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, 2005

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:          Acting Chief Compliance Officer
Phone:          703-469-1022

Signature, Place, and Date of Signing:

                                                          


James Lindsay           Arlington, VA           August 15, 2005

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:  62,424,383

Form 13F Information Table Value Total:  $1,157,692,021.00

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. 
6)      FBR Group, Inc. 


Name of Issuer          Cla  Cusip     Value Prn     Sh  Put/ Inv. Oth Sole 
                        ss             x1000 Amt     Prn call Disc Mgr Mgr

Aames Investment        com  00253G108 55839 5744710 sh  0    sole 0   5744710
Abbott Labs             com  002824100 1264  25800   sh  0    sole 0   25800
Accredited Home Lenders com  00437P107 5892  133905  sh  0    sole 0   133905
ACS Media Inc. Fund     com  000878108 629   60200   sh  0    sole 0   60200
Adolor Corp.            com  00724X102 676   73100   sh  0    sole 0   73100
Advancis (AVNC)         com  00764L109 684   397468  sh  0    sole 0   397468
ADVANTA Corp            com  007942204 748   26569   sh  0    sole 0   26569
AGL Resources           com  001204106 7309  189100  sh  0    sole 0   189100
Allegheny Energy        com  017361106 374   14825   sh  0    sole 0   14825
Alliant Energy          com  018802108 835   29650   sh  0    sole 0   29650
Allied Hlthcare         com  01923A109 7080  1000000 sh  0    sole 0   1000000
Ameren                  com  023608102 2675  48375   sh  0    sole 0   48375
American Express        com  025816109 10217 191933  sh  0    sole 0   191933
American Intl Group     com  026874107 4358  75000   sh  0    sole 0   75000
Americredit Corp        com  03060R101 7931  311000  sh  0    sole 0   311000
Ameritrade              com  03074K100 4648  250000  sh  0    sole 0   250000
Amylin Pharma Inc.      com  032346108 360   17200   sh  0    sole 0   17200
Anthracite Capital      com  37023108  1538  129750  sh  0    sole 0   129750
Anworth Mortgage        com  037347101 2698  274200  sh  0    sole 0   274200
Applied Materials       com  038222105 379   23450   sh  0    sole 0   23450
Aquila Inc              com  03840P102 719   199050  sh  0    sole 0   199050
Arena Pharma            com  040047102 763   111900  sh  0    sole 0   111900
ARES CAPITAL CORP       com  04010L103 1209  67800   sh  0    sole 0   67800
Ashford Hospitality     com  044103109 492   45517   sh  0    sole 0   45517
Asset Capital Corp      com  04544C108 5255  664757  sh  0    sole 0   664757
Asta Funding            com  046220109 9524  342822  sh  0    sole 0   342822
Astoria Fin'l           com  046265104 1964  69000   sh  0    sole 0   69000
ATHEROGENICS INC        com  047439104 412   25800   sh  0    sole 0   25800
Atmos Energy            com  049560105 6663  231350  sh  0    sole 0   231350
Avanier Pharma          com  05348P104 290   103500  sh  0    sole 0   103500
Avista Corp             com  05379B107 500   26875   sh  0    sole 0   26875
B&G FOODS INC-EIS       com  05508R205 1471  100500  sh  0    sole 0   100500
Banc Rhode Island       com  059690107 8626  235676  sh  0    sole 0   235676
Bank Mutual             com  063750103 8880  802895  sh  0    sole 0   802895
Bank of America         com  060505104 15147 332100  sh  0    sole 0   332100
BANKFINANCIAL CORP      com  06643P104 324   24303   sh  0    sole 0   24303
BankUnited Fin'l        com  06652B103 18413 680963  sh  0    sole 0   680963
Banner Bank             com  06652V109 12803 457100  sh  0    sole 0   457100
Beach 1st Nat           com  073334104 788   40000   sh  0    sole 0   40000
Berkshire Hathaway-A    com  084670108 17535 210     sh  0    sole 0   210
Berkshire Hills Banc    com  084680107 280   8400    sh  0    sole 0   8400
Beverly Hills Banc      com  087866109 219   20000   sh  0    sole 0   20000
Bimini Mort. Mgmt.      com  09031E400 737   52300   sh  0    sole 0   52300
BIOGEN IDEC INC         com  09062X103 296   8600    sh  0    sole 0   8600
BIOSITE INC             com  090945106 497   9036    sh  0    sole 0   9036
Bonavista Energy        com  098536105 1862  60000   sh  0    sole 0   60000
Brookline Bcorp         com  11373M107 4094  251754  sh  0    sole 0   251754
Canon Inc               com  138006309 421   8000    sh  0    sole 0   8000
Capital Lease Funding   com  140288101 5255  484315  sh  0    sole 0   484315
Capital One Fin'l       com  14040H105 960   12000   sh  0    sole 0   12000
Capitol Fed Finl        com  14057C106 5517  160000  sh  0    sole 0   160000
Cardiome Pharma Corp.   com  14159U202 466   88150   sh  0    sole 0   88150
CASH AMERICA INTL INC   com  14754D100 221   11000   sh  0    sole 0   11000
CELGENE CORP            com  151020104 1227  30100   sh  0    sole 0   30100
CenterPoint Energy      com  15189T107 4178  316300  sh  0    sole 0   316300
CH Energy Group         com  12541M102 411   8450    sh  0    sole 0   8450
Chesapeake Utilities    com  165303108 400   13090   sh  0    sole 0   13090
Cinergy Corp            com  172474108 3523  78600   sh  0    sole 0   78600
CIT Group Hldgs         com  125581108 1590  37000   sh  0    sole 0   37000
Citigroup               com  172967101 20341 440000  sh  0    sole 0   440000
City Holding            com  177835105 1142  31259   sh  0    sole 0   31259
CMET Finance Hldgs      com  189758204 8900  92500   sh  0    sole 0   92500
CMS Energy              com  125896100 2083  138300  sh  0    sole 0   138300
Coinmach Service Corp.  com  19259W109 1848  137200  sh  0    sole 0   137200
Comerica Inc            com  200340107 1590  27500   sh  0    sole 0   27500
Commerce Bancorp        com  200519106 2364  78000   sh  0    sole 0   78000
Commerical Cap          com  20162L105 18047 1080000 sh  0    sole 0   1080000
Consol Energy           com  20854P109 7454  139121  sh  0    sole 0   139121
Consolidated Edison     com  209115104 5252  112125  sh  0    sole 0   112125
Constellation Enrgy     com  210371100 2045  35450   sh  0    sole 0   35450
Cubist Pharma           com  229678107 1587  120500  sh  0    sole 0   120500
CYTOKINETICS INC        com  23282W100 299   43000   sh  0    sole 0   43000
Delta Natural Gas       com  247748106 238   9195    sh  0    sole 0   9195
Diamondrock Hosp.       com  252784301 5650  500000  sh  0    sole 0   500000
Dime Comm Bcp           com  253922108 8687  571497  sh  0    sole 0   571497
Dominion Resources      com  25746U109 10979 149600  sh  0    sole 0   149600
Downey Fin'l Corp       com  261018105 32428 443000  sh  0    sole 0   443000
DTE Energy Hds          com  233331107 3472  74225   sh  0    sole 0   74225
Duke Energy             com  264399106 14386 483900  sh  0    sole 0   483900
Dynavax (DVAX)          com  268158102 333   69444   sh  0    sole 0   69444
E ON Ag                 com  268780103 14380 485650  sh  0    sole 0   485650
ECC Capital Corp        com  26826M108 34260 5144110 sh  0    sole 0   5144110
El Paso Energy          com  28336L109 8816  765250  sh  0    sole 0   765250
EMC Corporation         com  268648102 249   18175   sh  0    sole 0   18175
Enbridge Inc            com  29250N105 14505 508950  sh  0    sole 0   508950
Energen Corp            com  29265N108 3385  96575   sh  0    sole 0   96575
Energy East Corp        com  29266M109 3886  134100  sh  0    sole 0   134100
Energysouth Inc         com  292970100 602   21711   sh  0    sole 0   21711
Entergy Corp            com  29364G103 359   4750    sh  0    sole 0   4750
Equitable Resources     com  294549100 4651  68400   sh  0    sole 0   68400
Exelon Corp             com  30161N101 5073  98825   sh  0    sole 0   98825
Fannie Mae              com  313586109 584   10000   sh  0    sole 0   10000
Fieldstone Investment   com  31659U300 67446 4683754 sh  0    sole 0   4683754
Fieldstone Investmt     com  31659U300 360   25000   sh  0    sole 0   25000
Fifth Third Banc        com  316773100 494   12000   sh  0    sole 0   12000
First Marblehead        com  320771108 351   10000   sh  0    sole 0   10000
First Pac Trust         com  33589V101 1372  54320   sh  0    sole 0   54320
First Place Fin'l       com  33610T109 988   49174   sh  0    sole 0   49174
FirstFed Fin'l Corp     com  337907109 35140 589500  sh  0    sole 0   589500
Flusing Finl            com  343873105 1885  102461  sh  0    sole 0   102461
Ford Motor P15 1/20/07  put  34537080C 512   500     sh  put  sole 0   500
Foxhollow Tech.         com  35166A103 230   6000    sh  0    sole 0   6000
Franklin Bank           com  352451108 14486 772172  sh  0    sole 0   772172
Freddie Mac             com  313400301 554   8500    sh  0    sole 0   8500
Fremont General         com  357288109 6389  262600  sh  0    sole 0   262600
Friedman Billings Ram   com  358434108 12772 893155  sh  0    sole 0   893155
Fuji Photo Film         com  359586302 238   7300    sh  0    sole 0   7300
Genaera Corp.           com  36867G100 206   121351  sh  0    sole 0   121351
Gen-Probe Inc           com  36866T103 1118  30850   sh  0    sole 0   30850
GILEAD SCIENCES INC     com  375558103 757   17200   sh  0    sole 0   17200
GlaxoSmithKline         com  37733W105 1252  25800   sh  0    sole 0   25800
Golden West Fin'l       com  381317106 1964  30500   sh  0    sole 0   30500
Goldman Sachs           com  38141G104 6631  65000   sh  0    sole 0   65000
Google p130 1/21/06     put  38259P8MF 29425 1000    sh  put  sole 0   1000
Government Properties   com  38374W107 3419  351700  sh  0    sole 0   351700
Greenville 1st Bk       com  39607Y100 930   44800   sh  0    sole 0   44800
Hanmi Financial         com  410495105 1450  86800   sh  0    sole 0   86800
Harleysville Svgs       com  412865107 467   26261   sh  0    sole 0   26261
Harrington W Finl       com  41383L104 601   39000   sh  0    sole 0   39000
Hewlett-Packard         com  428236103 383   16300   sh  0    sole 0   16300
Highland                wts  430141101 1047  621942  sh  0    sole 0   621942
Hingham Inst Svgs       com  433323102 4280  101908  sh  0    sole 0   101908
HMN Fin'l               com  40424G108 4339  137843  sh  0    sole 0   137843
Hudson City             com  443683107 30215 2648156 sh  0    sole 0   2648156
IMMUCOR INC             com  452526106 1743  60200   sh  0    sole 0   60200
Impac Mort.             com  45254P102 933   50000   sh  0    sole 0   50000
Impac Mort. p20 1/21/06 put  45254P8MD 933   500     sh  put  sole 0   500
Inamed Cor P65 7/16/05  put  4532358SM 409   61      sh  put  sole 0   61
Independence            com  453414104 7089  191964  sh  0    sole 0   191964
Infineon Tech           com  45662N103 99    10700   sh  0    sole 0   10700
Integrated Alarm        com  45890M109 2415  550000  sh  0    sole 0   550000
INTERMUNE INC           com  45884X103 449   34400   sh  0    sole  0  34400
INVITROGEN CORP         com  46185R100 716   8600    sh  0    sole 0   8600
ITLA Capital Corp       com  450565106 18364 340701  sh  0    sole 0   340701
IVAX CORP               com  465823102 1185  55100   sh  0    sole 0   55100
JER Investment Trust    com  46614H30113237 910683  sh  0    sole 0   910683
JPMorgan Chase          com  46625H100 12044 341000  sh  0    sole 0   341000
Kearny Fin'l            com  487169104 149   12595   sh  0    sole 0   12595
Keryx Biopharma         com  492515101 851   64434   sh  0    sole 0   64434
Keycorp                 com  493267108 1127  34000   sh  0    sole 0   34000
Keyspan Corp            com  49337W100 12179 299250  sh  0    sole 0   299250
KKR Financial           com  482476306 31250 1250000 sh  0    sole 0   1250000
L.G. Phillips LTD       com  50186V102 211   9250    sh  0    sole 0   9250
Laclede Gas             com  505597104 1826  57500   sh  0    sole 0   57500
Lehman Bros.            com  524908100 9928  100000  sh  0    sole 0   100000
Luminent Mortgage       com  550278303 991   91800   sh  0    sole 0   91800
MAF Bancorp             com  55261R108 6603  154900  sh  0    sole 0   154900
MassBank Corp           com  576152102 4385  126339  sh  0    sole 0   126339
MBNA Corp               com  55262L100 523   20000   sh  0    sole 0   20000
MDU Resource            com  552690109 1859  66000   sh  0    sole 0   66000
MEDAREX INC             com  583916101 358   43000   sh  0    sole 0   43000
Medical Properties      com  58463J205 16180 1795571 sh  0    sole 0   1795571
Mentor Cor P40 7/16/05  put  5871888SH 348   84      sh  put  sole 0   84
Merrill Lynch           com  590188108 303   5500    sh  0    sole 0   5500
MFA Mortgage Inv        com  55272X102 1594  214000  sh  0    sole 0   214000
MGE Energy Inc          com  55277P104 505   13894   sh  0    sole 0   13894
MGI PHARMA INC          com  552880106 1684  77400   sh  0    sole 0   77400
Micron Tech             com  595112103 108   10550   sh  0    sole 0   10550
MONSANTO CO             com  61166W101 754   12000   sh  0    sole 0   12000
Morgan Stanley          com  617446448 8185  156000  sh  0    sole 0   156000
Mortgageit Hold         com  61915Q108 19359 1060791 sh  0    sole 0   1060791
Motorola, Inc           com  620076109 385   21100   sh  0    sole 0   21100
MYRIAD GENETICS INC     com  62855J104 673   43000   sh  0    sole 0   43000
Nabi Biopharma          com  629519109 394   25841   sh  0    sole 0   25841
National Fuel Gas       com  636180101 4260  147350  sh  0    sole 0   147350
Nat'l City Corp         com  635405103 1262  37000   sh  0    sole 0   37000
Nat'l Grid Transco      com  636274102 14397 295200  sh  0    sole 0   295200
Nektar Thera            com  640268108 1086  64500   sh  0    sole 0   64500
New Century Fin         com  6435EV108 70625 1372685 sh  0    sole 0   1372685
New Century p50 1/21/06 put  6435EV8MJ 2573  500     sh  put  sole 0   500
New Skies Satellites    com  G64865101 778   39200   sh  0    sole 0   39200
New York Mortgage Trust com  649604105 5359  590900  sh  0    sole 0   590900
NewAlliance Banc        com  650203102 5541  394400  sh  0    sole 0   394400
Nexia Biotech           com  65334K105 25    193500  sh  0    sole 0   193500
Nicor Inc               com  654086107 4938  119950  sh  0    sole 0   119950
Nisource Inc            com  65473P105 10870 439550  sh  0    sole 0   439550
NJ Resources            com  646025106 3180  65900   sh  0    sole 0   65900
Nokia Corp              com  654902204 233   14025   sh  0    sole 0   14025
North Fork Bcorp        com  659424105 843   30000   sh  0    sole 0   30000
Northeast Utilities     com  664397106 755   36175   sh  0    sole 0   36175
Northfield Labs         com  666135108 492   34400   sh  0    sole 0   34400
Northstar Rlty Fin.     com  66704R100 682   65000   sh  0    sole 0   65000
Northwestern Corp       com  668074305 945   29977   sh  0    sole 0   29977
Novartis AG             com  66987V109 423   8925    sh  0    sole 0   8925
Novastart Fin.          com  669947400 1958  50000   sh  0    sole 0   50000
Novastart p35 1/21/06   put  6699478MG 1958  500     sh  put  sole 0   500
Nstar                   com  67019E107 1042  33800   sh  0    sole 0   33800
NW Natural Gas          com  667655104 3076  80450   sh  0    sole 0   80450
NY Cmmty Banc           com  649445103 1722  95020   sh  0    sole 0   95020
Old Nat'l Banc IN       com  680033107 278   13000   sh  0    sole 0   13000
Oneok Inc               com  682680103 5159  158000  sh  0    sole 0   158000
Orthovita, Inc          com  68750U102 49    12400   sh  0    sole 0   12400
Oscient Pharma          com  68812R105 399   150600  sh  0    sole 0   150600
OTELCO INC IDS          com  688823202 1878  122900  sh  0    sole 0   122900
Pacific Premier         com  69478X105 2375  221750  sh  0    sole 0   221750
Palomar Medical Tech    com  697529303 500   20887   sh  0    sole 0   20887
Pamrapo Bancorp         com  697738102 320   14520   sh  0    sole 0   14520
Parkvale Fin'l          com  701492100 7368  269485  sh  0    sole 0   269485
Partners Trust Finl     com  70213F102 1443  135118  sh  0    sole 0   135118
Pennfed Fin'l           com  708167101 2608  154526  sh  0    sole 0   154526
Peoples Bk-CT           com  710198102 4937  163250  sh  0    sole 0   163250
Peoples Energy          com  711030106 4119  94775   sh  0    sole 0   94775
Pepco Holdings          com  713291102 389   16266   sh  0    sole 0   16266
PFF Bancorp             com  69331W104 17629 582000  sh  0    sole 0   582000
PG&E Corp               com  69331C108 12663 337325  sh  0    sole 0   337325
Piedmont Nat Gas        com  720186105 5239  218100  sh  0    sole 0   218100
PMI Group               com  69344M101 370   9500    sh  0    sole 0   9500
PNM Resources           com  69349H107 823   28575   sh  0    sole 0   28575
PPL Corp                com  69351T106 521   8775    sh  0    sole 0   8775
Preferred Bank          com  740367107 723   18399   sh  0    sole 0   18399
PRIMUS GUARANTY LTD     com  G72457107 805   55594   sh  0    sole 0   55594
PROCENTURY CORP         com  74268T108 8522  849700  sh  0    sole 0   849700
Provident Finl          com  74386T105 6993  398000  sh  0    sole 0   398000
Public Svc Ent Gp       com  744573106 8646  142150  sh  0    sole 0   142150
Puget Energy            com  745310102 1766  75550   sh  0    sole 0   75550
Quanta Cap Holdings Ltd com  G7313F106 27852 4470620 sh  0    sole 0   365731
Questar Corp            com  748356102 8231  124900  sh  0    sole 0   124900
QUIDEL CORP             com  74838J101 200   38700   sh  0    sole 0   38700
Redwood Trust           com  758075402 516   10000   sh  0    sole 0   10000
Regions Financial       com  7591EP100 474   14000   sh  0    sole 0   14000
Rigel Pharma            com  766559603 1201  60280   sh  0    sole 0   60280
SANOFI-AVENTIS-ADR      com  80105N105 881   21500   sh  0    sole 0   21500
Saxon Capital           com  80556P302 50547 2961181 sh  0    sole 0   2961181
SBC Communic.           com  78387G103 402   16925   sh  0    sole 0   16925
Schering Plough         com  806605101 387   20325   sh  0    sole 0   20325
SEMCO Energy            com  78412D109 450   75075   sh  0    sole 0   75075
SEPRACOR INC            com  817315104 516   8600    sh  0    sole 0   8600
Sierra Pac Res Hld      com  826428104 140   11250   sh  0    sole 0   11250
SLM CORP                com  78442P106 5334  105000  sh  0    sole 0   105000
Solectron Corp          com  834182107 101   26600   sh  0    sole 0   26600
Sony Corp ADR           com  835699307 412   11975   sh  0    sole 0   11975
South Jersey Indu       com  838518108 2109  34505   sh  0    sole 0   34505
Southern Union          com  844030106 7464  304033  sh  0    sole 0   304033
Southwest Banc          com  844767103 205   10000   sh  0    sole 0   10000
Southwest Gas           com  844895102 2746  107650  sh  0    sole 0   107650
Sovereign Bancorp       com  845905108 13985 626000  sh  0    sole 0   626000
Specialty Underwriters  com  84751T309 11318 1242410 sh  0    sole 0   1242410
St. Paul Trav.          com  792860108 988   25000   sh  0    sole 0   25000
StanCorp Finl           com  852891100 4595  60000   sh  0    sole 0   60000
Sterling Fin'l          com  859319105 21879 585000  sh  0    sole 0   585000
STMicroelectronics      com  861012102 199   12500   sh  0    sole 0   12500
Sun Microsystems        com  866810104 176   47200   sh  0    sole 0   47200
Suntrust Banks          com  867914103 1806  25000   sh  0    sole 0   25000
Susquehanna Banc        com  869099101 418   17000   sh  0    sole 0   17000
SW Energy               com  845467109 1939  41275   sh  0    sole 0   41275
SYMANTEC CORP           com  871503108 1087  50000   sh  0    sole 0   50000
SYNERON MEDICAL LTD     com  020104376 1574  43020   sh  0    sole 0   43020
Taberna Realty Fin Tr   com  87330T104 5000  537634  sh  0    sole 0   537634
Taylor Capital          com  876851106 14319 364810  sh  0    sole 0   364810
Teco Energy             com  872375100 710   37525   sh  0    sole 0   37525
TELIK INC               com  87959M109 699   43000   sh  0    sole 0   43000
Texas Instruments       com  882508104 390   13900   sh  0    sole 0   13900
TF Fin'l Corp           com  872391107 2521  89987   sh  0    sole 0   89987
THE COOPER COS INC      com  216648402 1570  25800   sh  0    sole 0   25800
Thornburg Mtg           com  885218107 5235  179700  sh  0    sole 0   179700
Thornburg p30 7/16/05   put  8852188SF 1748  600     sh  put  sole 0   600
TierOne Corp            com  88650R108 437   16100   sh  0    sole 0   16100
Titan Pharma            com  888314101 258   140860  sh  0    sole 0   140860
Tower Group Inc.        com  891777104 7815  500000  sh  0    sole 0   500000
TransCanada             com  89353D107 14265 539100  sh  0    sole 0   539100
TRM Corporation         com  872636105 12616 1039100 sh  0    sole 0   1039100
U.S. Bancorp            com  902973304 409   14000   sh  0    sole 0   14000
UGI Corp                com  902681105 2223  79675   sh  0    sole 0   79675
Unionbancal Corp        com  908906100 1171  17500   sh  0    sole 0   17500
US BANCORP              com  902973304 2920  100000  sh  0    sole 0   100000
Vectren Corp            com  92240G101 3454  120225  sh  0    sole 0   120225
VerticalNet (VERT)      com  92532L906 835   1193429 sh  0    sole 0   1193429
VIVUS INC               com  928551100 487   132271  sh  0    sole 0   132271
Wachovia Corp           com  929903102 17360 350000  sh  0    sole 0   350000
Washington Fed          com  938824109 29484 1253560 sh  0    sole 0   1253560
Webster Fin'l           com  947890109 654   14000   sh  0    sole 0   14000
Wells Fargo             com  949746101 6158  100000  sh  0    sole 0   100000
Westcorp Inc            com  957907108 24637 470000  sh  0    sole 0   470000
Western Alliance        com  957638109 635   25000   sh  0    sole 0   25000
WGL Holdings            com  92924F106 4484  133300  sh  0    sole 0   133300
Williams Comp           com  969457100 8335  438700  sh  0    sole 0   438700
Wisconsin Energy        com  976657106 1697  43525   sh  0    sole 0   43525
WPS Resources           com  92931B106 727   12930   sh  0    sole 0   12930
WSFS Financial          com  929328102 5344  97678   sh  0    sole 0   97678
Xcel Energy             com  98389B100 2607  133550  sh  0    sole 0   133550
Yardville Nat'l         com  985021104 9897  276838  sh  0    sole 0   276838
YM BIOSCIENCES INC      com  984238105 303   100000  sh  0    sole 0   100000