13F-HR 1 shufrorose12312011.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: December 31, 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 January 12, 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: 12/31/11 RUN DATE: 1/12/11 12:00 P.M. REPORT SUMMARY: NUMBER OF OTHER INCLUDED MANAGERS: 0 FORM 13F INFORMATION TABLE ENTRY TOTAL: 233 FORM 13F INFORMATION TABLE VALUE TOTAL: $721,362,733.87 LIST OF OTHER INCLUDED MANAGERS: NO. 13F FILE NUMBER NAME Shufro, Rose & CO LLC Page: 1 Form 13F Information Table As of Date: 12/31/2011 - 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 261 17,271 SH SOLE 0 0 17,271 BLACKROCK MUNIYIELD NY INSD FD FUND 09255E102 330 23,500 SH SOLE 0 0 23,500 WESTERN ASSET MUN PARTNERS FD FUND 95766P108 225 14,700 SH SOLE 0 0 14,700 NETWORK EQP CV 7.25% 5-15-14 CONV BND 641208AA1 1,815 3,026,000 PRN SOLE 0 0 3,026,000 BLACKROCK FLT RT STRATEGIES FD FUND 09255X100 963 72,150 SH SOLE 0 0 72,150 DREYFUS HIGH YIELD STRATEGIES FUND 26200S101 66 15,000 SH SOLE 0 0 15,000 DWS MULTI MKT INCOME TR FUND 23338L108 662 65,600 SH SOLE 0 0 65,600 EATON VANCE FL RT INCOME TRUST FUND 278279104 163 11,500 SH SOLE 0 0 11,500 EATON VANCE LTD DURATION INC FUND 27828H105 622 40,851 SH SOLE 0 0 40,851 NUVEEN (JTP) QLTY PFD INC FUND FUND 67071S101 119 15,800 SH SOLE 0 0 15,800 NUVEEN (JHP) QLTY PFD INC FD 3 FUND 67072W101 143 18,350 SH SOLE 0 0 18,350 NUVEEN MULTI-STRATEGY INCOME & FUND 67073B106 80 10,000 SH SOLE 0 0 10,000 NUVEEN MULTI-STRATEGY INC AND FUND 67073D102 131 16,300 SH SOLE 0 0 16,300 PIMCO FLOATING RATE INCOME FD FUND 72201H108 454 43,700 SH SOLE 0 0 43,700 PIMCO (PFN) FLOAT STRATEGY FD FUND 72201J104 295 32,300 SH SOLE 0 0 32,300 PUTNAM PREMIER INCOME TRUST FUND 746853100 103 19,920 SH SOLE 0 0 19,920 WESTERN ASSET GLBL PTNS INC FD FUND 95766G108 238 18,200 SH SOLE 0 0 18,200 ABB LTD SPONSORED ADR COM 000375204 836 44,400 SH SOLE 0 0 44,400 ABBOTT LABORATORIES COM 002824100 7,547 134,218 SH SOLE 0 0 134,218 AGILYSYS COM 00847J105 1,260 158,555 SH SOLE 0 0 158,555 AGRIUM INC COM 008916108 7,089 105,640 SH SOLE 0 0 105,640 AMERICAN EAGLE OUTFITTERS COM 02553E106 5,533 361,930 SH SOLE 0 0 361,930 AMERICAN EXPRESS COM 025816109 287 6,100 SH SOLE 0 0 6,100 AMERICAN SOFTWARE COM 029683109 165 17,550 SH SOLE 0 0 17,550 AMGEN INC COM 031162100 11,175 174,045 SH SOLE 0 0 174,045 AON CORP COM 037389103 2,129 45,500 SH SOLE 0 0 45,500 APPLE COMPUTER COM 037833100 368 910 SH SOLE 0 0 910 APPLIED MATERIALS COM 038222105 653 60,999 SH SOLE 0 0 60,999 AT&T INC COM 00206R102 387 12,799 SH SOLE 0 0 12,799 ATLANTIC AMERICAN CORP COM 048209100 152 77,300 SH SOLE 0 0 77,300 AUDIOCODES LTD ORD COM M15342104 46 12,000 SH SOLE 0 0 12,000 AUGUSTA RESOURCES COM 050912203 34 11,000 SH SOLE 0 0 11,000 AUTOMATIC DATA PROCESSING COM 053015103 10,139 187,740 SH SOLE 0 0 187,740 AVERY DENNISON COM 053611109 13,470 469,695 SH SOLE 0 0 469,695 AVX COM 002444107 7,797 611,065 SH SOLE 0 0 611,065 BAJA MINING CORP COM 05709R103 60 77,500 SH SOLE 0 0 77,500 BANK OF AMERICA COM 060505104 481 86,604 SH SOLE 0 0 86,604 BANK OF NEW YORK MELLON COM 064058100 332 16,715 SH SOLE 0 0 16,715 BAR HARBOR BANKSHARES COM 066849100 6,844 228,150 SH SOLE 0 0 228,150 BCB BANCORP INC (NJ) COM 055298103 493 48,900 SH SOLE 0 0 48,900 BERKSHIRE BANCORP COM 084597202 559 78,856 SH SOLE 0 0 78,856 BERKSHIRE HATHAWAY A SHARES COM 084670108 1,836 16 SH SOLE 0 0 16 BERKSHIRE HATHAWAY B SHARES COM 084670702 4,598 60,273 SH SOLE 0 0 60,273 BIODELIVERY SCIENCES INTL COM 09060J106 43 54,600 SH SOLE 0 0 54,600 BLYTH INC COM 09643P207 9,555 168,235 SH SOLE 0 0 168,235 BOARDWALK PIPELINE PARTNERS COM 096627104 352 12,750 SH SOLE 0 0 12,750 BOSTON PRIVATE FINANCIAL HLDGS COM 101119105 81 10,300 SH SOLE 0 0 10,300 BP PLC COM 055622104 5,153 120,572 SH SOLE 0 0 120,572 BRISTOL-MYERS SQUIBB COM 110122108 312 8,867 SH SOLE 0 0 8,867 BROWN SHOE COMPANY COM 115736100 4,633 520,600 SH SOLE 0 0 520,600 CAMAC ENERGY COM 131745101 197 195,700 SH SOLE 0 0 195,700 Shufro, Rose & CO LLC Page: 2 Form 13F Information Table As of Date: 12/31/2011 - 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 CARNIVAL CRUISE LINES COM 143658300 254 7,800 SH SOLE 0 0 7,800 CARRIAGE SERVICES COM 143905107 264 47,150 SH SOLE 0 0 47,150 CEMEX ADR COM 151290889 102 18,926 SH SOLE 0 0 18,926 CERADYNE INC COM 156710105 4,626 172,750 SH SOLE 0 0 172,750 CHESAPEAKE ENERGY COM 165167107 263 11,800 SH SOLE 0 0 11,800 CHEVRON CORP COM 166764100 3,685 34,634 SH SOLE 0 0 34,634 CHICOS FAS COM 168615102 7,372 661,775 SH SOLE 0 0 661,775 CHINACAST EDUCATION COM 16946T109 725 118,500 SH SOLE 0 0 118,500 CISCO SYSTEMS COM 17275R102 7,400 409,326 SH SOLE 0 0 409,326 CITADEL BROADCASTING COM 17285T106 0 11,848 SH SOLE 0 0 11,848 CITIGROUP COM 172967424 1,011 38,458 SH SOLE 0 0 38,458 COCA-COLA COM 191216100 283 4,058 SH SOLE 0 0 4,058 COHEN STEERS QLTY INC RLTY FD COM 19247L106 84 10,035 SH SOLE 0 0 10,035 COHEN & STEERS INFRASTRUCT FD COM 19248A109 288 18,207 SH SOLE 0 0 18,207 COMMERCIAL METALS COM 201723103 894 64,700 SH SOLE 0 0 64,700 COMPUTER SCIENCES COM 205363104 1,440 60,770 SH SOLE 0 0 60,770 CONOCOPHILLIPS COM 20825C104 729 10,013 SH SOLE 0 0 10,013 COPART INC COM 217204106 1,064 22,224 SH SOLE 0 0 22,224 CORNING COM 219350105 5,195 400,283 SH SOLE 0 0 400,283 CRAY INC COM 225223304 226 35,000 SH SOLE 0 0 35,000 CVS CAREMARK COM 126650100 3,198 78,445 SH SOLE 0 0 78,445 DELL INC COM 24702R101 265 18,175 SH SOLE 0 0 18,175 DISNEY WALT COM 254687106 3,621 96,571 SH SOLE 0 0 96,571 DONEGAL GROUP COM 257701201 332 23,460 SH SOLE 0 0 23,460 DOT HILL SYSTEMS COM 25848T109 29 22,000 SH SOLE 0 0 22,000 D R HORTON COM 23331A109 209 16,620 SH SOLE 0 0 16,620 DUPONT COM 263534109 11,207 244,807 SH SOLE 0 0 244,807 EAGLE MATERIALS COM 26969P108 1,928 75,175 SH SOLE 0 0 75,175 EMERSON ELECTRIC COM 291011104 218 4,700 SH SOLE 0 0 4,700 ENERPLUS CORPORATION (ERF) COM 292766102 303 12,000 SH SOLE 0 0 12,000 ENTROPIC COMMUNICATIONS INC COM 29384R105 140 27,500 SH SOLE 0 0 27,500 ENZO BIOCHEM COM 294100102 50 22,579 SH SOLE 0 0 22,579 ETHAN ALLEN INTERIORS COM 297602104 2,544 107,335 SH SOLE 0 0 107,335 EUROPEAN EQUITY FUND COM 298768102 79 13,384 SH SOLE 0 0 13,384 EXCAPSA SOFTWARE COM 30066E107 0 38,000 SH SOLE 0 0 38,000 EXELIS INC COM 30162A108 2,646 292,418 SH SOLE 0 0 292,418 EXELON CORP COM 30161N101 27,444 632,805 SH SOLE 0 0 632,805 EXTREME NETWORKS COM 30226D106 32 11,000 SH SOLE 0 0 11,000 EXXON MOBIL COM 30231G102 31,240 368,571 SH SOLE 0 0 368,571 FARMERS & MERCHANTS BANK COM 308243104 266 66 SH SOLE 0 0 66 FIRST BANK OF DELAWARE COM 319307104 129 80,996 SH SOLE 0 0 80,996 FIRST CITIZENS BANCORP SC COM 319460101 414 1,010 SH SOLE 0 0 1,010 FIRST NATIONAL BANK ALASKA COM 32112J106 3,049 1,980 SH SOLE 0 0 1,980 FLEXIINTERNATIONAL SOFTWARE COM 338923105 7 75,000 SH SOLE 0 0 75,000 FLEXTRONICS INTERNATIONAL LTD COM Y2573F102 3,857 681,537 SH SOLE 0 0 681,537 FORD MOTOR CO COM 345370860 215 20,002 SH SOLE 0 0 20,002 FREEPORT MCMORAN COPPER & GOLD COM 35671D857 441 12,000 SH SOLE 0 0 12,000 FREIGHTCAR AMERICA COM 357023100 8,392 400,580 SH SOLE 0 0 400,580 FRIEDMAN INDUSTRIES COM 358435105 1,501 143,700 SH SOLE 0 0 143,700 GENERAL ELECTRIC COM 369604103 27,474 1,534,009 SH SOLE 0 0 1,534,009 GENERAL MILLS COM 370334104 398 9,850 SH SOLE 0 0 9,850 Shufro, Rose & CO LLC Page: 3 Form 13F Information Table As of Date: 12/31/2011 - 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 GERON CORP COM 374163103 101 68,900 SH SOLE 0 0 68,900 GETTY REALTY COM 374297109 569 40,812 SH SOLE 0 0 40,812 GILEAD SCIENCES COM 375558103 609 14,900 SH SOLE 0 0 14,900 GREATER CHINA FUND COM 39167B102 562 55,833 SH SOLE 0 0 55,833 GUARANTY BANCORP COM 40075T102 42 28,700 SH SOLE 0 0 28,700 HARDINGE INC COM 412324303 313 38,900 SH SOLE 0 0 38,900 HARRIS & HARRIS GROUP COM 413833104 2,402 694,400 SH SOLE 0 0 694,400 HARSCO CORP COM 415864107 1,860 90,420 SH SOLE 0 0 90,420 HCC INSURANCE HOLDINGS COM 404132102 9,257 336,645 SH SOLE 0 0 336,645 HELMERICH & PAYNE COM 423452101 233 4,000 SH SOLE 0 0 4,000 HEWLETT PACKARD COM 428236103 10,204 396,126 SH SOLE 0 0 396,126 HOME DEPOT COM 437076102 1,096 26,078 SH SOLE 0 0 26,078 HUDSON CITY BANCORP COM 443683107 6,371 1,019,460 SH SOLE 0 0 1,019,460 ILLINOIS TOOL WORKS COM 452308109 7,830 167,635 SH SOLE 0 0 167,635 INTEL COM 458140100 30,419 1,254,427 SH SOLE 0 0 1,254,427 INTL BUSINESS MACHINES COM 459200101 2,052 11,162 SH SOLE 0 0 11,162 INTL PAPER COM 460146103 8,641 291,954 SH SOLE 0 0 291,954 INTL RECTIFIER COM 460254105 5,869 302,239 SH SOLE 0 0 302,239 ISHARES SILVER TRUST COM 46428Q109 288 10,700 SH SOLE 0 0 10,700 ITT CORP NEW COM 450911201 5,250 271,611 SH SOLE 0 0 271,611 JACOBS ENGINEERING GROUP COM 469814107 3,382 83,350 SH SOLE 0 0 83,350 JAPAN EQUITY FUND COM 471057109 2,737 547,500 SH SOLE 0 0 547,500 JAPAN SMALLER CAP FUND COM 47109U104 1,581 220,199 SH SOLE 0 0 220,199 JETBLUE AIRWAYS COM 477143101 154 29,800 SH SOLE 0 0 29,800 JOHNSON & JOHNSON COM 478160104 11,422 174,171 SH SOLE 0 0 174,171 KELLY SERVICES CL A COM 488152208 4,888 357,375 SH SOLE 0 0 357,375 KIMBERLY-CLARK COM 494368103 378 5,150 SH SOLE 0 0 5,150 KKR FINANCIAL HOLDINGS COM 48248A306 453 52,000 SH SOLE 0 0 52,000 KRATOS DEFENSE & SEC SOLUTIONS COM 50077B207 99 16,745 SH SOLE 0 0 16,745 KREISLER MANUFACTURING COM 500773106 37 10,000 SH SOLE 0 0 10,000 LAKELAND INDUSTRIES COM 511795106 2,182 235,997 SH SOLE 0 0 235,997 LEGG MASON COM 524901105 526 21,900 SH SOLE 0 0 21,900 LEXINGTON PROPERTY TRUST COM 529043101 183 24,469 SH SOLE 0 0 24,469 LOUISIANA PACIFIC COM 546347105 266 33,000 SH SOLE 0 0 33,000 L 3 COMMUNICATIONS HOLDINGS COM 502424104 6,183 92,740 SH SOLE 0 0 92,740 M & T BANK CORP COM 55261F104 1,496 19,609 SH SOLE 0 0 19,609 MAGELLAN PETROLEUM COM 559091301 12 13,000 SH SOLE 0 0 13,000 MAJESCO ENTERTAINMENT CO COM 560690208 24 10,000 SH SOLE 0 0 10,000 MANNKIND CORP COM 56400P201 37 15,000 SH SOLE 0 0 15,000 MCCORMICK SCHMICKS SEAFOOD RES COM 579793100 935 107,000 SH SOLE 0 0 107,000 MEADOWBROOK INSURANCE GROUP COM 58319P108 1,010 94,600 SH SOLE 0 0 94,600 MEDTRONIC COM 585055106 14,916 389,983 SH SOLE 0 0 389,983 MERCK & CO COM 58933Y105 613 16,277 SH SOLE 0 0 16,277 MEREDITH CORP COM 589433101 9,072 277,865 SH SOLE 0 0 277,865 MERITOR SAVINGS BANK COM 590007100 8,133 1,869,800 SH SOLE 0 0 1,869,800 METLIFE COM 59156R108 7,799 250,135 SH SOLE 0 0 250,135 MFS INTERMED INCOME TRUST COM 55273C107 128 20,430 SH SOLE 0 0 20,430 MICRONETICS INC COM 595125105 413 52,500 SH SOLE 0 0 52,500 MICROSOFT COM 594918104 11,824 455,490 SH SOLE 0 0 455,490 MIDDLEBURG FINANCIAL CORP COM 596094102 1,678 117,771 SH SOLE 0 0 117,771 MOBILE MINI COM 60740F105 7,967 456,590 SH SOLE 0 0 456,590 Shufro, Rose & CO LLC Page: 4 Form 13F Information Table As of Date: 12/31/2011 - 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 MONMOUTH REAL ESTATE INVT CORP COM 609720107 337 36,850 SH SOLE 0 0 36,850 JPMORGAN CHASE & CO COM 46625H100 10,708 322,055 SH SOLE 0 0 322,055 MUELLER WATER PRODUCTS COM 624758108 140 57,600 SH SOLE 0 0 57,600 MYLAN INC COM 628530107 209 9,770 SH SOLE 0 0 9,770 NATIONAL FUEL GAS COM 636180101 217 3,910 SH SOLE 0 0 3,910 NATIONAL WESTERN LIFE INS COM 638522102 8,446 62,030 SH SOLE 0 0 62,030 NAVARRE CORP COM 639208107 18 12,000 SH SOLE 0 0 12,000 NAVIOS MARITIME COM Y62196103 83 23,500 SH SOLE 0 0 23,500 NESTLE SA ADR COM 641069406 432 7,500 SH SOLE 0 0 7,500 NEWPORT CORP COM 651824104 8,747 642,725 SH SOLE 0 0 642,725 NEWMONT MINING COM 651639106 510 8,500 SH SOLE 0 0 8,500 OLD REPUBLIC COM 680223104 554 59,775 SH SOLE 0 0 59,775 OMEGA PROTEIN COM 68210P107 894 125,500 SH SOLE 0 0 125,500 ONE BEACON INSURANCE LTD COM G67742109 253 16,500 SH SOLE 0 0 16,500 OPKO HEALTH INC COM 68375N103 71 14,500 SH SOLE 0 0 14,500 OPNEXT COM 68375V105 66 82,000 SH SOLE 0 0 82,000 ORBOTECH LTD-ORD COM M75253100 261 26,250 SH SOLE 0 0 26,250 OVERSEAS SHIPHOLDING GROUP COM 690368105 789 72,195 SH SOLE 0 0 72,195 PENN VA RESOURCE PARTNERS LP COM 707884102 987 38,666 SH SOLE 0 0 38,666 PEPSICO INC COM 713448108 824 12,425 SH SOLE 0 0 12,425 PETROBANK ENERGY & RES LTD COM 71645P106 526 50,700 SH SOLE 0 0 50,700 PETROLEUM DEVELOPMENT COM 716578109 2,080 59,250 SH SOLE 0 0 59,250 PETROBAKKEN ENERGY LTD COM 71645A109 229 18,200 SH SOLE 0 0 18,200 PFIZER INC COM 717081103 11,250 519,914 SH SOLE 0 0 519,914 POLAR INVESTMENT COM X65727103 0 11,969 SH SOLE 0 0 11,969 PROCTER & GAMBLE COM 742718109 407 6,102 SH SOLE 0 0 6,102 PROSPECT CAPITAL COM 74348T102 1,373 147,900 SH SOLE 0 0 147,900 QUALCOMM COM 747525103 1,646 30,100 SH SOLE 0 0 30,100 QUEST DIAGNOSTICS COM 74834L100 7,665 132,020 SH SOLE 0 0 132,020 RAMCO GERSHENSON PROPERTIES TR COM 751452202 557 56,700 SH SOLE 0 0 56,700 RESEARCH FRONTIERS COM 760911107 200 59,400 SH SOLE 0 0 59,400 ROYAL DUTCH SHELL PLC ADR A COM 780259206 401 5,500 SH SOLE 0 0 5,500 SALISBURY BANCORP COM 795226109 1,670 72,700 SH SOLE 0 0 72,700 SANDISK CORP COM 80004C101 548 11,140 SH SOLE 0 0 11,140 SANOFI AVENTIS COM 80105N105 398 10,900 SH SOLE 0 0 10,900 SCHEIN (HENRY) COM 806407102 734 11,400 SH SOLE 0 0 11,400 SCHLUMBERGER LTD COM 806857108 204 3,000 SH SOLE 0 0 3,000 SCHMITT INDUSTRIES COM 806870200 291 91,000 SH SOLE 0 0 91,000 SEABOARD CORP COM 811543107 305 150 SH SOLE 0 0 150 SE FINANCIAL COM 78412R108 454 33,645 SH SOLE 0 0 33,645 SENECA FOODS NEW COM 817070501 1,110 43,000 SH SOLE 0 0 43,000 SIMPSON MANUFACTURING COM 829073105 5,623 167,060 SH SOLE 0 0 167,060 SKECHERS USA COM 830566105 5,584 460,760 SH SOLE 0 0 460,760 SONOCO PRODUCTS COM 835495102 13,901 421,755 SH SOLE 0 0 421,755 SONOSITE COM 83568G104 2,285 42,440 SH SOLE 0 0 42,440 SOUTHWEST AIRLINES COM 844741108 109 12,800 SH SOLE 0 0 12,800 S & P MIDCAP 400 SPDR COM 78467Y107 598 3,755 SH SOLE 0 0 3,755 STONEGATE BANK COM 861811107 140 10,000 SH SOLE 0 0 10,000 STRATTEC SECURITY COM 863111100 2,522 126,455 SH SOLE 0 0 126,455 SUNCOR ENERGY NEW COM 867224107 239 8,310 SH SOLE 0 0 8,310 SUPERIOR INDUSTRIES INTL COM 868168105 2,104 127,260 SH SOLE 0 0 127,260 Shufro, Rose & CO LLC Page: 5 Form 13F Information Table As of Date: 12/31/2011 - 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 SWISS HELVETIA FUND COM 870875101 3,886 390,554 SH SOLE 0 0 390,554 SYMMETRICOM INC COM 871543104 239 44,500 SH SOLE 0 0 44,500 SYSCO CORP COM 871829107 354 12,100 SH SOLE 0 0 12,100 TARGET CORP COM 87612E106 802 15,664 SH SOLE 0 0 15,664 TEMPLETON DRAGON FD COM 88018T101 710 27,900 SH SOLE 0 0 27,900 TERADYNE COM 880770102 1,823 133,790 SH SOLE 0 0 133,790 TESORO CORPORATION COM 881609101 362 15,500 SH SOLE 0 0 15,500 TEVA PHARMACEUTICAL COM 881624209 15,313 379,430 SH SOLE 0 0 379,430 TEXAS INSTRUMENTS COM 882508104 27,541 946,122 SH SOLE 0 0 946,122 THERMO FISHER SCIENTIFIC COM 883556102 9,546 212,285 SH SOLE 0 0 212,285 TIME WARNER CABLE COM 88732J207 353 5,565 SH SOLE 0 0 5,565 TIME WARNER COM 887317303 721 19,956 SH SOLE 0 0 19,956 TRINITY INDUSTRIES COM 896522109 694 23,100 SH SOLE 0 0 23,100 UNILEVER PLC COM 904767704 2,557 76,294 SH SOLE 0 0 76,294 UNION PACIFIC COM 907818108 282 2,666 SH SOLE 0 0 2,666 UNITED PARCEL SERVICE COM 911312106 17,787 243,025 SH SOLE 0 0 243,025 UNITED TECHNOLOGIES COM 913017109 256 3,510 SH SOLE 0 0 3,510 US GYPSUM COM 903293405 739 72,800 SH SOLE 0 0 72,800 VALENCE TECH COM 918914102 9 10,000 SH SOLE 0 0 10,000 VEOLIA ENVIRONNEMENT ADR COM 92334N103 345 31,250 SH SOLE 0 0 31,250 VISHAY PRECISION GROUP COM 92835K103 5,602 350,577 SH SOLE 0 0 350,577 VODAFONE GROUP PLC NEW COM 92857W209 12,233 436,427 SH SOLE 0 0 436,427 WALKER & DUNLOP COM 93148P102 4,323 344,200 SH SOLE 0 0 344,200 WAL-MART STORES COM 931142103 18,990 317,786 SH SOLE 0 0 317,786 WARWICK VALLEY TELEPHONE COM 936750108 158 12,000 SH SOLE 0 0 12,000 WASHINGTON POST COM 939640108 1,934 5,133 SH SOLE 0 0 5,133 WHIRLPOOL CORP COM 963320106 5,239 110,420 SH SOLE 0 0 110,420 XYLEM INC COM 98419M100 6,283 244,590 SH SOLE 0 0 244,590 3M COMPANY COM 88579Y101 9,193 112,490 SH SOLE 0 0 112,490 Line Count: 233