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.
					[ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:			Telluride Asset Management LLC
Address:		1000 Parkers Lake Road
			Wayzata, MN 55391

Form 13F File Number: 28-11432

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:		Mark Kuper
Title:		Authorized Agent
Phone:		952-653-6446

Signature, Place, and Date of Signing:

	Mark Kuper	Wayzata, MN  November 4, 2009
	[Signature]	[City, State]	 [Date]

[X]	13F HOLDINGS REPORT.  (Check here if all holdings
 of this reporting manager are reported in this report.)

[ ]	13F NOTICE. (Check here if no holdings reported are in
this report, and all holdings are reported by other reporting
manager(s).)

[ ]	13F COMBINATION REPORT. (Check here if a portion
of the holdings for this reporting manager are reported in this
report and a portion are reported by other reporting manager(s).)




FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:	0

Form 13F Information Table Entry Total	152

Form 13F Information Table Value Total	76880
					(thousands)

List of Other Included Managers:	NONE






1		2	3		4	5	6	7	8
					VALUE	SHRS 	INV	OTHER	VOTING
NAME OF ISSUER	CLASS	CUSIP	       (x$1000)  PRN 	AMT	DESC	MGRS	S SH N

A D C TELE	COM	00088630	90	SHRS	10800	SOLE	NONE	X
ADVANCE AUTO	COM	00751Y10	283	SHRS	7200	SOLE	NONE	X
AGCO CORP	COM	00108410	384	SHRS	13900	SOLE	NONE	X
ALEX REAL EST	COM	01527110	359	SHRS	6600	SOLE	NONE	X
ALPHA NAT RESOU	COM	02076X10	1000	SHRS	28487	SOLE	NONE	X
ALTRIA GROUP 	COM	02209S10	572	SHRS	32105	SOLE	NONE	X
AMB PROPERTY	COM	00163T10	289	SHRS	12600	SOLE	NONE	X
AMER STRAT  II	COM	03009T10	478	SHRS	50712	SOLE	NONE	X
ANTHRACITE CAP 	COM	03702310	53	SHRS	50301	SOLE	NONE	X
APPLIED MATLS 	COM	03822210	1169	SHRS	87369	SOLE	NONE	X
AUTOZONE INC	COM	05333210	233	SHRS	1596	SOLE	NONE	X
AVNET INC	COM	05380710	649	SHRS	25000	SOLE	NONE	X
B OF NY MELLON	COM	06405810	307	SHRS	10575	SOLE	NONE	X
BARNES & NOBLE 	COM	06777410	824	SHRS	37072	SOLE	NONE	X
BARRICK GOLD 	COM	06790110	474	SHRS	12500	SOLE	NONE	X
BEST BUY INC	COM	08651610	263	SHRS	7013	SOLE	NONE	X
BIG LOTS INC	COM	08930210	260	SHRS	10406	SOLE	NONE	X
BIOMED REALTY T	COM	09063H10	230	SHRS	16700	SOLE	NONE	X
BOSTON PROPERT	COM	10112110	421	SHRS	6424	SOLE	NONE	X
BRANDYWINE RLTY	COM	10536820	257	SHRS	23300	SOLE	NONE	X
BRINKER INTL 	COM	10964110	227	SHRS	14400	SOLE	NONE	X
C H ROBIN WW	COM	12541W20	205	SHRS	3546	SOLE	NONE	X
CANTERBURY PARK	COM	13811E10	101	SHRS	13618	SOLE	NONE	X
CBL & ASSOC PPT	COM	12483010	229	SHRS	23600	SOLE	NONE	X
CENTURY ALUM CO	COM	15643110	108	SHRS	11600	SOLE	NONE	X
CHEESECAKE FAC	COM	16307210	254	SHRS	13700	SOLE	NONE	X
CHESAPEAKE ENER	COM	16516710	215	SHRS	7571	SOLE	NONE	X
CHICOS FAS INC	COM	16861510	143	SHRS	11000	SOLE	NONE	X
CHINA MOBILE 	COM	16941M10	550	SHRS	11200	SOLE	NONE	X
CLOUGH GLOBAL   COM	18914E10	211	SHRS	16659	SOLE	NONE	X
COEUR D ALENE MICOM	19210810	247	SHRS	12067	SOLE	NONE	X
CONOCOPHILLIPS	COM	20825C10	317	SHRS	7018	SOLE	NONE	X
CORP OFFICE PPT	COM	22002T10	273	SHRS	7400	SOLE	NONE	X
CURRENCYSH AUST	COM	23129U10	317	SHRS	3590	SOLE	NONE	X
CVS CAREMARK	COM	12665010	265	SHRS	7404	SOLE	NONE	X
DELL INC	COM	24702R10	190	SHRS	12461	SOLE	NONE	X
DIGITAL RLTY TR	COM	25386810	283	SHRS	6200	SOLE	NONE	X
DOUBLE HULL TAN	COM	Y2065G10	39	SHRS	10389	SOLE	NONE	X
DOUGLAS EMMETT 	COM	25960P10	235	SHRS	19139	SOLE	NONE	X
DRYSHIPS INC	COM	Y2109Q10	85	SHRS	12847	SOLE	NONE	X
DUKE REALTY 	COM	26441150	237	SHRS	19700	SOLE	NONE	X
EAGLE BULK SHI	COM	Y2187A10	302	SHRS	58800	SOLE	NONE	X
ENDEAVOUR SILVE	COM	29258Y10	140	SHRS	49874	SOLE	NONE	X
ENTERGY CORP 	COM	29364G10	360	SHRS	4505	SOLE	NONE	X
ENTERTAINME TR	COM	29380T10	283	SHRS	8300	SOLE	NONE	X
EXCEL MARI CARR	COM	V3267N10	80	SHRS	12000	SOLE	NONE	X
FAMILY DLR ST	COM	30700010	417	SHRS	15777	SOLE	NONE	X
FEDERAL REALTY	COM	31374720	295	SHRS	4807	SOLE	NONE	X
FORD MTR CO DEL	P	34537086	94	SHRS	13000	SOLE	NONE	X
FREEPORT-MCMO	COM	35671D85	488	SHRS	7113	SOLE	NONE	X
GAP INC DEL	COM	36476010	310	SHRS	14498	SOLE	NONE	X
GLOBAL INDS LTD	COM	37933610	153	SHRS	16100	SOLE	NONE	X
GUESS INC	COM	40161710	248	SHRS	6700	SOLE	NONE	X
HASBRO INC	COM	41805610	261	SHRS	9396	SOLE	NONE	X
HCP INC		COM	40414L10	286	SHRS	9953	SOLE	NONE	X
HEADWATERS INC	COM	42210P10	69	SHRS	17829	SOLE	NONE	X
HERCULES OFFSHO	COM	42709310	108	SHRS	22071	SOLE	NONE	X
HESS CORP	COM	42809H10	215	SHRS	4016	SOLE	NONE	X
HEXCEL CORP NEW	COM	42829110	581	SHRS	50800	SOLE	NONE	X
HIGHWOODS PPTYS	COM	43128410	327	SHRS	10400	SOLE	NONE	X
INCYTE CORP	COM	45337C10	72	SHRS	10600	SOLE	NONE	X
INFOSONICS CORP	C	45678410	61	SHRS	40500	SOLE	NONE	X
ION GEOPHYSICAL	COM	46204410	45	SHRS	12645	SOLE	NONE	X
ISHARES TR	COM	46428744	10456	SHRS	113200	SOLE	NONE	X
ISHARES TR	COM	46428717	669	SHRS	6500	SOLE	NONE	X
ISHARES TR	COM	46428770	517	SHRS	8205	SOLE	NONE	X
ISHARES TR	COM	46428773	384	SHRS	8999	SOLE	NONE	X
ISHARES TR	COM	46428765	795	SHRS	13200	SOLE	NONE	X
ISHARES TR	P	46428773	640	SHRS	15000	SOLE	NONE	X
ISHARES TR	C	46428765	482	SHRS	8000	SOLE	NONE	X
ISHARES TR	C	46428773	823	SHRS	19300	SOLE	NONE	X
JOS A BANK CLOT	COM	48083810	358	SHRS	8000	SOLE	NONE	X
KB HOME		COM	48666K10	1149	SHRS	69151	SOLE	NONE	X
KRAFT FOODS INC	COM	50075N10	766	SHRS	29158	SOLE	NONE	X
KROGER CO	COM	50104410	208	SHRS	10060	SOLE	NONE	X
LAUDER ESTEE  	COM	51843910	698	SHRS	18812	SOLE	NONE	X
LIBERTY PPTY TR	COM	53117210	303	SHRS	9300	SOLE	NONE	X
LIMITED BRANDS 	COM	53271610	233	SHRS	13721	SOLE	NONE	X
LIZ CLAIBORNE 	COM	53932010	500	SHRS	101400	SOLE	NONE	X
LOWES COS INC	COM	54866110	667	SHRS	31874	SOLE	NONE	X
LUNDIN MINING	COM	55037210	284	SHRS	84758	SOLE	NONE	X
MACK CALI RLTY 	COM	55448910	223	SHRS	6900	SOLE	NONE	X
MARKET VECTORS	P	57060U10	453	SHRS	10000	SOLE	NONE	X
MARKET VECTORS 	C	57060U10	226	SHRS	5000	SOLE	NONE	X
MCDONALDS CORP	COM	58013510	393	SHRS	6895	SOLE	NONE	X
MENS WEARHOUSE 	COM	58711810	329	SHRS	13300	SOLE	NONE	X
METLIFE INC	COM	59156R10	706	SHRS	18555	SOLE	NONE	X
NATIONWID HEALT	COM	63862010	282	SHRS	9100	SOLE	NONE	X
NETFLIX INC	COM	64110L10	263	SHRS	5700	SOLE	NONE	X
NOBLE CORP	COM	H5833N10	466	SHRS	12263	SOLE	NONE	X
NORDSTROM INC	COM	65566410	286	SHRS	9362	SOLE	NONE	X
NORTHGATE MINER	COM	66641610	55	SHRS	20582	SOLE	NONE	X
OFFICE DEPOT 	COM	67622010	127	SHRS	19124	SOLE	NONE	X
OIL SVC HLDR TR	COM	67800210	810	SHRS	6900	SOLE	NONE	X
PANERA BREAD CO	COM	69840W10	209	SHRS	3800	SOLE	NONE	X
PARKER DRILLING	COM	70108110	118	SHRS	21683	SOLE	NONE	X
PATTERSON UTI E	COM	70348110	176	SHRS	11641	SOLE	NONE	X
PEABODY ENERGY	COM	70454910	1147	SHRS	30811	SOLE	NONE	X
PHILL VAN HEUS	COM	71859210	270	SHRS	6300	SOLE	NONE	X
PLUM CREEK TIM	COM	72925110	252	SHRS	8240	SOLE	NONE	X
POLO RALPH LAUR	COM	73157210	230	SHRS	3002	SOLE	NONE	X
POLYMET MINING 	COM	73191610	26	SHRS	10051	SOLE	NONE	X
POTASH CORP SAS	COM	73755L10	1363	SHRS	15090	SOLE	NONE	X
POWERSHS DB MUL	P	73936B40	458	SHRS	18000	SOLE	NONE	X
POWERSHS DB MUL	C	73936B40	509	SHRS	20000	SOLE	NONE	X
PPG INDS INC	COM	69350610	910	SHRS	15629	SOLE	NONE	X
PROLOGIS	COM	74341010	241	SHRS	20199	SOLE	NONE	X
PROSHARES TR	COM	74347R83	774	SHRS	26988	SOLE	NONE	X
PROSHARES SILVE	COM	74347W83	113	SHRS	20963	SOLE	NONE	X
PROSHARES  GOLD	COM	74347W70	166	SHRS	13099	SOLE	NONE	X
PULTE HOMES INC	COM	74586710	188	SHRS	17126	SOLE	NONE	X
RADIOSHACK CORP	COM	75043810	240	SHRS	14459	SOLE	NONE	X
REALTY INCOME 	COM	75610910	269	SHRS	10500	SOLE	NONE	X
RESEARCH IN MO	COM	76097510	581	SHRS	8600	SOLE	NONE	X
RETAIL HOLDRS 	COM	76127U10	421	SHRS	4800	SOLE	NONE	X
SAFEWAY INC	COM	78651420	236	SHRS	11978	SOLE	NONE	X
SELECT SEC SPDR COM	81369Y50	960	SHRS	17800	SOLE	NONE	X
SENIOR HSG PPTY	COM	81721M10	250	SHRS	13100	SOLE	NONE	X
SERVICE CORP 	COM	81756510	95	SHRS	13500	SOLE	NONE	X
SILVER WHEATON 	COM	82833610	164	SHRS	13001	SOLE	NONE	X
SIMON PPTY GROU	COM	82880610	311	SHRS	4481	SOLE	NONE	X
SL GREEN RLTY 	COM	78440X10	250	SHRS	5700	SOLE	NONE	X
SPDR TR		COM	78462F10	5884	SHRS	55735	SOLE	NONE	X
SPDR TR		C	78462F10	845	SHRS	8000	SOLE	NONE	X
SUNCOR ENERGY 	COM	86722410	212	SHRS	6143	SOLE	NONE	X
SYSCO CORP	COM	87182910	303	SHRS	12184	SOLE	NONE	X
TAIWAN SEMICOND	COM	87403910	623	SHRS	56829	SOLE	NONE	X
TAUBMAN CTRS 	COM	87666410	307	SHRS	8519	SOLE	NONE	X
TERADATA CORP 	COM	88076W10	373	SHRS	13536	SOLE	NONE	X
TIDEWATER INC	COM	88642310	287	SHRS	6100	SOLE	NONE	X
TIMBERLAND CO	COM	88710010	141	SHRS	10100	SOLE	NONE	X
TRACTOR SUPPLY 	COM	89235610	232	SHRS	4800	SOLE	NONE	X
TRANSOCEAN INC 	COM	H8817H10	588	SHRS	6877	SOLE	NONE	X
UDR INC		COM	90265310	373	SHRS	23700	SOLE	NONE	X
US NATL GAS FUN	P	91231810	587	SHRS	50000	SOLE	NONE	X
US NATL GAS FUN	C	91231810	1603	SHRS	136500	SOLE	NONE	X
US OIL FUND LP	COM	91232N10	3612	SHRS	99820	SOLE	NONE	X
US OIL FUND LP	C	91232N10	1810	SHRS	50000	SOLE	NONE	X
US 12 MO OIL FD COM	91288V10	959	SHRS	26195	SOLE	NONE	X
UROPLASTY INC	C	91727720	105	SHRS	83333	SOLE	NONE	X
VAALCO ENERGY	COM	91851C20	47	SHRS	10200	SOLE	NONE	X
VALERO ENERGY 	COM	91913Y10	703	SHRS	36231	SOLE	NONE	X
VENTAS INC	COM	92276F10	419	SHRS	10884	SOLE	NONE	X
VERIZON COMM	COM	92343V10	210	SHRS	6934	SOLE	NONE	X
WAL MART STORES	COM	93114210	219	SHRS	4464	SOLE	NONE	X
WARNACO GROUP 	COM	93439040	259	SHRS	5900	SOLE	NONE	X
WASH REAL EST	COM	93965310	291	SHRS	10100	SOLE	NONE	X
WEINGARTEN RLTY	COM	94874110	265	SHRS	13300	SOLE	NONE	X
WENDYS INTL INC	COM	95058710	108	SHRS	22800	SOLE	NONE	X
WESTERN REFNG 	COM	95931910	81	SHRS	12500	SOLE	NONE	X
WORLD ACCEP CO	COM	98141910	534	SHRS	21200	SOLE	NONE	X
XTO ENERGY INC	COM	98385X10	680	SHRS	16455	SOLE	NONE	X
YUM BRANDS INC	COM	98849810	221	SHRS	6555	SOLE	NONE	X
			76880