0 332633 Jefferson Banc com 472375104 2008 145500 sh 0 sole 0 145500 JP Morgan Chase com 46625H100 33896 808000 sh 0 sole 0 808000 Keycorp com 493267108 1515 50000 sh 0 sole 0 50000 Keyspan Corp com 49337W100 10967 286950 sh 0 sole 0 286950 Knight Trimark Gp com 499063105 632 50000 sh 0 sole 0 50000 La Jolla Pharma com 503459109 299 108377 sh 0 sole 0 108377 Laclede Gas com 505597104 2192 72350 sh 0 sole 0 72350 Lehman Brothers com 524908100 15745 190000 sh 0 sole 0 190000 Ligan Pharma Cl B com 53220K207 403 20031 sh 0 sole 0 20031 Luminent Mortgage com 550278303 3543 250400 sh 0 sole 0 250400 Martek Biosciences com 572901106 570 10000 sh 0 sole 0 10000 MassBank Corp com 576152102 4196 105877 sh 0 sole 0 105877 MBNA Corp com 55262L100 857 31000 sh 0 sole 0 31000 MCG Capital Corp. com 58047P107 12613 625000 sh 0 sole 0 625000 MDU Resource com 552690109 1839 78300 sh 0 sole 0 78300 Medarex Inc. com 583916101 449 50000 sh 0 sole 0 50000 Mellon Financial com 58551A108 13924 445000 sh 0 sole 0 445000 Merrill Lynch com 590188108 11721 196800 sh 0 sole 0 196800 Metric Companies com 591598107 7628 948700 sh 0 sole 0 948700 MFA Mortgage Inv com 55272X102 3081 305000 sh 0 sole 0 305000 MGE Energy Inc com 55277P104 495 16035 sh 0 sole 0 16035 MGI Pharma com 552880106 613 10000 sh 0 sole 0 10000 MGIC Iinvestment Corp com 552848103 642 10000 sh 0 sole 0 10000 Microsoft com 594918104 321 12875 sh 0 sole 0 12875 Millenium Pharma com 599902103 465 27500 sh 0 sole 0 27500 Morgan Stanley com 617446448 14153 247000 sh 0 sole 0 247000 Mutual First Finl com 62845B104 3414 140330 sh 0 sole 0 140330 NABI Pharma com 629519109 233 15000 sh 0 sole 0 15000 National Fuel Gas com 636180101 4402 178950 sh 0 sole 0 178950 Nektar Therapeutics com 640268108 647 30000 sh 0 sole 0 30000 Neurocrine Bioscie com 64125C109 591 10000 sh 0 sole 0 10000 New Century com 64352D101 35934 740000 sh 0 sole 0 740000 Nicor Inc com 654086107 5966 169350 sh 0 sole 0 169350 Nisource Inc com 65473P105 10787 507600 sh 0 sole 0 507600 NJ Resources com 646025106 3464 91650 sh 0 sole 0 91650 Nokia Corp com 654902204 262 12900 sh 0 sole 0 12900 North Fork Bcorp com 659424105 1312 31000 sh 0 sole 0 31000 Northeast Utilities com 664397106 923 49475 sh 0 sole 0 49475 Nstar com 67019E107 1127 22225 sh 0 sole 0 22225 NUI Corp com 629431107 813 48060 sh 0 sole 0 48060 NW Natural Gas com 667655104 3333 106650 sh 0 sole 0 106650 NY Cmmty Banc com 649445103 15022 438221 sh 0 sole 0 438221 Oneok Inc com 682680103 4345 192700 sh 0 sole 0 192700 Onyx Pharma com 683399109 405 10000 sh 0 sole 0 10000 Pacific Premier com 69478X105 3574 265750 sh 0 sole 0 265750 Pacific Union Bk com 695025106 13342 456288 sh 0 sole 0 456288 Palatin Technologies com 696077304 125 30000 sh 0 sole 0 30000 Palomar Medical Tech com 697529303 361 20000 sh 0 sole 0 20000 Parkvale Fin'l com 701492100 7710 268191 sh 0 sole 0 268191 Pennfed Fin'l com 708167101 4543 129361 sh 0 sole 0 129361 Peoples Banc OH com 709789101 3599 128673 sh 0 sole 0 128673 Peoples Energy com 711030106 6061 135750 sh 0 sole 0 135750 Pepco Holdings com 713291102 455 22241 sh 0 sole 0 22241 PFF Bancorp com 69331W104 19374 508100 sh 0 sole 0 508100 Pfizer com 717081103 319 9100 sh 0 sole 0 9100 PG&E Corp com 69331C108 10790 372450 sh 0 sole 0 372450 Piedmont Nat Gas com 720186105 5928 140400 sh 0 sole 0 140400 PMI Group com 69344M101 1980 53000 sh 0 sole 0 53000 PNC Bancorp com 693475105 10807 195000 sh 0 sole 0 195000 PNM Resources com 69349H107 837 27850 sh 0 sole 0 27850 PPL Corp com 69351T106 662 14525 sh 0 sole 0 14525 Provident Bcorp com 74383A109 2296 193755 sh 0 sole 0 193755 Provident Finl com 74386T105 9364 501000 sh 0 sole 0 501000 Public Svc Ent Gp com 744573106 9398 200050 sh 0 sole 0 200050 Puget Energy com 745310102 2177 97300 sh 0 sole 0 97300 Quaker City Bcp com 74731K106 20696 380443 sh 0 sole 0 380443 Questar Corp com 748356102 6505 178500 sh 0 sole 0 178500 RADIAN GROUP com 750236101 5964 140000 sh 0 sole 0 140000 Redwood Trust com 758075402 4601 74000 sh 0 sole 0 74000 Regeneron Pharma com 75886F107 204 15000 sh 0 sole 0 15000 Saxon Capital com 80556P302 43932 1546910 sh 0 sole 0 1546910 SBC Communic com 78387G103 327 13325 sh 0 sole 0 13325 Schwab,Charles com 808513105 383 33000 sh 0 sole 0 33000 Seacoast Fin'l Svc com 81170Q106 14730 439700 sh 0 sole 0 439700 Seattle Genetics com 812578102 384 45449 sh 0 sole 0 45449 SEMCO Energy com 78412D109 555 97975 sh 0 sole 0 97975 Sepracor com 817315104 481 10000 sh 0 sole 0 10000 Sierra Pac Res Hld com 826428104 110 14850 sh 0 sole 0 14850 Signature Bank com 82669G104 838 40000 sh 0 sole 0 40000 SLM CORP com 78442P106 4394 105000 sh 0 sole 0 105000 Sony Corp ADR com 835699307 313 7475 sh 0 sole 0 7475 Sound Fed Bancorp com 83607V104 3389 230578 sh 0 sole 0 230578 South Financial com 837841105 3916 132335 sh 0 sole 0 132335 South Jersey Indu com 838518108 1906 46580 sh 0 sole 0 46580 Southern Union com 844030106 5800 306078 sh 0 sole 0 306078 Southwest Gas com 844895102 3202 136850 sh 0 sole 0 136850 Sovereign Bancorp com 845905108 8782 410000 sh 0 sole 0 410000 Sprint Corp com 852061100 199 10800 sh 0 sole 0 10800 StanCorp Finl com 852891100 8659 132700 sh 0 sole 0 132700 Sterling Fin'l com 859319105 24880 677000 sh 0 sole 0 677000 STMicroelectronics com 861012102 260 11000 sh 0 sole 0 11000 Sun Microsystems com 866810104 156 37400 sh 0 sole 0 37400 Suntrust Banks com 867914103 15685 225000 sh 0 sole 0 225000 SW Energy com 845467109 787 32625 sh 0 sole 0 32625 Taylor Capital com 876851106 8385 363786 sh 0 sole 0 363786 Teco Energy com 872375100 753 51475 sh 0 sole 0 51475 Teva Pharma com 881624209 285 4500 sh 0 sole 0 4500 Texas Instruments com 882508104 304 10400 sh 0 sole 0 10400 TF Fin'l Corp com 872391107 3333 105800 sh 0 sole 0 105800 Thornburg Mtg com 885218107 10465 336500 sh 0 sole 0 336500 TierOne Corp com 88650R108 5161 220000 sh 0 sole 0 220000 TXU Corp com 873168108 2307 80500 sh 0 sole 0 80500 U.S. Bancorp com 902973304 332 12000 sh 0 sole 0 12000 UGI Corp com 902681105 1546 46975 sh 0 sole 0 46975 Unionbancal Corp com 908906100 10541 201200 sh 0 sole 0 201200 US BANCORP com 902973304 5254 190000 sh 0 sole 0 190000 Vectren Corp com 92240G101 4190 169825 sh 0 sole 0 169825 VION Pharma com 927624106 40 10000 sh 0 sole 0 10000 Wachovia Corp com 929903102 611 13000 sh 0 sole 0 13000 Wash Mutual Inc com 939322103 1879 44000 sh 0 sole 0 44000 Washington Fed com 938824109 26066 1021000 sh 0 sole 0 1021000 Waypoint Bank com 946756103 17835 665000 sh 0 sole 0 665000 Webster Fin'l com 947890109 1116 22000 sh 0 sole 0 22000 Westcorp Inc com 957907108 18950 430000 sh 0 sole 0 430000 WGL Holdings com 92924F106 5659 188000 sh 0 sole 0 188000 Williams Comp com 969457100 4863 508100 sh 0 sole 0 508100 Willow Grove com 97111W101 5109 283828 sh 0 sole 0 283828 Wisconsin Energy com 976657106 2606 81050 sh 0 sole 0 81050 WPS Resources com 92931B106 895 18730 sh 0 sole 0 18730 Xcel Energy com 98389B100 2559 143700 sh 0 sole 0 143700 Yardville Nat'l com 985021104 11873 480672 sh 0 sole 0 480672