13F-HR 1 march201113f.txt 13F MARCH 2011 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, 2011 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: Lesa Sroufe & Co. Address: 1200 Fifth Avenue, Suite 1200 Seattle, WA 98101 13F File Number: 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: Shaun E. Corry Title: Chief Compliance Officer Phone: 206-838-8385 Signature, Place, and Date of Signing: /s/ Shaun E. Corry Seattle, WA May 10, 2011 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: 0 Form 13F Information Table Entry Total: 55 Form 13F Information Table Value Total: $204,822 (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. NONE 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- 3M COMPANY Common Stock 88579y101 976 10440 SH Sole 10440 ABBOTT LABORATORIES Common Stock 002824100 6807 138776 SH Sole 138776 AMERICAN EXPRESS CO Common Stock 025816109 298 6600 SH Sole 6600 AMERISERV FINANCIAL INC Common Stock 03074A102 237 100000 SH Sole 100000 ANGLOGOLD ASHANTI LTD Sponsored Adr 035128206 8797 183459 SH Sole 183459 ARCHER-DANIELS MIDLAND CO Common Stock 039483102 7637 212068 SH Sole 212068 AT&T INC Common Stock 00206R102 7899 258048 SH Sole 258048 AVISTA CORP Common Stock 05379b107 8072 348980 SH Sole 348980 BANK OF UTICA NY NON VTG Common Stock 065437204 271 1000 SH Sole 1000 BARRICK GOLD CORP CAD Common Stock 067901108 517 9966 SH Sole 9966 BERKSHIRE HATHAWAY INC DEL CLA CL A 084670108 752 6 SH Sole 6 BERKSHIRE HATHAWAY INC DELCL B CL B 084670702 439 5250 SH Sole 5250 BHP BILLITON LTD SPONS Sponsored ADR 088606108 1367 14253 SH Sole 14253 BOEING CO Common Stock 097023105 206 2784 SH Sole 2784 BRISTOL MYERS SQUIBB CO Common Stock 110122108 431 16320 SH Sole 16320 BRT REALTY TRUST Common Stock 129 20000 SH Sole 20000 CARBO CERAMICS INC Common Stock 140781105 2159 15300 SH Sole 15300 CHEVRON CORP Common Stock 166764100 2305 21442 SH Sole 21442 CITIGROUP INC Common Stock 172967101 141 32000 SH Sole 32000 COCA COLA COMPANY Common Stock 191216100 964 14526 SH Sole 14526 DELL INC Common Stock 24702R101 5158 355461 SH Sole 355461 ELI LILLY & CO Common Stock 532457108 5413 153915 SH Sole 153915 ENCANA CORP Common Stock 292505104 6600 191150 SH Sole 191150 EXXON MOBIL CORP Common Stock 30231G102 947 11253 SH Sole 11253 FIRST CAROLINA INV INC Common Stock 319420105 123 24700 SH Sole 24700 FLEXTRONICS INTERNATIONAL LTD Common Stock Y2573F102 3914 524000 SH Sole 524000 GENERAL ELECTRIC CO Common Stock 369604103 6996 348933 SH Sole 348933 INTEL CORP Common Stock 458140100 6968 345300 SH Sole 345300 INTL BUSINESS MACHINES CORP Common Stock 459200101 434 2659 SH Sole 2659 ISHARES GOLD TRUST Common Stock 141 10050 SH Sole 10050 ISHARES SILVER TRUST Ishares 46428Q109 8651 235270 SH Sole 235270 JPMORGAN CHASE & CO Common Stock 46625h100 221 4800 SH Sole 4800 L 3 COMMUNICATIONS INC Common Stock 502424104 7747 98922 SH Sole 98922 M & T BANK CORP Common Stock 55261F104 2591 29283 SH Sole 29283 MERCK & CO INC NEW Common Stock 58933y105 6999 212041 SH Sole 212041 MICROSOFT CORP Common Stock 594918104 5204 204950 SH Sole 204950 NEWMONT MINING CORP Common Stock 651639106 7392 135428 SH Sole 135428 OMEROS CORPORATION Common Stock 682143102 157 19639 SH Sole 19639 PAN AMERN SILVER CORP Common Stock 697900108 342 9200 SH Sole 9200 PFIZER INC Common Stock 717081103 7658 377074 SH Sole 377074 PORTLAND GENERAL ELECTRIC CO Common Stock 736508847 6909 290668 SH Sole 290668 PROSHARES SHORT S&P500 Common Stock 74347R503 3031 73617 SH Sole 73617 RADIOSHACK CORP Common Stock 750438103 5628 374965 SH Sole 374965 REDWOOD TRUST INC Common Stock 758075402 4751 305553 SH Sole 305553 SAFEWAY INC NEW Common Stock 786514208 5803 246505 SH Sole 246505 SEACO LTD ORD Common Stock G79441104 14 20000 SH Sole 20000 SOUTHWEST AIRLINES CO Common Stock 844741108 7260 574838 SH Sole 574838 SPDR GOLD TR GOLD SHS Ishares 78463V107 5146 36795 SH Sole 36795 SYMANTEC CORP Common Stock 871503108 617 33300 SH Sole 33300 TECO ENERGY INC Common Stock 872375100 6285 335011 SH Sole 335011 TIDEWATER INC Common Stock 886423102 582 9719 SH Sole 9719 TOTAL S A ADR Common Stock 89151E109 6844 112245 SH Sole 112245 WAL-MART STORES INC Common Stock 931142103 5016 96371 SH Sole 96371 WASHINGTON FEDERAL INC Common Stock 938824109 6999 403624 SH Sole 403624 WELLS FARGO & CO NEW Common Stock 949746101 5877 185334 SH Sole 185334 204822