N-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

Amendment No.1

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-1548

Armstrong Associates, Inc.

(Exact name of registrant as specified in charter)

Armstrong Associates, Inc.

750 N. St. Paul Street, Suite 1300

Dallas, Texas 75201

 (Address of principal executive offices)

C. K. Lawson

Armstrong Associates, Inc.

750 N. St. Paul Street, Suite 1300

Dallas, Texas 75201

 (Name and address of agent for service)

Registrant's telephone number: 214-720-9101

Date of fiscal year end: June 30

Date of reporting period: September 30, 2009

ITEM 1.  SCHEDULE OF INVESTMENTS

ARMSTRONG ASSOCIATES, INC.

UNAUDITED SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2009

Shares		Industry & Issue	Market Value		% of Assets
		AEROSPACE,  INDUSTRIAL
		PRODUCTS AND MATERIALS
	5,000	The Boeing  Company	$	270,750		2.1	%
	4,000	Caterpillar, Inc.	$	205,320		1.6	%
	15,000	General Electric Company	$	246,300		1.9	%
	10,000	Praxair,  Inc.	$	816,900		6.3	%
	3,000	SPX Corporation	$	183,810		1.4	%
	8,000	United Technologies Corporation	$	487,440		3.8	%
		BUSINESS SERVICES AND PRODUCTS
	10,000	Avery Dennison Corporation	$	360,100		2.8	%
	15,750	Iron Mountain, Inc.	$	419,895		3.2	%
	13,500	Staples, Inc.	$	313,470		2.4	%
		COMMUNICATIONS AND RELATED
	12,000	Corning, Inc.	$	183,720		1.4	%
		COMPUTERS, SOFTWARE AND RELATED
	10,000	Cisco Systems, Inc.	$	235,400		1.8	%
	10,000	Dell, Inc.	$	152,600		1.2	%
	12,000	Intel Corporation	$	234,840		1.8	%
		CONSUMER DISCRETIONARY
	6,000	Best Buy Company	$	225,120		1.7	%
	8,000	The Directv Group	$	220,640		1.7	%
	6,000	GameStop Corporation	$	158,820		1.2	%
	15,000	Pepsico, Inc.	$	879,900		6.8	%
		CONSUMER STAPLES
	8,000	CVS Caremark Corporation	$	285,920		2.2	%
	6,000	Kimberly Clark Corporation	$	353,880		2.7	%
	7,051	Procter & Gamble Company	$	408,394		3.2	%
	10,000	Wal-Mart Stores, Inc.	$	490,900		3.8	%
		ENERGY AND RELATED
	11,000	Halliburton Company	$	298,320		2.3	%
	4,000	Hess Corporation	$	213,840		1.7	%
	20,000	Weatherford International, Inc.	$	414,600		3.2	%
		ENVIRONMENTAL SERVICES
	4,500	Stericycle, Inc.	$	217,980		1.7	%
	18,000	Waste Connection, Inc.	$	519,480		4.0	%
	10,000	Waste Management, Inc.	$	298,200		2.3	%
		INTERNET RELATED
	7,500	Yahoo, Inc.	$	133,575		1.0	%
		MEDICAL AND RELATED
	10,000	Abbott Laboratories	$	494,700		3.8	%
	2,500	Coviden Ltd.	$	108,150		0.8	%
	20,000	Medtronics, Inc.	$	736,000		5.7	%
		TOTAL COMMON STOCKS	$	10,568,964		81.7	%
		(Cost $6,219,313)
		TEMPORARY CASH EQUIVALENT INVESTMENTS
	850,000	U. S. Treasury Bills due 10/22/09	$	849,917		6.6	%
	750,000	U. S. Treasury Bills due 11/27/09	$	749,848		5.8	%
	700,000	U. S. Treasury Bills due 12/17/09	$	699,915		5.4	%
		TOTAL TEMPORARY CASH EQUIVALENT INVESTMENTS	$	2,299,680		17.8	%
		(Cost $2,299,681)
		TOTAL INVESTMENTS	$	12,868,644		99.5	%
		(Cost $8,518,994)
		OTHER ASSETS AND LIABLITIES -NET	$	65,838		0.5	%
		NET ASSETS	$	12,934,482		100.0	%

On September 30, 2009, the cost of investment securities for tax purposes was $8,518,994.  Net unrealized appreciation of investment securities for tax purposes was $4,349,651, consisting of unrealized gains of $4,803,301 on securities that had risen in value since their purchase and $453,650 in unrealized losses on securities that had fallen in value since their purchase.

ITEM 2.  CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that has materially affected or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 3.  EXHIBITS.

(a) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Investment Company Act of 1940

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Armstrong Associates, Inc.

/s/ C. K. Lawson                        

C. K. Lawson

President (CEO) and

Treasurer (CFO),

Armstrong Associates, Inc.

Date: March 17, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ C. K. Lawson                        

C. K. Lawson

President (CEO) and

Treasurer (CFO),

Armstrong Associates, Inc.

Date: March 17, 2010

EX-99.CERT

EXHIBIT 99.302CERT

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002:

I, C. K. Lawson, certify that:

1.         I have reviewed this report on Form N-Q of Armstrong Associates, Inc.

2.         Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.         Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.         The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the Registrant and have:

a)        Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)        Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation and

c)        Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

d)        Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)         The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)        All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)        Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 17, 2010	/s/ C. K. Lawson
	C. K. Lawson
	President (CEO) and
	Treasurer (CFO),
	Armstrong Associates, Inc.