UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 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: Labranche & Co Inc. Address: One Exchange Plaza New York, NY 10006 13F File Number: 28-10499 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 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: Jeffrey A. McCutcheon Title: Senior Vice President and Chief Financial Officer Phone: 212-820-6220 Signature, Place, and Date of Signing: /s/ Jeffrey A. McCutcheon New York, NY May 02, 2007 Report Type (Check only one.): [ X] 13F HOLDINGS REPORT. [ ] 13F NOTICE. [ ] 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 2 Form13F Information Table Entry Total: 1044 Form13F Information Table Value Total: $3,613,570 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional managers with respect to which this report is filed, other than the manager filing this report. No. 13F File Number Name 01 28-10500 Labranche & Co., LLC 02 28-10501 Labranche Structured Products, LLC FORM 13F INFORMATION TABLE VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 24/7 REAL MEDIA INC COM NEW 901314203 242 30134 SH DEFINED 02 0 30134 0 3M CO COM 88579Y101 233 3053 SH DEFINED 01 0 3053 0 3M CO COM 88579Y101 8499 111202 SH DEFINED 02 0 111202 0 ABBOTT LABS COM 002824100 6138 110003 SH DEFINED 02 0 110003 0 ABBOTT LABS COM 002824100 676 919 SH CALL DEFINED 02 0 919 0 ABBOTT LABS COM 002824100 1166 2100 SH PUT DEFINED 02 0 2100 0 ABERCROMBIE & FITCH CO CL A 002896207 10839 143225 SH DEFINED 02 0 143225 0 ABN AMRO HLDG NV SPONSORED ADR 000937102 419 9733 SH DEFINED 01 0 9733 0 ACME PACKET INC COM 004764106 414 28008 SH DEFINED 02 0 28008 0 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SH DEFINED 02 0 39243 0 ISHARES INC MSCI CDA INDEX 464286509 8221 314366 SH DEFINED 02 0 314366 0 ISHARES INC MSCI TAIWAN 464286731 1186 85076 SH DEFINED 02 0 85076 0 ISHARES INC MSCI STH AFRCA 464286780 721 5945 SH DEFINED 02 0 5945 0 ISHARES INC MSCI SPAIN 464286764 4931 87396 SH DEFINED 02 0 87396 0 ISHARES INC MSCI PAC J IDX 464286665 9261 68935 SH DEFINED 02 0 68935 0 ISHARES INC MSCI HONG KONG 464286871 3901 242920 SH DEFINED 02 0 242920 0 ISHARES INC MSCI BRAZIL 464286400 200 3200 SH CALL DEFINED 02 0 3200 0 ISHARES INC MSCI BRAZIL 464286400 5844 118736 SH DEFINED 02 0 118736 0 ISHARES INC MSCI AUSTRIA 464286202 1959 50413 SH DEFINED 02 0 50413 0 ISHARES INC MSCI JAPAN 464286848 5381 369313 SH DEFINED 02 0 369313 0 ISHARES INC MSCI ITALY 464286855 5880 173866 SH DEFINED 02 0 173866 0 ISHARES TR S&P GBL HLTHCR 464287325 2516 43648 SH DEFINED 02 0 43648 0 ISHARES TR MSCI GRW IDX 464288885 1382 19331 SH DEFINED 02 0 19331 0 ISHARES TR NYSE 100INX FD 464287135 305 4100 SH DEFINED 02 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UT LTD PARTNER 494550106 1591 30200 SH DEFINED 02 0 30200 0 KINDRED HEALTHCARE INC COM 494580103 396 12090 SH DEFINED 02 0 12090 0 KNIGHT CAPITAL GROUP INC CL A 499005106 728 45951 SH DEFINED 02 0 45951 0 KOMAG INC COM NEW 500453204 443 13540 SH DEFINED 02 0 13540 0 KOREA EQUITY FD INC COM 50063B104 426 41000 SH DEFINED 01 0 41000 0 KORN FERRY INTL COM NEW 500643200 397 17324 SH DEFINED 02 0 17324 0 KRISPY KREME DOUGHNUTS INC COM 501014104 812 79713 SH DEFINED 02 0 79713 0 KROGER CO COM 501044101 412 14593 SH DEFINED 01 0 14593 0 KROGER CO COM 501044101 304 10762 SH DEFINED 02 0 10762 0 KUBOTA CORP ADR 501173207 495 11318 SH DEFINED 01 0 11318 0 L-1 IDENTITY SOLUTIONS INC COM 50212A106 465 28165 SH DEFINED 02 0 28165 0 LABOR READY INC COM NEW 505401208 306 16126 SH DEFINED 02 0 16126 0 LABORATORY CORP AMER HLDGS COM NEW 50540R409 1988 27369 SH DEFINED 02 0 27369 0 LAIDLAW INTL INC COM 50730R102 566 16344 SH DEFINED 02 0 16344 0 LAM RESEARCH CORP COM 512807108 2274 48043 SH DEFINED 02 0 48043 0 LANDAMERICA FINL GROUP INC COM 514936103 1794 24279 SH DEFINED 02 0 24279 0 LANDSTAR SYS INC COM 515098101 817 17813 SH DEFINED 02 0 17813 0 LASERCARD CORP COM 51807U101 118 10004 SH DEFINED 02 0 10004 0 LATTICE SEMICONDUCTOR CORP COM 518415104 117 20064 SH DEFINED 02 0 20064 0 LAUREATE EDUCATION INC COM 518613104 1066 18084 SH DEFINED 02 0 18084 0 LEGG MASON INC COM 524901105 1088 11548 SH DEFINED 02 0 11548 0 LEHMAN BROS HLDGS INC COM 524908100 250 3572 SH DEFINED 01 0 3572 0 LEHMAN BROS HLDGS INC COM 524908100 2007 3632 SH PUT DEFINED 02 0 3632 0 LEHMAN BROS HLDGS INC COM 524908100 371 164 SH CALL DEFINED 02 0 164 0 LEUCADIA NATL CORP COM 527288104 834 28345 SH DEFINED 02 0 28345 0 LEVEL 3 COMMUNICATIONS INC COM 52729N100 1258 3400 SH CALL DEFINED 02 0 3400 0 LG PHILIP LCD CO LTD SPONS ADR REP 50186V102 311 17814 SH DEFINED 02 0 17814 0 LIBERTY GLOBAL INC COM SER A 530555101 1733 52621 SH DEFINED 02 0 52621 0 LIBERTY GLOBAL INC COM SER C 530555309 315 10290 SH DEFINED 02 0 10290 0 LIFECELL CORP COM 531927101 1119 44826 SH DEFINED 02 0 44826 0 LIMITED BRANDS INC COM 532716107 90666 3479113 SH DEFINED 02 0 3479113 0 LINCOLN ELEC HLDGS INC COM 533900106 413 6942 SH DEFINED 02 0 6942 0 LINCOLN NATL CORP IND COM 534187109 24715 364577 SH DEFINED 02 0 364577 0 LINSAY CORPORATION COM 535555106 436 13719 SH DEFINED 01 0 13719 0 LIONS GATE ENTMNT CORP COM NEW 535919203 178 15585 SH DEFINED 01 0 15585 0 LIZ CLAIBORNE INC COM 539320101 459 10717 SH DEFINED 02 0 10717 0 LOCKHEED MARTIN CORP COM 539830109 259 2667 SH DEFINED 02 0 2667 0 LONE STAR TECHNOLOGIES INC COM 542312103 483 7322 SH DEFINED 02 0 7322 0 LONGVIEW FIBRE CO COM 543213102 254 10295 SH DEFINED 02 0 10295 0 LOUISIANA PAC CORP COM 546347105 867 43233 SH DEFINED 02 0 43233 0 LOWES COS INC COM 548661107 622 19761 SH DEFINED 02 0 19761 0 LSI LOGIC CORP COM 502161102 569 54464 SH DEFINED 02 0 54464 0 LUBRIZOL CORP COM 549271104 622 12071 SH DEFINED 02 0 12071 0 LYONDELL CHEMICAL CO COM 552078107 604 20163 SH DEFINED 02 0 20163 0 M & T BK CORP COM 55261F104 548 4731 SH DEFINED 02 0 4731 0 MACK CALI RLTY CORP COM 554489104 413 8677 SH DEFINED 02 0 8677 0 MANOR CARE INC NEW COM 564055101 498 9167 SH DEFINED 02 0 9167 0 MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 215 925 SH PUT DEFINED 02 0 925 0 MARRIOTT INTL INC NEW CL A 571903202 780 15931 SH DEFINED 02 0 15931 0 MARSH & MCLENNAN COS INC COM 571748102 1757 60000 SH DEFINED 01 0 60000 0 MARSH & MCLENNAN COS INC COM 571748102 502 17151 SH DEFINED 02 0 17151 0 MARSHALL & ILSLEY CORP COM 571834100 876 18916 SH DEFINED 02 0 18916 0 MARTHA STEWART LIVING OMNIME CL A 573083102 444 26085 SH DEFINED 02 0 26085 0 MARTIN MARIETTA MATLS INC COM 573284106 2166 16019 SH DEFINED 02 0 16019 0 MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 320 19050 SH DEFINED 02 0 19050 0 MASCO CORP COM 574599106 1088 39700 SH DEFINED 02 0 39700 0 MASSEY ENERGY CORP COM 576206106 910 37944 SH DEFINED 02 0 37944 0 MASTERCARD INC CL A 57636Q104 8514 80138 SH DEFINED 02 0 80138 0 MATRITECH INC COM 576818108 5 10423 SH DEFINED 01 0 10423 0 MATRIXX INITIATIVES INC COM 57685L105 746 45908 SH DEFINED 02 0 45908 0 MATTEL INC COM 577081102 1003 36362 SH DEFINED 02 0 36362 0 MAXIM INTEGRATED PRODS INC COM 57772K101 2209 75135 SH DEFINED 02 0 75135 0 MBIA INC COM 55262C100 8892 135779 SH DEFINED 02 0 135779 0 MCDONALDS CORP COM 580135101 18251 405117 SH DEFINED 02 0 405117 0 MCG CAPITAL CORP COM 58047P107 322 17157 SH DEFINED 02 0 17157 0 MCGRAW HILL COS INC COM 580645109 1550 24654 SH DEFINED 02 0 24654 0 MCMORAN EXPLORATION CO COM 582411104 1311 95620 SH DEFINED 02 0 95620 0 MDU RES GROUP INC COM 552690109 745 25939 SH DEFINED 02 0 25939 0 MEADWESTVACO CORP COM 583334107 242 7842 SH DEFINED 01 0 7842 0 MEDIA & ENTMT HOLDINGS INC UNIT 99/99/9999 58439W207 95 11841 SH DEFINED 01 0 11841 0 MEDIA GEN INC CL A 584404107 801 21001 SH DEFINED 02 0 21001 0 MEDICIS PHARMACEUTICAL CORP CL A NEW 584690309 2201 71405 SH DEFINED 02 0 71405 0 MEDTRONIC INC COM 585055106 528 10769 SH DEFINED 01 0 10769 0 MEDTRONIC INC COM 585055106 1363 27785 SH DEFINED 02 0 27785 0 MEMC ELECTR MATLS INC COM 552715104 411 6778 SH DEFINED 02 0 6778 0 MENTOR CORP MINN COM 587188103 213 4640 SH DEFINED 02 0 4640 0 MERCK & CO INC COM 589331107 6439 145782 SH DEFINED 02 0 145782 0 MERCURY GENL CORP NEW COM 589400100 314 5928 SH DEFINED 02 0 5928 0 MERRILL LYNCH & CO INC COM 590188108 32561 398686 SH DEFINED 02 0 398686 0 METAL MGMT INC COM NEW 591097209 570 12342 SH DEFINED 02 0 12342 0 METLIFE INC COM 59156R108 1959 31029 SH DEFINED 02 0 31029 0 MICROCHIP TECHNOLOGY INC COM 595017104 1280 36023 SH DEFINED 02 0 36023 0 MICRON TECHNOLOGY INC COM 595112103 229 18933 SH DEFINED 02 0 18933 0 MICROSOFT CORP COM 594918104 30421 1091545 SH DEFINED 02 0 1091545 0 MICROSTRATEGY INC CL A NEW 594972408 1287 10180 SH DEFINED 02 0 10180 0 MICROVISION INC DEL COM 594960106 104 28300 SH DEFINED 02 0 28300 0 MIDCAP SPDR TR UNIT SER 1 595635103 46302 299553 SH DEFINED 02 0 299553 0 MIDWAY GAMES INC COM 598148104 461 73683 SH DEFINED 02 0 73683 0 MILACRON INC COM 598709103 15 19599 SH DEFINED 01 0 19599 0 MILLICOM INTL CELLULAR S A SHS NEW L6388F110 2968 37876 SH DEFINED 02 0 37876 0 MINERALS TECHNOLOGIES INC COM 603158106 226 3635 SH DEFINED 02 0 3635 0 MIRANT CORP NEW COM 60467R100 47633 1177279 SH DEFINED 02 0 1177279 0 MIRANT CORP NEW COM 60467R100 22404 14944 SH CALL DEFINED 02 0 14944 0 MOLSON COORS BREWING CO CL B 60871R209 687 7259 SH DEFINED 02 0 7259 0 MOLSON COORS BREWING CO CL B 60871R209 254 2680 SH DEFINED 01 0 2680 0 MONEYGRAM INTL INC COM 60935Y109 3951 142313 SH DEFINED 01 0 142313 0 MONSTER WORLDWIDE INC COM 611742107 740 15622 SH DEFINED 02 0 15622 0 MONTPELIER RE HOLDINGS LTD SHS G62185106 4653 268324 SH DEFINED 01 0 268324 0 MORGAN STANLEY GBL OPP BOND COM 61744R103 263 32927 SH DEFINED 01 0 32927 0 MORNINGSTAR INC COM 617700109 1169 22629 SH DEFINED 02 0 22629 0 MORTONS RESTAURANT GRP INC N COM 619430101 206 11587 SH DEFINED 01 0 11587 0 MOSAIC CO COM 61945A107 653 24495 SH DEFINED 02 0 24495 0 MOTOROLA INC COM 620076109 592 33504 SH DEFINED 02 0 33504 0 MPS GROUP INC COM 553409103 193 13627 SH DEFINED 02 0 13627 0 MSC INDL DIRECT INC CL A 553530106 386 8271 SH DEFINED 02 0 8271 0 MYLAN LABS INC COM 628530107 1572 74347 SH DEFINED 01 0 74347 0 NASDAQ 100 TR UNIT SER 1 631100104 7279 167224 SH DEFINED 02 0 167224 0 NASDAQ STOCK MARKET INC COM 631103108 1833 62314 SH DEFINED 02 0 62314 0 NATIONAL INSTRS CORP COM 636518102 654 24931 SH DEFINED 02 0 24931 0 NAUTILUS INC COM 63910B102 408 26466 SH DEFINED 02 0 26466 0 NAVARRE CORP COM 639208107 1736 463028 SH DEFINED 02 0 463028 0 NAVTEQ CORP COM 63936L100 787 22807 SH DEFINED 02 0 22807 0 NELNET INC CL A 64031N108 591 24662 SH DEFINED 02 0 24662 0 NETFLIX COM INC COM 64110L106 312 13470 SH DEFINED 02 0 13470 0 NETGEAR INC COM 64111Q104 916 32091 SH DEFINED 02 0 32091 0 NETLOGIC MICROSYSTEMS INC COM 64118B100 1836 68983 SH DEFINED 02 0 68983 0 NETWORK APPLIANCE INC COM 64120L104 1281 35069 SH DEFINED 02 0 35069 0 NEUROCRINE BIOSCIENCES INC COM 64125C109 360 28800 SH DEFINED 02 0 28800 0 NEW DRAGON ASIA CORP CL A 64378H102 15 10500 SH DEFINED 02 0 10500 0 NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 820 20238 SH DEFINED 01 0 20238 0 NEW PLAN EXCEL RLTY TR INC COM 648053106 359 10864 SH DEFINED 02 0 10864 0 NEW YORK CMNTY BANCORP INC COM 649445103 816 46368 SH DEFINED 02 0 46368 0 NEWELL RUBBERMAID INC COM 651229106 500 16090 SH DEFINED 02 0 16090 0 NEWFIELD EXPL CO COM 651290108 1537 36856 SH DEFINED 02 0 36856 0 NEWS CORP CL B 65248E203 1105 45146 SH DEFINED 02 0 45146 0 NII HLDGS INC CL B NEW 62913F201 2918 39339 SH DEFINED 02 0 39339 0 NIS GROUP CO LTD SP ADR 10 ORD 654655109 109 18402 SH DEFINED 01 0 18402 0 NOBLE CORPORATION SHS G65422100 355 500 SH CALL DEFINED 02 0 500 0 NORDSTROM INC COM 655664100 2893 54656 SH DEFINED 02 0 54656 0 NORFOLK SOUTHERN CORP COM 655844108 5163 102045 SH DEFINED 02 0 102045 0 NOVATEL WIRELESS INC COM NEW 66987M604 910 56729 SH DEFINED 02 0 56729 0 NOVELL INC COM 670006105 877 121399 SH DEFINED 02 0 121399 0 NPS PHARMACEUTICALS INC COM 62936P103 50 14841 SH DEFINED 02 0 14841 0 NRG ENERGY INC COM NEW 629377508 6728 93393 SH DEFINED 02 0 93393 0 NSTAR COM 67019E107 559 15906 SH DEFINED 02 0 15906 0 NTR ACQUISITION CO COM 629415100 359 39445 SH DEFINED 01 0 39445 0 NUCOR CORP COM 670346105 1495 22960 SH DEFINED 02 0 22960 0 NUCOR CORP COM 670346105 248 3811 SH DEFINED 01 0 3811 0 NUTRI SYS INC NEW COM 67069D108 953 18189 SH DEFINED 02 0 18189 0 NYSE GROUP INC COM 62949W103 270600 2886372 SH DEFINED 01 0 2886372 0 O REILLY AUTOMOTIVE INC COM 686091109 897 27110 SH DEFINED 02 0 27110 0 OAKLEY INC COM 673662102 474 23521 SH DEFINED 02 0 23521 0 OCCIDENTAL PETE CORP DEL COM 674599105 2832 57440 SH DEFINED 02 0 57440 0 OCCULOGIX INC COM 67461T107 103 63450 SH DEFINED 02 0 63450 0 OCEANEERING INTL INC COM 675232102 867 20594 SH DEFINED 02 0 20594 0 ODYSSEY RE HLDGS CORP COM 67612W108 741 18848 SH DEFINED 02 0 18848 0 OFFICE DEPOT INC COM 676220106 477 13576 SH DEFINED 01 0 13576 0 OGE ENERGY CORP COM 670837103 865 22306 SH DEFINED 02 0 22306 0 OHIO CAS CORP COM 677240103 393 13122 SH DEFINED 02 0 13122 0 OLD REP INTL CORP COM 680223104 879 39756 SH DEFINED 02 0 39756 0 OMNICARE INC COM 681904108 727 18270 SH DEFINED 02 0 18270 0 OMRIX BIOPHARMACEUTICALS INC COM 681989109 721 18844 SH DEFINED 02 0 18844 0 ON SEMICONDUCTOR CORP COM 682189105 124 13847 SH DEFINED 02 0 13847 0 ONEOK INC NEW COM 682680103 833 18502 SH DEFINED 02 0 18502 0 OPEN JT STK CO-VIMPEL COMMUN SPONSORED ADR 68370R109 264 2780 SH DEFINED 02 0 2780 0 OPEN TEXT CORP COM 683715106 249 11352 SH DEFINED 02 0 11352 0 OPENWAVE SYS INC COM NEW 683718308 425 52131 SH DEFINED 02 0 52131 0 OPSWARE INC COM 68383A101 164 22557 SH DEFINED 02 0 22557 0 OPTIMAL GROUP INC CL A NEW 68388R208 213 25400 SH DEFINED 02 0 25400 0 ORACLE CORP COM 68389X105 5153 284225 SH DEFINED 02 0 284225 0 OSHKOSH TRUCK CORP COM 688239201 533 10056 SH DEFINED 02 0 10056 0 OSI PHARMACEUTICALS INC COM 671040103 3429 103901 SH DEFINED 02 0 103901 0 OSI RESTAURANT PARTNERS INC COM 67104A101 919 23276 SH DEFINED 02 0 23276 0 OVERSEAS SHIPHOLDING GROUP I COM 690368105 352 5624 SH DEFINED 02 0 5624 0 OVERSTOCK COM INC DEL COM 690370101 256 15408 SH DEFINED 02 0 15408 0 PACCAR INC COM 693718108 3911 53286 SH DEFINED 02 0 53286 0 PACIFIC SUNWEAR CALIF INC COM 694873100 638 30648 SH DEFINED 02 0 30648 0 PACKAGING CORP AMER COM 695156109 408 16722 SH DEFINED 02 0 16722 0 PAIN THERAPEUTICS INC COM 69562K100 1136 144898 SH DEFINED 02 0 144898 0 PAIN THERAPEUTICS INC COM 69562K100 235 2000 SH PUT DEFINED 02 0 2000 0 PALM INC NEW COM 696643105 4737 261302 SH DEFINED 02 0 261302 0 PAN AMERICAN SILVER CORP COM 697900108 1628 55031 SH DEFINED 02 0 55031 0 PANACOS PHARMACEUTICALS INC COM 69811Q106 127 27424 SH DEFINED 02 0 27424 0 PAPA JOHNS INTL INC COM 698813102 586 19921 SH DEFINED 02 0 19921 0 PAR PHARMACEUTICAL COS INC COM 69888P106 4633 184447 SH DEFINED 02 0 184447 0 PARALLEL PETE CORP DEL COM 699157103 782 34070 SH DEFINED 02 0 34070 0 PARKERVISION INC COM 701354102 1245 94265 SH DEFINED 02 0 94265 0 PARTNERRE LTD COM G6852T105 713 10405 SH DEFINED 02 0 10405 0 PATTERSON COMPANIES INC COM 703395103 270 7616 SH DEFINED 02 0 7616 0 PATTERSON UTI ENERGY INC COM 703481101 359 15986 SH DEFINED 02 0 15986 0 PDL BIOPHARMA INC COM 69329Y104 332 15281 SH DEFINED 02 0 15281 0 PEABODY ENERGY CORP COM 704549104 3118 77486 SH DEFINED 02 0 77486 0 PENN NATL GAMING INC COM 707569109 2944 69396 SH DEFINED 02 0 69396 0 PENTAIR INC COM 709631105 746 23945 SH DEFINED 02 0 23945 0 PENWEST PHARMACEUTICALS CO COM 709754105 178 17685 SH DEFINED 02 0 17685 0 PEP BOYS MANNY MOE & JACK COM 713278109 1293 67735 SH DEFINED 02 0 67735 0 PEPCO HOLDINGS INC COM 713291102 1119 38560 SH DEFINED 02 0 38560 0 PEPSIAMERICAS INC COM 71343P200 248 11095 SH DEFINED 02 0 11095 0 PERKINELMER INC COM 714046109 662 27327 SH DEFINED 02 0 27327 0 PERU COPPER INC COM 715455101 177 43000 SH DEFINED 02 0 43000 0 PETRO-CDA COM 71644E102 253 6440 SH DEFINED 02 0 6440 0 PETROCHINA CO LTD SPONSORED ADR 71646E100 266 2268 SH DEFINED 01 0 2268 0 PETROHAWK ENERGY CORP COM 716495106 577 43839 SH DEFINED 02 0 43839 0 PETSMART INC COM 716768106 677 20525 SH DEFINED 02 0 20525 0 PFIZER INC COM 717081103 2671 105743 SH DEFINED 02 0 105743 0 PHARMACEUTICAL HLDRS TR DEPOSITRY RCPT 71712A206 8233 106000 SH DEFINED 02 0 106000 0 PHARMACYCLICS INC COM 716933106 117 43969 SH DEFINED 02 0 43969 0 PHARMANET DEV GROUP INC COM 717148100 2415 92867 SH DEFINED 02 0 92867 0 PHARMANET DEV GROUP INC COM 717148100 366 3050 SH PUT DEFINED 02 0 3050 0 PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 701 13278 SH DEFINED 02 0 13278 0 PIER 1 IMPORTS INC COM 720279108 128 18539 SH DEFINED 02 0 18539 0 PINNACLE ENTMT INC COM 723456109 632 21734 SH DEFINED 02 0 21734 0 PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 2899 50314 SH DEFINED 02 0 50314 0 PLC SYS INC COM 69341D104 26 42996 SH DEFINED 01 0 42996 0 PNC FINL SVCS GROUP INC COM 693475105 295 4096 SH DEFINED 02 0 4096 0 PNM RES INC COM 69349H107 424 13135 SH DEFINED 02 0 13135 0 POLO RALPH LAUREN CORP CL A 731572103 228 2582 SH DEFINED 02 0 2582 0 POLYCOM INC COM 73172K104 587 17608 SH DEFINED 02 0 17608 0 POLYMEDICA CORP COM 731738100 733 17318 SH DEFINED 02 0 17318 0 PORTFOLIO RECOVERY ASSOCS IN COM 73640Q105 344 7700 SH DEFINED 02 0 7700 0 POTLATCH CORP NEW COM 737630103 334 7293 SH DEFINED 02 0 7293 0 POWERSHARES ETF TRUST DYN RETAIL PTF 73935X617 451 22327 SH DEFINED 02 0 22327 0 POWERSHARES ETF TRUST HLTHCR SVC POR 73935X328 1310 48509 SH DEFINED 02 0 48509 0 POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X302 524 33072 SH DEFINED 02 0 33072 0 POWERSHARES ETF TRUST HI GRW RT DIV 73935X724 2258 138555 SH DEFINED 02 0 138555 0 POWERSHARES ETF TRUST DYNM SM CP VAL 73935X864 2353 128645 SH DEFINED 02 0 128645 0 POWERSHARES ETF TRUST DYNM SM CP GRW 73935X872 2797 153184 SH DEFINED 02 0 153184 0 POWERSHARES ETF TRUST WNDRHLL CLN EN 73935X500 7330 388018 SH DEFINED 02 0 388018 0 POWERSHARES ETF TRUST INTL DIV ACHV 73935X716 1121 58096 SH DEFINED 02 0 58096 0 POWERSHARES ETF TRUST DYN OIL SVCS 73935X625 524 24868 SH DEFINED 02 0 24868 0 POWERSHARES ETF TRUST DYN NETWKG PRT 73935X815 245 13604 SH DEFINED 02 0 13604 0 POWERSHARES ETF TRUST DYN EN EX PROD 73935X658 1603 79034 SH DEFINED 02 0 79034 0 POWERSHARES ETF TRUST DYN BIOT & GEN 73935X856 1114 61892 SH DEFINED 02 0 61892 0 POWERSHARES ETF TRUST DYMN MC VAL 73935X880 309 15840 SH DEFINED 02 0 15840 0 POWERSHARES ETF TRUST AGGRESV GROWTH 73935X294 5758 225527 SH DEFINED 02 0 225527 0 POWERSHARES ETF TRUST DYN SEMCT PORT 73935X781 1342 75968 SH DEFINED 02 0 75968 0 POWERSHARES ETF TRUST DYNAM MIDCP PT 73935X443 1310 48579 SH DEFINED 02 0 48579 0 POWERSHS DB MULTI SECT COMM DB OIL FUND 73936B507 883 32526 SH DEFINED 02 0 32526 0 POWERWAVE TECHNOLOGIES INC COM 739363109 232 40763 SH DEFINED 02 0 40763 0 PPL CORP COM 69351T106 945 23117 SH DEFINED 02 0 23117 0 PRECISION CASTPARTS CORP COM 740189105 958 9211 SH DEFINED 02 0 9211 0 PRIDE INTL INC DEL COM 74153Q102 794 26380 SH DEFINED 02 0 26380 0 PROGRESSIVE CORP OHIO COM 743315103 8236 377440 SH DEFINED 02 0 377440 0 PROGRESSIVE GAMING INTL CORP COM 74332S102 53 11676 SH DEFINED 02 0 11676 0 PROSHARES TR SHORT QQQ PSHS 74347R602 2535 40430 SH DEFINED 02 0 40430 0 PROTECTIVE LIFE CORP COM 743674103 512 11627 SH DEFINED 02 0 11627 0 PROVIDENT ENERGY TR TR UNIT 74386K104 438 40500 SH DEFINED 02 0 40500 0 PSS WORLD MED INC COM 69366A100 600 1250 SH CALL DEFINED 02 0 1250 0 PSYCHIATRIC SOLUTIONS INC COM 74439H108 284 7046 SH DEFINED 02 0 7046 0 PUBLIC SVC ENTERPRISE GROUP COM 744573106 15027 180962 SH DEFINED 02 0 180962 0 PW EAGLE INC COM 69366Y108 1840 55684 SH DEFINED 02 0 55684 0 PYR ENERGY CORP COM 693677106 11 10134 SH DEFINED 01 0 10134 0 QIAO XING UNIVERSAL TELEPHON ORD G7303A109 710 41967 SH DEFINED 02 0 41967 0 QLOGIC CORP COM 747277101 650 38259 SH DEFINED 02 0 38259 0 QUANTUM FUEL SYS TECH WORLDW COM 74765E109 30 24493 SH DEFINED 02 0 24493 0 QUICKSILVER RESOURCES INC COM 74837R104 1199 30139 SH DEFINED 02 0 30139 0 QUIDEL CORP COM 74838J101 836 69655 SH DEFINED 02 0 69655 0 QWEST COMMUNICATIONS INTL IN COM 749121109 1459 162243 SH DEFINED 01 0 162243 0 RAMBUS INC DEL COM 750917106 350 16467 SH DEFINED 02 0 16467 0 RANDGOLD RES LTD ADR 752344309 456 19079 SH DEFINED 02 0 19079 0 RANGE RES CORP COM 75281A109 882 26408 SH DEFINED 02 0 26408 0 RAYTHEON CO COM NEW 755111507 2456 46808 SH DEFINED 02 0 46808 0 RCN CORP COM NEW 749361200 1493 58426 SH DEFINED 02 0 58426 0 REALOGY CORP COM 75605E100 1270 42877 SH DEFINED 01 0 42877 0 REALOGY CORP COM 75605E100 2729 92153 SH DEFINED 02 0 92153 0 REDDY ICE HLDGS INC COM 75734R105 202 6701 SH DEFINED 02 0 6701 0 REGAL ENTMT GROUP CL A 758766109 894 45017 SH DEFINED 02 0 45017 0 REGIONAL BK HOLDRS TR DEPOSITRY RCPT 75902E100 236 1750 SH PUT DEFINED 02 0 1750 0 RENAISSANCE ACQUISITION CORP *W EXP 01/28/201 75966C115 22 58550 SH DEFINED 01 0 58550 0 RENT A CTR INC NEW COM 76009N100 863 30840 SH DEFINED 02 0 30840 0 REPUBLIC SVCS INC COM 760759100 788 28326 SH DEFINED 02 0 28326 0 RESEARCH IN MOTION LTD COM 760975102 3230 23667 SH DEFINED 02 0 23667 0 REUNION INDS INC COM 761312107 15 66103 SH DEFINED 01 0 66103 0 REYNOLDS AMERICAN INC COM 761713106 10599 169822 SH DEFINED 02 0 169822 0 RF MICRODEVICES INC COM 749941100 283 45362 SH DEFINED 02 0 45362 0 RITE AID CORP COM 767754104 1914 331780 SH DEFINED 02 0 331780 0 ROCKWELL AUTOMATION INC COM 773903109 1463 24441 SH DEFINED 02 0 24441 0 ROPER INDS INC NEW COM 776696106 509 9281 SH DEFINED 02 0 9281 0 ROSTELECOM OPEN JT STK LNG D SPONSORED ADR 778529107 591 11383 SH DEFINED 02 0 11383 0 RPM INTL INC COM 749685103 481 20844 SH DEFINED 02 0 20844 0 RTI INTL METALS INC COM 74973W107 1635 17967 SH DEFINED 02 0 17967 0 RUDDICK CORP COM 781258108 1070 35556 SH DEFINED 02 0 35556 0 RYDEX ETF TRUST S&P 500 EQ TRD 78355W106 24240 499586 SH DEFINED 02 0 499586 0 SABRE HLDGS CORP CL A 785905100 530 520 SH CALL DEFINED 02 0 520 0 SALLY BEAUTY HLDGS INC COM 79546E104 120 13033 SH DEFINED 02 0 13033 0 SALTON INC COM 795757103 27 11383 SH DEFINED 02 0 11383 0 SANDERSON FARMS INC COM 800013104 2334 62973 SH DEFINED 02 0 62973 0 SANDISK CORP COM 80004C101 2053 46866 SH DEFINED 02 0 46866 0 SANOFI AVENTIS SPONSORED ADR 80105N105 1350 31034 SH DEFINED 02 0 31034 0 SARA LEE CORP COM 803111103 2457 145241 SH DEFINED 02 0 145241 0 SCANA CORP NEW COM 80589M102 300 6940 SH DEFINED 02 0 6940 0 SCHEIN HENRY INC COM 806407102 2049 37125 SH DEFINED 02 0 37125 0 SCIENTIFIC GAMES CORP CL A 80874P109 1034 31507 SH DEFINED 02 0 31507 0 SCOTTISH PWR PLC SP ADR FNL NEW 81013T804 478 7617 SH DEFINED 01 0 7617 0 SCOTTISH PWR PLC SP ADR FNL NEW 81013T804 223 3545 SH DEFINED 02 0 3545 0 SCOTTS MIRACLE GRO CO CL A 810186106 290 6586 SH DEFINED 02 0 6586 0 SEAGATE TECHNOLOGY SHS G7945J104 803 34482 SH DEFINED 01 0 34482 0 SEAGATE TECHNOLOGY SHS G7945J104 8438 362131 SH DEFINED 02 0 362131 0 SEALED AIR CORP NEW COM 81211K100 640 20268 SH DEFINED 02 0 20268 0 SEARS HLDGS CORP COM 812350106 35670 197991 SH DEFINED 02 0 197991 0 SEI INVESTMENTS CO COM 784117103 557 9241 SH DEFINED 02 0 9241 0 SELECT SECTOR SPDR TR SBI INT-TECH 81369Y803 709 30383 SH DEFINED 02 0 30383 0 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 26897 754902 SH DEFINED 02 0 754902 0 SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y209 512 15228 SH DEFINED 02 0 15228 0 SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 2278 59910 SH DEFINED 02 0 59910 0 SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1423 53673 SH DEFINED 02 0 53673 0 SEMICONDUCTOR HLDRS TR DEP RCPT 816636203 46482 1392093 SH DEFINED 02 0 1392093 0 SEPRACOR INC COM 817315104 652 13974 SH DEFINED 02 0 13974 0 SERVICEMASTER CO COM 81760N109 256 16646 SH DEFINED 02 0 16646 0 SHANDA INTERACTIVE ENTMT LTD SPONSORED ADR 81941Q203 1066 39696 SH DEFINED 02 0 39696 0 SIERRA HEALTH SVCS INC COM 826322109 1102 26767 SH DEFINED 02 0 26767 0 SIERRA PAC RES NEW COM 826428104 744 42793 SH DEFINED 02 0 42793 0 SIFY LTD SPONSORED ADR 82655M107 154 17864 SH DEFINED 02 0 17864 0 SIGMA DESIGNS INC COM 826565103 270 10298 SH DEFINED 02 0 10298 0 SILVER STD RES INC COM 82823L106 870 24944 SH DEFINED 02 0 24944 0 SINGING MACH INC COM NEW 829322304 24 27509 SH DEFINED 01 0 27509 0 SIRENZA MICRODEVICES INC COM 82966T106 96 11082 SH DEFINED 02 0 11082 0 SIRF TECHNOLOGY HLDGS INC COM 82967H101 903 32512 SH DEFINED 02 0 32512 0 SIRIUS SATELLITE RADIO INC COM 82966U103 3648 1140000 SH DEFINED 01 0 1140000 0 SKECHERS U S A INC CL A 830566105 354 10543 SH DEFINED 02 0 10543 0 SLM CORP COM 78442P106 13554 331384 SH DEFINED 02 0 331384 0 SMITH & WESSON HLDG CORP COM 831756101 428 32676 SH DEFINED 02 0 32676 0 SMUCKER J M CO COM NEW 832696405 550 10318 SH DEFINED 02 0 10318 0 SOFTWARE HOLDRS TR DEPOSITRY RCPT 83404B103 298 7700 SH DEFINED 02 0 7700 0 SONIC AUTOMOTIVE INC CL A 83545G102 201 7049 SH DEFINED 01 0 7049 0 SONIC SOLUTIONS COM 835460106 507 35922 SH DEFINED 02 0 35922 0 SONOCO PRODS CO COM 835495102 652 17342 SH DEFINED 02 0 17342 0 SONUS PHARMACEUTICALS INC COM 835692104 341 67813 SH DEFINED 02 0 67813 0 SOTHEBYS COM 835898107 818 18398 SH DEFINED 02 0 18398 0 SPRINT NEXTEL CORP COM FON 852061100 1252 9100 SH CALL DEFINED 02 0 9100 0 SPRINT NEXTEL CORP COM FON 852061100 205 1000 SH PUT DEFINED 02 0 1000 0 ST JOE CO COM 790148100 309 5908 SH DEFINED 02 0 5908 0 ST JUDE MED INC COM 790849103 2480 65940 SH DEFINED 02 0 65940 0 ST JUDE MED INC COM 790849103 225 5995 SH DEFINED 01 0 5995 0 ST MARY LD & EXPL CO COM 792228108 329 8981 SH DEFINED 02 0 8981 0 STANCORP FINL GROUP INC COM 852891100 364 7407 SH DEFINED 02 0 7407 0 STAR SCIENTIFIC INC COM 85517P101 204 177267 SH DEFINED 02 0 177267 0 STARBUCKS CORP COM 855244109 1955 62337 SH DEFINED 02 0 62337 0 STARWOOD HOTELS&RESORTS WRLD COM 85590A401 39796 613663 SH DEFINED 02 0 613663 0 STATE STR CORP COM 857477103 368 5685 SH DEFINED 01 0 5685 0 STATE STR CORP COM 857477103 5299 81843 SH DEFINED 02 0 81843 0 STEC INC COM 784774101 427 60643 SH DEFINED 02 0 60643 0 STEEL DYNAMICS INC COM 858119100 1135 26280 SH DEFINED 02 0 26280 0 STEMCELLS INC COM 85857R105 102 40627 SH DEFINED 02 0 40627 0 STILLWATER MNG CO COM 86074Q102 1079 84997 SH DEFINED 02 0 84997 0 STMICROELECTRONICS N V NY REGISTRY 861012102 1204 62721 SH DEFINED 02 0 62721 0 STREETTRACKS INDEX SHS FDS DJ EURSTX50ETF 863308201 1824 32779 SH DEFINED 02 0 32779 0 STREETTRACKS INDEX SHS FDS MSCI ACWI EXUS 863308813 557 14600 SH DEFINED 02 0 14600 0 STREETTRACKS SER TR KBW CAP MARKET 86330E778 745 11260 SH DEFINED 02 0 11260 0 STREETTRACKS SER TR SPDR TTL MRKT 86330E885 2657 25800 SH DEFINED 02 0 25800 0 STREETTRACKS SER TR SPDR SMALL CAP 86330E810 850 13448 SH DEFINED 02 0 13448 0 STREETTRACKS SER TR KBW REG BANKNG 86330E554 3072 63848 SH DEFINED 02 0 63848 0 STREETTRACKS SER TR KBW BANK ETF 86330E794 1704 30000 SH DEFINED 02 0 30000 0 STREETTRACKS SER TR SPDR O&G EXPLO 86330E620 958 23530 SH DEFINED 02 0 23530 0 SUN MICROSYSTEMS INC COM 866810104 658 109464 SH DEFINED 02 0 109464 0 SUNCOR ENERGY INC COM 867229106 1228 16082 SH DEFINED 02 0 16082 0 SUNTRUST BKS INC COM 867914103 5034 60623 SH DEFINED 02 0 60623 0 SUNTRUST BKS INC COM 867914103 358 4306 SH DEFINED 01 0 4306 0 SUPERGEN INC COM 868059106 984 166775 SH DEFINED 02 0 166775 0 SUPERTEX INC COM 868532102 638 19225 SH DEFINED 02 0 19225 0 SUPERVALU INC COM 868536103 1312 33578 SH DEFINED 02 0 33578 0 SVB FINL GROUP COM 78486Q101 1120 23042 SH DEFINED 02 0 23042 0 SWIFT TRANSN CO COM 870756103 921 29547 SH DEFINED 02 0 29547 0 SYBASE INC COM 871130100 487 19250 SH DEFINED 02 0 19250 0 SYMANTEC CORP COM 871503108 1729 99916 SH DEFINED 02 0 99916 0 SYNAPTICS INC COM 87157D109 1189 46482 SH DEFINED 02 0 46482 0 SYNIVERSE HLDGS INC COM 87163F106 226 21404 SH DEFINED 02 0 21404 0 SYNOPSYS INC COM 871607107 620 23644 SH DEFINED 02 0 23644 0 SYSCO CORP COM 871829107 562 16615 SH DEFINED 02 0 16615 0 SYSTEMAX INC COM 871851101 192 10258 SH DEFINED 02 0 10258 0 TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 154 14339 SH DEFINED 01 0 14339 0 TANOX INC COM 87588Q109 356 18992 SH DEFINED 02 0 18992 0 TASER INTL INC COM 87651B104 353 43963 SH DEFINED 02 0 43963 0 TATA MTRS LTD SPONSORED ADR 876568502 404 24951 SH DEFINED 02 0 24951 0 TCF FINL CORP COM 872275102 429 16289 SH DEFINED 02 0 16289 0 TD AMERITRADE HLDG CORP COM 87236Y108 211 14199 SH DEFINED 02 0 14199 0 TD BANKNORTH INC COM 87235A101 327 10170 SH DEFINED 01 0 10170 0 TD BANKNORTH INC COM 87235A101 1301 40454 SH DEFINED 02 0 40454 0 TECH DATA CORP COM 878237106 383 10702 SH DEFINED 02 0 10702 0 TEEKAY SHIPPING MARSHALL ISL COM Y8564W103 630 11648 SH DEFINED 02 0 11648 0 TELEFLEX INC COM 879369106 411 6037 SH DEFINED 02 0 6037 0 TELEPHONE & DATA SYS INC COM 879433100 3080 51653 SH DEFINED 02 0 51653 0 TENARIS S A SPONSORED ADR 88031M109 323 7033 SH DEFINED 01 0 7033 0 TENGASCO INC COM NEW 88033R205 14 18671 SH DEFINED 01 0 18671 0 TENNECO INC COM 880349105 494 19389 SH DEFINED 02 0 19389 0 TESORO CORP COM 881609101 2150 21406 SH DEFINED 02 0 21406 0 TEVA PHARMACEUTICAL INDS LTD ADR 881624209 7795 208257 SH DEFINED 02 0 208257 0 TEXAS INDS INC COM 882491103 1740 23034 SH DEFINED 02 0 23034 0 THAI FD INC COM 882904105 118 12000 SH DEFINED 01 0 12000 0 THOMAS & BETTS CORP COM 884315102 400 8193 SH DEFINED 02 0 8193 0 THOMAS & BETTS CORP COM 884315102 293 6010 SH DEFINED 01 0 6010 0 THORATEC CORP COM NEW 885175307 232 11113 SH DEFINED 02 0 11113 0 TIMKEN CO COM 887389104 3889 128314 SH DEFINED 02 0 128314 0 TITANIUM METALS CORP COM NEW 888339207 715 19937 SH DEFINED 02 0 19937 0 TOM ONLINE INC ADR REG S 889728200 483 34016 SH DEFINED 02 0 34016 0 TORONTO DOMINION BK ONT COM NEW 891160509 412 6815 SH DEFINED 02 0 6815 0 TOTAL S A SPONSORED ADR 89151E109 538 7711 SH DEFINED 01 0 7711 0 TOTAL SYS SVCS INC COM 891906109 294 9241 SH DEFINED 02 0 9241 0 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 578 4513 SH DEFINED 01 0 4513 0 TRAVELERS COMPANIES INC COM 89417E109 652 12586 SH DEFINED 02 0 12586 0 TRIAD HOSPITALS INC COM 89579K109 398 7608 SH DEFINED 02 0 7608 0 TRIQUINT SEMICONDUCTOR INC COM 89674K103 121 24222 SH DEFINED 02 0 24222 0 TRONOX INC CL A 897051108 185 12837 SH DEFINED 02 0 12837 0 TURBOCHEF TECHNOLOGIES INC COM NEW 900006206 613 40271 SH DEFINED 02 0 40271 0 TXU CORP COM 873168108 7032 109709 SH DEFINED 02 0 109709 0 TYCO INTL LTD NEW COM 902124106 5378 170461 SH DEFINED 02 0 170461 0 U S AIRWAYS GROUP INC COM 90341W108 261 5746 SH DEFINED 01 0 5746 0 U S AIRWAYS GROUP INC COM 90341W108 3935 86516 SH DEFINED 02 0 86516 0 U S G CORP COM NEW 903293405 1867 40000 SH DEFINED 01 0 40000 0 U S G CORP COM NEW 903293405 1800 38570 SH DEFINED 02 0 38570 0 UAL CORP COM NEW 902549807 2508 65707 SH DEFINED 02 0 65707 0 UBS AG SHS NEW H89231338 886 14900 SH DEFINED 02 0 14900 0 UDR INC COM 902653104 429 14004 SH DEFINED 02 0 14004 0 UNION PAC CORP COM 907818108 6726 66238 SH DEFINED 02 0 66238 0 UNISYS CORP COM 909214108 675 80044 SH DEFINED 02 0 80044 0 UNITED MICROELECTRONICS CORP SPONSORED ADR 910873207 716 225066 SH DEFINED 01 0 225066 0 UNITED PARCEL SERVICE INC CL B 911312106 540 7700 SH DEFINED 01 0 7700 0 UNITED STATES STL CORP NEW COM 912909108 7703 77676 SH DEFINED 02 0 77676 0 UNITED TECHNOLOGIES CORP COM 913017109 671 10330 SH DEFINED 02 0 10330 0 UNITEDHEALTH GROUP INC COM 91324P102 13385 252685 SH DEFINED 02 0 252685 0 UNITRIN INC COM 913275103 338 7176 SH DEFINED 02 0 7176 0 UNIVERSAL CORP VA COM 913456109 269 4386 SH DEFINED 02 0 4386 0 UNIVERSAL HEALTH RLTY INCM T SH BEN INT 91359E105 247 6919 SH DEFINED 01 0 6919 0 UNIVERSAL HLTH SVCS INC CL B 913903100 958 16732 SH DEFINED 02 0 16732 0 UNUM GROUP COM 91529Y106 272 11792 SH DEFINED 01 0 11792 0 URBAN OUTFITTERS INC COM 917047102 260 9819 SH DEFINED 02 0 9819 0 US BANCORP DEL COM NEW 902973304 394 11276 SH DEFINED 01 0 11276 0 USEC INC COM 90333E108 2404 147951 SH DEFINED 02 0 147951 0 UTILITIES HOLDRS TR DEPOSITRY RCPT 918019100 13171 93600 SH DEFINED 02 0 93600 0 VAIL RESORTS INC COM 91879Q109 271 4981 SH DEFINED 02 0 4981 0 VALEANT PHARMACEUTICALS INTL COM 91911X104 291 16832 SH DEFINED 02 0 16832 0 VALERO ENERGY CORP NEW COM 91913Y100 588 482 SH CALL DEFINED 02 0 482 0 VALSPAR CORP COM 920355104 1072 38512 SH DEFINED 02 0 38512 0 VANGUARD INDEX FDS EXTEND MKT ETF 922908652 1543 14500 SH DEFINED 02 0 14500 0 VANGUARD INDEX FDS GROWTH ETF 922908736 1861 31890 SH DEFINED 02 0 31890 0 VANGUARD INDEX FDS SMALL CP ETF 922908751 781 11084 SH DEFINED 02 0 11084 0 VANGUARD INDEX FDS SML CP GRW ETF 922908595 383 5595 SH DEFINED 02 0 5595 0 VANGUARD INTL EQUITY INDEX F EURPEAN ETF 922042874 3193 44968 SH DEFINED 02 0 44968 0 VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 2743 51124 SH DEFINED 02 0 51124 0 VANGUARD WORLD FDS CONSUM DIS ETF 92204A108 2817 45955 SH DEFINED 02 0 45955 0 VANGUARD WORLD FDS FINANCIALS ETF 92204A405 2155 33927 SH DEFINED 02 0 33927 0 VARIAN MED SYS INC COM 92220P105 869 18231 SH DEFINED 02 0 18231 0 VECTREN CORP COM 92240G101 384 13422 SH DEFINED 02 0 13422 0 VEECO INSTRS INC DEL COM 922417100 1043 53479 SH DEFINED 02 0 53479 0 VERIZON COMMUNICATIONS COM 92343V104 7368 194296 SH DEFINED 02 0 194296 0 VERTEX PHARMACEUTICALS INC COM 92532F100 612 2570 SH CALL DEFINED 02 0 2570 0 VIACOM INC NEW CL B 92553P201 2517 61214 SH DEFINED 02 0 61214 0 VIAD CORP COM NEW 92552R406 1014 26262 SH DEFINED 02 0 26262 0 VIDESH SANCHAR NIGAM LTD SPON ADR NEW 92659G600 231 12462 SH DEFINED 02 0 12462 0 VIRAGEN INC COM NEW 927638403 3 51716 SH DEFINED 01 0 51716 0 VIRAGEN INC UNIT 04/30/2007 927638502 1 16607 SH DEFINED 01 0 16607 0 VIRAGEN INC *W EXP 10/29/201 927638171 1 35602 SH DEFINED 01 0 35602 0 VIRGIN MEDIA INC COM 92769L101 3339 132236 SH DEFINED 02 0 132236 0 VISTACARE INC CL A 92839Y109 88 10164 SH DEFINED 02 0 10164 0 W & T OFFSHORE INC COM 92922P106 369 12764 SH DEFINED 02 0 12764 0 WACHOVIA CORP 2ND NEW COM 929903102 1613 29309 SH DEFINED 01 0 29309 0 WACHOVIA CORP 2ND NEW COM 929903102 4224 76722 SH DEFINED 02 0 76722 0 WAL MART STORES INC COM 931142103 12720 270931 SH DEFINED 02 0 270931 0 WALGREEN CO COM 931422109 1395 30399 SH DEFINED 02 0 30399 0 WARNER MUSIC GROUP CORP COM 934550104 422 24746 SH DEFINED 02 0 24746 0 WASHINGTON FED INC COM 938824109 352 15023 SH DEFINED 02 0 15023 0 WASHINGTON MUT INC COM 939322103 4265 105626 SH DEFINED 02 0 105626 0 WASHINGTON POST CO CL B 939640108 721 944 SH DEFINED 02 0 944 0 WATSCO INC COM 942622200 310 6068 SH DEFINED 02 0 6068 0 WATSON PHARMACEUTICALS INC COM 942683103 4885 184827 SH DEFINED 01 0 184827 0 WATSON PHARMACEUTICALS INC COM 942683103 562 21248 SH DEFINED 02 0 21248 0 WEBSIDESTORY INC COM 947685103 582 44954 SH DEFINED 02 0 44954 0 WEBSTER FINL CORP CONN COM 947890109 378 7864 SH DEFINED 02 0 7864 0 WEINGARTEN RLTY INVS SH BEN INT 948741103 252 5300 SH DEFINED 02 0 5300 0 WELLPOINT INC COM 94973V107 4371 53899 SH DEFINED 02 0 53899 0 WELLS FARGO & CO NEW COM 949746101 714 20733 SH DEFINED 01 0 20733 0 WENDYS INTL INC COM 950590109 14416 460585 SH DEFINED 02 0 460585 0 WESCO INTL INC COM 95082P105 408 6499 SH DEFINED 02 0 6499 0 WESTAR ENERGY INC COM 95709T100 309 11243 SH DEFINED 02 0 11243 0 WESTERN UN CO COM 959802109 1317 59987 SH DEFINED 02 0 59987 0 WESTWOOD ONE INC COM 961815107 254 36905 SH DEFINED 02 0 36905 0 WET SEAL INC CL A 961840105 615 93923 SH DEFINED 02 0 93923 0 WHITING PETE CORP NEW COM 966387102 246 6247 SH DEFINED 02 0 6247 0 WHOLE FOODS MKT INC COM 966837106 1031 22991 SH DEFINED 02 0 22991 0 WILLIAMS COS INC DEL COM 969457100 3644 18500 SH CALL DEFINED 02 0 18500 0 WIND RIVER SYSTEMS INC COM 973149107 479 48142 SH DEFINED 02 0 48142 0 WIRELESS HOLDRS TR DEPOSITRY RCPT 97653L208 14825 247000 SH DEFINED 02 0 247000 0 WISCONSIN ENERGY CORP COM 976657106 1011 20833 SH DEFINED 02 0 20833 0 WISDOMTREE TRUST PAC EXJP HG YD 97717W810 2181 32468 SH DEFINED 02 0 32468 0 WISDOMTREE TRUST PAC EXJP TOT D 97717W828 3616 53494 SH DEFINED 02 0 53494 0 WISDOMTREE TRUST JP SMALLCP DIV 97717W836 1477 28308 SH DEFINED 02 0 28308 0 WISDOMTREE TRUST EUROPE SMCP DV 97717W869 829 11776 SH DEFINED 02 0 11776 0 WISDOMTREE TRUST DIEFA HG YD EQ 97717W802 1619 25277 SH DEFINED 02 0 25277 0 WISDOMTREE TRUST DIEFA FD 97717W703 4160 64501 SH DEFINED 02 0 64501 0 WISDOMTREE TRUST EUROPE TOT DIV 97717W885 453 7098 SH DEFINED 02 0 7098 0 WITNESS SYS INC COM 977424100 499 18513 SH DEFINED 02 0 18513 0 WORTHINGTON INDS INC COM 981811102 1755 85280 SH DEFINED 02 0 85280 0 WYETH COM 983024100 1777 35513 SH DEFINED 02 0 35513 0 WYNDHAM WORLDWIDE CORP COM 98310W108 856 25060 SH DEFINED 02 0 25060 0 XANSER CORP COM 98389J103 116 21100 SH DEFINED 01 0 21100 0 XCEL ENERGY INC COM 98389B100 1015 41113 SH DEFINED 02 0 41113 0 XEROX CORP COM 984121103 711 42108 SH DEFINED 02 0 42108 0 XM SATELLITE RADIO HLDGS INC CL A 983759101 3134 242601 SH DEFINED 02 0 242601 0 YAHOO INC COM 984332106 6589 210594 SH DEFINED 02 0 210594 0 YAMANA GOLD INC COM 98462Y100 2069 144088 SH DEFINED 02 0 144088 0 YAMANA GOLD INC COM 98462Y100 600 5000 SH PUT DEFINED 02 0 5000 0 YRC WORLDWIDE INC COM 984249102 1011 25138 SH DEFINED 02 0 25138 0 YUM BRANDS INC COM 988498101 11399 197354 SH DEFINED 02 0 197354 0 ZEBRA TECHNOLOGIES CORP CL A 989207105 273 7062 SH DEFINED 02 0 7062 0 ZORAN CORP COM 98975F101 297 17451 SH DEFINED 02 0 17451 0 ZWEIG TOTAL RETURN FD INC COM 989837109 117 20000 SH DEFINED 01 0 20000 0