UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE13G/A
Under the Securities Exchange Act of 1934
(Amendment No__5__)*
MFRI, INC.
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(Name of Issuer)
Common
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(Title of Class of Securities)
552721102
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(CUSIP Number)
December 31, 2006
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:
/ / Rule 13d-1(b)
/x/ Rule 13d-1(c)
/ / Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover shall not
be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to
the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).
Potential persons who are to respond to the collection of
information contained in this form are not required to respond
unless the form displays a currently valid OMB control number.
SEC 1745 (3-98)
Page 1 of 7
CUSIP No. 552721102
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
WEDBUSH, Inc.
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) /x/
(b) / /
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3. SEC Use Only
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4. Citizenship or Place of Organization
California
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Number of Shares 5. Sole Voting Power 266,050
Beneficially by ----------------------------------------------
Owned by Each 6. Shared Voting Power 336,388
Reporting ----------------------------------------------
Person With: 7. Sole Dispositive Power 266,050
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8.Shared Dispositive Power 366,849
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
366,849
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
/x/
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11. Percent of Class Represented by Amount in Row (9)
6.8%
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12. Type of Reporting Person (See Instructions)
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CO
Page 2 of 7
CUSIP No. 552721102
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Edward W. Wedbush
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2. Check the Appropriate Box if a Member of a Group
(See Instructions)
(a) /x/
(b) / /
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3. SEC Use Only
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4. Citizenship or Place of Organization
United States of America
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Number of Shares 5. Sole Voting Power 70,338
Beneficially by ----------------------------------------------
Owned by Each 6. Shared Voting Power 336,388
Reporting ----------------------------------------------
Person With: 7. Sole Dispositive Power 70,338
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8.Shared Dispositive Power 366,849
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9. Aggregate Amount Beneficially Owned by Each Reporting Person
366,849
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10. Check if the Aggregate Amount in Row (9) Excludes Certain
Shares (See Instructions)
/x/
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11. Percent of Class Represented by Amount in Row (9)
6.8%
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12. Type of Reporting Person (See Instructions)
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IN
Page 3 of 7
Cusip No. 552721102 13G MFRI, INC.
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Item 1. Name and Address of Issuer.
(a) This statement relates to the shares of the common stock of
MFRI, INC. ("Issuer").
(b) Issuer's address: 7720 Lehigh Avenue,
Niles, Illinois 60714
Item 2. Filers
(a) This statement is filed by WEDBUSH, Inc. ("WI")
and by Edward W. Wedbush ("EWW").
(b) Business address of the above filers are as follows:
WI - 1000 Wilshire Blvd., Los Angeles, CA 90017-2459
EWW - P.O. Box 30014, Los Angeles, CA 90030-0014
(c) WI is a California corporation and EWW is a citizen of the
United States of America.
(d) Common stock
(e) 552721102
Item 3. Classification of Filers
(a)--(g) Not applicable
Page 4 of 7
Item 4. Ownership
(a) WI has sole ownership of 266,050 Shares of the Issuer and
EWW has sole ownership of 70,338 Shares.
(b) Of the Shares outstanding, WI owns approximately 4.91%
and EWW owns approximately 1.30%.
(c) Number of Shares as to which the filer has:
(i) Sole power to vote: WI has sole power to vote on
266,050 Shares and EWW has 70,338 sole Shares.
(ii) Shared power to vote: WI has 336,388 Shares and
EWW has 336,388 Shares.
(iii) Sole power to dispose: WI has sole power to
dispose on 266,050 Shares and EWW has 70,338 Shares
to dispose.
(iv) Shared power to dispose; WI has 366,849 Shares
and EWW has 366,849 Shares.
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another.
Not applicable.
Item 7. Identification and Classification of Subsidiary which
Acquired the Securities Being Reported on by the Parent
Holding Company.
Not Applicable.
Page 5 of 7
Item 8. Identification and Classification of Members of a Group.
Name Category No.ofShares Percentage
WEDBUSH, Inc. CO 266,050 4.91%
Edward W. Wedbush IN 70,338 1.30%
EWW is the chairman of WI. EWW owns a majority of the outstanding
Shares of WI. Accordingly, EWW may be deemed the beneficial
owner of the Issuer's Shares owned by WI. However, beneficial
ownership of the Issuer's Shares is hereby disclaimed by EWW.
Item 9. Notice of Dissolution of Group.
Not applicable.
Page 6 of 7
Item 10. Certification
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the Issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such 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.
WEDBUSH, Inc.
1/23/07
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Date
ERIC D. WEDBUSH
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Eric D. Wedbush
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Signature
ERIC D. WEDBUSH
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Eric D. Wedbush/ President
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Name/Title
Edward W. Wedbush
1/23/07
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Date
EDWARD W. WEDBUSH
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Edward W. Wedbush
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Signature
EDWARD W. WEDBUSH
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Edward W. Wedbush
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Name/Title
Page 7 of 7