Deutsche Bank AG
Taunusanlage 12, D-60325
Frankfurt am Main
Federal Republic of Germany



Jeffrey A. Ruiz
Vice President
Telephone: (212) 250-3667


                                                                February 6, 2006


Securities and Exchange Commission
SEC Document Control
450 Fifth Street, N.W.
Washington, DC  20549
Attn:  Filing Desk


Dear Sir or Madame:

         Re:  Filing of Schedule 13G - Accredited Home Lenders Holding Company


Pursuant to Rule 13d-1 of the Securities Exchange Act of 1934, attached is one
copy of Schedule 13G with respect to the common stock of the above referenced
corporation.

Please acknowledge your receipt of the Schedule 13G by return e-mail
confirmation.

                                                                Sincerely,



                                                                Jeffrey A. Ruiz








Enclosures





                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G
                    Under the Securities Exchange Act of 1934

                                (Amendment No.1)

                     Accredited Home Lenders Holding Company
                     ---------------------------------------
                                 NAME OF ISSUER:


                        Common Stock (Par Value $ 0.001)
                     ---------------------------------------
                          TITLE OF CLASS OF SECURITIES


                                    023657208
                     ---------------------------------------
                                  CUSIP NUMBER


                                January 31, 2006
                     ---------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the appropriate box to designate the rule pursuant to which this
                               Schedule is filed:

                                [x] Rule 13d-1(b)

                                [ ] Rule 13d-1(c)

                                [ ] Rule 13d-1(d)






1. NAME OF REPORTING PERSONS
   S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS

   Deutsche Bank AG*

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

   (A) [ ]
   (B) [ ]

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

   Federal Republic of Germany

NUMBER OF         5.       SOLE VOTING POWER
SHARES                     18,595
BENEFICIALLY      6.       SHARED VOTING POWER
OWNED BY                   0
EACH              7.       SOLE DISPOSITIVE POWER
REPORTING                  18,595
PERSON WITH       8.       SHARED DISPOSITIVE POWER
                           0

9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

    18,595

10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES

    [ ]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

    0.08%

12. TYPE OF REPORTING PERSON

    HC, CO, BK

    * In accordance with Securities Exchange Act Release No. 39538 (January 12,
    1998), this filing reflects the securities beneficially owned by the
    Corporate and Investment Banking business group and the Corporate
    Investments business group (collectively, "CIB") of Deutsche Bank AG and
    its subsidiaries and affiliates (collectively, "DBAG"). This filing does
    not reflect securities, if any, beneficially owned by any other business
    group of DBAG. Consistent with Rule 13d-4 under the Securities Exchange Act
    of 1934 ("Act"), this filing shall not be construed as an admission that
    CIB is, for purposes of Section 13(d) under the Act, the beneficial owner
    of any securities covered by the filing. Furthermore, CIB disclaims
    beneficial ownership of the securities beneficially owned by (i) any client
    accounts with respect to which CIB or its employees have voting or
    investment discretion, or both, and (ii) certain investment entities, of
    which CIB is the general partner, managing general partner, or other
    manager, to the extent interests in such entities are held by persons other
    than CIB.





Item 1(a).        Name of Issuer:

                  Accredited Home Lenders Holding Company ("Issuer")

Item 1(b).        Address of Issuer's Principal Executive Offices:

                  15090 Avenue of Science
                  San Diego, CA 92128

Item 2(a).        Name of Person Filing:

                  This statement is filed on behalf of Deutsche Bank AG
                  ("Reporting Person").

Item 2(b).        Address of Principal Business Office or, if none, Residence:

                  Taunusanlage 12
                  D-60325 Frankfurt am Main
                  Federal Republic of Germany

Item 2(c).        Citizenship:

                  The citizenship of the Reporting Person is set forth on the
                  cover page.

Item 2(d).        Title of Class of Securities:

                  The title of the securities is common stock, $0.001 par value
                  ("Common Stock").

Item 2(e).        CUSIP Number:

                  The CUSIP number of the Common Stock is set forth on the cover
                  page.

Item 3.           If this statement is filed pursuant to Rules 13d-1(b), or
                  13d-2(b) or (c), check whether the person
                  filing is a:

                 (a)         [ ] Broker or dealer registered under section 15 of
                             the Act;

                 (b)         [ ] Bank as defined in section 3(a)(6) of the Act;

                 (c)         [ ]Insurance Company as defined in section 3(a)(19)
                             of the Act;

                 (d)         [ ] Investment Company registered under section 8
                             of the Investment Company Act of 1940;

                 (e)         [ ] An investment adviser in accordance with Rule
                             13d-1(b)(1)(ii)(E);

                 (f)         [ ] An employee benefit plan, or endowment fund in
                             accordance with Rule 13d-1 (b)(1)(ii)(F);

                 (g)         [X] parent holding company or control person in
                             accordance with Rule 13d-1 (b)(1)(ii)(G);

                             Deutsche Bank AG

                 (h)         [ ] A savings association as defined in section
                             3(b) of the Federal Deposit Insurance Act;

                 (i)         [ ] A church plan that is excluded from the
                             definition of an investment company under section
                             3(c)(14) of the Investment Company Act of 1940;

                 (j)         [ ] Group, in accordance with Rule 13d-1
                             (b)(1)(ii)(J).

Item 4.           Ownership.

                  (a) Amount beneficially owned:

                  The Reporting Person owns the amount of the Common Stock as
                  set forth on the cover page.

                  (b) Percent of class:

                  The Reporting Person owns the percentage of the Common Stock
                  as set forth on the cover page.

                  (c) Number of shares as to which such person has:

                           (i) sole power to vote or to direct the vote:

                           The Reporting Person has the sole power to vote or
                           direct the vote of the Common Stock as set forth on
                           the cover page.

                           (ii) shared power to vote or to direct the vote:

                           The Reporting Person has the shared power to vote or
                           direct the vote of the Common Stock as set forth on
                           the cover page.

                           (iii) sole power to dispose or to direct the
                           disposition of:

                           The Reporting Person has the sole power to dispose or
                           direct the disposition of the Common Stock as set
                           forth on the cover page.

                           (iv) shared power to dispose or to direct the
                           disposition of:

                           The Reporting Person has the shared power to dispose
                           or direct the disposition of the Common Stock as set
                           forth on the cover page.

Item 5.           Ownership of Five Percent or Less of a Class.

                  If this statement is being filed to report the fact that as of
                  the date hereof the reporting person has ceased to be the
                  beneficial owner of more than five percent of the class of
                  securities, check the following [X].


Item 6.           Ownership of More than Five Percent on Behalf of Another
                  Person.

                  Not applicable.

Item 7.           Identification and Classification of the Subsidiary Which
                  Acquired the Security Being Reported on by the Parent Holding
                  Company.

                  Not applicable.

Item 8.           Identification and Classification of Members of the Group.

                  Not applicable.

Item 9.           Notice of Dissolution of Group.

                  Not applicable.

Item 10.          Certification.

                  By signing below I certify that, to the best of my knowledge
                  and belief, the securities referred to above were acquired and
                  are held in the ordinary course of business and were not
                  acquired and are not held for the purpose of or with the
                  effect of changing or influencing the control of the issuer of
                  the securities and were not acquired and are not held in
                  connection with or as a participant in any transaction having
                  that purpose or effect.





                                    SIGNATURE

        After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.


Dated:  February 6, 2006






                                                    Deutsche Bank AG

                                                    By:  /s/ Jeffrey A. Ruiz
                                                    Name:    Jeffrey A. Ruiz
                                                    Title:   Vice President

                                                    By:  /s/ Pasquale Antolino
                                                    Name:    Pasquale Antolino
                                                    Title:   Associate