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 29, 2007

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:           Robert Kiernan
Title:          Sr. Vice President and Controller

Phone:          703-469-1120

Signature, Place, and Date of Signing:





Robert Kiernan Arlington, VA           November 13, 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:  69,435,837

Form 13F Information Table Value Total:  $2,144,514,813

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.
5)      FBR Capital Markets, Inc.

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

3M Co                  com  88579Y101 328    3500     sh  0   sole 0   3500
99 Cents Only Stores   com  65440K106 38244  3723836  sh  0   sole 0   3723836
ABB Ltd                com  000375204 462    43500    sh  0   sole 0   43500
ACE Ltd                com  G0070K103 594    9800     sh  0   sole 0   9800
Activision Inc         com  004930202 309    5000     sh  0   sole 0   5000
AES Corp/The           com  00130H105 20040  1000000  sh  0   sole 0   1000000
Affirmative Ins. Hldgs com  008272106 401    34843    sh  0   sole 0   34843
AGL Resources Inc      com  001204106 5200   131250   sh  0   sole 0   131250
Akamai Technologies    com  00971T101 203    7050     sh  0   sole 0   7050
Alliant Energy Corp    com  018802108 1080   28175    sh  0   sole 0   28175
Altiva Financial Corp  com  021497300 2      285230   sh  0   sole 0   285230
Ameren Corp            com  023608102 1529   29125    sh  0   sole 0   29125
American Int'l Group   com  026874107 406    6000     sh  0   sole 0   6000
American Tower Corp    com  029912201 281717 4107256  sh  0   sole 0   4107256
American Woodmark      com  030506109 19035  767850   sh  0   sole 0   767850
AmeriCredit Corp       com  03060R101 23733  1350000  sh  0   sole 0   1350000
Ameriprise Financial I com  03076C106 424    6725     sh  0   sole 0   6725
Annaly Capital Mgmt.   com  035710409 17971  1128106  sh  0   sole 0   1128106
Anworth Mort. Asset    com  037347101 5633   1045006  sh  0   sole 0   1045006
Apache Corp            com  037411105 205    2277     sh  0   sole 0   2277
Apple Computer Inc     com  037833100 1481   9650     sh  0   sole 0   9650
Applera Corp-App.Bios  com  038020103 492    14200    sh  0   sole 0   14200
Aquila Inc             com  03840P102 696    173550   sh  0   sole 0   173550
Argo Group             com  G0464B107 819    18827    sh  0   sole 0   18827
ASML Holding NV        com  N07059111 365    15291    sh  0   sole 0   15291
Astoria Financial Corp com  046265104 950    35800    sh  0   sole 0   35800
Atmos Energy Corp      com  049560105 5297   187050   sh  0   sole 0   187050
Avaya Inc              com  053499109 339    20000    sh  0   sole 0   20000
Aveta Inc              com  05365U200 680    63680    sh  0   sole 0   63680
Avista Corp            com  05379B107 455    22375    sh  0   sole 0   22375
Avnet Inc              com  053807103 227    5700     sh  0   sole 0   5700
Baidu.com Inc          com  056752108 398    1375     sh  0   sole 0   1375
Bally Technologies Inc com  05874B107 56688  1600000  sh  0   sole 0   1600000
Bancorp Rhode Island   com  059690107 4479   125242   sh  0   sole 0   125242
Bancshares of Florida  com  05976U102 1768   50000    sh  0   sole 0   50000
Bank Mutual Corp       com  063750103 5363   454895   sh  0   sole 0   454895
Bank of America Corp   com  060505104 174    14500    sh  0   sole 0   14500
BankUnited Financial   com  06652B103 4522   290963   sh  0   sole 0   290963
Banner Corp            com  06652V109 296    8602     sh  0   sole 0   8602
BB&T Corp              com  054937107 404    10000    sh  0   sole 0   10000
Beazer Homes USA Inc   com  07556Q105 377    3000     sh  0   sole 0   3000
Becton Dickinson & Co  com  075887109 706    8600     sh  0   sole 0   8600
Berkshire Hathaway Inc com  084670108 4385   37       sh  0   sole 0   37
Berkshire Hathaway B   com  084670207 316    80       sh  0   sole 0   80
Big 5 Sporting Goods   com  08915P101 2018   107900   sh  0   sole 0   107900
Bradley Pharma         com  104576103 4151   228100   sh  0   sole 0   228100
Brown & Brown Inc      com  115236101 1315   50000    sh  0   sole 0   50000
Burl.Northern Santa Fe com  12189T104 237    2925     sh  0   sole 0   2925
Canon Inc              com  138006309 1562   28775    sh  0   sole 0   28775
Capital One Financial  com  14040H105 365    5500     sh  0   sole 0   5500
Capitol Federal Financ com  14057C106 1386   40525    sh  0   sole 0   40525
Capstead Mortgage Corp com  14067E506 3209   312200   sh  0   sole 0   312200
Carmax Inc             com  143130102 60990  3000000  sh  0   sole 0   3000000
Castlepoint Holdings L com  195221129 5750   500000   sh  0   sole 0   500000
CDW Corp               com  12512N105 262    3000     sh  0   sole 0    3000
Centerpoint Energy Inc com  15189T107 4216   263000   sh  0   sole 0   263000
CH Energy Group Inc    com  12541M102 426    7000     sh  0   sole 0   7000
CheckPoint Software    com  M22465104 218    3600     sh  0   sole 0   3600
Cheniere Energy Inc    com  16411R208 2425   61900    sh  0   sole 0   61900
Chesapeake Utilities   com  165303108 409    12065    sh  0   sole 0   12065
Chubb Corp             com  171232101 349    6500     sh  0   sole 0   6500
Cisco Systems Inc      com  17275R102 232    7000     sh  0   sole 0   7000
Citigroup Inc          com  172967101 280    6000     sh  0   sole 0   6000
CMS Energy Corp        com  125896100 2260   134350   sh  0   sole 0   134350
Coca-Cola Co/The       com  191216100 253    4400     sh  0   sole 0   4400
Cognos Inc             com  19244C109 422    10150    sh  0   sole 0   10150
Comerica Inc           com  200340107 416    8110     sh  0   sole 0   8110
Commerce Bancorp       com  200519106 271    7000     sh  0   sole 0   7000
CommScope Inc          com  203372107 296    5900     sh  0   sole 0   5900
Community Bancorp      com  20343T100 1298   25000    sh  0   sole 0   25000
Compuware Corp         com  205638109 83     10300    sh  0   sole 0   10300
ConocoPhillips         com  20825C104 206    2350     sh  0   sole 0   2350
Consolidated Edison    com  209115104 4623   97675    sh  0   sole 0   97675
Constellation Energy   com  210371100 2046   23850    sh  0   sole 0   23850
Corning Inc            com  219350105 1000   40550    sh  0   sole 0   40550
Cummins Inc            com  231021106 794    6210     sh  0   sole 0   6210
Cypress Semi           com  232806109 298    10200    sh  0   sole 0   10200
Dassault Systemes      com  237545108 273    4182     sh  0   sole 0   4182
Dime Community Bcs     com  253922108 759    50725    sh  0   sole 0   50725
DivX Inc               com  255413106 242    16265    sh  0   sole 0   16265
Dominion Resources Inc com  25746U109 2084   137350   sh  0   sole 0   137350
Dover Motorsports Inc  com  260174107 3907   603800   sh  0   sole 0   603800
Downey Financial Corp  com  261018105 2332   40350    sh  0   sole 0   40350
DR Horton Inc          com  23331A109 7259   566666   sh  0   sole 0   566666
DTE Energy Co          com  233331107 2602   53725    sh  0   sole 0   53725
Duke Energy Corp       com  26441C105 1793   95937    sh  0   sole 0   95937
Dynamex Inc            com  26784F103 15239  594810   sh  0   sole 0   594810
Dynavax Technologies   com  268158102 277    64572    sh  0   sole 0   64572
E.ON AG                com  268780103 13670  222740   sh  0   sole 0   222740
El Paso Corp           com  28336L109 13033  768000   sh  0   sole 0   768000
Electronic Data Syst   com  285661104 677    31000    sh  0   sole 0   31000
Eli Lilly & Co         com  532457108 253    4450     sh  0   sole 0   4450
Enbridge Inc           com  29250N105 13592  370660   sh  0   sole 0   370660
Energen Corp           com  29265N108 3232   56575    sh  0   sole 0   56575
Energy East Corp       com  29266M109 3422   126509   sh  0   sole 0   126509
EnergySouth Inc        com  292970100 910    18039    sh  0   sole 0   18039
Equitable Resources    com  294549100 6191   119350   sh  0   sole 0   119350
Exelon Corp            com  30161N101 5707   75725    sh  0   sole 0   75725
Factset Research Sys.  com  303075105 307    4475     sh  0   sole 0   4475
Fastenal Co            com  311900104 202    4450     sh  0   sole 0   4450
FBR Capital Markets    com  30247C301 652    50001    sh  0   sole 0   50001
Federal National Mort  com  313586109 395    6500     sh  0   sole 0   6500
First Solar Inc        com  336433107 330    2800     sh  0   sole 0   2800
FirstFed Financial Cor com  337907109 7551   152400   sh  0   sole 0   152400
FirstMerit Corp        com  337915102 790    40000    sh  0   sole 0   40000
Flagstone Reinsurance  com  G3529T105 24581  1849575  sh  0   sole 0   1849575
Flextronics Internatio com  Y2573F102 296    26500    sh  0   sole 0   26500
Forest Laboratories In com  345838106 369    9900     sh  0   sole 0   9900
Franklin Bank Corp     com  352451108 295    32084    sh  0   sole 0   32084
Freddie Mac            com  313400301 321    34291    sh  0   sole 0   34291
Freept-Mcm.Copper/Gold com  35671D857 250    2380     sh  0   sole 0   2380
Fried. Billings Ram.   com  358434108 1041   225873   sh  0   sole 0   225873
Gap Inc/The            com  364760108 212    11500    sh  0   sole 0   11500
Garmin Ltd             com  G37260109 830    6950     sh  0   sole 0   6950
Genentech Inc          com  368710406 1241   15900    sh  0   sole 0   15900
Genworth Financial Inc com  37247D106 384    12500    sh  0   sole 0   12500
Genzyme Corp           com  372917104 651    10500    sh  0   sole 0   10500
Google Inc             com  38259P508 1214   2140     sh  0   sole 0   2140
Graco Inc              com  384109104 205    5250     sh  0   sole 0   5250
Hana Biosciences Inc   com  40963P105 111    96670    sh  0   sole 0   96670
Harrington West Fin    com  41383L104 791    50100    sh  0   sole 0   50100
Hartford Financial Svc com  416515104 474    5119     sh  0   sole 0   5119
Haynes International I com  420877201 213    2500     sh  0   sole 0   2500
Hilb Rogal & Hobbs Co  com  431294107 9149   393500   sh  0   sole 0   393500
Hilltop Holdings Inc   com  432748101 5873   500225   sh  0   sole 0   500225
Hingham Instit for Svn com  433323102 3118   101700   sh  0   sole 0   101700
HMN Financial Inc      com  40424G108 1675   56546    sh  0   sole 0   56546
Horsehead Holdings     com  440694107 1182   18087    sh  0   sole 0   18087
Hudson City Bancorp In com  443683107 25948  1687106  sh  0   sole 0   1687106
Idexx Laboratories Inc com  45168D104 204    1860     sh  0   sole 0   1860
Imperial Capital Banco com  452680101 1102   39000    sh  0   sole 0   39000
Ingram Micro Inc       com  457153104 237    12100    sh  0   sole 0   12100
Integrys Energy Group  com  45822P105 1858   36271    sh  0   sole 0   36271
Intel Corp             com  458140100 251    9700     sh  0   sole 0   9700
Interactive Brokers Gr com  45841N107 368    14000    sh  0   sole 0   14000
International Game Tec com  459902102 862    20000    sh  0   sole 0   20000
International Speedway com  460335201 2752   60000    sh  0   sole 0   60000
International Speedway com  460335300 865    19000    sh  0   sole 0   19000
Intuitive Surgical Inc com  46120E602 276    1200     sh  0   sole 0   1200
Investors Bancorp Inc  com  46146P102 1515   107000   sh  0   sole 0   107000
Investors Title Co     com  461804106 2394   61000    sh  0   sole 0   61000
Iomai Corp             com  46202P103 195    101346   sh  0   sole 0   101346
Iron Mountain Inc      com  462846106 5584   183200   sh  0   sole 0   183200
Isle of Capri Casinos  com  464592104 17423  555943   sh  0   sole 0   555943
j2 Global Comm         com  46626E205 268    5200     sh  0   sole 0   5200
Jack Henry & Assoc     com  426281101 264    10200    sh  0   sole 0   10200
Joy Global Inc         com  481165108 285    5600     sh  0   sole 0   5600
Keycorp                com  493267108 469    14500    sh  0   sole 0   14500
King Pharmaceuticals I com  495582108 1980   34150    sh  0   sole 0   34150
Knight Transportation  com  499064103 4184   243140   sh  0   sole 0   243140
Konami Corp            com  50046R101 225    8200     sh  0   sole 0   8200
Koninklijke Philips El com  500472303 1452   32300    sh  0   sole 0   32300
Kyocera Corp           com  501556203 926    9935     sh  0   sole 0   9935
Laclede Group Inc/The  com  505597104 1344   41650    sh  0   sole 0   41650
Lam Research Corp      com  512807108 389    7303     sh  0   sole 0   7303
Lexmark International  com  529771107 432    10400    sh  0   sole 0   10400
Loews Corp             com  540424108 290    6000     sh  0   sole 0   6000
Luminent Mortgage Cap  com  550278303 272    162906   sh  0   sole 0   162906
Markel Corp            com  570535104 123614 255400   sh  0   sole 0   255400
Markwest Hydrocarbon   com  570762104 23129  397890   sh  0   sole 0   397890
Marshall & Ilsley Corp com  571834100 316    7225     sh  0   sole 0   7225
Matsushita Electric In com  576879209 3456   76400    sh  0   sole 0   76400
McAfee Inc             com  579064106 248    7100     sh  0   sole 0   7100
McKesson Corp          com  58155Q103 635    10800    sh  0   sole 0   10800
MDU Resources Group    com  552690109 2475   88900    sh  0   sole 0   88900
MetLife Inc            com  59156R108 314    4500     sh  0   sole 0   4500
MFA Mortgage Inv       com  55272X102 8282   1028806  sh  0   sole 0   1028806
MGE Energy Inc         com  55277P104 284    8503     sh  0   sole 0   8503
Microchip Technology I com  595017104 232    6400     sh  0   sole 0   6400
Micros Systems Inc     com  594901100 2284   35100    sh  0   sole 0   35100
Microsoft Corp         com  594918104 250    8500     sh  0   sole 0   8500
MiddleBrook Pharma     com  00764L109 11332  380662   sh  0   sole 0   380662
Mirant Corp            com  60467R100 212    5200     sh  0   sole 0   5200
Monarch Casino/Resort  com  609027107 28284  994150   sh  0   sole 0   994150
Monster Worldwide Inc  com  611742107 204    6000     sh  0   sole 0   6000
Motorola Inc           com  620076109 1380   74500    sh  0   sole 0   74500
MPC Corp               com  553166109 1878   100000   sh  0   sole 0   100000
National Fuel Gas Co   com  636180101 5416   115700   sh  0   sole 0   115700
National Grid PLC      com  636274300 13645  170076   sh  0   sole 0   170076
NAVTEQ Corp            com  63936L100 366    4700     sh  0   sole 0   4700
NCR Corp               com  62886E108 202    8500     sh  0   sole 0   8500
Network Appliance Inc  com  64120L104 229    8500     sh  0   sole 0   8500
New Jersey Resources   com  646025106 2108   42500    sh  0   sole 0   42500
Nicor Inc              com  654086107 4043   94250    sh  0   sole 0   94250
NiSource Inc           com  65473P105 6803   355450   sh  0   sole 0   355450
Northeast Utilities    com  664397106 1322   26700    sh  0   sole 0   26700
Northern Trust Corp    com  665859104 298    4500     sh  0   sole 0   4500
Northwest Natural Gas  com  667655104 2833   62000    sh  0   sole 0   62000
NorthWestern Corp      com  668074305 731    26916    sh  0   sole 0   26916
Novartis               com  66987V109 789    14355    sh  0   sole 0   14355
Novellus Systems Inc   com  670008101 275    10100    sh  0   sole 0   10100
Novo Nordisk A/S       com  670100205 897    7410     sh  0   sole 0   7410
NSTAR                  com  67019E107 888    25500    sh  0   sole 0   25500
Nvidia Corp            com  67066G104 439    12125    sh  0   sole 0   12125
Occidental Petroleum   com  674599105 211    3285     sh  0   sole 0   3285
Oneok Inc              com  682680103 5195   109600   sh  0   sole 0   109600
optionsXpress Holdings com  684010101 257    5300     sh  0   sole 0   5300
Oracle Corp            com  68389X105 271    12500    sh  0   sole 0   12500
O'Reilly Automotive In com  686091109 13176  599746   sh  0   sole 0   599746
Pacific Premier Bancor com  69478X105 1818   172014   sh  0   sole 0   172014
Pall Corp              com  696429307 279    7175     sh  0   sole 0   7175
Parkvale Financial Cor com  701492100 6714   231445   sh  0   sole 0   231445
Patriot National Banco com  70336F104 493    24767    sh  0   sole 0   24767
Penn National Gaming   com  707569109 241982 4100000  sh  0   sole 0   4100000
Penn Virginia Corp     com  707882106 18676  424650   sh  0   sole 0   424650
People's United Fin.   com  712704105 4381   253525   sh  0   sole 0   253525
Pepco Holdings Inc     com  713291102 350    12916    sh  0   sole 0   12916
Peyto Energy Trust     com  717045108 19642  1100000  sh  0   sole 0   1100000
PFF Bancorp Inc        com  69331W104 5248   342100   sh  0   sole 0   342100
Pfizer Inc             com  717081103 833    34100    sh  0   sole 0   34100
PG&E Corp              com  69331C108 10511  219900   sh  0   sole 0   219900
Piedmont Natural Gas   com  720186105 4037   160900   sh  0   sole 0   160900
Pinnacle Entertainment com  723456109 44151  1621407  sh  0   sole 0   1621407
PNC Financial Services com  693475105 204    3000     sh  0   sole 0   3000
PNM Resources Inc      com  69349H107 465    19975    sh  0   sole 0   19975
Pool Corp              com  73278L105 43091  1725000  sh  0   sole 0   1725000
PPL Corp               com  69351T106 803    17350    sh  0   sole 0   17350
Principal Financial    com  74251V102 315    5000     sh  0   sole 0   5000
Protalex Inc           com  743642100 135    100000   sh  0   sole 0   100000
Prudential Financial I com  744320102 244    2500     sh  0   sole 0   2500
Public Service Ent     com  744573106 10532  119700   sh  0   sole 0   119700
Puget Energy Inc       com  745310102 1789   73100    sh  0   sole 0   73100
Quanta Cap Holdings    com  74763S209 429    158718   sh  0   sole 0   158718
Questar Corp           com  748356102 8476   161350   sh  0   sole 0   161350
RAIT Investment Trust  com  749227203 2595   49000    sh  0   sole 0   49000
Redwood Trust Inc      com  758075402 1014   30526    sh  0   sole 0   30526
RGC Resources Inc      com  74955L103 484    4843     sh  0   sole 0   4843
Ricoh Co Ltd           com  765658307 744    7100     sh  0   sole 0   7100
Safeco Corp            com  786429100 275    4500     sh  0   sole 0   4500
Satyam Computer Svcs   com  804098101 295    11400    sh  0   sole 0   11400
Schering-Plough Corp   com  806605101 633    20000    sh  0   sole 0   20000
Seagate Technology     com  G7945J104 455    17800    sh  0   sole 0   17800
SEMCO Energy Inc       com  78412D109 631    79925    sh  0   sole 0   79925
Sempra Energy          com  816851109 13216  227392   sh  0   sole 0   227392
Shuffle Master Inc     com  825549108 9289   157500   sh  0   sole 0   157500
Sierra Pacific Res     com  826428104 249    15825    sh  0   sole 0   15825
Simpson Manu Co        com  829073105 7038   902300   sh  0   sole 0   902300
Sony Corp              com  835699307 1384   28800    sh  0   sole 0   28800
South Jersey Industrie com  838518108 1716   49310    sh  0   sole 0   49310
Southern First Banc    com  842873101 438    23042    sh  0   sole 0   23042
Southern Union Co      com  844030106 6099   196057   sh  0   sole 0   196057
Southwest Gas Corp     com  844895102 2604   92050    sh  0   sole 0   92050
Southwestern Energy Co com  845467109 1463   34950    sh  0   sole 0   34950
Sovereign Bancorp Inc  com  845905108 850    20000    sh  0   sole 0   20000
Spectra Energy Corp    com  847560109 13417  548068   sh  0   sole 0   548068
State Street Corp      com  857477103 273    4000     sh  0   sole 0   4000
Station Casinos Inc    com  857689103 20546  234861   sh  0   sole 0   234861
Sterling Financial Cor com  859319105 5866   218000   sh  0   sole 0   218000
Strayer Education Inc  com  863236105 417    2475     sh  0   sole 0   2475
Stryker Corp           com  863667101 1691   9900     sh  0   sole 0   9900
Sun Microsystems Inc   com  866810104 855    152100   sh  0   sole 0   152100
SunTrust Banks Inc     com  867914103 341    4500     sh  0   sole 0   4500
Synovus Financial Corp com  87161C105 233    8500     sh  0   sole 0   8500
Target Corp            com  87612E106 292    4600     sh  0   sole 0   4600
Taylor Capital Group   com  876851106 2089   74792    sh  0   sole 0   74792
TDK Corp               com  872351408 345    3925     sh  0   sole 0   3925
Techne Corp            com  878377100 394    6250     sh  0   sole 0   6250
TECO Energy Inc        com  872375100 925    56275    sh  0   sole 0   56275
Telephone & Data Sys.  com  879433100 295    4425     sh  0   sole 0   4425
Tellabs Inc            com  879664100 230    24200    sh  0   sole 0   24200
TF Financial Corp      com  872391107 1662   62485    sh  0   sole 0   62485
Thornburg Mortgage     com  885218701 11469  421052   sh  0   sole 0   421052
Thornburg Mortgage Inc com  885218107 2436   189597   sh  0   sole 0   189597
Toll Brothers Inc      com  889478103 32640  600000   sh  0   sole 0   600000
Total System Services  com  891906109 358    12900    sh  0   sole 0   12900
Tower Group Inc        com  891777104 2630   100477   sh  0   sole 0   100477
TransCanada Corp       com  89353D107 13573  370750   sh  0   sole 0   370750
Tyco Electronics Ltd   com  G9144P105 1000   28225    sh  0   sole 0   28225
UGI Corp               com  902681105 1897   73025    sh  0   sole 0   73025
UnionBanCal Corp       com  908906100 467    8000     sh  0   sole 0   8000
Unum Group             com  91529Y106 424    17325    sh  0   sole 0   17325
US Bancorp             com  902973304 260    8000     sh  0   sole 0   8000
US Cellular Corp       com  911684108 206    2100     sh  0   sole 0   2100
Vectren Corp           com  92240G101 3163   75505    sh  0   sole 0   75505
VMware Inc             com  928563402 595    7000     sh  0   sole 0   7000
Wachovia Corp          com  929903102 246    10000    sh  0   sole 0   10000
Walgreen Co            com  931422109 247    5225     sh  0   sole 0   5225
Washington Federal Inc com  938824109 20197  769134   sh  0   sole 0   769134
Washington Mutual Inc  com  939322103 323    12232    sh  0   sole 0   12232
Wells Fargo & Co       com  949746101 602    16900    sh  0   sole 0   16900
WGL Holdings Inc       com  92924F106 3352   98900    sh  0   sole 0   98900
White River Capital In com  96445P105 599    28200    sh  0   sole 0   28200
Williams Cos Inc       com  969457100 11887  349000   sh  0   sole 0   349000
Wisconsin Energy Corp  com  976657106 1112   32125    sh  0   sole 0   32125
WM Wrigley Jr Co       com  982526105 334    5200     sh  0   sole 0   5200