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:       December 29, 2006

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
Address:               1001 19th Street North
                       Potomac Tower
                       Arlington, VA  22209

13F File Number: 28-5254

The Institutional investment manager filing this report and the person by
whom it is Signed hereby represent that the person signing the report is
authorized to submit it, That all the information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered  integral parts
of this form.

Person signing this Report on Behalf of Reporting Manager:

Name:             James Lindsay
Title:            Chief Compliance Officer - FBRC
Phone:            703-469-1022

Signature, Place, and Date of Signing:



James Lindsay           Arlington, VA           February 12, 2007

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:  85,445,303

Form 13F Information Table Value Total:  $2,268,003,230

List of Other Included Managers:

No:     Name

1)      Friedman Billings Ramsey & Co., Inc.
2)      FBR Investment Mangement, Inc.
3)      FBR Fund Adviser, Inc.
4)      FBR Group, Inc.

Name of Issuer         Tit- Cusip     Value  Prn     Sh  Put Inv. Oth Sole
                       le             x1000  Amt.    prn cal Disc Mgr Mgr

99 Cents Only Stores   com  65440K106 41930  3445336 sh  0   sole 0   3445336
Accredited Home Lend   com  00437P107 6938   253692  sh  0   sole 0   253692
Advanced Micro Devices com  007903107 966    47450   sh  0   sole 0   47450
Advancis Pharma Corp   com  00764L109 1554   397467  sh  0   sole 0   397467
Advanta Corp           com  007942204 2468   56569   sh  0   sole 0   56569
Advantest Corp         com  00762U200 884    15400   sh  0   sole 0   15400
AES Corp/The           com  00130H105 22040  1000000 sh  0   sole 0   1000000
Affirmative Ins. Hldgs com  008272106 732    45000   sh  0   sole 0   45000
Affrd Residt'l Com     com  008273104 3774   323984  sh  0   sole 0   323984
Agilent Technologies   com  00846U101 429    12300   sh  0   sole 0   12300
AGL Resources          com  001204106 5321   136750  sh  0   sole 0   136750
Alliant Energy Corp    com  018802108 1159   30675   sh  0   sole 0   30675
Allstate Corp/The      com  020002101 260    4000    sh  0   sole 0   4000
Alpha Innotech Corp    com  02075U109 1614   1467250 sh  0   sole 0   1467250
Ameren Corp            com  023608102 1726   32125   sh  0   sole 0   32125
American Int'l Group   com  026874107 645    9000    sh  0   sole 0   9000
American Tower Corp    com  029912201 153119 4107256 sh  0   sole 0   4107256
American Woodmark      com  030506109 30586  730850  sh  0   sole 0   730850
AmeriCredit Corp       com  03060R101 25120  998000  sh  0   sole 0   998000
Ameriprise Fin'l Inc   com  03076C106 1091   20025   sh  0   sole 0   20025
Amtrust Fin'l Services com  032359309 21881  2559131 sh  0   sole 0   2559131
Analog Devices Inc     com  032654105 970    29500   sh  0   sole 0   29500
Annaly Capital Mgmt    com  035710409 8503   611306  sh  0   sole 0   611306
Anworth Mort Asset     com  037347101 6641   698306  sh  0   sole 0   698306
Apple Computer Inc     com  037833100 1001   11800   sh  0   sole 0   11800
Applied Materials Inc  com  038222105 368    19950   sh  0   sole 0   19950
Aquila Inc             com  03840P102 1074   228550  sh  0   sole 0   228550
Archer-Daniels-Midland com  039483102 325    10175   sh  0   sole 0   10175
Arrow Electronics Inc  com  042735100 409    12950   sh  0   sole 0   12950
Asset Capital Corp     com  04544C108 456587 1216397 sh  0   sole 0   1216397
Asta Funding Inc       com  046220109 4441   145891  sh  0   sole 0   145891
Astoria Fin'l Corp     com  046265104 603    20000   sh  0   sole 0   20000
AT&T Inc               com  00206R102 1879   52564   sh  0   sole 0   52564
Atmos Energy Corp      com  049560105 5442   170550  sh  0   sole 0   170550
AU Optronics           com  002255107 818    59265   sh  0   sole 0   59265
Avalon Pharmas Inc     com  05346P106 329    84402   sh  0   sole 0   84402
Avista Corp            com  05379B107 566    22375   sh  0   sole 0   22375
Avnet Inc              com  053807103 406    15900   sh  0   sole 0   15900
Bally Technologies     com  05874B107 29888  1600000 sh  0   sole 0   1600000
Bancorp Rhode Island   com  059690107 7920   183113  sh  0   sole 0   183113
Bancshares of Florida  com  05976U102 1025   50000   sh  0   sole 0   50000
Bank Mutual Corp       com  063750103 7846   647895  sh  0   sole 0   647895
Bank of America Corp   com  060505104 1014   19000   sh  0   sole 0   19000
Bankunited Fin'l Corp  com  06652B103 27890  997513  sh  0   sole 0   997513
Banner Corp            com  06652V109 9149   206328  sh  0   sole 0   206328
Bear Stearns Cos       com  073902108 1209   7428    sh  0   sole 0   7428
Berkshire Hathaway     com  084670207 818    223     sh  0   sole 0   223
Beverly Hills Bancorp  com  087866109 514    62000   sh  0   sole 0   62000
Beverly National Corp  com  088115100 826    35300   sh  0   sole 0   35300
Big 5 Sporting Goods   com  08915P101 2635   107900  sh  0   sole 0   107900
Bk Nova Scotia         com  064149107 283    6325    sh  0   sole 0   6325
Bradley Pharmas Inc    com  104576103 4694   228100  sh  0   sole 0   228100
Brown & Brown Inc      com  115236101 1411   50000   sh  0   sole 0   50000
Burl. North. Santa Fe  com  12189T104 393    5325    sh  0   sole 0   5325
Canon Inc              com  138006309 1821   32175   sh  0   sole 0   32175
Capital One Fin'l Corp com  14040H105 653    8500    sh  0   sole 0   8500
Capitol Federal Fin'l  com  14057C106 2985   77700   sh  0   sole 0   77700
Capstead Mortgage Corp com  14067E506 523    63000   sh  0   sole 0   63000
Carmax Inc             com  143130102 80445  1500000 sh  0   sole 0   1500000
Cascade Natural Gas    com  147339105 741    28600   sh  0   sole 0   28600
CDW Corp               com  12512N105 316    4497    sh  0   sole 0   4497
Centerpoint Energy Inc com  15189T107 4465   269300  sh  0   sole 0   269300
CH Energy Group Inc    com  12541M102 436    8250    sh  0   sole 0   8250
Cheniere Energy Inc    com  16411R208 2243   77700   sh  0   sole 0   77700
Chesapeake Utilities   com  165303108 370    12065   sh  0   sole 0   12065
Chevron Corp           com  166764100 252    3425    sh  0   sole 0   3425
Chicago Merc Ex Hldngs com  167760107 1631   3200    sh  0   sole 0   3200
CIT Group Inc          com  125581108 1060   19000   sh  0   sole 0   19000
Citigroup Inc          com  172967101 1003   18000   sh  0   sole 0   18000
Clinical Data Inc      com  18725U109 657    40923   sh  0   sole 0   40923
CMS Energy Corp        com  125896100 1948   116650  sh  0   sole 0   116650
CNA Fin'l Corp         com  126117100 968    24000   sh  0   sole 0   24000
Comerica Inc           com  200340107 1063   18110   sh  0   sole 0   18110
Compuware Corp         com  205638109 86     10300   sh  0   sole 0   10300
ConocoPhillips         com  20825C104 255    3550    sh  0   sole 0   3550
Consolidated Edison    com  209115104 4623   96175   sh  0   sole 0   96175
Constellation Energy   com  210371100 1643   23850   sh  0   sole 0   23850
Corning Inc            com  219350105 730    39000   sh  0   sole 0   39000
Costco Wholesale Corp  com  22160K105 364    6879    sh  0   sole 0   6879
Cummins Inc            com  231021106 567    4800    sh  0   sole 0   4800
Cytomyx Holdings       com  033942276 19737  12108600sh  0   sole 0   12108600
Dassault Systemes SA   com  237545108 337    6382    sh  0   sole 0   6382
Deerfield Triarc Cap   com  244572301 762    45000   sh  0   sole 0   45000
Dime Comm. Bcs         com  253922108 7728   551597  sh  0   sole 0   551597
Dominion Resources     com  25746U109 11197  133550  sh  0   sole 0   133550
Dover Motorsports Inc  com  260174107 3206   603800  sh  0   sole 0   603800
Downey Fin'l Corp      com  261018105 22427  309000  sh  0   sole 0   309000
DR Horton Inc          com  23331A109 15276  576666  sh  0   sole 0   576666
DTE Energy Co          com  233331107 2770   57225   sh  0   sole 0   57225
Duke Energy Corp       com  26441C105 8352   431937  sh  0   sole 0   431937
Dynamex Inc            com  26784F103 10862  464997  sh  0   sole 0   464997
Dynavax Technologies   com  268158102 637    69444   sh  0   sole 0   69444
E.ON AG                com  268780103 14426  319240  sh  0   sole 0   319240
ECC Capital Corp       com  26826M108 4688   3940110 sh  0   sole 0   3940110
El Paso Corp           com  28336L109 13019  852000  sh  0   sole 0   852000
Eli Lilly & Co         com  532457108 1059   20325   sh  0   sole 0   20325
EMC Corp               com  268648102 192    14575   sh  0   sole 0   14575
Enbridge Inc           com  29250N105 14154  411460  sh  0   sole 0   411460
Energen Corp           com  29265N108 2940   62625   sh  0   sole 0   62625
Energy East Corp       com  29266M109 3336   134509  sh  0   sole 0   134509
EnergySouth Inc        com  292970100 769    19189   sh  0   sole 0   19189
Equitable Resources    com  294549100 5050   120950  sh  0   sole 0   120950
Ericsson               com  294821608 1113   27667   sh  0   sole 0   27667
Exelon Corp            com  30161N101 4798   77525   sh  0   sole 0   77525
Fannie Mae             com  313586109 713    12000   sh  0   sole 0   12000
Fieldstone Investment  com  31659U300 15717  3588329 sh  0   sole 0   3588329
FirstFed Fin'l Corp    com  337907109 28395  424000  sh  0   sole 0   424000
Flagstar Bancorp Inc   com  337930101 1284   86500   sh  0   sole 0   86500
Flextronics Int'l      com  Y2573F102 602    52400   sh  0   sole 0   52400
Florida Gaming Corp    com  340689306 311    23527   sh  0   sole 0   23527
Flushing Fin'l Corp    com  343873105 3029   177461  sh  0   sole 0   177461
Franklin Bank Corp/TX  com  352451108 10970  534084  sh  0   sole 0   534084
Freddie Mac            com  313400301 3822   56291   sh  0   sole 0   56291
FUJIFILM Holdings Corp com  35958N107 559    13534   sh  0   sole 0   13534
Garmin Ltd             com  G37260109 334    6000    sh  0   sole 0   6000
Genworth Fin'l Inc     com  37247D106 650    19000   sh  0   sole 0   19000
Global Imaging Systems com  37934A100 23825  1085400 sh  0   sole 0   1085400
Goldman Sachs Group    com  38141G104 1037   5200    sh  0   sole 0   5200
Government Properties  com  38374W107 2226   210000  sh  0   sole 0   210000
Greenville First Bcs   com  39607Y100 917    42727   sh  0   sole 0   42727
Hana Biosciences Inc   com  40963P105 662    103963  sh  0   sole 0   103963
Harrington West Fin'l  com  41383L104 1386   80335   sh  0   sole 0   80335
Hartford Fin'l Serv.   com  416515104 713    7644    sh  0   sole 0   7644
Hewlett-Packard Co     com  428236103 288    7000    sh  0   sole 0   7000
Highland Hospitality   com  430141101 2953   207213  sh  0   sole 0   207213
Hilb Rogal & Hobbs Co  com  431294107 16574  393500  sh  0   sole 0   393500
Hingham Instit/Savings com  433323102 3404   99308   sh  0   sole 0   99308
HMN Fin'l Inc          com  40424G108 3510   101698  sh  0   sole 0   101698
Hudson City Bancorp    com  443683107 27734  1998156 sh  0   sole 0   1998156
Hyperspace Comm        com  44915D103 225    100000  sh  0   sole 0   100000
IBM                    com  459200101 447    4600    sh  0   sole 0   4600
Infineon Technologies  com  45662N103 878    62600   sh  0   sole 0   62600
Intel Corp             com  458140100 1292   63800   sh  0   sole 0   63800
Intersil Corp          com  46069S109 275    11500   sh  0   sole 0   11500
Int'l Game Tech        com  459902102 924    20000   sh  0   sole 0   20000
Int'l Speedway A       com  460335201 3062   60000   sh  0   sole 0   60000
Int'l Speedway B       com  460335300 969    19000   sh  0   sole 0   19000
Investors Bancorp Inc  com  46146P102 2045   130000  sh  0   sole 0   130000
Investors Title Co     com  461804106 3257   61000   sh  0   sole 0   61000
Iomai Corp             com  46202P103 505    101346  sh  0   sole 0   101346
Isle of Capri Casinos  com  464592104 5643   212300  sh  0   sole 0   212300
ITLA Capital Corp      com  450565106 12545  216630  sh  0   sole 0   216630
Jabil Circuit Inc      com  466313103 586    23875   sh  0   sole 0   23875
JPMorgan Chase & Co    com  46625H100 1159   24000   sh  0   sole 0   24000
Keycorp                com  493267108 1241   32630   sh  0   sole 0   32630
KeySpan Corp           com  49337W100 12268  297900  sh  0   sole 0   297900
Kla-Tencor Corp        com  482480100 944    18975   sh  0   sole 0   18975
Kyocera Corp           com  501556203 2086   21985   sh  0   sole 0   21985
Laclede Group Inc      com  505597104 1599   45650   sh  0   sole 0   45650
Lam Research Corp      com  512807108 375    7400    sh  0   sole 0   7400
Lehman Brothers Hld    com  524908100 937    12000   sh  0   sole 0   12000
Lincoln National Corp  com  534187109 531    8000    sh  0   sole 0   8000
Luminent Mortgage Cap  com  550278303 6544   673906  sh  0   sole 0   673906
MAF Bancorp Inc        com  55261R108 7230   161779  sh  0   sole 0   161779
Markel Corp            com  570535104 122618 255400  sh  0   sole 0   255400
Markwest Hydrocarbon   com  570762104 19318  397890  sh  0   sole 0   397890
MASSBANK Corp          com  576152102 2679   81445   sh  0   sole 0   81445
Maxim Integrated Prod  com  57772K101 952    31100   sh  0   sole 0   31100
MDU Resources Group    com  552690109 1817   70850   sh  0   sole 0   70850
Medical Properties Tr  com  58463J304 346    22627   sh  0   sole 0   22627
Merrill Lynch & Co Inc com  590188108 1024   11000   sh  0   sole 0   11000
Metlife Inc            com  59156R108 944    16000   sh  0   sole 0   16000
MFA Mortgage Inv.      com  55272X102 6124   796306  sh  0   sole 0   796306
MGE Energy Inc         com  55277P104 477    13028   sh  0   sole 0   13028
Microchip Technology   com  595017104 677    20700   sh  0   sole 0   20700
Micron Technology      com  595112103 1418   101550  sh  0   sole 0   101550
Micros Systems Inc     com  594901100 1686   32000   sh  0   sole 0   32000
Microsoft Corp         com  594918104 293    9800    sh  0   sole 0   9800
Mitsubishi UFJ Fin'l   com  606822104 1165   93597   sh  0   sole 0   93597
Mittal Steel Co NV     com  60684P101 267    6338    sh  0   sole 0   6338
Molex Inc              com  608554101 563    17800   sh  0   sole 0   17800
Monarch Casino/Resort  com  609027107 23689  992000  sh  0   sole 0   992000
Morgan Stanley         com  617446448 1665   20451   sh  0   sole 0   20451
Motorola Inc           com  620076109 1799   87500   sh  0   sole 0   87500
Nasdaq Stock Market    com  631103108 924    30000   sh  0   sole 0   30000
National City Corp     com  635405103 914    25000   sh  0   sole 0   25000
National Fuel Gas Co   com  636180101 4401   114200  sh  0   sole 0   114200
National Grid PLC      com  636274300 14268  196476  sh  0   sole 0   196476
National Semiconductor com  637640103 322    14175   sh  0   sole 0   14175
NCR Corp               com  62886E108 727    17000   sh  0   sole 0   17000
New Jersey Resources   com  646025106 2308   47500   sh  0   sole 0   47500
Nicor Inc              com  654086107 4650   99350   sh  0   sole 0   99350
NiSource Inc           com  65473P105 8590   356450  sh  0   sole 0   356450
Norfolk Southern Corp  com  655844108 296    5889    sh  0   sole 0   5889
Northeast Utilities    com  664397106 1026   36450   sh  0   sole 0   36450
Northwest Natural Gas  com  667655104 2759   65000   sh  0   sole 0   65000
NorthWestern Corp      com  668074305 1005   28416   sh  0   sole 0   28416
Novartis               com  66987V109 1487   25880   sh  0   sole 0   25880
Novellus Systems Inc   com  670008101 320    9300    sh  0   sole 0   9300
NSTAR                  com  67019E107 945    27500   sh  0   sole 0   27500
NYSE Group Inc         com  62949W103 1750   18000   sh  0   sole 0   18000
Oneok Inc              com  682680103 4342   100700  sh  0   sole 0   100700
Opteum Inc             com  68384A100 991    130356  sh  0   sole 0   130356
O'Reilly Automotive    com  686091109 11430  356508  sh  0   sole 0   356508
Pacific Premier Bancrp com  69478X105 3315   272161  sh  0   sole 0   272161
Parkvale Fin'l Corp    com  701492100 8648   272381  sh  0   sole 0   272381
Patriot Nat'l Bancrp   com  70336F104 1780   67310   sh  0   sole 0   67310
Penn National Gaming   com  707569109 170642 4100000 sh  0   sole 0   4100000
Penn Virginia Corp     com  707882106 14834  211800  sh  0   sole 0   211800
Pennfed Fin'l Services com  708167101 781    40439   sh  0   sole 0   40439
People's Bank/CT       com  710198102 6927   155250  sh  0   sole 0   155250
Peoples Energy Corp    com  711030106 3297   73975   sh  0   sole 0   73975
Pepco Holdings Inc     com  713291102 367    14116   sh  0   sole 0   14116
PFF Bancorp Inc        com  69331W104 11274  326700  sh  0   sole 0   326700
PG&E Corp              com  69331C108 10787  227900  sh  0   sole 0   227900
Piedmont Natural Gas   com  720186105 4679   174900  sh  0   sole 0   174900
Pinnacle Entertainment com  723456109 48762  1471407 sh  0   sole 0   1471407
PNM Resources Inc      com  69349H107 758    24375   sh  0   sole 0   24375
Pool Corp              com  73278L105 6887   175832  sh  0   sole 0   175832
PPL Corp               com  69351T106 733    20450   sh  0   sole 0   20450
Principal Fin'l Group  com  74251V102 881    15000   sh  0   sole 0   15000
Protalex Inc           com  743642100 245    100000  sh  0   sole 0   100000
Prudential Fin'l Inc   com  744320102 863    10047   sh  0   sole 0   10047
Public Service Ent.    com  744573106 8211   123700  sh  0   sole 0   123700
Puget Energy Inc       com  745310102 1854   73100   sh  0   sole 0   73100
Quanta Capital Hldngs  com  G7313F106 6513   3029338 sh  0   sole 0   3029338
Questar Corp           com  748356102 7659   92225   sh  0   sole 0   92225
RAIT Fin'l Trust       com  749227104 18315  531173  sh  0   sole 0   531173
Royal Dutch Shell      com  780259206 256    3623    sh  0   sole 0   3623
Sanderson Farms Inc    com  800013104 1411   46586   sh  0   sole 0   46586
SanDisk Corp           com  80004C101 826    19200   sh  0   sole 0   19200
Schering-Plough Corp   com  806605101 1161   49125   sh  0   sole 0   49125
SEMCO Energy Inc       com  78412D109 489    80125   sh  0   sole 0   80125
Sempra Energy          com  816851109 14449  257842  sh  0   sole 0   257842
Shuffle Master Inc     com  825549108 4127   157500  sh  0   sole 0   157500
Sierra Pacific Res     com  826428104 292    17325   sh  0   sole 0   17325
Simpson Manufacturing  com  829073105 28558  902300  sh  0   sole 0   902300
Solexa Inc             com  83420X105 274    20857   sh  0   sole 0   20857
Sony Corp              com  835699307 1552   36242   sh  0   sole 0   36242
South Jersey Indus     com  838518108 1975   59110   sh  0   sole 0   59110
Southern Union         com  844030106 7308   261457  sh  0   sole 0   261457
Southwest Airlines     com  844741108 193    12617   sh  0   sole 0   12617
Southwest Gas Corp     com  844895102 3609   94050   sh  0   sole 0   94050
Southwestern Energy    com  845467109 1618   46150   sh  0   sole 0   46150
Sovereign Bancorp Inc  com  845905108 330    13000   sh  0   sole 0   13000
Spclty Underwr. All    com  84751T309 6570   782102  sh  0   sole 0   782102
Spectra Energy Corp    com  847560109 5993   215968  sh  0   sole 0   215968
St Paul Travelers Cos  com  792860108 254    4729    sh  0   sole 0   4729
Station Casinos Inc    com  857689103 19181  234861  sh  0   sole 0   234861
Sterling Fin'l Corp/WA com  859319105 19136  566000  sh  0   sole 0   566000
STMicroelectronics NV  com  861012102 1935   105150  sh  0   sole 0   105150
Street Tracks MS Tech  com  86330E703 453    8000    sh  0   sole 0   8000
Stryker Corp           com  863667101 276    5000    sh  0   sole 0   5000
SunTrust Banks Inc     com  867914103 760    9000    sh  0   sole 0   9000
Taiwan Semi Manuf.     com  874039100 1340   122604  sh  0   sole 0   122604
Taylor Capital Group   com  876851106 11500  314123  sh  0   sole 0   314123
TDK Corp               com  872351408 1212   15108   sh  0   sole 0   15108
TECO Energy Inc        com  872375100 878    50975   sh  0   sole 0   50975
Tellabs Inc            com  879664100 654    63700   sh  0   sole 0   63700
Texas Instruments Inc  com  882508104 1794   62300   sh  0   sole 0   62300
Thornburg Mortgage Inc com  885218107 8685   345597  sh  0   sole 0   345597
TIBCO Software Inc     com  88632Q103 121    12850   sh  0   sole 0   12850
Toll Brothers Inc      com  889478103 19338  600000  sh  0   sole 0   600000
Tower Group Inc        com  891777104 3429   110377  sh  0   sole 0   110377
TransCanada Corp       com  89353D107 14202  406350  sh  0   sole 0   406350
TRM Corp               com  872636105 348    162774  sh  0   sole 0   162774
UGI Corp               com  902681105 2019   74025   sh  0   sole 0   74025
Union Pacific Corp     com  907818108 381    4138    sh  0   sole 0   4138
UnumProvident Corp     com  91529Y106 777    37400   sh  0   sole 0   37400
Vectren Corp           com  92240G101 2709   95805   sh  0   sole 0   95805
Wachovia Corp          com  929903102 342    6000    sh  0   sole 0   6000
Walgreen Co            com  931422109 368    8025    sh  0   sole 0   8025
Washington Federal Inc com  938824109 25877  1099734 sh  0   sole 0   1099734
Washington Mutual Inc  com  939322103 547    12025   sh  0   sole 0   12025
WGL Holdings Inc       com  92924F106 3515   107900  sh  0   sole 0   107900
White River Capital    com  96445P105 479    28200   sh  0   sole 0   28200
Whittier Energy Corp   com  966785305 11581  1249317 sh  0   sole 0   1249317
Whole Foods Market     com  966837106 476    10150   sh  0   sole 0   10150
Williams Cos Inc       com  969457100 9388   359400  sh  0   sole 0   359400
Wisconsin Energy Corp  com  976657106 1843   38825   sh  0   sole 0   38825
WPS Resources Corp     com  92931B106 701    12980   sh  0   sole 0   12980
WSFS Fin'l Corp        com  929328102 6147   91848   sh  0   sole 0   91848
Xcel Energy Inc        com  98389B100 2452   106350  sh  0   sole 0   106350
Xerox Corp             com  984121103 407    24000   sh  0   sole 0   24000
Xilinx Inc             com  983919101 798    33500   sh  0   sole 0   33500
Yardville National Bcp com  985021104 5248   139118  sh  0   sole 0   139118
YM Biosciences Inc     com  984238105 515    180086  sh  0   sole 0   180086
ZIOPHARM Oncology      com  98973P101 979    163930  sh  0   sole 0   163930