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: December 30, 2005

Check here if Amendment                 ( x  ) Amendment Number: 1
This Amendment (Check only one.):       ( x  ) 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
Phone:          703-469-1022

Signature, Place, and Date of Signing:




James Lindsay           Arlington, VA           March 3, 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:  75,451,598

Form 13F Information Table Value Total:  $1,147,261,142

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                       Title    Cusip         Value    Prn Amt    Sh   Put/   Inv.  Oth   Sole Mgr
                                     Class                  X1000               Prn  Call   Disc. Mgr.
                                                                                

Aames Investment Corp                com     00253G108      30413    4707900    sh   0     sole   0      4707900
Adolor Corp                          com     00724X102      293      20100      sh   0     sole   0      20100
Advanced Micro Devices Inc           com     007903107      421      13750      sh   0     sole   0      13750
Advancis Pharmaceutical              com     00764L109      549      397467     sh   0     sole   0      397467
Advanta Corp                         com     007942204      2000     61653      sh   0     sole   0      61653
Advantest Corp                       com     00762U101      310      12200      sh   0     sole   0      12200
Agilent Technologies Inc             com     00846U101      264      7940       sh   0     sole   0      7940
AGL Resources Inc                    com     001204106      6121     175850     sh   0     sole   0      175850
Alliant Energy Corp                  com     018802108      874      31175      sh   0     sole   0      31175
Altana AG                            com     02143N103      244      4475       sh   0     sole   0      4475
Altiva Financial Corp                com     021497300      1        285230     sh   0     sole   0      285230
Ameren Corp                          com     23608102       1933     37725      sh   0     sole   0      37725
American Express Co                  com     025816109      465      9045       sh   0     sole   0      9045
American Fin. Realty Tr              com     02607P305      176      14666      sh   0     sole   0      14666
American Tower Corp                  com     029912201      111307   4107256    sh   0     sole   0      4107256
AmeriCredit Corp                     com     03060R101      4530     176759     sh   0     sole   0      176759
Amgen Inc                            com     031162100      789      10000      sh   0     sole   0      10000
Analog Devices Inc                   com     032654105      487      13575      sh   0     sole   0      13575
Annaly Mortgage Mgmt.                com     035710409      1382     126306     sh   0     sole   0      126306
Anthracite Capital Inc               com     037023108      158      15000      sh   0     sole   0      15000
Anworth Mort. Asset Corp             com     037347101      2820     386306     sh   0     sole   0      386306
Applied Materials Inc                com     038222105      794      44250      sh   0     sole   0      44250
Aquila Inc                           com     03840P102      1135     315250     sh   0     sole   0      315250
Arena Pharmaceuticals Inc            com     040047102      381      26800      sh   0     sole   0      26800
Asta Funding Inc                     com     046220109      6365     232800     sh   0     sole   0      232800
Astoria Financial Corp               com     046265104      1676     57000      sh   0     sole   0      57000
AT&T Inc                             com     00206R102      887      36229      sh   0     sole   0      36229
Atherogenics Inc                     com     047439104      366      18300      sh   0     sole   0      18300
Atmos Energy Corp                    com     049560105      6000     229350     sh   0     sole   0      229350
Avalon Pharmaceuticals               com     05346P106      563      125000     sh   0     sole   0      125000
Avista Corp                          com     05379B107      490      27675      sh   0     sole   0      27675
Bancorp Rhode Island Inc             com     059690107      6673     200457     sh   0     sole   0      200457
Bank Mutual Corp                     com     063750103      7716     727943     sh   0     sole   0      727943
Bank of America Corp                 com     060505104      1523     33000      sh   0     sole   0      33000
Bankunited Financial Corp            com     06652B103      26509    997688     sh   0     sole   0      997688
Banner Corp                          com     06652V109      12524    401403     sh   0     sole   0      401403
Beach First Nat'l Bcshs              com     073334104      980      40000      sh   0     sole   0      40000
Bear Stearns Cos Inc                 com     073902108      431      3728       sh   0     sole   0      3728
Berkshire Hathaway Inc               com     084670108      1861     21         sh   0     sole   0      21
Beverly Hills Bancorp Inc            com     087866109      695      67003      sh   0     sole   0      67003
Bimini Mortgage Mgmt.                com     09031E400      2030     224306     sh   0     sole   0      224306
BioCryst Pharmaceuticals             com     09058V103      335      20000      sh   0     sole   0      20000
Brookline Bancorp Inc                com     11373M107      1385     97754      sh   0     sole   0      97754
Canon Inc                            com     138006309      791      13450      sh   0     sole   0      13450
Capital One Financial Corp           com     14040H105      346      4000       sh   0     sole   0      4000
Capitol Federal Financial            com     14057C106      4519     137200     sh   0     sole   0      137200
Cardiome Pharma Corp                 com     14159U202      481      47600      sh   0     sole   0      47600
Caremark Rx Inc                      com     141705103      492      9500       sh   0     sole   0      9500
Centerpoint Energy Inc               com     15189T107      4009     312000     sh   0     sole   0      312000
CH Energy Group Inc                  com     12541M102      457      9950       sh   0     sole   0      9950
Charles & Colvard Ltd                com     159765106      162      10000      sh   0     sole   0      10000
Chesapeake Energy Corp               com     165167107      317      10000      sh   0     sole   0      10000
Chesapeake Utilities Corp            com     165303108      424      13765      sh   0     sole   0      13765
Cinergy Corp                         com     172474108      3267     76950      sh   0     sole   0      76950
CIT Group Inc                        com     125581108      984      19000      sh   0     sole   0      19000
Citigroup Inc                        com     172967101      1553     32000      sh   0     sole   0      32000
City Holding Co                      com     177835105      454      12627      sh   0     sole   0      12627
Clinical Data                        com     18725U109      447      25560      sh   0     sole   0      25560
CMS Energy Corp                      com     125896100      1923     132550     sh   0     sole   0      132550
CNA Financial Corp                   com     126117100      572      17488      sh   0     sole   0      17488
Comerica Inc                         com     200340107      1271     22400      sh   0     sole   0      22400
Commercial Capital Bcp               com     20162L105      16899    987100     sh   0     sole   0      987100
Compudyne Corp                       com     204795306      249      40000      sh   0     sole   0      40000
Computer Sciences Corp               com     205363104      324      6400       sh   0     sole   0      6400
Compuware Corp                       com     205638109      187      20900      sh   0     sole   0      20900
Consolidated Edison Inc              com     209115104      5216     112575     sh   0     sole   0      112575
Constellation Energy Group           com     210371100      2048     35553      sh   0     sole   0      35553
Cubist Pharmaceuticals Inc           com     229678107      973      45800      sh   0     sole   0      45800
Cutera Inc                           com     232109108      409      15524      sh   0     sole   0      15524
Cytokinetics Inc                     com     23282W100      269      41100      sh   0     sole   0      41100
Cytomyx Holdings                     com     033942276      42965    9547740    sh   0     sole   0      9547740
Deerfield Triarc Cap                 com     244572301      822      60000      sh   0     sole   0      60000
Delta Natural Gas Co Inc             com     247748106      248      9845       sh   0     sole   0      9845
Dialysis Corp Of America             com     252529102      196      19500      sh   0     sole   0      19500
Dime Community Bancshares            com     253922108      8206     561639     sh   0     sole   0      561639
Dominion Resources Inc/VA            com     25746U109      11997    155400     sh   0     sole   0      155400
Downey Financial Corp                com     261018105      24750    361900     sh   0     sole   0      361900
DTE Energy Co                        com     233331107      3318     76825      sh   0     sole   0      76825
Duke Energy Corp                     com     264399106      13867    505165     sh   0     sole   0      505165
Dynavax Technologies Corp            com     268158102      292      69444      sh   0     sole   0      69444
E.ON AG                              com     268780103      13909    402940     sh   0     sole   0      402940
ECC Capital Corp                     com     26826M108      8905     3940110    sh   0     sole   0      3940110
El Paso Corp                         com     28336L109      11872    976300     sh   0     sole   0      976300
EMC Corp/Massachusetts               com     268648102      751      55175      sh   0     sole   0      55175
Enbridge Inc                         com     29250N105      13865    443410     sh   0     sole   0      443410
EnCana Corp                          com     292505104      352      7800       sh   0     sole   0      7800
Encore Acquisition Co                com     29255W100      279      8700       sh   0     sole   0      8700
Energen Corp                         com     29265N108      2881     79325      sh   0     sole   0      79325
Energy East Corp                     com     29266M109      3542     155350     sh   0     sole   0      155350
EnergySouth Inc                      com     292970100      627      23424      sh   0     sole   0      23424
Entergy Corp                         com     29364G103      364      5300       sh   0     sole   0      5300
Equitable Resources Inc              com     294549100      4915     133950     sh   0     sole   0      133950
Exelon Corp                          com     30161N101      5220     98225      sh   0     sole   0      98225
Fannie Mae                           com     313586109      244      5000       sh   0     sole   0      5000
Fieldstone Investment Corp           com     31659U102      132      11166      sh   0     sole   0      11166
Fieldstone Investment Corp           com     31659U300      42558    3588329    sh   0     sole   0      3588329
First Horizon National Corp          com     320517105      384      10000      sh   0     sole   0      10000
First Pactrust Bancorp Inc           com     33589V101      738      27120      sh   0     sole   0      27120
First Place Financial Corp           com     33610T109      632      26272      sh   0     sole   0      26272
FirstFed Financial Corp              com     337907109      29168    535000     sh   0     sole   0      535000
Flushing Financial Corp              com     343873105      1440     92461      sh   0     sole   0      92461
Franklin Bank Corp                   com     352451108      13801    767140     sh   0     sole   0      767140
Freddie Mac                          com     313400301      1587     24291      sh   0     sole   0      24291
Freescale Semi-B                     com     35687M206      243      9642       sh   0     sole   0      9642
Friedman Billings Ramsey             com     358434108      5991     605107     sh   0     sole   0      605107
Fuji Photo Film Co Ltd               com     359586302      581      17500      sh   0     sole   0      17500
Genentech Inc                        com     368710406      463      5000       sh   0     sole   0      5000
Gen-Probe Inc                        com     36866T103      476      9749       sh   0     sole   0      9749
Genworth Financial Inc               com     37247D106      550      15910      sh   0     sole   0      15910
Genzyme Corp                         com     372917104      849      12000      sh   0     sole   0      12000
Gilead Sciences Inc                  com     375558103      526      10000      sh   0     sole   0      10000
Golden West Financial Corp           com     381317106      2527     38291      sh   0     sole   0      38291
Government Properties Trust          com     38374W107      1959     210000     sh   0     sole   0      210000
Greenville First Bancshares          com     39607Y100      1109     44800      sh   0     sole   0      44800
Hana Biosciences Inc                 com     40963P105      2333     397463     sh   0     sole   0      397463
Harleysville Savings Fin.            com     412865107      642      35740      sh   0     sole   0      35740
Harrington West Fin. Grp             com     41383L104      1276     76935      sh   0     sole   0      76935
Hartford Fin. Services Grp           com     416515104      308      3588       sh   0     sole   0      3588
Hewlett-Packard Co                   com     428236103      511      17850      sh   0     sole   0      17850
Highland Hospitality Corp            com     430141101      9818     888488     sh   0     sole   0      888488
Hingham Instit. for Savings          com     433323102      3954     101908     sh   0     sole   0      101908
HMN Financial Inc                    com     40424G108      3528     119598     sh   0     sole   0      119598
Hologic Inc                          com     436440101      967      25500      sh   0     sole   0      25500
Hudson City Bancorp Inc              com     443683107      29126    2403156    sh   0     sole   0      2403156
Humana Inc                           com     444859102      418      7700       sh   0     sole   0      7700
IMMUCOR INC                          com     452526106      396      16937      sh   0     sole   0      16937
Indep. Comm. Bank                    com     453414104      2660     66964      sh   0     sole   0      66964
Infineon Technologies AG             com     45662N103      246      27000      sh   0     sole   0      27000
Intel Corp                           com     458140100      559      22400      sh   0     sole   0      22400
Intervest Bancshares Corp            com     460927106      1114     45000      sh   0     sole   0      45000
ITLA Capital Corp                    com     450565106      14912    305268     sh   0     sole   0      305268
Jameson Inns Inc                     com     470457102      208      96630      sh   0     sole   0      96630
JER Investment Trust                 com     46614H103      1814     107040     sh   0     sole   0      107040
JPMorgan Chase                       com     46625H100      1508     38000      sh   0     sole   0      38000
Keycorp                              com     493267108      1441     43759      sh   0     sole   0      43759
KeySpan Corp                         com     49337W100      12077    338400     sh   0     sole   0      338400
KKR Financial Corp                   com     482476306      30003    1250635    sh   0     sole   0      1250635
Kla-Tencor Corp                      com     482480100      339      6875       sh   0     sole   0      6875
Kyocera Corp                         com     501556203      649      8862       sh   0     sole   0      8862
Laclede Group Inc/The                com     505597104      1696     58050      sh   0     sole   0      58050
Lincoln National Corp                com     534187109      336      6337       sh   0     sole   0      6337
Luminent Mortgage Capital            com     550278303      2192     291906     sh   0     sole   0      291906
MAF Bancorp Inc                      com     55261R108      6699     161900     sh   0     sole   0      161900
MASSBANK Corp                        com     576152102      3875     117437     sh   0     sole   0      117437
Matrix Bancorp                       com     576819106      4138     220000     sh   0     sole   0      220000
McKesson Corp                        com     58155Q103      546      10575      sh   0     sole   0      10575
MDU Resources Group                  com     552690109      2167     66200      sh   0     sole   0      66200
Medco Health Solutions               com     58405U102      441      7900       sh   0     sole   0      7900
Medical Properties Trust             com     58463J106      999      102191     sh   0     sole   0      102191
Medical Properties Trust Inc         com     58463J205      17463    1785571    sh   0     sole   0      1785571
Medicis Pharma Corp                  com     584690309      481      15000      sh   0     sole   0      15000
MEMC Electronic Materials            com     552715104      459      20700      sh   0     sole   0      20700
Mentor Corp                          com     587188103      230      5000       sh   0     sole   0      5000
Merrill Lynch & Co Inc               com     590188108      305      4500       sh   0     sole   0      4500
Metlife Inc                          com     59156R108      507      10349      sh   0     sole   0      10349
MFA Mortgage Inv.                    com     55272X102      2715     476306     sh   0     sole   0      476306
MGE Energy Inc                       com     55277P104      461      13594      sh   0     sole   0      13594
MGI Pharma Inc                       com     552880106      644      37500      sh   0     sole   0      37500
Micron Technology Inc                com     595112103      315      23680      sh   0     sole   0      23680
Mitsubishi Group                     com     606822104      2144     156597     sh   0     sole   0      156597
Monsanto Co                          com     61166W101      543      7000       sh   0     sole   0      7000
Morgan Stanley                       com     617446448      633      11151      sh   0     sole   0      11151
MortgageIT Holdings Inc              com     61915Q108      504      36866      sh   0     sole   0      36866
Motorola Inc                         com     620076109      766      33900      sh   0     sole   0      33900
Myogen Inc                           com     62856E104      963      32000      sh   0     sole   0      32000
NASDAQ Stock Market                  com     009311376      625      17769      sh   0     sole   0      17769
National City Corp                   com     635405103      974      29000      sh   0     sole   0      29000
National Fuel Gas Co                 com     636180101      4529     145200     sh   0     sole   0      145200
National Grid PLC                    com     636274300      13863    284726     sh   0     sole   0      284726
National Semiconductor Corp          com     637640103      210      8075       sh   0     sole   0      8075
NCR Corp                             com     62886E108      217      6400       sh   0     sole   0      6400
Nektar Therapeutics                  com     640268108      543      33000      sh   0     sole   0      33000
Neopharm Inc                         com     640919106      275      25500      sh   0     sole   0      25500
Neurometrix Inc                      com     641255104      273      10000      sh   0     sole   0      10000
New Century Financial Corp           com     6435EV108      22972    636885     sh   0     sole   0      636885
New Jersey Resources Corp            com     646025106      2472     59000      sh   0     sole   0      59000
New York Community Bcp               com     649445103      744      45020      sh   0     sole   0      45020
New York Mortgage Trust Inc          com     649604105      1324     200000     sh   0     sole   0      200000
NewAlliance Bancshares Inc           com     650203102      1701     117000     sh   0     sole   0      117000
Nexia Biotechnologies Inc            com     65334K105      48       225000     sh   0     sole   0      225000
Nicor Inc                            com     654086107      4727     120250     sh   0     sole   0      120250
NiSource Inc                         com     65473P105      9123     437350     sh   0     sole   0      437350
NitroMed Inc                         com     654798503      286      20500      sh   0     sole   0      20500
Nokia OYJ                            com     654902204      273      14925      sh   0     sole   0      14925
Nomura Holdings Inc                  com     65535H208      692      36000      sh   0     sole   0      36000
North Fork Bancorporation            com     659424105      219      8000       sh   0     sole   0      8000
Northeast Utilities                  com     664397106      757      38450      sh   0     sole   0      38450
NorthStar Realty Fin.                com     66704R100      459      44998      sh   0     sole   0      44998
Northwest Natural Gas Co             com     667655104      2724     79700      sh   0     sole   0      79700
Northwestern Corp.                   com     668074305      966      31102      sh   0     sole   0      31102
NOVARTIS AG                          com     66987V109      744      14175      sh   0     sole   0      14175
NSTAR                                com     67019E107      852      29700      sh   0     sole   0      29700
Old National Bancorp                 com     680033107      238      11000      sh   0     sole   0      11000
Omnicare Inc                         com     681904108      458      8000       sh   0     sole   0      8000
Oneok Inc                            com     682680103      3803     142800     sh   0     sole   0      142800
Pacific Premier Bancorp Inc          com     69478X105      3052     258668     sh   0     sole   0      258668
Parkvale Financial Corp              com     701492100      7661     271675     sh   0     sole   0      271675
Partners Trust Fin. Gr               com     70213F102      1267     105118     sh   0     sole   0      105118
PartnersRe Ltd                       com     G6852T105      3500     53300      sh   0     sole   0      53300
Pennfed Financial Services           com     708167101      2275     123501     sh   0     sole   0      123501
People's Bank                        com     710198102      5071     163250     sh   0     sole   0      163250
Peoples Energy Corp                  com     711030106      3082     87875      sh   0     sole   0      87875
Pepco Holdings Inc                   com     713291102      385      17216      sh   0     sole   0      17216
PFF Bancorp Inc                      com     69331W104      13731    449900     sh   0     sole   0      449900
PG&E Corp                            com     69331C108      10382    279693     sh   0     sole   0      279693
Piedmont Natural Gas Co              com     720186105      5199     215200     sh   0     sole   0      215200
PNM Resources Inc                    com     69349H107      563      22975      sh   0     sole   0      22975
PPL Corp                             com     69351T106      689      23450      sh   0     sole   0      23450
Preferred Bank                       com     740367107      1266     28441      sh   0     sole   0      28441
Principal Financial Group            com     74251V102      361      7615       sh   0     sole   0      7615
Protein Design Labs Inc              com     74369L103      962      33860      sh   0     sole   0      33860
Provident Financial Services         com     74386T105      5609     303000     sh   0     sole   0      303000
Prudential Financial Inc             com     744320102      432      5904       sh   0     sole   0      5904
Public Service Ent. Grp              com     744573106      8738     134500     sh   0     sole   0      134500
Puget Energy Inc                     com     745310102      1781     87200      sh   0     sole   0      87200
Quanta Cap Holdings Ltd Com          com     G7313F106      14665    2875620    sh   0     sole   0      2875620
Questar Corp                         com     748356102      8972     118525     sh   0     sole   0      118525
Redwood Trust Inc                    com     758075402      314      7600       sh   0     sole   0      7600
Regions Financial Corp               com     7591EP100      410      12000      sh   0     sole   0      12000
Saxon Capital Inc                    com     80556T106      20125    1776271    sh   0     sole   0      1776271
Schering Aktiengesellschaft          com     806585204      418      6250       sh   0     sole   0      6250
Schering-Plough Corp                 com     806605101      444      21275      sh   0     sole   0      21275
Seagate Technology Inc               com     G7945J104      329      16475      sh   0     sole   0      16475
SEMCO Energy Inc                     com     78412D109      549      97725      sh   0     sole   0      97725
Sepracor Inc                         com     817315104      872      16900      sh   0     sole   0      16900
Sierra Pacific Resources             com     826428104      229      17525      sh   0     sole   0      17525
SLM Corp                             com     78442P106      2482     45050      sh   0     sole   0      45050
Solectron Corp                       com     834182107      119      32600      sh   0     sole   0      32600
Solexa Inc                           com     83420X105      210      20857      sh   0     sole   0      20857
Sony Corp                            com     835699307      696      17060      sh   0     sole   0      17060
South Jersey Industries Inc          com     838518108      2008     68910      sh   0     sole   0      68910
Southern Union Co                    com     844030106      7464     315857     sh   0     sole   0      315857
Southwest Bancorp                    com     844767103      330      16500      sh   0     sole   0      16500
Southwest Gas Corp                   com     844895102      2963     112250     sh   0     sole   0      112250
Southwestern Energy Co               com     845467109      2992     83250      sh   0     sole   0      83250
Sovereign Bancorp Inc                com     845905108      9621     445000     sh   0     sole   0      445000
Spclty Underwriters' Alliance        com     84751T309      7653     1242410    sh   0     sole   0      1242410
Stancorp Financial Group             com     852891100      3347     67000      sh   0     sole   0      67000
Sterling Financial Corp              com     859319105      20271    811500     sh   0     sole   0      811500
STMicroelectronics NV                com     861012102      608      33759      sh   0     sole   0      33759
Sun Microsystems Inc                 com     866810104      121      28900      sh   0     sole   0      28900
Suntech Power Hldgs.                 com     86800C104      845      31000      sh   0     sole   0      31000
SunTrust Banks Inc                   com     867914103      1382     19000      sh   0     sole   0      19000
Susquehanna Bancshares               com     869099101      379      16000      sh   0     sole   0      16000
Taylor Capital Group Inc             com     876851106      11480    284157     sh   0     sole   0      284157
TDK Corp                             com     872351408      397      5737       sh   0     sole   0      5737
TECO Energy Inc                      com     872375100      783      45575      sh   0     sole   0      45575
Texas Instruments Inc                com     882508104      568      17700      sh   0     sole   0      17700
TF Financial Corp                    com     872391107      2560     89987      sh   0     sole   0      89987
Thornburg Mortgage Inc               com     885218107      5491     209597     sh   0     sole   0      209597
Tower Group Inc                      com     891777104      7608     346140     sh   0     sole   0      346140
TransCanada Corp                     com     89353D107      13930    442500     sh   0     sole   0      442500
TRM Corp                             com     872636105      2419     324662     sh   0     sole   0      324662
UGI Corp                             com     902681105      1173     56925      sh   0     sole   0      56925
Ultra Petroleum Corp                 com     903914109      279      5000       sh   0     sole   0      5000
UnionBanCal Corp                     com     908906100      275      4000       sh   0     sole   0      4000
Unisource Energy Corp                com     909205106      212      6805       sh   0     sole   0      6805
United Therapeutics Corp             com     91307C102      852      12323      sh   0     sole   0      12323
UnumProvident Corp                   com     91529Y106      581      25535      sh   0     sole   0      25535
Vectren Corp                         com     92240G101      3498     128805     sh   0     sole   0      128805
Vertex Pharmaceuticals Inc           com     92532F100      374      13500      sh   0     sole   0      13500
VerticalNet Inc                      com     92532L206      617      1064332    sh   0     sole   0      1064332
Wachovia Corp                        com     929903102      951      18000      sh   0     sole   0      18000
Washington Federal Inc               com     938824109      27122    1179734    sh   0     sole   0      1179734
Washington Mutual Inc                com     939322103      489      11232      sh   0     sole   0      11232
Webster Financial Corp               com     947890109      563      12000      sh   0     sole   0      12000
WellPoint Inc                        com     94973V107      399      5000       sh   0     sole   0      5000
Westcorp                             com     957907108      15274    229300     sh   0     sole   0      229300
WGL Holdings Inc                     com     92924F106      3869     128700     sh   0     sole   0      128700
Williams Cos Inc                     com     969457100      12354    533200     sh   0     sole   0      533200
Wisconsin Energy Corp                com     976657106      2028     51925      sh   0     sole   0      51925
WPS Resources Corp                   com     92931B106      823      14880      sh   0     sole   0      14880
WSFS Financial Corp                  com     929328102      5682     92766      sh   0     sole   0      92766
Xcel Energy Inc                      com     98389B100      2329     126150     sh   0     sole   0      126150
Xilinx Inc                           com     983919101      320      12700      sh   0     sole   0      12700
XTO Energy Inc                       com     98385X106      527      12000      sh   0     sole   0      12000
Yardville National Bancorp           com     985021104      8088     233418     sh   0     sole   0      233418
YM Biosciences Inc                   com     984238105      402      109900     sh   0     sole   0      109900