13F-HR 1 shufrorose09302011.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, 2011 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 28, 2011 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: 09/30/11 RUN DATE: 10/28/11 03:50 P.M. REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 230 FORM 13F INFORMATION TABLE VALUE TOTAL: $665,802,744.80 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME Shufro, Rose & CO LLC Page: 1 Form 13F Information Table As of Date: 9/30/2011 - 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 MUNIHOLDINGS NY INSD FUND 09255C106 247 17,271 SH SOLE 0 0 17,271 BLACKROCK MUNIYIELD NY INSD FD FUND 09255E102 309 23,500 SH SOLE 0 0 23,500 WESTERN ASSET MUN PARTNERS FD FUND 95766P108 236 15,900 SH SOLE 0 0 15,900 NETWORK EQP CV 7.25% 5-15-14 CONV BND 641208AA1 2,595 3,286,000 PRN SOLE 0 0 3,286,000 HORNBECK 1.625% 11-15-26 CONV BND 440543AE6 838 885,000 PRN SOLE 0 0 885,000 BLACKROCK FLT RT STRATEGIES FD FUND 09255X100 918 72,150 SH SOLE 0 0 72,150 DREYFUS HIGH YIELD STRATEGIES FUND 26200S101 63 15,000 SH SOLE 0 0 15,000 DWS MULTI MKT INCOME TR FUND 23338L108 628 65,600 SH SOLE 0 0 65,600 EATON VANCE FL RT INCOME TRUST FUND 278279104 162 11,500 SH SOLE 0 0 11,500 EATON VANCE LTD DURATION INC FUND 27828H105 598 40,851 SH SOLE 0 0 40,851 NUVEEN (JTP) QLTY PFD INC FUND FUND 67071S101 118 15,800 SH SOLE 0 0 15,800 NUVEEN (JHP) QLTY PFD INC FD 3 FUND 67072W101 135 18,350 SH SOLE 0 0 18,350 NUVEEN MULTI-STRATEGY INCOME & FUND 67073B106 75 10,000 SH SOLE 0 0 10,000 NUVEEN MULTI-STRATEGY INC AND FUND 67073D102 128 16,300 SH SOLE 0 0 16,300 PIMCO FLOATING RATE INCOME FD FUND 72201H108 438 43,700 SH SOLE 0 0 43,700 PIMCO (PFN) FLOAT STRATEGY FD FUND 72201J104 274 31,300 SH SOLE 0 0 31,300 PUTNAM PREMIER INCOME TRUST FUND 746853100 106 19,920 SH SOLE 0 0 19,920 WESTERN ASSET GLBL PTNS INC FD FUND 95766G108 203 18,200 SH SOLE 0 0 18,200 ABB LTD SPONSORED ADR COM 000375204 444 26,000 SH SOLE 0 0 26,000 ABBOTT LABORATORIES COM 002824100 6,970 136,307 SH SOLE 0 0 136,307 ADPT CORPORATION COM 00101B103 26 10,000 SH SOLE 0 0 10,000 AGILYSYS COM 00847J105 1,200 168,435 SH SOLE 0 0 168,435 AGRIUM INC COM 008916108 7,151 107,280 SH SOLE 0 0 107,280 ALTEX INDUSTRIES COM 021454103 2 16,648 SH SOLE 0 0 16,648 AMERICAN EAGLE OUTFITTERS COM 02553E106 3,984 340,005 SH SOLE 0 0 340,005 AMERICAN EXPRESS COM 025816109 273 6,100 SH SOLE 0 0 6,100 AMERICAN SOFTWARE COM 029683109 134 18,550 SH SOLE 0 0 18,550 AMGEN INC COM 031162100 9,680 176,165 SH SOLE 0 0 176,165 AON CORP COM 037389103 1,910 45,500 SH SOLE 0 0 45,500 APPLE COMPUTER COM 037833100 346 910 SH SOLE 0 0 910 APPLIED MATERIALS COM 038222105 771 74,508 SH SOLE 0 0 74,508 AT&T INC COM 00206R102 365 12,799 SH SOLE 0 0 12,799 ATLANTIC AMERICAN CORP COM 048209100 151 79,800 SH SOLE 0 0 79,800 AUDIOCODES LTD ORD COM M15342104 37 12,000 SH SOLE 0 0 12,000 AUTOMATIC DATA PROCESSING COM 053015103 8,874 188,215 SH SOLE 0 0 188,215 AVERY DENNISON COM 053611109 11,188 446,110 SH SOLE 0 0 446,110 AVX COM 002444107 7,589 639,365 SH SOLE 0 0 639,365 BAJA MINING CORP COM 05709R103 57 77,500 SH SOLE 0 0 77,500 BANK OF AMERICA COM 060505104 552 90,245 SH SOLE 0 0 90,245 BANK OF NEW YORK MELLON COM 064058100 321 17,315 SH SOLE 0 0 17,315 BAR HARBOR BANKSHARES COM 066849100 6,546 233,800 SH SOLE 0 0 233,800 BCB BANCORP INC (NJ) COM 055298103 444 48,900 SH SOLE 0 0 48,900 BERKSHIRE BANCORP COM 084597202 510 78,856 SH SOLE 0 0 78,856 BERKSHIRE HATHAWAY A SHARES COM 084670108 1,708 16 SH SOLE 0 0 16 BERKSHIRE HATHAWAY B SHARES COM 084670702 4,388 61,778 SH SOLE 0 0 61,778 BIODELIVERY SCIENCES INTL COM 09060J106 65 59,900 SH SOLE 0 0 59,900 BLYTH INC COM 09643P207 9,930 179,085 SH SOLE 0 0 179,085 BOARDWALK PIPELINE PARTNERS COM 096627104 269 10,500 SH SOLE 0 0 10,500 BOSTON PRIVATE FINANCIAL HLDGS COM 101119105 69 11,800 SH SOLE 0 0 11,800 BP PLC COM 055622104 4,319 119,764 SH SOLE 0 0 119,764 BRESLER & REINER COM 107336109 7 10,100 SH SOLE 0 0 10,100 Shufro, Rose & CO LLC Page: 2 Form 13F Information Table As of Date: 9/30/2011 - 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 BRISTOL-MYERS SQUIBB COM 110122108 303 9,661 SH SOLE 0 0 9,661 BROWN SHOE COMPANY COM 115736100 3,750 526,800 SH SOLE 0 0 526,800 CAMAC ENERGY COM 131745101 149 249,700 SH SOLE 0 0 249,700 CARNIVAL CRUISE LINES COM 143658300 233 7,700 SH SOLE 0 0 7,700 CARRIAGE SERVICES COM 143905107 278 47,150 SH SOLE 0 0 47,150 CEMEX ADR COM 151290889 75 23,900 SH SOLE 0 0 23,900 CHESAPEAKE ENERGY COM 165167107 298 11,700 SH SOLE 0 0 11,700 CHEVRON CORP COM 166764100 3,268 35,328 SH SOLE 0 0 35,328 CHICOS FAS COM 168615102 7,598 664,775 SH SOLE 0 0 664,775 CHINACAST EDUCATION COM 16946T109 428 116,000 SH SOLE 0 0 116,000 CISCO SYSTEMS COM 17275R102 6,419 414,426 SH SOLE 0 0 414,426 CITADEL BROADCASTING COM 17285T106 0 11,848 SH SOLE 0 0 11,848 CITIGROUP COM 172967424 1,365 53,304 SH SOLE 0 0 53,304 COCA-COLA COM 191216100 257 3,808 SH SOLE 0 0 3,808 COHEN STEERS QLTY INC RLTY FD COM 19247L106 76 10,035 SH SOLE 0 0 10,035 COHEN & STEERS INFRASTRUCT FD COM 19248A109 267 17,207 SH SOLE 0 0 17,207 COMMERCIAL METALS COM 201723103 639 67,200 SH SOLE 0 0 67,200 COMPUTER SCIENCES COM 205363104 1,990 74,145 SH SOLE 0 0 74,145 CONOCOPHILLIPS COM 20825C104 621 9,813 SH SOLE 0 0 9,813 COPART INC COM 217204106 880 22,509 SH SOLE 0 0 22,509 CORNING COM 219350105 269 21,783 SH SOLE 0 0 21,783 CRAY INC COM 225223304 185 35,000 SH SOLE 0 0 35,000 CVS CAREMARK COM 126650100 2,714 80,850 SH SOLE 0 0 80,850 DELL INC COM 24702R101 257 18,175 SH SOLE 0 0 18,175 DISNEY WALT COM 254687106 2,912 96,571 SH SOLE 0 0 96,571 DONEGAL GROUP COM 257701201 298 24,760 SH SOLE 0 0 24,760 DOT HILL SYSTEMS COM 25848T109 33 22,000 SH SOLE 0 0 22,000 D R HORTON COM 23331A109 158 17,570 SH SOLE 0 0 17,570 DUPONT COM 263534109 9,864 246,787 SH SOLE 0 0 246,787 EAGLE MATERIALS COM 26969P108 1,283 77,065 SH SOLE 0 0 77,065 EL PASO CORPORATION COM 28336L109 279 16,000 SH SOLE 0 0 16,000 ENERPLUS CORPORATION (ERF) COM 292766102 294 12,000 SH SOLE 0 0 12,000 ENTROPIC COMMUNICATIONS INC COM 29384R105 113 27,500 SH SOLE 0 0 27,500 ENZO BIOCHEM COM 294100102 78 30,664 SH SOLE 0 0 30,664 ETHAN ALLEN INTERIORS COM 297602104 2,427 178,370 SH SOLE 0 0 178,370 EUROPEAN EQUITY FUND COM 298768102 85 14,518 SH SOLE 0 0 14,518 EXAMWORKS GROUP INC COM 30066A105 6,600 648,335 SH SOLE 0 0 648,335 EXCAPSA SOFTWARE COM 30066E107 0 38,000 SH SOLE 0 0 38,000 EXELON CORP COM 30161N101 27,103 636,080 SH SOLE 0 0 636,080 EXTREME NETWORKS COM 30226D106 29 11,000 SH SOLE 0 0 11,000 EXXON MOBIL COM 30231G102 26,731 368,049 SH SOLE 0 0 368,049 FARMERS & MERCHANTS BANK COM 308243104 240 60 SH SOLE 0 0 60 FIRST BANK OF DELAWARE COM 319307104 136 85,457 SH SOLE 0 0 85,457 FIRST CITIZENS BANCORP SC COM 319460101 1,123 2,620 SH SOLE 0 0 2,620 FIRST NATIONAL BANK ALASKA COM 32112J106 3,045 2,010 SH SOLE 0 0 2,010 FLEXIINTERNATIONAL SOFTWARE COM 338923105 6 75,000 SH SOLE 0 0 75,000 FLEXTRONICS INTERNATIONAL LTD COM Y2573F102 5,292 940,024 SH SOLE 0 0 940,024 FORD MOTOR CO COM 345370860 241 25,002 SH SOLE 0 0 25,002 FREEPORT MCMORAN COPPER & GOLD COM 35671D857 350 11,500 SH SOLE 0 0 11,500 FREIGHTCAR AMERICA COM 357023100 5,822 404,080 SH SOLE 0 0 404,080 FRIEDMAN INDUSTRIES COM 358435105 1,269 145,200 SH SOLE 0 0 145,200 Shufro, Rose & CO LLC Page: 3 Form 13F Information Table As of Date: 9/30/2011 - 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 GENERAL ELECTRIC COM 369604103 23,566 1,546,348 SH SOLE 0 0 1,546,348 GENERAL MILLS COM 370334104 382 9,950 SH SOLE 0 0 9,950 GERON CORP COM 374163103 244 115,100 SH SOLE 0 0 115,100 GETTY REALTY COM 374297109 631 43,812 SH SOLE 0 0 43,812 GILEAD SCIENCES COM 375558103 578 14,900 SH SOLE 0 0 14,900 GREATER CHINA FUND COM 39167B102 758 77,666 SH SOLE 0 0 77,666 GUARANTY BANCORP COM 40075T102 34 28,700 SH SOLE 0 0 28,700 HARDINGE INC COM 412324303 318 38,900 SH SOLE 0 0 38,900 HARRIS & HARRIS GROUP COM 413833104 2,584 727,900 SH SOLE 0 0 727,900 HARSCO CORP COM 415864107 1,712 88,320 SH SOLE 0 0 88,320 HCC INSURANCE HOLDINGS COM 404132102 9,262 342,410 SH SOLE 0 0 342,410 HEWLETT PACKARD COM 428236103 10,346 460,850 SH SOLE 0 0 460,850 HOME DEPOT COM 437076102 871 26,503 SH SOLE 0 0 26,503 HUDSON CITY BANCORP COM 443683107 8,118 1,434,435 SH SOLE 0 0 1,434,435 ILLINOIS TOOL WORKS COM 452308109 7,073 170,030 SH SOLE 0 0 170,030 INTEL COM 458140100 27,162 1,273,427 SH SOLE 0 0 1,273,427 INTL BUSINESS MACHINES COM 459200101 1,981 11,322 SH SOLE 0 0 11,322 INTL PAPER COM 460146103 7,347 316,029 SH SOLE 0 0 316,029 INTL RECTIFIER COM 460254105 6,393 343,345 SH SOLE 0 0 343,345 ISHARES SILVER TRUST COM 46428Q109 280 9,700 SH SOLE 0 0 9,700 ITT CORPORATION COM 450911102 22,688 540,193 SH SOLE 0 0 540,193 JACOBS ENGINEERING GROUP COM 469814107 2,746 85,050 SH SOLE 0 0 85,050 JAPAN EQUITY FUND COM 471057109 3,020 572,000 SH SOLE 0 0 572,000 JAPAN SMALLER CAP FUND COM 47109U104 1,705 229,534 SH SOLE 0 0 229,534 JETBLUE AIRWAYS COM 477143101 122 29,800 SH SOLE 0 0 29,800 JOHNSON & JOHNSON COM 478160104 11,456 179,825 SH SOLE 0 0 179,825 KELLY SERVICES CL A COM 488152208 4,156 364,575 SH SOLE 0 0 364,575 KIMBERLY-CLARK COM 494368103 365 5,150 SH SOLE 0 0 5,150 KKR FINANCIAL HOLDINGS COM 48248A306 546 73,500 SH SOLE 0 0 73,500 KRATOS DEFENSE & SEC SOLUTIONS COM 50077B207 2,108 313,795 SH SOLE 0 0 313,795 KREISLER MANUFACTURING COM 500773106 36 10,000 SH SOLE 0 0 10,000 LAKELAND INDUSTRIES COM 511795106 1,887 241,997 SH SOLE 0 0 241,997 LEAPFROG ENTERPRISES COM 52186N106 33 10,000 SH SOLE 0 0 10,000 LEGG MASON COM 524901105 563 21,900 SH SOLE 0 0 21,900 LEXINGTON PROPERTY TRUST COM 529043101 168 25,832 SH SOLE 0 0 25,832 LOUISIANA PACIFIC COM 546347105 206 40,500 SH SOLE 0 0 40,500 LSI CORPORATION COM 502161102 90 17,414 SH SOLE 0 0 17,414 L 3 COMMUNICATIONS HOLDINGS COM 502424104 5,744 92,700 SH SOLE 0 0 92,700 M & T BANK CORP COM 55261F104 1,173 16,787 SH SOLE 0 0 16,787 MAGELLAN PETROLEUM COM 559091301 15 13,000 SH SOLE 0 0 13,000 MANNKIND CORP COM 56400P201 56 15,000 SH SOLE 0 0 15,000 MCCORMICK SCHMICKS SEAFOOD RES COM 579793100 807 116,700 SH SOLE 0 0 116,700 MEADOWBROOK INSURANCE GROUP COM 58319P108 860 96,600 SH SOLE 0 0 96,600 MEDTRONIC COM 585055106 12,747 383,513 SH SOLE 0 0 383,513 MERCK & CO COM 58933Y105 586 17,942 SH SOLE 0 0 17,942 MEREDITH CORP COM 589433101 6,570 290,220 SH SOLE 0 0 290,220 MERITOR SAVINGS BANK COM 590007100 7,951 1,888,800 SH SOLE 0 0 1,888,800 METLIFE COM 59156R108 6,725 240,100 SH SOLE 0 0 240,100 MFS INTERMED INCOME TRUST COM 55273C107 141 23,630 SH SOLE 0 0 23,630 MICRONETICS INC COM 595125105 322 52,500 SH SOLE 0 0 52,500 MICROSOFT COM 594918104 11,513 462,590 SH SOLE 0 0 462,590 Shufro, Rose & CO LLC Page: 4 Form 13F Information Table As of Date: 9/30/2011 - 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 MIDDLEBURG FINANCIAL CORP COM 596094102 1,785 117,576 SH SOLE 0 0 117,576 MOBILE MINI COM 60740F105 7,646 465,110 SH SOLE 0 0 465,110 MONMOUTH REAL ESTATE INVT CORP COM 609720107 316 39,850 SH SOLE 0 0 39,850 JPMORGAN CHASE & CO COM 46625H100 9,935 329,880 SH SOLE 0 0 329,880 MUELLER WATER PRODUCTS COM 624758108 142 57,600 SH SOLE 0 0 57,600 NATIONAL WESTERN LIFE INSUR COM 638522102 8,705 64,245 SH SOLE 0 0 64,245 NAVARRE CORP COM 639208107 20 12,000 SH SOLE 0 0 12,000 NAVIOS MARITIME COM Y62196103 74 23,500 SH SOLE 0 0 23,500 NESTLE SA ADR COM 641069406 413 7,500 SH SOLE 0 0 7,500 NEWCASTLE INVESTMENT COM 65105M108 45 11,100 SH SOLE 0 0 11,100 NEWPORT CORP COM 651824104 7,047 651,925 SH SOLE 0 0 651,925 NEWMONT MINING COM 651639106 534 8,500 SH SOLE 0 0 8,500 NVIDIA COM 67066G104 148 11,870 SH SOLE 0 0 11,870 OLD REPUBLIC COM 680223104 606 68,025 SH SOLE 0 0 68,025 OMEGA PROTEIN COM 68210P107 1,025 112,900 SH SOLE 0 0 112,900 ONE BEACON INSURANCE LTD COM G67742109 295 21,700 SH SOLE 0 0 21,700 OPKO HEALTH INC COM 68375N103 62 14,500 SH SOLE 0 0 14,500 OPNEXT COM 68375V105 102 82,000 SH SOLE 0 0 82,000 ORBOTECH LTD-ORD COM M75253100 252 26,125 SH SOLE 0 0 26,125 OVERSEAS SHIPHOLDING GROUP COM 690368105 1,002 72,945 SH SOLE 0 0 72,945 PENN VA RESOURCE PARTNERS LP COM 707884102 927 39,666 SH SOLE 0 0 39,666 PEPSICO INC COM 713448108 892 14,425 SH SOLE 0 0 14,425 PETROBANK ENERGY & RESOURCES COM 71645P106 288 47,700 SH SOLE 0 0 47,700 PETROLEUM DEVELOPMENT COM 716578109 1,152 59,450 SH SOLE 0 0 59,450 PETROBAKKEN ENERGY LTD COM 71645A109 128 19,700 SH SOLE 0 0 19,700 PFIZER INC COM 717081103 9,332 527,864 SH SOLE 0 0 527,864 POLAR INVESTMENT COM X65727103 31 11,969 SH SOLE 0 0 11,969 PROCTER & GAMBLE COM 742718109 385 6,102 SH SOLE 0 0 6,102 PROSPECT CAPITAL COM 74348T102 1,325 157,600 SH SOLE 0 0 157,600 QUALCOMM COM 747525103 1,463 30,100 SH SOLE 0 0 30,100 QUEST DIAGNOSTICS COM 74834L100 6,696 135,670 SH SOLE 0 0 135,670 RAMCO GERSHENSON PROPERTIES TR COM 751452202 485 59,200 SH SOLE 0 0 59,200 RESEARCH FRONTIERS COM 760911107 213 56,500 SH SOLE 0 0 56,500 ROYAL DUTCH SHELL PLC ADR A COM 780259206 338 5,500 SH SOLE 0 0 5,500 SALISBURY BANCORP COM 795226109 1,923 77,800 SH SOLE 0 0 77,800 SANDISK CORP COM 80004C101 449 11,140 SH SOLE 0 0 11,140 SANOFI AVENTIS COM 80105N105 357 10,900 SH SOLE 0 0 10,900 SCHEIN (HENRY) COM 806407102 706 11,400 SH SOLE 0 0 11,400 SCHMITT INDUSTRIES COM 806870200 326 102,000 SH SOLE 0 0 102,000 SEABOARD CORP COM 811543107 270 150 SH SOLE 0 0 150 SE FINANCIAL COM 78412R108 145 34,145 SH SOLE 0 0 34,145 SENECA FOODS NEW COM 817070501 851 43,000 SH SOLE 0 0 43,000 SIMPSON MANUFACTURING COM 829073105 4,901 196,610 SH SOLE 0 0 196,610 SKECHERS USA COM 830566105 3,346 238,510 SH SOLE 0 0 238,510 SONOCO PRODUCTS COM 835495102 11,913 422,005 SH SOLE 0 0 422,005 SONOSITE COM 83568G104 1,337 44,070 SH SOLE 0 0 44,070 SOUTHWEST AIRLINES COM 844741108 102 12,800 SH SOLE 0 0 12,800 S & P MIDCAP 400 SPDR COM 78467Y107 219 1,545 SH SOLE 0 0 1,545 STONEGATE BANK COM 861811107 141 10,000 SH SOLE 0 0 10,000 STRATTEC SECURITY COM 863111100 3,236 134,955 SH SOLE 0 0 134,955 SUNCOR ENERGY NEW COM 867224107 224 8,810 SH SOLE 0 0 8,810 Shufro, Rose & CO LLC Page: 5 Form 13F Information Table As of Date: 9/30/2011 - 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 SUPERIOR INDUSTRIES INTL COM 868168105 1,880 121,705 SH SOLE 0 0 121,705 SWISS HELVETIA FUND COM 870875101 5,173 462,338 SH SOLE 0 0 462,338 SYMMETRICOM INC COM 871543104 210 48,500 SH SOLE 0 0 48,500 SYSCO CORP COM 871829107 313 12,100 SH SOLE 0 0 12,100 TARGET CORP COM 87612E106 807 16,464 SH SOLE 0 0 16,464 TEMPLETON DRAGON FD COM 88018T101 703 29,050 SH SOLE 0 0 29,050 TERADYNE COM 880770102 1,493 135,665 SH SOLE 0 0 135,665 TEVA PHARMACEUTICAL COM 881624209 12,373 332,450 SH SOLE 0 0 332,450 TEXAS INSTRUMENTS COM 882508104 25,513 957,347 SH SOLE 0 0 957,347 THERMO FISHER SCIENTIFIC COM 883556102 10,778 212,855 SH SOLE 0 0 212,855 TIME WARNER CABLE COM 88732J207 348 5,565 SH SOLE 0 0 5,565 TIME WARNER COM 887317303 598 19,956 SH SOLE 0 0 19,956 TRINITY INDUSTRIES COM 896522109 554 25,900 SH SOLE 0 0 25,900 UNILEVER PLC COM 904767704 2,417 77,494 SH SOLE 0 0 77,494 UNITED PARCEL SERVICE COM 911312106 15,569 246,555 SH SOLE 0 0 246,555 US GYPSUM COM 903293405 836 124,240 SH SOLE 0 0 124,240 VALENCE TECH COM 918914102 10 10,000 SH SOLE 0 0 10,000 VEOLIA ENVIRONNEMENT ADR COM 92334N103 262 18,050 SH SOLE 0 0 18,050 VISHAY PRECISION GROUP COM 92835K103 4,612 349,992 SH SOLE 0 0 349,992 VODAFONE GROUP PLC NEW COM 92857W209 7,130 278,005 SH SOLE 0 0 278,005 WALKER & DUNLOP COM 93148P102 3,974 342,000 SH SOLE 0 0 342,000 WAL-MART STORES COM 931142103 16,969 326,971 SH SOLE 0 0 326,971 WARWICK VALLEY TELEPHONE COM 936750108 152 12,000 SH SOLE 0 0 12,000 WASHINGTON POST COM 939640108 1,758 5,377 SH SOLE 0 0 5,377 WHIRLPOOL CORP COM 963320106 5,695 114,125 SH SOLE 0 0 114,125 3M COMPANY COM 88579Y101 8,106 112,920 SH SOLE 0 0 112,920 Line Count: 230