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: September 30, 2008
Check here if Amendment ( ) Amendment Number:
This Amendment (Check only one.): ( ) is a restatement
( ) adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Friedman, Billings, Ramsey Group, Inc.
Address: 1001 19th Street North
Potomac Tower
Arlington, VA 22209
13F File Number: 28-5254
The Institutional investment manager filing this report and the person by
whom it is Signed hereby represent that the person signing the report is
authorized to submit it, That all the information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered integral parts
of this form.
Person signing this Report on Behalf of Reporting Manager:
Name: Robert Dean
Title: Sr. Vice President and Director of Risk Management
Phone: 703-312-9716
Signature, Place, and Date of Signing:
/s/ Robert Dean
Robert Dean Arlington, VA November 17, 2008
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: 1
Form 13F Information Table Entry Total: 216
Form 13F Information Table Value Total: $ 1,157,013,604
List of Other Included Managers:
No: Name
1) FBR Fund Advisers, Inc.
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5
-------------------------- -------------- --------- --------- --------------
TITLE VALUE SHARES/ SH/PUT/
NAME OF ISSUER OF CLASS CUSIP (x$1000) PRN AMT PRNCALL
-------------------------------------------------------------------------------
1ST SOURCE CORP com 336901103 1816 77293 sh
99 CENTS ONLY STORES com 65440K106 63532 5791474 sh
ABB Ltd com 000375204 317 16350 sh
ACE LTD com H0023R105 411 7600 sh
AGL RESOURCES INC com 001204106 4197 133750 sh
ALIMENTATION COUCHE SUB VTG com 01626P403 23715 1700000 sh
ALLIANT ENERGY CORP com 018802108 869 26975 sh
AMAZON.COM INC com 023135106 255 3500 sh
AMEREN CORPORATION com 023608102 1137 29125 sh
AMERICAN EAGLE OUTFITTERS com 02553E106 202 13225 sh
AMERICAN TOWER CORP-CL A com 029912201 110572 3074000 sh
AMERICAN WOODMARK CORP com 030506109 19083 850000 sh
AMERICREDIT CORP com 03060R101 14194 1401180 sh
ANCHOR BANCORP WISCONSIN INC com 032839102 333 45282 sh
ANNALY MORTGAGE MANAGEMENT com 035710409 1463 108806 sh
ANWORTH MORTGAGE ASSET CORP com 037347101 2664 450006 sh
APPLE COMPUTER INC com 037833100 402 3538 sh
ASSOCIATED BANC-CORP com 045487105 1097 55000 sh
ASTORIA FINANCIAL CORP com 046265104 4010 193450 sh
ATMOS ENERGY CORP com 049560105 5190 194950 sh
AVISTA CORP com 05379B107 486 22375 sh
BALLY TECHNOLOGIES INC COM com 05874B107 48448 1600000 sh
BANCORP RHODE ISLAND INC com 059690107 1453 50531 sh
BANK MUTUAL CORP com 063750103 4247 374195 sh
BANK OF AMERICA CORP com 060505104 620 17700 sh
BANNER CORPORATION com 06652V109 1438 119756 sh
BAXTER INTERNATIONAL INC com 071813109 269 4100 sh
BB&T CORP com 054937107 567 15000 sh
BECTON DICKINSON & CO com 075887109 209 2600 sh
BERKSHIRE HATHAWAY INC-CL A com 084670108 2220 17 sh
BERKSHIRE HATHAWAY INC-CL B com 084670207 1450 330 sh
BLACK HILLS CORP com 092113109 617 19850 sh
BOSTON PROPERTIES LP note 10112RAG9 11024 11008000 prn
BROCADE COMMUNICATIONS SYS com 111621306 68 11700 sh
BROOKLINE BANCORP INC com 11373M107 959 75000 sh
CAPE BANCORP INC com 139209100 1157 126426 sh
CAPITOL FEDERAL FINANCIAL com 14057C106 2235 50425 sh
CAPSTEAD MORTGAGE CORP com 14067E506 2439 222700 sh
CARMAX INC com 143130102 42840 3060000 sh
CASTLEPOINT HOLDING LTD com G195221112 5565 500000 sh
CASTLEPOINT HOLDING LTD com G195221112 5565 500000 sh
CATHAY GENERAL BANCORP com 149150104 357 15000 sh
CENTERPOINT ENERGY INC com 15189T107 4058 278500 sh
CENTRAL PACIFIC FINANCIAL CO com 154760102 420 25000 sh
CH ENERGY GROUP INC com 12541M102 351 8050 sh
CHENIERE ENERGY INC note 16411RAE9 640 40000 prn
CHENIERE ENERGY INC COM NEW com 16411R208 227 100750 sh
CHESAPEAKE UTILITIES CORP com 165303108 381 11465 sh
CHEVY CHASE BANK com 166779AA6 4000 50000 sh
CHIMERA INVESTMENT CORP com 16934Q109 745 120000 sh
CIENA CORP note 171779AB7 2382 4000000 prn
CITIZENS BANKING CORP com 174420109 508 165000 sh
CMS ENERGY CORP com 125896100 1892 151750 sh
COLONIAL BANCGROUP INC com 195493309 668 85000 sh
COMERICA INC com 200340107 853 26000 sh
CONSOLIDATED EDISON INC com 209115104 4196 97675 sh
CONSTELLATION ENERGY GROUP com 210371100 587 24150 sh
CORNING com 219350105 174 11125 sh
CUMMINS INC COM com 231021106 320 7318 sh
DANVERS BANCORP INC com 236442109 4480 351394 sh
DIME COMMUNITY BANCSHARES com 253922108 715 46964 sh
DIVX INC com 255413106 101 15597 sh
DOMINION RESOURCES INC/VA com 25746U109 12055 281800 sh
DR HORTON INC com 23331A109 156 12000 sh
DTE ENERGY COMPANY com 233331107 2115 52725 sh
DUKE ENERGY com 26441C105 1613 92537 sh
DYNAMEX INC com 26784F103 17036 598610 sh
DYNAVAX TECHNOLOGIES CORP com 268158102 99 69444 sh
E.ON AG -SPONSORED ADR adr 268780103 12162 241190 sh
EAST WEST BANCORP INC com 27579R104 2691 196400 sh
EBAY INC com 278642103 222 9925 sh
EL PASO CORP com 28336L109 11274 883550 sh
EMC CORP/MASS com 268648102 238 19900 sh
ENBRIDGE INC com 29250N105 11948 313685 sh
ENCORE CAPITAL GROUP com 292554102 9200 671513 sh
ENERGEN CORP com 29265N108 2524 55740 sh
ENERGYSOUTH INC com 292970100 1108 18039 sh
ENSTAR GROUP LIMITED com G3075P101 14604 150000 sh
ENTERGY CORP com 29364G103 317 3565 sh
EQUITABLE RESOURCES INC com 294549100 3943 107500 sh
EVERGREEN SOLAR INC note 30033RAC2 1175 2000000 prn
EXELON CORP com 30161N101 4629 73925 sh
FBR CAPITAL MARKETS CORP com 30247C301 324 50001 sh
FIFTH THIRD BANCORP com 316773100 536 45000 sh
FIRST HORIZON NATIONAL CORP com 320517105 782 83521 sh
FIRSTFED FINANCIAL CORP com 337907109 823 105000 sh
FLAGSTONE RE com G3529T105 17136 1668525 sh
FOCUS ENHANCEMENTS INT wts 344159FF9 0 13840 sh
FORD MOTOR CREDIT CO LLC com 345397TS2 676 10000 sh
FRIEDMAN BILLINGS RAMSEY-A com 358434108 443 221628 sh
GENENTECH INC com 368710406 364 4100 sh
GENERAL DYNAMICS CORP com 369550108 230 3125 sh
GOOGLE INC com 38259P508 389 970 sh
GRUBB & ELLIS CO NEW com 400095204 1277 473116 sh
HANA BIOSCIENCES INC com 40963P105 56 93551 sh
HATTERAS FINANCIAL CORP com 41902R103 232 10000 sh
HENRY JACK & ASSOCIATES INC com 426281101 208 10252 sh
HFF INC CL A com 40418F108 1611 401842 sh
HINGHAM INSTITUTION FOR SVGS com 433323102 2685 99431 sh
HMN FINANCIAL INC com 40424G108 252 20373 sh
HUDSON CITY BANCORP INC com 443683107 12734 690206 sh
HUNTINGTON BANCSHARES INC com 446150104 799 100000 sh
INDEPENDENT BANK CORP/MA com 453836108 1279 41030 sh
INTEGRA BANK CORPORATION com 45814P105 559 70000 sh
INTEGRYS ENERGY com 45822P105 3345 66971 sh
INTEL CORP com 458140100 499 26650 sh
INVESTORS BANCORP INC com 46146P102 1279 85000 sh
IRON MOUNTAIN com 462846106 4472 183200 sh
ISLE OF CAPRI CASINOS com 464592104 5015 555943 sh
JOHNSON & JOHNSON com 478160104 310 4475 sh
JPMORGAN CHASE & CO com 46625H100 878 18800 sh
KEYCORP com 493267108 728 61000 sh
LACLEDE GROUP INC/THE com 505597104 2020 41650 sh
LAMAR ADVERTISING CO-CL A com 512815101 37068 1200000 sh
LENNAR com 526057104 152 10000 sh
LG PHILIPS LCD adr 50186V102 138 10855 sh
M & T BANK CORP com 55261F104 714 8000 sh
MARKEL CORP com 570535104 89773 255400 sh
MARSHALL & ILSLEY CORP com 571837103 746 37000 sh
MARVELL TECHNOLOGY GROUP LTD com G5876H105 103 11125 sh
MDU RESOURCES GROUP INC com 552690109 3147 108500 sh
MERCK & COMPANY INC com 589331107 242 7675 sh
MFA MORTGAGE INVESTMENTS INC com 55272X102 2501 384806 sh
MGE ENERGY INC com 55277P104 291 8178 sh
MIDDLEBROOK PHARMACEUTICALS com 596087106 364 242855 sh
MIDWEST BANC HOLDINGS INC com 598251106 215 53800 sh
MONARCH CASINO & RESORT INC com 609027107 11299 992000 sh
MOTOROLA INC com 620076109 150 20950 sh
NARA BANCORP INC com 63080P105 448 40000 sh
NATIONAL CITY CORP com 635405103 343 196000 sh
NATIONAL FUEL GAS CO com 636180101 4627 109700 sh
NATIONAL GRID PLC SPON ADR NEW com 636274300 12040 187484 sh
NEW JERSEY RESOURCES CORP com 646025106 2457 68450 sh
NEW YORK COMMUNITY BANCORP com 649445103 1024 61000 sh
NEW YORK MORTGAGE TRUST INC com 649604105 78 24630 sh
NICOR INC com 654086107 4215 95050 sh
NISOURCE INC com 65473P105 5301 359150 sh
NORTHEAST UTILITIES com 664397106 780 30400 sh
NORTHRIM BANCORP INC com 666762109 414 25000 sh
NORTHWEST NATURAL GAS CO com 667655104 3094 59500 sh
NORTHWESTERN CORP COM NEW com 668074305 681 27116 sh
NOVARTIS AG-ADR com 66987V109 319 6030 sh
NSTAR com 67019E107 830 24775 sh
NUANCE COMMUNICATIONS note 67020YAB6 4045 4000000 prn
NWP SERVICES CORPORATION com 8350721 2056 187753 sh
O REILLY AUTOMOTIVE INC com 686091109 43423 1622076 sh
ONEOK INC com 682680103 5346 155400 sh
ORITANI FINANCIAL CORP com 686323106 243 14408 sh
P G & E CORP com 69331C108 8026 214300 sh
PACIFIC PREMIER BANCORP INC com 69478X105 334 65386 sh
PARKVALE FINANCIAL CORP com 701492100 2919 182444 sh
PENN NATIONAL GAMING INC com 707569109 109009 4102725 sh
PEOPLES UTD FINL INC com 712704105 4782 248400 sh
PEPCO HOLDINGS INC com 713291102 313 13666 sh
PIEDMONT NATURAL GAS CO com 720186105 5142 160900 sh
PINNACLE ENTERTAINMENT INC com 723456109 12258 1621407 sh
PMI GROUP INC/THE com 69344M101 177 60000 sh
PNC FINANCIAL SERVICES GROUP com 693475105 374 5000 sh
PNM RESOURCES INC com 69349H107 256 25025 sh
POOL CORP. com 73278L105 40244 1725000 sh
PPL CORPORATION com 69351T106 605 16350 sh
PROTALEX INC com 743642100 80 100000 sh
PROVIDENT BANKSHARES CORP com 743859100 1020 105000 sh
PROVIDENT FINANCIAL SERVICES com 74386T105 908 55000 sh
PUBLIC SERVICE ENTERPRISE GP com 744573106 7991 243700 sh
PUGET ENERGY INC com 745310102 2085 78100 sh
PULTE HOMES INC com 745867101 154 11000 sh
QUANTA CAP HLDGS com G7313F106 438 158718 sh
QUESTAR CORP com 748356102 6275 153338 sh
REDWOOD TRUST INC com 758075402 1532 70500 sh
REGIONS FINANCIAL CORP com 7591EP100 384 40000 sh
RESEARCH IN MOTION LTD com 760975102 257 3760 sh
SEMPRA ENERGY COM com 816851109 11907 235917 sh
SIERRA PACIFIC RESOURCES com 826428104 152 15825 sh
SIGNATURE BANK com 82669G104 300 8600 sh
SIMPSON MANUFACTURING CO INC com 829073105 23140 854200 sh
SOUTH FINANCIAL GROUP INC com 837841105 2052 280000 sh
SOUTH JERSEY INDUSTRIES com 838518108 1909 53460 sh
SOUTHERN FIRST BANCSHARES com 842873101 164 14392 sh
SOUTHERN UNION CO com 844030106 4431 214557 sh
SOUTHWEST BANCORP INC/OKLA com 844767103 475 26900 sh
SOUTHWEST GAS CORP com 844895102 2817 93100 sh
SOVEREIGN BANCORP INC com 845905108 241 60950 sh
SPECTRA ENERGY CORP COM com 847560109 11809 496168 sh
STERLING FINL CORP/SPOKANE com 859319105 1595 110000 sh
STRYKER CORP com 863667101 229 3675 sh
SUNTRUST BANKS INC com 867914103 630 14000 sh
SUSQUEHANNA BANCSHARES INC com 869099101 195 10000 sh
T ROWE PRICE GROUP INC com 74144T108 288 5365 sh
TCF FINANCIAL CORP com 872275102 5148 286000 sh
TECHNE CORP com 878377100 269 3730 sh
TECO ENERGY INC com 872375100 909 57775 sh
TEXAS CAPITAL BANCSHARES INC com 88224Q107 986 47500 sh
TF FINANCIAL CORP com 872391107 753 35017 sh
TOWER GROUP com 891777104 1514 64244 sh
TRANSCANADA CORP com 89353D107 12222 338100 sh
TRAVELERS CORP. com 89417E109 271 6000 sh
UCBH HOLDINGS INC com 90262T308 2115 330000 sh
UGI CORP com 902681105 1710 66325 sh
UNITED CMNTY FINL CORP OHIO com 909839102 145 28977 sh
US BANCORP com 902973304 1081 30000 sh
VECTREN CORPORATION com 92240G101 1731 62155 sH
WASHINGTON FEDERAL INC com 938824109 4650 252012 sh
WEBSTER FINANCIAL CORP com 947890109 3500 138600 sh
WELLS FARGO & COMPANY com 949746101 1315 35050 sh
WGL HOLDINGS INC com 92924F106 3346 103100 sh
WHITE RIVER CAPITAL INC com 96445P105 2381 173137 sh
WILLIAMS COS INC com 969457100 8198 346650 sh
WINTRUST FINANCIAL CORP com 97650W108 677 23070 sh
WISCONSIN ENERGY CORP com 976657106 1384 30825 sh
WSFS FINANCIAL CORP com 929328102 2373 39555 sh
WYETH com 983024100 235 6350 sh
XCEL ENERGY INC com 98389B100 2269 113500 sh
ZIONS BANCORPORATION com 989701107 2554 66000 sh
ZIOPHARM ONCOLOGY wts 8855803 0 49179 sh
ZIOPHARM ONCOLOGY INC com 98973P101 277 163930 sh
COLUMN 1 COLUMN 6 COLUMN 7 COLUMN 8
-------------------------- -------------- --------- --------- ------------
INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER DSCRETN MNGRS [SOLE] [SHARED] [NONE]
-----------------------------------------------------------------------------
1ST SOURCE CORP shared-defined 1 77293 0 0
99 CENTS ONLY STORES shared-defined 1 5791474 0 0
ABB Ltd shared-defined 1 16350 0 0
ACE LTD shared-defined 1 7600 0 0
AGL RESOURCES INC shared-defined 1 133750 0 0
ALIMENTATION COUCHE SUB VTG shared-defined 1 1700000 0 0
ALLIANT ENERGY CORP shared-defined 1 26975 0 0
AMAZON.COM INC shared-defined 1 3500 0 0
AMEREN CORPORATION shared-defined 1 29125 0 0
AMERICAN EAGLE OUTFITTERS shared-defined 1 13225 0 0
AMERICAN TOWER CORP-CL A shared-defined 1 3074000 0 0
AMERICAN WOODMARK CORP shared-defined 1 850000 0 0
AMERICREDIT CORP shared-defined 1 1401180 0 0
ANCHOR BANCORP WISCONSIN INC shared-defined 1 45282 0 0
ANNALY MORTGAGE MANAGEMENT shared-defined 1 108806 0 0
ANWORTH MORTGAGE ASSET CORP shared-defined 1 450006 0 0
APPLE COMPUTER INC shared-defined 1 3538 0 0
ASSOCIATED BANC-CORP shared-defined 1 55000 0 0
ASTORIA FINANCIAL CORP shared-defined 1 193450 0 0
ATMOS ENERGY CORP shared-defined 1 194950 0 0
AVISTA CORP shared-defined 1 22375 0 0
BALLY TECHNOLOGIES INC COM shared-defined 1 1600000 0 0
BANCORP RHODE ISLAND INC shared-defined 1 50531 0 0
BANK MUTUAL CORP shared-defined 1 374195 0 0
BANK OF AMERICA CORP shared-defined 1 17700 0 0
BANNER CORPORATION shared-defined 1 119756 0 0
BAXTER INTERNATIONAL INC shared-defined 1 4100 0 0
BB&T CORP shared-defined 1 15000 0 0
BECTON DICKINSON & CO shared-defined 1 2600 0 0
BERKSHIRE HATHAWAY INC-CL A shared-defined 1 17 0 0
BERKSHIRE HATHAWAY INC-CL B shared-defined 1 330 0 0
BLACK HILLS CORP shared-defined 1 19850 0 0
BOSTON PROPERTIES LP shared-defined 11008000 0 0
BROCADE COMMUNICATIONS SYS shared-defined 1 11700 0 0
BROOKLINE BANCORP INC shared-defined 1 75000 0 0
CAPE BANCORP INC shared-defined 1 126426 0 0
CAPITOL FEDERAL FINANCIAL shared-defined 1 50425 0 0
CAPSTEAD MORTGAGE CORP shared-defined 1 222700 0 0
CARMAX INC shared-defined 1 3060000 0 0
CASTLEPOINT HOLDING LTD shared-defined 1 500000 0 0
CASTLEPOINT HOLDING LTD shared-defined 500000 0 0
CATHAY GENERAL BANCORP shared-defined 1 15000 0 0
CENTERPOINT ENERGY INC shared-defined 1 278500 0 0
CENTRAL PACIFIC FINANCIAL CO shared-defined 1 25000 0 0
CH ENERGY GROUP INC shared-defined 1 8050 0 0
CHENIERE ENERGY INC shared-defined 40000 0 0
CHENIERE ENERGY INC COM NEW shared-defined 1 100750 0 0
CHESAPEAKE UTILITIES CORP shared-defined 1 11465 0 0
CHEVY CHASE BANK shared-defined 1 50000 0 0
CHIMERA INVESTMENT CORP shared-defined 1 120000 0 0
CIENA CORP shared-defined 4000000 0 0
CITIZENS BANKING CORP shared-defined 1 165000 0 0
CMS ENERGY CORP shared-defined 1 151750 0 0
COLONIAL BANCGROUP INC shared-defined 1 85000 0 0
COMERICA INC shared-defined 1 26000 0 0
CONSOLIDATED EDISON INC shared-defined 1 97675 0 0
CONSTELLATION ENERGY GROUP shared-defined 1 24150 0 0
CORNING shared-defined 1 11125 0 0
CUMMINS INC COM shared-defined 1 7318 0 0
DANVERS BANCORP INC shared-defined 1 351394 0 0
DIME COMMUNITY BANCSHARES shared-defined 1 46964 0 0
DIVX INC shared-defined 1 15597 0 0
DOMINION RESOURCES INC/VA shared-defined 1 281800 0 0
DR HORTON INC shared-defined 1 12000 0 0
DTE ENERGY COMPANY shared-defined 1 52725 0 0
DUKE ENERGY shared-defined 1 92537 0 0
DYNAMEX INC shared-defined 1 598610 0 0
DYNAVAX TECHNOLOGIES CORP shared-defined 1 69444 0 0
E.ON AG -SPONSORED ADR shared-defined 1 241190 0 0
EAST WEST BANCORP INC shared-defined 1 196400 0 0
EBAY INC shared-defined 1 9925 0 0
EL PASO CORP shared-defined 1 883550 0 0
EMC CORP/MASS shared-defined 1 19900 0 0
ENBRIDGE INC shared-defined 1 313685 0 0
ENCORE CAPITAL GROUP shared-defined 1 671513 0 0
ENERGEN CORP shared-defined 1 55740 0 0
ENERGYSOUTH INC shared-defined 1 18039 0 0
ENSTAR GROUP LIMITED shared-defined 1 150000 0 0
ENTERGY CORP shared-defined 1 3565 0 0
EQUITABLE RESOURCES INC shared-defined 1 107500 0 0
EVERGREEN SOLAR INC shared-defined 2000000 0 0
EXELON CORP shared-defined 1 73925 0 0
FBR CAPITAL MARKETS CORP shared-defined 1 50001 0 0
FIFTH THIRD BANCORP shared-defined 1 45000 0 0
FIRST HORIZON NATIONAL CORP shared-defined 1 83521 0 0
FIRSTFED FINANCIAL CORP shared-defined 1 105000 0 0
FLAGSTONE RE shared-defined 1 1668525 0 0
FOCUS ENHANCEMENTS INT shared-defined 1 13840 0 0
FORD MOTOR CREDIT CO LLC shared-defined 1 10000 0 0
FRIEDMAN BILLINGS RAMSEY-A shared-defined 1 221628 0 0
GENENTECH INC shared-defined 1 4100 0 0
GENERAL DYNAMICS CORP shared-defined 1 3125 0 0
GOOGLE INC shared-defined 1 970 0 0
GRUBB & ELLIS CO NEW shared-defined 1 473116 0 0
HANA BIOSCIENCES INC shared-defined 1 93551 0 0
HATTERAS FINANCIAL CORP shared-defined 1 10000 0 0
HENRY JACK & ASSOCIATES INC shared-defined 1 10252 0 0
HFF INC CL A shared-defined 1 401842 0 0
HINGHAM INSTITUTION FOR SVGS shared-defined 1 99431 0 0
HMN FINANCIAL INC shared-defined 1 20373 0 0
HUDSON CITY BANCORP INC shared-defined 1 690206 0 0
HUNTINGTON BANCSHARES INC shared-defined 1 100000 0 0
INDEPENDENT BANK CORP/MA shared-defined 1 41030 0 0
INTEGRA BANK CORPORATION shared-defined 1 70000 0 0
INTEGRYS ENERGY shared-defined 1 66971 0 0
INTEL CORP shared-defined 1 26650 0 0
INVESTORS BANCORP INC shared-defined 1 85000 0 0
IRON MOUNTAIN shared-defined 1 183200 0 0
ISLE OF CAPRI CASINOS shared-defined 1 555943 0 0
JOHNSON & JOHNSON shared-defined 1 4475 0 0
JPMORGAN CHASE & CO shared-defined 1 18800 0 0
KEYCORP shared-defined 1 61000 0 0
LACLEDE GROUP INC/THE shared-defined 1 41650 0 0
LAMAR ADVERTISING CO-CL A shared-defined 1 1200000 0 0
LENNAR shared-defined 1 10000 0 0
LG PHILIPS LCD shared-defined 1 10855 0 0
M & T BANK CORP shared-defined 1 8000 0 0
MARKEL CORP shared-defined 1 255400 0 0
MARSHALL & ILSLEY CORP shared-defined 1 37000 0 0
MARVELL TECHNOLOGY GROUP LTD shared-defined 1 11125 0 0
MDU RESOURCES GROUP INC shared-defined 1 108500 0 0
MERCK & COMPANY INC shared-defined 1 7675 0 0
MFA MORTGAGE INVESTMENTS INC shared-defined 1 384806 0 0
MGE ENERGY INC shared-defined 1 8178 0 0
MIDDLEBROOK PHARMACEUTICALS shared-defined 1 242855 0 0
MIDWEST BANC HOLDINGS INC shared-defined 1 53800 0 0
MONARCH CASINO & RESORT INC shared-defined 1 992000 0 0
MOTOROLA INC shared-defined 1 20950 0 0
NARA BANCORP INC shared-defined 1 40000 0 0
NATIONAL CITY CORP shared-defined 1 196000 0 0
NATIONAL FUEL GAS CO shared-defined 1 109700 0 0
NATIONAL GRID PLC SPON ADR NEW shared-defined 1 187484 0 0
NEW JERSEY RESOURCES CORP shared-defined 1 68450 0 0
NEW YORK COMMUNITY BANCORP shared-defined 1 61000 0 0
NEW YORK MORTGAGE TRUST INC shared-defined 1 24630 0 0
NICOR INC shared-defined 1 95050 0 0
NISOURCE INC shared-defined 1 359150 0 0
NORTHEAST UTILITIES shared-defined 1 30400 0 0
NORTHRIM BANCORP INC shared-defined 1 25000 0 0
NORTHWEST NATURAL GAS CO shared-defined 1 59500 0 0
NORTHWESTERN CORP COM NEW shared-defined 1 27116 0 0
NOVARTIS AG-ADR shared-defined 1 6030 0 0
NSTAR shared-defined 1 24775 0 0
NUANCE COMMUNICATIONS shared-defined 4000000 0 0
NWP SERVICES CORPORATION shared-defined 1 187753 0 0
O REILLY AUTOMOTIVE INC shared-defined 1 1622076 0 0
ONEOK INC shared-defined 1 155400 0 0
ORITANI FINANCIAL CORP shared-defined 1 14408 0 0
P G & E CORP shared-defined 1 214300 0 0
PACIFIC PREMIER BANCORP INC shared-defined 1 65386 0 0
PARKVALE FINANCIAL CORP shared-defined 1 182444 0 0
PENN NATIONAL GAMING INC shared-defined 1 4102725 0 0
PEOPLES UTD FINL INC shared-defined 1 248400 0 0
PEPCO HOLDINGS INC shared-defined 1 13666 0 0
PIEDMONT NATURAL GAS CO shared-defined 1 160900 0 0
PINNACLE ENTERTAINMENT INC shared-defined 1 1621407 0 0
PMI GROUP INC/THE shared-defined 1 60000 0 0
PNC FINANCIAL SERVICES GROUP shared-defined 1 5000 0 0
PNM RESOURCES INC shared-defined 1 25025 0 0
POOL CORP. shared-defined 1 1725000 0 0
PPL CORPORATION shared-defined 1 16350 0 0
PROTALEX INC shared-defined 1 100000 0 0
PROVIDENT BANKSHARES CORP shared-defined 1 105000 0 0
PROVIDENT FINANCIAL SERVICES shared-defined 1 55000 0 0
PUBLIC SERVICE ENTERPRISE GP shared-defined 1 243700 0 0
PUGET ENERGY INC shared-defined 1 78100 0 0
PULTE HOMES INC shared-defined 1 11000 0 0
QUANTA CAP HLDGS shared-defined 1 158718 0 0
QUESTAR CORP shared-defined 1 153338 0 0
REDWOOD TRUST INC shared-defined 1 70500 0 0
REGIONS FINANCIAL CORP shared-defined 1 40000 0 0
RESEARCH IN MOTION LTD shared-defined 1 3760 0 0
SEMPRA ENERGY COM shared-defined 1 235917 0 0
SIERRA PACIFIC RESOURCES shared-defined 1 15825 0 0
SIGNATURE BANK shared-defined 1 8600 0 0
SIMPSON MANUFACTURING CO INC shared-defined 1 854200 0 0
SOUTH FINANCIAL GROUP INC shared-defined 1 280000 0 0
SOUTH JERSEY INDUSTRIES shared-defined 1 53460 0 0
SOUTHERN FIRST BANCSHARES shared-defined 1 14392 0 0
SOUTHERN UNION CO shared-defined 1 214557 0 0
SOUTHWEST BANCORP INC/OKLA shared-defined 1 26900 0 0
SOUTHWEST GAS CORP shared-defined 1 93100 0 0
SOVEREIGN BANCORP INC shared-defined 1 60950 0 0
SPECTRA ENERGY CORP COM shared-defined 1 496168 0 0
STERLING FINL CORP/SPOKANE shared-defined 1 110000 0 0
STRYKER CORP shared-defined 1 3675 0 0
SUNTRUST BANKS INC shared-defined 1 14000 0 0
SUSQUEHANNA BANCSHARES INC shared-defined 1 10000 0 0
T ROWE PRICE GROUP INC shared-defined 1 5365 0 0
TCF FINANCIAL CORP shared-defined 1 286000 0 0
TECHNE CORP shared-defined 1 3730 0 0
TECO ENERGY INC shared-defined 1 57775 0 0
TEXAS CAPITAL BANCSHARES INC shared-defined 1 47500 0 0
TF FINANCIAL CORP shared-defined 1 35017 0 0
TOWER GROUP shared-defined 1 64244 0 0
TRANSCANADA CORP shared-defined 1 338100 0 0
TRAVELERS CORP. shared-defined 1 6000 0 0
UCBH HOLDINGS INC shared-defined 1 330000 0 0
UGI CORP shared-defined 1 66325 0 0
UNITED CMNTY FINL CORP OHIO shared-defined 1 28977 0 0
US BANCORP shared-defined 1 30000 0 0
VECTREN CORPORATION shared-defined 1 62155 0 0
WASHINGTON FEDERAL INC shared-defined 1 252012 0 0
WEBSTER FINANCIAL CORP shared-defined 1 138600 0 0
WELLS FARGO & COMPANY shared-defined 1 35050 0 0
WGL HOLDINGS INC shared-defined 1 103100 0 0
WHITE RIVER CAPITAL INC shared-defined 1 173137 0 0
WILLIAMS COS INC shared-defined 1 346650 0 0
WINTRUST FINANCIAL CORP shared-defined 1 23070 0 0
WISCONSIN ENERGY CORP shared-defined 1 30825 0 0
WSFS FINANCIAL CORP shared-defined 1 39555 0 0
WYETH shared-defined 1 6350 0 0
XCEL ENERGY INC shared-defined 1 113500 0 0
ZIONS BANCORPORATION shared-defined 1 66000 0 0
ZIOPHARM ONCOLOGY shared-defined 1 49179 0 0
ZIOPHARM ONCOLOGY INC shared-defined 1 163930 0 0