13F-HR 1 shufrorose09302009.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: September 30, 2009 Check here if Amendment (); Amendment Number: This Amendment (Check only one): ( ) is a restatement. (X) adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Shufro Rose & Co, LLC Address: 745 Fifth Avenue 26th Floor New York, NY 10151 13F File Number:28-792 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: Steven J. Glass Title: Managing Director Phone: 212-754-5100 Signature, Place, and Date of Signing: Steven J. Glass New York, NY October 15, 2009 Report Type (Check only one): (X) 13F HOLDINGS REPORT ( ) 13F NOTICE ( ) 13F COMBINATION REPORT I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934. FORM 13F SUMMARY PAGE AS OF DATE: 09/30/09 RUN DATE: 10/15/09 12:17 P.M. REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 234 FORM 13F INFORMATION TABLE VALUE TOTAL: $615,767,635.77 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME Shufro, Rose & CO LLC Page: 1 Form 13F Information Table As of Date: 9/30/2009 - Voting Authority - Title Name of Issuer of Class - CUSIP - Value Shares/ SH/ Put/ Invstmt/ Oth Voting Authority Shared None (X $1000) Prn Amt Prn Call Dscretn Mgrs Sole Shared None BLACKROCK MUNIYIELD NY INSD FD FUND 09255E102 271 22,000 SH SOLE 0 0 22,000 VAN KAMPEN TR FOR INVESTMENT FUND 920931102 167 11,573 SH SOLE 0 0 11,573 VAN KAMPEN TR FOR INVESTMENT FUND 920929106 289 20,680 SH SOLE 0 0 20,680 WESTERN ASSET MUN PARTNERS FD FUND 95766P108 237 17,535 SH SOLE 0 0 17,535 NETWORK EQP TECH 7.25% 5-15-14 CONV BND 641208AA1 2,877 3,346,000 PRN SOLE 0 0 3,346,000 ROYAL BANK SCOTLAND 6.40% PFD PFD 780097796 710 67,700 SH SOLE 0 0 67,700 BLACKROCK FLT RT STRATEGIES FD FUND 09255X100 805 62,600 SH SOLE 0 0 62,600 DREYFUS HIGH YIELD STRATEGIES FUND 26200S101 53 15,000 SH SOLE 0 0 15,000 DWS MULTI MKT INCOME TR FUND 23338L108 372 45,200 SH SOLE 0 0 45,200 EATON VANCE LTD DURATION INC FUND 27828H105 692 46,803 SH SOLE 0 0 46,803 1ST TR / 4 CORNERS SR FLOAT FD FUND 33733U108 350 31,600 SH SOLE 0 0 31,600 NUVEEN (JTP) QLTY PFD INC FUND FUND 67071S101 112 16,800 SH SOLE 0 0 16,800 NUVEEN (JHP) QLTY PFD INC FD 3 FUND 67072W101 141 20,350 SH SOLE 0 0 20,350 NUVEEN MULTI-STRATEGY INCOME & FUND 67073B106 69 10,000 SH SOLE 0 0 10,000 NUVEEN MULTI-STRATEGY INC AND FUND 67073D102 117 16,300 SH SOLE 0 0 16,300 PUTNAM PREMIER INCOME TRUST FUND 746853100 104 17,920 SH SOLE 0 0 17,920 COHEN STEERS REIT & UTIL FND FUND 19247Y108 171 18,000 SH SOLE 0 0 18,000 WESTERN ASSET GLBL PTNS INC FD FUND 95766G108 227 19,700 SH SOLE 0 0 19,700 ACUSPHERE INC COM 00511R870 3 21,000 SH SOLE 0 0 21,000 ADAPTEC COM 00651F108 343 102,800 SH SOLE 0 0 102,800 AGILYSYS COM 00847J105 5,952 903,195 SH SOLE 0 0 903,195 AGRIUM INC COM 008916108 9,005 180,875 SH SOLE 0 0 180,875 ALASKA PACIFIC BANCSHARES COM 011757101 74 16,650 SH SOLE 0 0 16,650 AMERICAN EAGLE OUTFITTERS COM 02553E106 256 15,200 SH SOLE 0 0 15,200 AMERICAN EXPRESS COM 025816109 1,362 40,190 SH SOLE 0 0 40,190 AMERICAN SOFTWARE COM 029683109 166 25,550 SH SOLE 0 0 25,550 AMGEN INC COM 031162100 227 3,775 SH SOLE 0 0 3,775 APPLE COMPUTER COM 037833100 227 1,230 SH SOLE 0 0 1,230 APPLIED MATERIALS COM 038222105 1,931 144,142 SH SOLE 0 0 144,142 AT&T INC COM 00206R102 1,028 38,082 SH SOLE 0 0 38,082 ATLANTIC AMERICAN CORP COM 048209100 85 81,800 SH SOLE 0 0 81,800 AUTOMATIC DATA PROCESSING COM 053015103 3,780 96,190 SH SOLE 0 0 96,190 AVX COM 002444107 8,254 691,940 SH SOLE 0 0 691,940 BAFFINLAND IRON MINES COM 056620107 4 10,000 SH SOLE 0 0 10,000 BANK OF AMERICA COM 060505104 1,525 90,144 SH SOLE 0 0 90,144 BANK OF NEW YORK MELLON CP COM 064058100 705 24,328 SH SOLE 0 0 24,328 BAR HARBOR BANKSHARES COM 066849100 7,318 215,250 SH SOLE 0 0 215,250 BARNES & NOBLE COM 067774109 1,922 86,500 SH SOLE 0 0 86,500 BERKSHIRE BANCORP COM 084597202 512 75,070 SH SOLE 0 0 75,070 BERKSHIRE HATHAWAY A SHARES COM 084670108 1,010 10 SH SOLE 0 0 10 BERKSHIRE HATHAWAY B SHARES COM 084670207 6,569 1,977 SH SOLE 0 0 1,977 BNCCORP INC COM 055936108 63 12,500 SH SOLE 0 0 12,500 BOSTON PRIVATE FINANCIAL HLDGS COM 101119105 103 15,900 SH SOLE 0 0 15,900 BP PLC COM 055622104 1,275 23,965 SH SOLE 0 0 23,965 BRESLER & REINER COM 107336109 66 20,100 SH SOLE 0 0 20,100 BRISTOL-MYERS SQUIBB COM 110122108 457 20,319 SH SOLE 0 0 20,319 BROOKS AUTOMATION COM 114340102 361 46,800 SH SOLE 0 0 46,800 BROWN SHOE COMPANY COM 115736100 2,116 263,900 SH SOLE 0 0 263,900 CABELA'S INC COM 126804301 1,091 81,790 SH SOLE 0 0 81,790 CALAMP CORP COM 128126109 45 16,300 SH SOLE 0 0 16,300 CARNIVAL CRUISE LINES COM 143658300 381 11,450 SH SOLE 0 0 11,450 Shufro, Rose & CO LLC Page: 2 Form 13F Information Table As of Date: 9/30/2009 - Voting Authority - Title Name of Issuer of Class - CUSIP - Value Shares/ SH/ Put/ Invstmt/ Oth Voting Authority Shared None (X $1000) Prn Amt Prn Call Dscretn Mgrs Sole Shared None CARRIAGE SERVICES COM 143905107 198 50,950 SH SOLE 0 0 50,950 CBS CLASS B COM 124857202 131 10,900 SH SOLE 0 0 10,900 CENTRUE FINANCIAL COM 15643B106 42 11,300 SH SOLE 0 0 11,300 CHESAPEAKE ENERGY COM 165167107 842 29,650 SH SOLE 0 0 29,650 CHEVRON CORP COM 166764100 2,909 41,309 SH SOLE 0 0 41,309 CHICOS FAS COM 168615102 10,764 828,025 SH SOLE 0 0 828,025 CHRISTOPHER & BANKS COM 171046105 184 27,200 SH SOLE 0 0 27,200 CIMAREX ENERGY COM 171798101 396 9,150 SH SOLE 0 0 9,150 CISCO SYSTEMS COM 17275R102 748 31,796 SH SOLE 0 0 31,796 CITADEL BROADCASTING COM 17285T106 0 12,393 SH SOLE 0 0 12,393 CITIGROUP COM 172967101 1,040 214,990 SH SOLE 0 0 214,990 COCA-COLA COM 191216100 209 3,910 SH SOLE 0 0 3,910 COMCAST NEW CLASS A COM 20030N101 255 15,134 SH SOLE 0 0 15,134 COMMERCIAL METALS COM 201723103 828 46,300 SH SOLE 0 0 46,300 CONOCOPHILLIPS COM 20825C104 486 10,763 SH SOLE 0 0 10,763 COOLBRANDS INTERNATIONAL COM 21639P307 119 160,000 SH SOLE 0 0 160,000 CORNING COM 219350105 338 22,083 SH SOLE 0 0 22,083 COSTCO WHOLESALE COM 22160K105 496 8,800 SH SOLE 0 0 8,800 DELL INC COM 24702R101 242 15,875 SH SOLE 0 0 15,875 DISNEY WALT COM 254687106 4,568 166,380 SH SOLE 0 0 166,380 DONEGAL GROUP COM 257701201 412 26,730 SH SOLE 0 0 26,730 DOT HILL SYSTEMS COM 25848T109 97 56,150 SH SOLE 0 0 56,150 DOVER CORP COM 260003108 7,524 194,120 SH SOLE 0 0 194,120 DRESS BARN COM 261570105 2,200 122,700 SH SOLE 0 0 122,700 D R HORTON COM 23331A109 256 22,485 SH SOLE 0 0 22,485 DRUGSTORE.COM COM 262241102 51 21,200 SH SOLE 0 0 21,200 DUPONT COM 263534109 11,887 369,872 SH SOLE 0 0 369,872 EAGLE MATERIALS COM 26969P108 1,686 59,015 SH SOLE 0 0 59,015 EL PASO CORPORATION COM 28336L109 338 32,800 SH SOLE 0 0 32,800 EMERSON ELECTRIC COM 291011104 216 5,400 SH SOLE 0 0 5,400 ENERGY TRANSFER PARTNERS COM 29273R109 208 4,890 SH SOLE 0 0 4,890 ENER1 INC COM 29267A203 217 31,475 SH SOLE 0 0 31,475 ENZO BIOCHEM COM 294100102 258 36,456 SH SOLE 0 0 36,456 ETHAN ALLEN INTERIORS COM 297602104 6,105 370,000 SH SOLE 0 0 370,000 EUROPEAN EQUITY FUND COM 298768102 2,095 301,972 SH SOLE 0 0 301,972 EXCAPSA SOFTWARE COM 30066E107 0 38,000 SH SOLE 0 0 38,000 EXELON CORP COM 30161N101 8,717 175,685 SH SOLE 0 0 175,685 EXXON MOBIL COM 30231G102 20,314 296,091 SH SOLE 0 0 296,091 FEDERAL SIGNAL COM 313855108 538 74,925 SH SOLE 0 0 74,925 FIRST BANK OF DELAWARE COM 319307104 177 118,307 SH SOLE 0 0 118,307 FIRST CITIZENS BANCORP SC COM 319460101 1,900 4,751 SH SOLE 0 0 4,751 FIRST NATIONAL BANK ALASKA COM 32112J106 3,547 2,150 SH SOLE 0 0 2,150 FLEXIINTERNATIONAL SOFTWARE COM 338923105 6 75,000 SH SOLE 0 0 75,000 FLEXTRONICS INTERNATIONAL LTD COM Y2573F102 8,311 1,114,177 SH SOLE 0 0 1,114,177 FORD MOTOR CO COM 345370860 109 15,202 SH SOLE 0 0 15,202 FREIGHTCAR AMERICA COM 357023100 9,221 379,505 SH SOLE 0 0 379,505 FRIEDMAN INDUSTRIES COM 358435105 696 116,000 SH SOLE 0 0 116,000 FULL METAL MINERALS COM 35968C109 1 10,000 SH SOLE 0 0 10,000 GAMESTOP CLASS A COM 36467W109 5,742 216,933 SH SOLE 0 0 216,933 GARMIN LTD COM G37260109 298 7,910 SH SOLE 0 0 7,910 GENERAL ELECTRIC COM 369604103 27,102 1,650,558 SH SOLE 0 0 1,650,558 Shufro, Rose & CO LLC Page: 3 Form 13F Information Table As of Date: 9/30/2009 - Voting Authority - Title Name of Issuer of Class - CUSIP - Value Shares/ SH/ Put/ Invstmt/ Oth Voting Authority Shared None (X $1000) Prn Amt Prn Call Dscretn Mgrs Sole Shared None GERON CORP COM 374163103 675 103,000 SH SOLE 0 0 103,000 GREATER CHINA FUND COM 39167B102 658 53,713 SH SOLE 0 0 53,713 GUARANTY BANCORP COM 40075T102 51 34,700 SH SOLE 0 0 34,700 HARDINGE INC COM 412324303 300 48,500 SH SOLE 0 0 48,500 HARLEYSVILLE NATIONAL COM 412850109 79 14,908 SH SOLE 0 0 14,908 HARRIS & HARRIS GROUP COM 413833104 3,691 590,600 SH SOLE 0 0 590,600 HARRY WINSTON DIAMOND COM 41587B100 104 12,500 SH SOLE 0 0 12,500 HCC INSURANCE HOLDINGS COM 404132102 1,635 59,795 SH SOLE 0 0 59,795 HEALTH FITNESS CORPORATION COM 42217V201 867 155,200 SH SOLE 0 0 155,200 HECLA MINING COM 422704106 92 21,000 SH SOLE 0 0 21,000 HEWLETT PACKARD COM 428236103 15,163 321,194 SH SOLE 0 0 321,194 HOME DEPOT COM 437076102 1,111 41,718 SH SOLE 0 0 41,718 HUDSON HOLDING COM 443793104 3 15,000 SH SOLE 0 0 15,000 ILLINOIS TOOL WORKS COM 452308109 6,903 161,635 SH SOLE 0 0 161,635 IMMUCELL CORP NEW COM 452525306 35 10,000 SH SOLE 0 0 10,000 INFOSONICS CORP COM 456784107 41 27,500 SH SOLE 0 0 27,500 INTEL COM 458140100 22,447 1,147,043 SH SOLE 0 0 1,147,043 INTL BUSINESS MACHINES COM 459200101 8,164 68,257 SH SOLE 0 0 68,257 INTL COAL GROUP COM 45928H106 906 224,845 SH SOLE 0 0 224,845 INTL FRONTIER RESOURCES COM 459976106 1 25,000 SH SOLE 0 0 25,000 INTL PAPER COM 460146103 16,968 763,301 SH SOLE 0 0 763,301 INTL RECTIFIER COM 460254105 8,652 443,950 SH SOLE 0 0 443,950 JAPAN EQUITY FUND COM 471057109 4,937 904,226 SH SOLE 0 0 904,226 JAPAN SMALLER CAP FUND COM 47109U104 3,479 439,900 SH SOLE 0 0 439,900 JETBLUE AIRWAYS COM 477143101 62 10,500 SH SOLE 0 0 10,500 JOHNSON & JOHNSON COM 478160104 16,800 275,920 SH SOLE 0 0 275,920 JOY GLOBAL COM 481165108 650 13,300 SH SOLE 0 0 13,300 KADANT COM 48282T104 6,321 521,130 SH SOLE 0 0 521,130 KELLY SERVICES CL A COM 488152208 5,119 416,200 SH SOLE 0 0 416,200 KEMET CORP COM 488360108 494 323,400 SH SOLE 0 0 323,400 KIMBERLY-CLARK COM 494368103 1,279 21,700 SH SOLE 0 0 21,700 KRATOS DEFENSE & SEC SOLUTIONS COM 50077B207 1,132 129,450 SH SOLE 0 0 129,450 KREISLER MANUFACTURING COM 500773106 42 11,000 SH SOLE 0 0 11,000 LAKELAND INDUSTRIES COM 511795106 2,225 279,897 SH SOLE 0 0 279,897 LATTICE INCORPORATED COM 518414107 2 32,235 SH SOLE 0 0 32,235 LEXINGTON PROPERTY TRUST COM 529043101 135 26,477 SH SOLE 0 0 26,477 LIBERTY MEDIA HLDG INTRACTVE A COM 53071M104 382 34,892 SH SOLE 0 0 34,892 LSI CORPORATION COM 502161102 152 27,866 SH SOLE 0 0 27,866 LTX CREDENCE COM 502403108 31 18,846 SH SOLE 0 0 18,846 M & T BANK CORP COM 55261F104 2,317 37,191 SH SOLE 0 0 37,191 MCCORMICK SCHMICKS SEAFOOD RES COM 579793100 309 41,625 SH SOLE 0 0 41,625 MEADOWBROOK INSURANCE GROUP COM 58319P108 375 50,800 SH SOLE 0 0 50,800 MEDTRONIC COM 585055106 8,016 217,846 SH SOLE 0 0 217,846 MERCK & CO COM 589331107 628 19,856 SH SOLE 0 0 19,856 MEREDITH CORP COM 589433101 9,050 302,300 SH SOLE 0 0 302,300 MERITOR SAVINGS BANK COM 590007100 436 146,900 SH SOLE 0 0 146,900 METLIFE COM 59156R108 8,529 224,045 SH SOLE 0 0 224,045 MFS INTERMED INCOME TRUST COM 55273C107 104 15,300 SH SOLE 0 0 15,300 MICROSOFT COM 594918104 603 23,292 SH SOLE 0 0 23,292 MOBILE MINI COM 60740F105 7,993 460,480 SH SOLE 0 0 460,480 MONMOUTH REAL ESTATE INVT CORP COM 609720107 211 30,350 SH SOLE 0 0 30,350 Shufro, Rose & CO LLC Page: 4 Form 13F Information Table As of Date: 9/30/2009 - Voting Authority - Title Name of Issuer of Class - CUSIP - Value Shares/ SH/ Put/ Invstmt/ Oth Voting Authority Shared None (X $1000) Prn Amt Prn Call Dscretn Mgrs Sole Shared None JPMORGAN CHASE & CO COM 46625H100 15,575 355,451 SH SOLE 0 0 355,451 MUELLER WATER PRODUCTS COM 624758108 301 55,000 SH SOLE 0 0 55,000 MYLAN INC COM 628530107 179 11,205 SH SOLE 0 0 11,205 NAM TAI ELECTRONICS COM 629865205 66 12,300 SH SOLE 0 0 12,300 NANOPHASE TECHNOLOGIES COM 630079101 22 19,300 SH SOLE 0 0 19,300 NATIONAL WESTERN LIFE INSUR COM 638522102 9,194 52,248 SH SOLE 0 0 52,248 NAVARRE CORP COM 639208107 59 27,000 SH SOLE 0 0 27,000 NAVIOS MARITIME COM Y62196103 124 25,400 SH SOLE 0 0 25,400 NESTLE SA ADR COM 641069406 442 10,408 SH SOLE 0 0 10,408 NEWCASTLE INVESTMENT COM 65105M108 69 23,500 SH SOLE 0 0 23,500 NEWPORT CORP COM 651824104 5,932 677,175 SH SOLE 0 0 677,175 NORTHERN TRUST CORP COM 665859104 205 3,525 SH SOLE 0 0 3,525 OFFICE DEPOT COM 676220106 700 105,800 SH SOLE 0 0 105,800 OLD REPUBLIC COM 680223104 930 76,425 SH SOLE 0 0 76,425 OMEGA PROTEIN COM 68210P107 693 142,900 SH SOLE 0 0 142,900 ON ASSIGNMENT COM 682159108 73 12,500 SH SOLE 0 0 12,500 ONE BEACON INSURANCE LTD COM G67742109 2,196 159,850 SH SOLE 0 0 159,850 OPNEXT INC COM 68375V105 56 19,400 SH SOLE 0 0 19,400 PACIFIC ASIA PETROLEUM COM 693864100 249 70,000 SH SOLE 0 0 70,000 PAMRAPO BANCORP COM 697738102 218 30,100 SH SOLE 0 0 30,100 PDL BIOPHARMA COM 69329Y104 118 15,000 SH SOLE 0 0 15,000 PENN VIRGINIA GP HOLDINGS COM 70788P105 416 32,500 SH SOLE 0 0 32,500 PEPSICO INC COM 713448108 1,222 20,837 SH SOLE 0 0 20,837 PETROLEUM DEVELOPMENT COM 716578109 354 19,000 SH SOLE 0 0 19,000 PFIZER INC COM 717081103 9,986 603,434 SH SOLE 0 0 603,434 PHILIPS ELECTRONICS COM 500472303 260 10,684 SH SOLE 0 0 10,684 PLUM CREEK TIMBER COM 729251108 245 8,000 SH SOLE 0 0 8,000 POWERSHARES QQQ TRUST SERIES 1 COM 73935A104 266 6,305 SH SOLE 0 0 6,305 PRIMEENERGY CORP COM 74158E104 828 28,900 SH SOLE 0 0 28,900 PROCTER & GAMBLE COM 742718109 264 4,575 SH SOLE 0 0 4,575 PROSHARES TRUST COM 74347R883 282 7,000 SH SOLE 0 0 7,000 PROSHARES TR ULTRA FINANCIALS COM 74347R743 69 11,795 SH SOLE 0 0 11,795 PROSPECT CAPITAL COM 74348T102 1,401 130,900 SH SOLE 0 0 130,900 QUALCOMM COM 747525103 980 21,800 SH SOLE 0 0 21,800 RAMCO GERSHENSON PROPERTIES TR COM 751452202 427 47,900 SH SOLE 0 0 47,900 REGAL-BELOIT COM 758750103 3,844 84,100 SH SOLE 0 0 84,100 ROCKWELL AUTOMATION COM 773903109 12,821 300,985 SH SOLE 0 0 300,985 ROYAL DUTCH SHELL PLC ADR A COM 780259206 337 5,910 SH SOLE 0 0 5,910 ST JOE CO COM 790148100 219 7,540 SH SOLE 0 0 7,540 SAKS INC COM 79377W108 1,542 226,171 SH SOLE 0 0 226,171 SALISBURY BANCORP COM 795226109 1,898 76,250 SH SOLE 0 0 76,250 SANOFI AVENTIS COM 80105N105 399 10,800 SH SOLE 0 0 10,800 SCHEIN (HENRY) COM 806407102 1,021 18,600 SH SOLE 0 0 18,600 SCHMITT INDUSTRIES COM 806870200 882 220,000 SH SOLE 0 0 220,000 SEABOARD CORP COM 811543107 208 160 SH SOLE 0 0 160 SE FINANCIAL COM 78412R108 216 41,295 SH SOLE 0 0 41,295 SENECA FOODS NEW COM 817070501 631 23,052 SH SOLE 0 0 23,052 SILICON STORAGE TECHNOLOGY COM 827057100 41 17,000 SH SOLE 0 0 17,000 SIMPSON MANUFACTURING COM 829073105 7,787 308,295 SH SOLE 0 0 308,295 SONOCO PRODUCTS COM 835495102 15,869 576,252 SH SOLE 0 0 576,252 SONOSITE COM 83568G104 1,418 53,610 SH SOLE 0 0 53,610 Shufro, Rose & CO LLC Page: 5 Form 13F Information Table As of Date: 9/30/2009 - Voting Authority - Title Name of Issuer of Class - CUSIP - Value Shares/ SH/ Put/ Invstmt/ Oth Voting Authority Shared None (X $1000) Prn Amt Prn Call Dscretn Mgrs Sole Shared None STRATTEC SECURITY COM 863111100 2,874 201,585 SH SOLE 0 0 201,585 SUPERIOR INDUSTRIES INTL COM 868168105 2,678 188,605 SH SOLE 0 0 188,605 SWISS HELVETIA FUND COM 870875101 6,611 551,422 SH SOLE 0 0 551,422 SYMMETRICOM INC COM 871543104 580 112,000 SH SOLE 0 0 112,000 SYNERON MEDICAL COM M87245102 287 25,200 SH SOLE 0 0 25,200 SYSCO CORP COM 871829107 210 8,490 SH SOLE 0 0 8,490 TARGET CORP COM 87612E106 763 16,364 SH SOLE 0 0 16,364 TELLABS COM 879664100 312 45,175 SH SOLE 0 0 45,175 TEMPLETON DRAGON FD COM 88018T101 909 35,800 SH SOLE 0 0 35,800 TERADYNE COM 880770102 1,453 157,110 SH SOLE 0 0 157,110 THERMO FISHER SCIENTIFIC COM 883556102 9,493 217,390 SH SOLE 0 0 217,390 TIME WARNER CABLE COM 88732J207 409 9,512 SH SOLE 0 0 9,512 TIME WARNER COM 887317303 1,064 37,004 SH SOLE 0 0 37,004 TRINITY INDUSTRIES COM 896522109 465 27,100 SH SOLE 0 0 27,100 UNITED CAPITAL COM 909912107 354 15,350 SH SOLE 0 0 15,350 UNITED PARCEL SERVICE COM 911312106 13,917 246,461 SH SOLE 0 0 246,461 US GYPSUM COM 903293405 5,243 305,190 SH SOLE 0 0 305,190 VALENCE TECH COM 918914102 37 21,000 SH SOLE 0 0 21,000 VERIZON COMMUNICATIONS COM 92343V104 931 30,778 SH SOLE 0 0 30,778 VISHAY INTERTECHNOLOGY COM 928298108 90 11,500 SH SOLE 0 0 11,500 VITESSE SEMICONDUCTOR COM 928497106 133 359,500 SH SOLE 0 0 359,500 VODAFONE GROUP PLC NEW COM 92857W209 473 21,060 SH SOLE 0 0 21,060 WABASH NATIONAL COM 929566107 2,909 1,069,500 SH SOLE 0 0 1,069,500 WAL-MART STORES COM 931142103 17,419 354,858 SH SOLE 0 0 354,858 WARWICK VALLEY TELEPHONE COM 936750108 146 12,400 SH SOLE 0 0 12,400 WASHINGTON POST COM 939640108 2,449 5,234 SH SOLE 0 0 5,234 WATSON PHARMACEUTICALS COM 942683103 6,738 183,900 SH SOLE 0 0 183,900 WESTLAKE CHEMICAL COM 960413102 14,463 562,770 SH SOLE 0 0 562,770 WHIRLPOOL CORP COM 963320106 9,588 137,063 SH SOLE 0 0 137,063 3M COMPANY COM 88579Y101 27,812 376,858 SH SOLE 0 0 376,858 Line Count: 234