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

Form 13F

Form 13F COVER PAGE

Report for the Quarter ended: December 31, 2006

Not an amendment.

Institutional Investment Manager Filing this Report:
Name: Horizon Asset Management, Inc.
Address: 470 Park Avenue South
4th Floor South
New York, N.Y. 10016

13F File Number: 28-6986

The institutional investment manager filing this report; and 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: Andrew M. Fishman
Title: Director of Compliance and General Counsel
Phone: 646-495-7347
Signature, Place, and Date of Signing:
Andrew M. Fishman
New York, New York
February 15, 2007

Report Type: 13F HOLDINGS REPORT

List of Other Managers Reporting for this Manager: none

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.

Report Summary:
Number of Other Included Managers: none
Form 13F Information Table Entry Total: 335
Form Information Table Value Total: $9,605,902,268


                           


NAME OF ISSUER					TITLE OF CLASS       CUSIP	VALUE
SHARES INV. DISCRET.
MARKET      SHARES DISC

ABBOTT LABS
Common
002824100
" 3,082,516"
" 63,283 "
Sole
ABER DIAMOND CORP
Common
002893105
" 1,067,149 "
" 29,086 "
Sole
ACCENT COLOR SCIENCES INC
Common
004305108
 133
" 132,500 "
Sole
ACCESS PHARMACEUTICALS INC
Common
00431M209
" 0 "
" 13,677 "
Sole
ADELPHIA COMM CORP SERIES D
Preferred
06848402
23
14,500
sole
ADELPHIA COMMUNICATIONS  CONV PFD E
Preferred
06848501
" 4 "
" 56,100 "
Sole
ADELPHIA COMMUNICATIONS CORPORATION
common
06848105
490
49,000
sole
ADELPHIA COMM CORP 6% 2/15/06-
convertible bond-
06848BG9
6,963
1,705,850
sole
ALEXANDERS INC-
common-
014752109
315,371
743
sole
ALLEGHANY CORP DEL NEW
Common
017175100
" 2,621,920 "
" 7,211 "
Sole
ALLEGHENY ENERGY
Common
017361106
" 506,697,939 "
" 11,068,950 "
Sole
ALTRIA GROUP INC
Common
02209S103
" 2,193,460 "
" 25,510"
Sole
AMBASE CORP
Common
023164106
" 9,950 "
" 19,900"
Sole
AMBASSADORS GROUP INC
Common
023177108
" 1,459,532 "
" 48,090 "
Sole
AMBASSADORS INTL INC
Common
023178106
" 1,335,297"
" 29,270 "
Sole
AMERICAN EXPRESS CO
Common
025816109
" 294,329"
" 4,851"
Sole
AMERICAN INTL GROUP INC
Common
026874107
" 5,652,039 "
" 78,873"
Sole
AMERICAN REAL ESTATE PARTNERS-
common-
029169109
58,018,031
671,722
sole
AMERIPRISE FINL INC-
common-
03076C106
411,963
7,457
sole
AMGEN INC
Common
031162100
" 341,550 "
" 5,000 "
Sole
ANADARKO PETE CORP
Common
032511107
" 342,677 "
" 7,874 "
Sole
ANGLO AMERICAN PLC ADR
Common
03485P102
" 50,589,307"
" 2,076,332 "
Sole
ANHUI EXPRESSWAY CO LTD H SHS-
common-
Y01374100
58,300
72,000
sole
APPLIED MATERIALS INC
Common
038222105
" 797,040 "
" 43,200"
Sole
AQUILA INC
Common
03840P102
" 339,185,833 "
" 71,558,915"
Sole
AQUILA INC NEW PFD-
preferred-
03840P300
3,919,975
156,050
sole
ARCHER DANIELS MIDLAND CO-
common-
039483102
356,196
11,153
sole
ARMOR HLDGS INC-
common-
042260109
1,009,241
18,400
sole
AUSTRALIAN STOCK EXCHANGE LTD-
common-
Q1080Z105
4,239,707
148,130
sole
AUTOMATIC DATA PROCESSING INC
Common
053015103
" 2,100,783"
" 42,657 "
Sole
BAM INVTS CORP -
common-
05936R108
11,811,893
49,733
sole
BANK AMER CORP
Common
060505104
" 2,880,630 "
" 53,954 "
Sole
BANK OF JAPAN 100-
common-
9T8301119
5,912,538
7,600
sole
BANK OF NEW YORK CO INC-
common-
064057102
262,297,315
6,625,213
sole
BAXTER INTL INC-
common-
071813109
366,958
7,910
sole
BEAR STEARNS COS INC-
common-
073902108
273,470
1,680
sole
"BECTON, DICKINSON & CO."
Common
075887109
" 252,540 "
" 3,600"
Sole
BEIJING CAPITAL INTL AIRPORT CNY 1.0 SERIES H-
common-
Y07717104
51,912,727
65,085,000
sole
BERKSHIRE HATHAWAY CL A-
common
084670108
1,420,750
13
 sole
BERKSHIRE HATHAWAY CL B
Common
084670207
" 153,558,310"
" 42,355 "
Sole
BHP BILLITON LTD-
common-
Q1498M100
375,927
18,851
sole
BIOGEN IDEC INC-
common-
09062X103
307,340
6,248
sole
BLACKROCK INC-
common-
09247X101
309,876
2,040
sole
BLOCKBUSTER INC CL A-
common-
093679108
102,097
19,300
sole
BLOCKBUSTER INC SR SUB NT 9.00% 9/1/2012-
convertible bond-
093679AC2
2,863,804
2,960,000
sole
BOEING CO
Common
097023105
" 1,855,246 "
" 20,833 "
Sole
BOLSAS Y MERCADOS ESPANOLES SOCIEDAD-
common-
993318SK1
251,422
6,080
sole
BOMBARDIER INC 6.25% PFD SER A
preferred
097751705
3,543,012
196,825
sole
BOMBARDIER INC CL B
common
097751200
4,639,783
1,333,581
sole
BOSTON SCIENTIFIC CORP-
common-
101137107
681,917
39,693
sole
BOWLES FLUIDICS CORP NEW
Common
102590304
" 18,729,600 "
 7,804
Sole
BP  P L C SPONSORED ADR
Common
055622104
" 7,804,216 "
" 105,577"
Sole
BRISTOL MYERS SQUIBB CO
Common
110122108
" 909,014 "
" 34,537 "
Sole
BROOKFIELD ASSET MGt INC-
common-
112585104
241,938,446
5,145,676
sole
BUNGE LIMITED -
common-
G16962105
62,455,203
876,732
sole
CABLEVISION SYS CORP NY GRP A
Common
12686C109
" 2,843,168 "
" 99,830"
Sole
CACI INTERNATIONAL
Common
127190304
" 18,344,297 "
" 324,722"
Sole
CADBURY SCHWEPPES PLC-
common-
127209302
228,602
5,325
sole
CALPINE CORP-
common-
131347106
182,624
159,701
sole
CALPINE 4.75% 11/15/23 CV-
cvt bond-
131347BJ4
142,554,527
180,798,600
sole
CALPINE CORP SR CONV 144a 4.75% 11/15/2023-
cvt bond-
131347BH8
3,031,158
3,882,000
sole
CAMECO CORP-
common-
13321L108
1,212,989
30,000
sole
CANADIAN OIL SANDS TR
Common
13642L100
" 107,288,205 "
" 4,098,353 "
Sole
CARBO CERAMICS INC-
common-
140781105
221,417
5,925
sole
CARNIVAL CORP-
common-
143658300
10,757,274
212,237
sole
CATHAY GENERAL BANCORP-
common-
149150104
9,0008,368
259,501
sole
CBOT HLDGS INC CL A-
common-
14984K106
70,398,569
462,154
sole
CBS CORP NEW CL B-
common-
124857202
513,779
16,454
sole
CEMEX SA SPONSOR ADR-
common
151290889
408,996
12,072
sole
CENTER FINANCIAL CORP CALIF-
common-
15146E102
7,797,163
325,601
sole
CENTERPOINT ENERGY INC
Common
15189T107
" 517,359,721 "
" 30,514,228"
Sole
CHANCELLOR CORP-
common-
158828103
0
14,000
sole
CHEVRON CORP NEW
Common
166764100
" 2,233,632"
" 30,377 "
Sole
CHICAGO MERCANTILE EXCHANGE HLDGS INC-
common-
167760107
76,778,475
149,688
sole
CHINA EASTERN AIRLINES LTD SPON
Common
16937R104
" 2,173,279 "
" 96,625 "
Sole
CHINA LIFE INS CO LTD SPON ADR REPSTG
Common
16939P106
" 26,589,078 "
" 439,498 "
Sole
CHINA MOBILE HK LTD ADR
Common
16941M109
" 1,764,217
" 39,855"
Sole
CHINA PHARMACEUTICAL GROUP LTD
Common
Y15018131
" 116,184 "
" 824,000 "
Sole
CHINA SOUTHERN AIRLINES ADR
Common
169409109
" 1,893,237"
" 91,635 "
Sole
CHOICEPOINT INC
Common
170388102
" 454,249 "
" 11,535 "
Sole
CINCINNATI FINANCIAL CORP
Common
172062101
" 622,340 "
" 13,735 "
Sole
CISCO SYS INC-
common-
17275R102
405,412
14,452
sole
CITIGROUP INC
Common
172967101
" 2,531,292 "
" 45,457 "
Sole
CMS ENERGY CORP
Common
125896100
" 35,866,987 "
" 2,146,842"
Sole
CNOOC LIMITED ADS
Common
126132109
" 157,811,011 "
" 1,711,409 "
Sole
COHEN & STEERS INC-
common-
19247A100
2,966,836
73,857
sole
COLGATE PALMOLIVE CO-
common-
194162103
346,816
5,316
sole
COMDISCO CONT HOLDG
rights
200334118
" 2,045,698 "
" 8,197,845 "
Sole
COMDISCO HLDG CO INC
Common
200334100
" 2,606,406 "
" 220,124 "
Sole
CONOCOPHILLIPS-
common-
20825C104
622,655
8,654
sole
CORNING INC
Common
219350105
" 321,812 "
" 17,200"
Sole
COUNTRYWIDE FINANCIAL-
common-
22372104
789,434
18,600
sole
COWEN GROUP INC-
common-
223621103
209,973
10,562
sole
CUBIC CORPORATION-
common-
229669106
873,808
40,268
sole
DANAHER CORP-
common-
235851102
217,320
3,000
sole
DEAN FOODS CO
common
242370104
47,609,631
1,143,560
sole
DEL MONTE FOODS CO-
common-
24522P103
113,,399
10,281
sole
DELL INC
Common
24702R101
" 2,995,746 "
" 119,400 "
Sole
DELPHI COROP 6.5% 8/15/13-
convertible bond-
247126AE5
313,565
289,000
sole
DELUXE CORP
Common
248019101
" 1,306,620"
" 51,850 "
Sole
DEUTSCHE BOERSE AG
Common
D1882G119
" 1,199,321"
" 6,475 "
Sole
DEUTSCHE TELEKOM AG SPONSORED ADR-
common-
251566105
498,061
27,366
sole
DILLARD INC-
common-
254067101
500,071
14,300
sole
DISNEY WALT CO
Common
254687106
" 3,092,630 "
" 90,243"
Sole
DOW CHEMICAL CO-
common-
260543103
539,129
13,512
sole
DREAMWORKS ANIMATIONS SKG INC CL A-
common-
2,597,438
88,055
sole
DU PONT E I DE NEMOURS & CO
Common
263534109
" 547,403 "
" 11,238 "
Sole
DUN & BRADSTREET CORP-
common-
26483E100
1,760,181
21,318
sole
DYNERGY INC-
common-
26816Q101
34,127,838
4,794,875
sole
EARTHBLOCK TECHNOLOGIES INC-
common-
27032G109
158
26,371
sole
EAST-WEST BANCORP INC-
common-
27579R104
9,085,168
255,612
sole
EDISON INTL
Common
281020107
" 8,365,314 "
" 183,951 "
Sole
EDULINK INC-
common-
28164R10
0
1,000,000
sole
EL PASO CORP
common-
28336L109
419,401,328
28,370,567
sole
ELECTRONICS ARTS
Common
285512109
" 1,547,774 "
" 30,600"
Sole
EMBARQ CORP-
common-
29078E109
238,438
4,521
sole
EMERSON ELEC CO
Common
291011104
" 743,886 "
" 16,872"
Sole
ENCANA CORP
Common
292505104
" 2,849,502 "
" 62,011"
Sole
ENTERPRISE PRODUCTS PPTNS LP-
common-
293792107
865,609
29,869
sole
EOG RES INC
Common
26875P101
" 423,412 "
" 6,780 "
Sole
EQUIFAX INC-
common-
294429105
635,552
15,654
sole
EURONEXT NV AMSTERDAM SHS
Common
N3113K108
" 69,774,578 "
" 619,250 "
Sole
EVERCORE PARTNERS INC CL A-
common-
29977A105
280,060
7,600
sole
EXXON MOBIL CORP
Common
30231G102
" 28,579,693 "
" 372,960"
Sole
FAIRFAX FINL HLDGS LTD 5.00% 7/15/2023-
convertible bond-
303901AL6
6,023,898
5,885,000
sole
FAIRFAX FINANCIAL HLDGS INC-
common-
303901102
998,572
5,132
sole
FIDELITY INFORMATION SERVICES INC
Common
316320m106
" 574,728 "
" 14,298 "
Sole
FINANCIAL NATL TITLE GROUP INC CL A-
common
617,967
25,939
sole
FINOVA GROUP INC
Common
317928109
" 9,320"
" 155,340 "
Sole
FIRST BK DEL WILMINGTON-
common-
319307104
226,942
73,207
FIRST DATA CORP-
common-
319963104
2,438,223
95,542
sole
FIRST INDL RLTY TR INC
common
32054K103
631,171
13,461
sole
FOREST CITY ENTERPRISES CL A-
common-
345550107
17,163,830
294,296
sole
FRMO CORP FORMERLY FRM NEXUS
Common
30262F106
" 21,027,520 "
" 2,628,440"
Sole
FTI CONSULTING CORPORATION
Common
302941109
" 1,097,655 "
" 39,360"
Sole
GAIL INDIA LTD SPONSORED GDR REG S
common
36268T206
794,789
22,420
sole
GAZPROM O AO-
common-
368287207
21,664,269
467,236
sole
GEMSTAR TV GUIDE INTL INC
Common
36866W106
" 428,838"
" 106,960 "
Sole
GENERAL ELEC CO
Common
369604103
" 2,808,706 "
" 75,483"
Sole
GENERAL MOTORS CORP CVT PFD-
preferred-
370442717
989,456
43,550
sole
GENUINE PARTS CO
Common
372460105
" 348,136 "
" 7,340 "
Sole
GETTY IMAGES INC-
common-
374276103
6,956,766
160,740
sole
GOLDMAN SACHS GROUP INC MEDIUM COM STOCK-
common-
38141G104
510,691
2,562
sole
GREENHILL & CO INC-
common-
395259104
1,187,073
16,085
sole
GROUPE BRUXELLES LAMBERT
Common
B4746J115
" 24,329,088 "
" 202,623"
Sole
H & R BLOCK INC
common
093671105
60,212,355
2,586,476
sole
HABER INC
Common
404450108
" 38,051
" 413,600 "
Sole
HAINAN MEILAN AIRPORT COMPANY LTD SHS H-
common-
000002
20,821
36,000
sole
HANMI FINL CORP-
common-
410495105
8,302,156
368,249
sole
HARRIS CORP DEL
Common
413875105
" 1,087,616"
" 23,716"
Sole
HDFC BK LTD ADR-
common-
40415F101
743,830
8,855
sole
HEINZ H J CO
Common
423074103
" 2,396,017 "
" 53,233 "
Sole
HELLENIC EXCHANGES SA ORDS (GRE LISTING)
common-
99002KLK9
331,214
18,000
sole
HK EXCHANGES & CLEARING ORD-
common-
572993GA5
2,110,487
192,000
sole
HONEYWELL INTL INC
Common
438516106
" 858,320 "
" 18,973"
Sole
HONG KONG EXCHANGE & CLEAR LTD-
common-
Y3506N121
264,183,390
24,452,063
sole
HUANENG POWER INTERNATIONAL
Common
443304100
" 184,638,409"
" 4,831,370 "
Sole
HUSKY ENERGY-
common-
448055103
2,113,652
33,062
sole
ICAP PLC ORD 10P-
common-
999987VX5
299,908
32,000
sole
ICICI BK LTD ADR-
common-
45104G104
846,817
20,286
sole
IDEARC INC-
common-
451663108
1,570,871
54,723
sole
IMPERIAL OIL LTD COM NEW-
common-
453038408
110,868,127
3,235,415
sole
INMET MINING CORP-
common-
457983104
2,081,020
38,885
sole
INTEL CORP
Common
458140100
" 2,015,503"
" 99,514 "
Sole
INTERACTIVE DATA CORPORATION-
common-
45840J107
1,276,873
53,112
sole
INTERCONTINENTAL EXCHANGE INTL-
common-
45865V100
49,325,847
447,155
sole
INTERNATIONAL ASSETS HLDG CORP-
common-
459028106
4,856,393
185,502
sole
INTERNATIONAL SECS EXCHANGE INC CL A-
common-
46031W204
41,946,973
899,807
sole
INTL BUSINESS MACHINES-
common-
459200101
789,812
8,130
sole
INTL FLAVORS & FRAGRANCES INC-
common-
459506101
451,535
9,185
sole
ISHARES DJ US UTILITIES SECT-
common-
464287697
508,321
5,635
sole
ISHARES TR US TREAS INFLATION-
common-
464287176
405,080
4,100
sole
JARDEN CORP-
common-
471109108
2,118,015
60,880
sole
JEFFERIES GROUP INC NEW COM STK-
common-
472319102
253,449
9,450
sole
JIANGSU EXPRESSWAY CO-
common-
Y4443L103
52,765
83,200
sole
JOHNSON & JOHNSON
Common
478160104
" 5,223,741 "
" 79,124 "
Sole
JSE LTD-
common-
481219913
15,618,194
2,070,120
sole
KOREA ELEC PWR CO  ADR SPONS C
Common
500631106
" 197,475,031"
" 8,625,299"
Sole
LABRANCHE & CO
Common
505447102
" 166,717,133 "
" 16,828,751"
Sole
LAIDLAW INTL INC
Common
50730R102
" 824,332 "
" 27,084"
Sole
LAZARD LTD SHS A-
common-
G54050102
4,535,613
95,805
sole
LEGG MASON, INC-
common-
524901105
120,985,215
1,245,002
sole
LEHMAN BROS HLDGS CORP
Common
524908100
" 1,462,250 "
" 18,718 "
Sole
LESCARDEN INC-
common-
526867106
56,995
379,969
sole
LESCARDEN INC-
convertible preferred-
526867205
0
34,566
sole
LEUCADIA NATIONAL 3.75% 2014-
convertible bond-
527288AX2
9,609,069
6,935,000
sole
LEUCADIA NATIONAL CORP
Common
527288104
" 419,425,378"
" 14,767,549"
Sole
LEVEL 3 COMMUNICATIONS INC 12.875% 3/15/2010-
convertible bond-
52729NAR1
6,467,299
6,284,000
sole
LEVEL 3 COMMUNICATIONS INC-
common-
52729N100
207,978
200,400
sole
LIBERTY GLOBAL SER A-
common-
530555101
2,191,001
75,163
sole
LIBERTY GLOBAL SER C-
common-
530555309
950,826
33,958
sole
LILLY ELI & CO
Common
532457108
" 2,715,296"
" 52,117"
Sole
LIVE NATION INC-
common-
538034109
1,969,784
87,731
sole
LOCKHEED MARTIN CORP-
common-
539830109
234,779
2,550
sole
LONDON STOCK EXCHANGE GROUP PLC-
common-
G5689u103
200,764,703
7,953,881
sole
LONDON STOCK EXCHANGE GROUP B SHARES-
common-
G8502Z119
338,492
86,780
sole
LYNCH INTERACTIVE CORP
Common
551146202
" 387,500 "
" 125"
Sole
M & T BANK CORP
Common
55261F104
" 19,451,863"
" 159,159 "
Sole
MACQUAIRIE AIRPORTS STAPLED SECURITIES-
common-
Q6077P119
912,836
319,900
sole
MGM MIRAGE-
common-
552953101
11,780,528
205,320
sole
MANULIFE FINL CORP
Common
56501R106
" 545,506 "
" 16,144 "
Sole
MARATHON OIL CORP
Common
565849106
" 393,125 "
" 4,250 "
Sole
MARKEL CORP HLDG CO-
common-
570535104
15,624,607
32,556
sole
MARKETAXESS HLDGS INC-
common-
57060D108
374,532
27,600
sole
MARSH & MCLENNAN COS-
common-
571748102
1,479,694
48,187
sole
MASTERCARD INC CL A-
common-
57636Q104
65,801,122
654,179
sole
MCDONALDS CORP-
common-
580135101
431,464
9,733
sole
MC GRAW HILL INC
Common
580645109
" 9,188,363 "
" 136,420
Sole
MEDALLION FINL CORP
Common
583928106
" 1,603,386"
" 129,619 "
Sole
MEDCO HEALTH SOLUTIONS INC-
common-
58405U102
335,550
6,279
sole
MEDIMMUNE INC
Common
584699102
" 615,030 "
" 19,000 "
Sole
MELCO INTERNATIONAL DEVELOPMENT LTD-
common-
000004
43,632
18,000
sole
MERCK & CO INC
Common
589331107
" 1,991,156 "
" 45,669"
Sole
MERCURY GENERAL CORP-
common-
589400100
347,621
6,591
sole
MICROSOFT CORP
Common
594918104
" 206,034 "
" 6,900"
Sole
MIDDLESEX WATER CO
Common
596680108
" 227,251 "
" 12,133 "
Sole
MILLEA HLDGS INC ADR-
common-
3,016,970
84,119
sole
MIRANT CORP-
common-
60467R100
23,069,763
731,378
sole
MONTPELIER RE
Common
G62185106
" 7,524,509"
" 403,941"
Sole
MOODYS CORPORATION-
common-
615369105
1,424,783
20,630
sole
NARA BANCORP INC-
common-
63080P105
9,905,087
474,755
sole
NASDAQ 100 TR UNIT SER 1-
common
631100104
1,726,448
40,000
sole
NASDAQ STK MKT INC-
common-
631103108
435,356,719
13,762,225
sole
NATL TELEPHONE INFORMTN NETWRK
Common
638144105
 -
" 60,000 "
Sole
NEW PLAN EXCEL RLTY TR INC
Common
648053106
" 3,294,283
" 119,890 "
Sole
NEW ZEALAND EXCH (NZE LISTING)-
common-
99A994CXO
225,891
48,000
sole
NYSE GROUP-
common-
62949W103
634,608,388
6,629,424
sole
NORFOLK SOUTHERN CORP
Common
655844108
" 577,280 "
" 11,479 "
Sole
NORTHROP GRUMMAN CORP
Common
666807102
" 452,440 "
" 6,683"
Sole
NOVARTIS AG SPONSORED ADR
Common
66987V109
" 933,631 "
" 16,254 "
Sole
NRG ENERGY INC
Common
629377508
" 1,747,390 "
" 31,200 "
Sole
NTL INC NEW-
common-
62941W101
969,102
38,579
sole
NU MED INC-
common-
67018K104
-
15,424
sole
NUVEEN INVTS INC CL A
Common
67090F106
" 4,334,258"
" 83,529 "
Sole
NUVEEN PERFORMANCE PLUS
Common
67062P108
" 16,693,373"
" 1,098,973"
Sole
NYMEX HOLDINGS INC-
common-
629,48N104
629,431
5,100
sole
OMX AB SEK2 ORDS-
common-
441,827
24,000
sole
ORACLE CORPORATION
Common
68389X105
" 877,568 "
" 51,200 "
Sole
ORTHOVITA INC-
common-
6875OU102
40,838
11,250
sole
OSAKA SECURITIES EXCHANGE CO LTD-
common-
J6254G104
44,087,593
8,810
sole
P G & E CORP
Common
69331C108
" 5,248,760"
" 114,948 "
Sole
PALL CORP
Common
696429307
" 2,676,451 "
" 77,466 "
Sole
PARGESA HOLDING SA GENEVE
Common
H60477207
" 26,928,647 "
 257,973
Sole
PENN WEST ENERGY TRUST-
common-
707885109
7,440,170
83,731
sole
PEPSICO INC
Common
713448108
" 1,779,172 "
" 28,444 "
Sole
PETROCHINA CO LTD
Common
71646E100
" 10,006,870 "
" 71,294 "
Sole
PFIZER INC
Common
717081103
" 4,343,644 "
" 167,699 "
Sole
PHELPS DODGE CORP-
common-
717265102
401,062
3,350
sole
PICO HOLDINGS INC
Common
693366205
" 1,886,968 "
" 54,270 "
Sole
POWER CORP OF CANADA
Common
739239101
" 8,295,709 "
" 273,995 "
Sole
POWERSHARES FTSE RAFI US 1000-
common-
73935X583
435,150
7,500
sole
PREFERRED BANK LOS ANGELES CALIF-
common-
740367107
5,587,367
93,831
sole
PRIMACOM AG SPON ADR-
common-
74154N108
1,139,966
238,490
sole
PROCTER & GAMBLE CO
Common
742718109
" 652,019"
" 10,145"
Sole
PROGRESSIVE CORP OHIO-
common-
743315103
270,827,849
11,178,035
sole
QUANTA SERVICES
Common
74762E102
" 54,230,429 "
" 2,779,326
Sole
R H DONNELLEY CORP NEW
Common
74955W307
" 26,095,836 "
" 409,636 "
Sole
RAYTHEON CO NEW
Common
755111507
" 620,400 "
" 11,750 "
Sole
RCN CORPORATION-
common-
749361200
533,715
17,702
sole
REFCO INC-
common-
75866G109
26,780
64,375
sole
RELIANT ENERGY  INC   COM
Common
75952B105
" 428,927,849"
" 30,435,943 "
Sole
REYNOLDS AMERN INC
Common
761713106
" 624,060 "
" 9,532 "
Sole
RITCHIE BROS AUCTIONEERS INC
Common
767744105
" 1,633,160 "
" 30,504 "
Sole
ROBOGROUP TEK-
common-
M20330102
28,701
51,000
sole
ROCKWELL AUTOMATION INC
Common
773903109
" 1,438,434"
" 23,550
Sole													ROYAL CARIBBEAN CRUISES LTD
Common
V7780T103
" 1,796,626"
" 43,418 "
Sole
ROYAL DUTCH PETE CO N Y
Common
780259206
" 3,844,463"
" 54,308"
Sole
SAN JUAN BASIN ROYALTY TR-
common-
798241105
203,670
6,200
sole
SCHLUMBERGER LTD
Common
806857108
" 1,436,511"
" 22,744"
Sole
SCHWAB CHARLES CORP NEW
Common
808513105
" 367,460 "
" 19,000 "
Sole
SCRIPPS HOWARD INC CL A
Common
811054204
" 5,122,292 "
" 102,575"
Sole
SEABOARD CORP
common
811543107
2,184,446
1,240
sole
SEARS HOLDINGS CORP
common
812350106
59,083,343
352,330
sole
SERVICEMASTER CO
Common
81760N109
" 676,476 "
" 51,600 "
Sole
SHELL CANADA LTD CL A-
common-
822567103
4,436,607
118,756
sole
SHENSHEN EXPRESSWAY CO LTD H-
common-
Y7741B107
43,401
72,000
SHUN TAK HOLDINGS INC-
common
000008
56,264
36,000
sole
SICHUAN EXPRESSWAY SER H CNY 1-
common13,881
72,000
sole
SIEM INDUSTRIES INC
common
G81226105
1,4888,218
28,184
sole
SIERRA PAC RES NEW
Common
826428104
" 473,171,080 "
" 27,817,117 "
Sole
SIGMA ALDRICH CORP-
common-
826552101
224,300
2,886
sole
SINGAPORE EXCHANGE LTD ORD-
common-
Y79946102
70,328,538
18,959,032
sole
SOUTHERN PAC PETE N L SPONSORED ADR
Common
843581406
 -
" 744,571"
Sole
SOUTHERN PACIFIC PETROLEM NL SHS-
common-
Q86340108
-
120,806
sole
SOUTHERN UNION COS NEW-
common-
844030106
1,413,811
50,585
sole
ST PAUL TRAVELERS INC-
common-
792860108
320,315
5,966
sole
STANDARD REGISTER CO
Common
853887107
" 144,000 "
" 12,000 "
Sole
STAR STRUCK LTD-
common-
855188108
21,600
90,000
sole
STATE BK INDIA GLOBAL DEPOSITARY-
common-
856552203
1,904,094
27,645
sole
STRYKER CORP-
common-
863667101
484,968
8,800
sole
STUDENT LN CORP
Common
863902102
" 107,116,210 "
" 516,267"
Sole
SUNCOR ENERGY INC
Common
867229106
" 152,401,824"
" 2,086,645 "
Sole
SUPERIOR SURGICAL MFG CO INC
Common
868358102
" 361,242 "
" 28,200 "
Sole
SWS GROUP INC-
common-
78503N107
282,539
11,561
sole
TELEFLEX INCORPORATED
Common
879369106
" 539,885 "
" 8,363 "
Sole
TELEFONICA SA-
common-
879382208
340,425
5,340
sole
TELEPHONE & DATA SYS INC DELAWARE
Common
879433100
" 1,814,403 "
" 33,356 "
Sole
TELEPHONE & DATA SYS INC SPL COM-
common-
879433860
713,003
14,374
sole
TEXAS PACIFIC LAND TRUST
Common
882610108
" 14,556,790 "
" 66,670"
Sole
THOMAS WIESEL PARTNERS-
common-
884481102
5,201,045
248,028
sole
TOYOTA INDUSTRIES CORP
common
J92628106
4,350,284
94,703
sole
TRANS PACIFIC PETROLEUM NL-
common-
Q9193U103
0
18,945
sole
TRIARC  CO INC CL A-
common-
895927101
5,354,292
246,905
sole
TSX GROUP INC-
common-
873028104
863,407
21,600
sole
TXU CORP
Common
873168108
" 16,083,398 "
" 300,777 "
Sole
U S OFFICE PRODUCTS CO NEW
Common
912325305
 0
" 11,869 "
Sole
UCBH HOLDINGS INC-
common-
90262T308
6,503,889
369,901
sole
UNION PACIFIC CORP
Common
907818108
" 437,095 "
" 4,750"
Sole
UST INC
Common
902911106
" 1,905,095"
" 32,734"
Sole
UTS ENERGY CORP
common
903396109
7,552,674
2,099,547
sole
VAN DER MOOLEN HLDG NV SPON ADR-
common-
921020103
1,206,426
205,524
sole
VERTICAL BRANDING INC-
common-
92534X109
12,048
19,750
sole
VIACOM INC CL B NON
Common
925524308
" 471,845 "
" 11,500 "
Sole
VISHAY INTERTECH INC
Common
928298108
" 230,573 "
" 17,029 "
Sole
VORNADO REALTY TRUST-
common-
929042109
13,880,914
114,226
sole
WACHOVIA CORP 2ND NEW
Common
929903102
" 595,185 "
" 10,451"
Sole
WALGREEN COMPANY
Common
931422109
" 458,900 "
" 10,000 "
Sole
WARNER MUSIC GROUP CORP-
common-
5,610,157
246,806
sole
WASHINGTON POST CO CL B
Common
939640108
" 264,844,183 "
" 350,166 "
Sole
WD 40 CO
Common
929236107
" 599,764 "
" 17,200"
Sole
WELLS FARGO & CO NEW
Common
949746101
" 8,805,686"
" 247,471"
Sole
WESCO FINANCIAL CORP
Common
950817106
" 3,951,222 "
" 8,591 "
Sole
WESTERN OIL SANDS INC-
common-
959053109
58,029,423
2,289,533
sole
WHITE MOUNT INS GRP LTD BERM
Common
G9618E107
" 197,746,181 "
" 341,326 "
Sole
WILEY JOHN & SONS INC CL B COMMON
Common
968223305
" 987,258 "
" 25,570 "
Sole
WILEY JOHN & SONS INC COM CL A
Common
968223206
" 3,048,940 "
" 79,255 "
Sole
WILLIAMS COMPANIES INC-
common-
969457100
41,138,228
1,577,145
sole
WILSHIRE BANCORP INC-
common-
97186T108
7,570,480
398,625
sole
WYETH
Common
983024100
" 1,028,584 "
" 20,200 "
Sole
WYNN RESORTS LTD-
common-
983134107
476,458
5,047
sole
XO HOLDINGS INC-
common
98417K106
559,258
130.060
sole
YAHOO INC-
common-
984332106
804,524
31,500
sole
YUM! BRANDS INC-
common-
988498101
241,550
4,108
sole
ZHEJIANG EXPRESSWAY CO-
common-
Y9891F102
62,596
82,000
sole
TOTAL-9,605,902,268
                                            
/TEXT
/DOCUMENT
/SUBMISSION