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, 2010
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  May 5, 2010
	[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	164

Form 13F Information Table Value Total	93066
					(thousands)

List of Other Included Managers:	NONE




1			2	3		4	5	6	7    8	    9
						VALUE	SHRS		INV  OTHER  VOTING
NAME OF ISSUER		CLASS	CUSIP		(x$1000)	 AMT	DESC MGRS   S SH N

ADVANCE AUTO PARTS INC	COM	00751Y10	268	SHRS	6400	SOLE  NONE  X
AEROPOSTALE		COM	00786510	333	SHRS	11550	SOLE  NONE  X
AGNICO EAGLE MINES LTD	COM	00847410	257	SHRS	4614	SOLE  NONE  X
AK STL HLDG CORP	COM	00154710	814	SHRS	35592	SOLE  NONE  X
AMER STRATE INCOME II	COM	03009T10	308	SHRS	33179	SOLE  NONE  X
AMERICAN SUPERCONDUCTOR	COM	03011110	766	SHRS	26500	SOLE  NONE  X
ANWORTH MORTGAGE ASSET 	COM	03734710	97	SHRS	14377	SOLE  NONE  X
APACHE CORP		COM	03741110	319	SHRS	3144	SOLE  NONE  X
APEX SILVER MINES LTD	COM	G0407410	0	SHRS	19000	SOLE  NONE  X
APOLLO GROUP INC	COM	03760410	930	SHRS	15179	SOLE  NONE  X
APPLE INC		COM	03783310	220	SHRS	936	SOLE  NONE  X
APPLIED MATLS INC	COM	03822210	479	SHRS	35604	SOLE  NONE  X
ARROW ELECTRS INC	COM	04273510	410	SHRS	13600	SOLE  NONE  X
AVON PRODS INC		COM	05430310	2352	SHRS	69441	SOLE  NONE  X
BED BATH & BEYOND INC	COM	07589610	227	SHRS	5195	SOLE  NONE  X
BIG LOTS INC		COM	08930210	202	SHRS	5534	SOLE  NONE  X
BIOMED REALTY TRUST INC	COM	09063H10	167	SHRS	10100	SOLE  NONE  X
BOSTON SCIENTIFIC CORP	COM	10113710	760	SHRS	105295	SOLE  NONE  X
BP PRUDHOE BAY RTY TR	P	05563010	2854	SHRS	28900	SOLE  NONE  X
BP PRUDHOE BAY RTY TR	C	05563010	385	SHRS	3900	SOLE  NONE  X
BRIGGS & STRATTON CORP	COM	10904310	441	SHRS	22604	SOLE  NONE  X
BRINKER INTL INC	COM	10964110	224	SHRS	11600	SOLE  NONE  X
C H ROBINSON WORLDWIDE	COM	12541W20	766	SHRS	13708	SOLE  NONE  X
CAMPBELL SOUP CO	COM	13442910	573	SHRS	16216	SOLE  NONE  X
CAP ONE FIN Uncov 	COM	14040H13	234	SHRS	14800	SOLE  NONE  X
CAPSTEAD MTG CORP	COM	14067E50	317	SHRS	26519	SOLE  NONE  X
CASH AMER INTL INC	COM	14754D10	434	SHRS	11000	SOLE  NONE  X
CBRL GROUP INC		COM	22410J10	213	SHRS	4600	SOLE  NONE  X
CHEESECAKE FACTORY INC	COM	16307210	244	SHRS	9000	SOLE  NONE  X
CHESAPEAKE ENERGY CORP	COM	16516710	328	SHRS	13878	SOLE  NONE  X
CHICOS FAS INC		COM	16861510	205	SHRS	14200	SOLE  NONE  X
CIENA CORP		COM	17177930	614	SHRS	40300	SOLE  NONE  X
CITIGROUP INC		COM	17296710	82	SHRS	20189	SOLE  NONE  X
COEUR D ALENE MINE CORP	COM	19210850	207	SHRS	13799	SOLE  NONE  X
COLLECTIVE BRANDS INC	COM	19421W10	1237	SHRS	54400	SOLE  NONE  X
COMMERCIAL METALS CO	COM	20172310	563	SHRS	37400	SOLE  NONE  X
CONSOL ENERGY INC	COM	20854P10	1406	SHRS	32953	SOLE  NONE  X
COSTCO WHSL CORP NEW	COM	22160K10	407	SHRS	6809	SOLE  NONE  X
CROCS INC		COM	22704610	132	SHRS	15100	SOLE  NONE  X
CROWN CASTLE INTL CORP	COM	22822710	2045	SHRS	53500	SOLE  NONE  X
D R HORTON INC		COM	23331A10	134	SHRS	10654	SOLE  NONE  X
DECKERS OUTDOOR CORP	COM	24353710	276	SHRS	2000	SOLE  NONE  X
DEVON ENERGY CORP NEW	COM	25179M10	316	SHRS	4905	SOLE  NONE  X
DIAMOND OFFSHOR DRILL	COM	25271C10	296	SHRS	3331	SOLE  NONE  X
DIANA SHIPPING INC	COM	Y2066G10	1134	SHRS	74990	SOLE  NONE  X
DILLARDS INC		COM	25406710	229	SHRS	9700	SOLE  NONE  X
DOLLAR TREE INC		COM	25674610	514	SHRS	8672	SOLE  NONE  X
DOMINOS PIZZA INC	COM	25754A20	196	SHRS	14400	SOLE  NONE  X
DOUBLE HULL TANKERS INC	COM	Y2065G10	42	SHRS	10744	SOLE  NONE  X
DRYSHIPS INC		COM	Y2109Q10	138	SHRS	23547	SOLE  NONE  X
ENDEAVOUR SILVER CORP	COM	29258Y10	131	SHRS	40911	SOLE  NONE  X
ENTERGY CORP NEW	COM	29364G10	244	SHRS	3002	SOLE  NONE  X
EQUUS TOTAL RETURN INC	COM	29476610	40	SHRS	14364	SOLE  NONE  X
EXELIXIS INC		COM	30161Q10	116	SHRS	19100	SOLE  NONE  X
EXPEDIA INC DEL		COM	30212P10	221	SHRS	8850	SOLE  NONE  X
FOSSIL INC		COM	34988210	204	SHRS	5400	SOLE  NONE  X
FREEPORT-MCMORAN COPPER	COM	35671D85	981	SHRS	11748	SOLE  NONE  X
FUQI INTERNATIONAL INC	COM	36102A20	133	SHRS	12207	SOLE  NONE  X
GAP INC DEL		COM	36476010	2058	SHRS	89066	SOLE  NONE  X
GENCO SHIP & TRADING	COM	Y2685T10	460	SHRS	21800	SOLE  NONE  X
Goldrich Mining CO	COM	38143110	11	SHRS	30400	SOLE  NONE  X
HEADWATERS INC		COM	42210P10	61	SHRS	13304	SOLE  NONE  X
HEARTLAND EXPRESS INC	COM	42234710	318	SHRS	19300	SOLE  NONE  X
HERCULES OFFSHORE INC	COM	42709310	68	SHRS	15812	SOLE  NONE  X
HESS CORP		COM	42809H10	204	SHRS	3262	SOLE  NONE  X
HEXCEL CORP NEW		COM	42829110	813	SHRS	56300	SOLE  NONE  X
HORSEHEAD HLDG CORP	COM	44069430	223	SHRS	18805	SOLE  NONE  X
HOSTING SITE NETWORK 	COM	40430310	230	SHRS	7800	SOLE  NONE  X
HRPT PPTYS TR		COM	40426W10	296	SHRS	38100	SOLE  NONE  X
HUNTINGTON BANCSHARE	COM	44615010	73	SHRS	13549	SOLE  NONE  X
INTERNA COAL GRP INC N	COM	45928H10	47	SHRS	10200	SOLE  NONE  X
INTERNA GAME TECHNOLOG	COM	45990210	262	SHRS	14201	SOLE  NONE  X
ION GEOPHYSICAL CORP	COM	46204410	186	SHRS	37780	SOLE  NONE  X
ISHARES TR		COM	46428864	907	SHRS	8672	SOLE  NONE  X
ISHARES TR		COM	46428744	8619	SHRS	96306	SOLE  NONE  X
ISHARES TR		COM	46428770	391	SHRS	5475	SOLE  NONE  X
ISHARES TR		COM	46428867	282	SHRS	2556	SOLE  NONE  X
ISHARES TR		COM	46428773	467	SHRS	9382	SOLE  NONE  X
ISHARES TR		COM	46428717	844	SHRS	8120	SOLE  NONE  X
ITT CORP NEW		COM	45091110	922	SHRS	17201	SOLE  NONE  X
J CREW GROUP INC	COM	46612H40	257	SHRS	5600	SOLE  NONE  X
JDS UNIPHASE CORP	COM	46612J50	338	SHRS	27000	SOLE  NONE  X
JETBLUE AIRWAYS CORP	COM	47714310	732	SHRS	131100	SOLE  NONE  X
KROGER CO		COM	50104410	1155	SHRS	53315	SOLE  NONE  X
LEGEND INTL HLDGS INC	COM	52467C10	38	SHRS	33088	SOLE  NONE  X
LILLY ELI & CO		COM	53245710	324	SHRS	8948	SOLE  NONE  X
LOCKHEED MARTIN CORP	COM	53983010	979	SHRS	11760	SOLE  NONE  X
LOWES COS INC		COM	54866110	1147	SHRS	47306	SOLE  NONE  X
LUNDIN MINING CORP	COM	55037210	406	SHRS	76658	SOLE  NONE  X
MACK CALI RLTY CORP	COM	55448910	250	SHRS	7100	SOLE  NONE  X
MAG SILVER CORP		COM	55903Q10	107	SHRS	14438	SOLE  NONE  X
MARKET VECTORS ETF TR	COM	57060U83	585	SHRS	15500	SOLE  NONE  X
MARKET VECTORS ETF TR	P	57060U10	444	SHRS	10000	SOLE  NONE  X
MARKET VECTORS ETF TR	C	57060U10	222	SHRS	5000	SOLE  NONE  X
MCDONALDS CORP		COM	58013510	258	SHRS	3869	SOLE  NONE  X
METLIFE INC		COM	59156R10	391	SHRS	9026	SOLE  NONE  X
MICRON TECHNOLOGY INC	COM	59511210	902	SHRS	86985	SOLE  NONE  X
MONSANTO CO NEW		COM	61166W10	548	SHRS	7672	SOLE  NONE  X
NABORS INDUSTRIES LTD	COM	G6359F10	769	SHRS	39155	SOLE  NONE  X
NATIONAL SEMICONDUCTOR	COM	63764010	154	SHRS	10692	SOLE  NONE  X
NEW YORK TIMES CO	COM	65011110	126	SHRS	11364	SOLE  NONE  X
NIKE INC		COM	65410610	226	SHRS	3078	SOLE  NONE  X
NOBLE CORPORATION	COM	H5833N10	677	SHRS	16177	SOLE  NONE  X
NORDSTROM INC		COM	65566410	672	SHRS	16448	SOLE  NONE  X
NORTHGATE MINERALS CORP	COM	66641610	123	SHRS	40863	SOLE  NONE  X
NVIDIA CORP		COM	67066G10	316	SHRS	18182	SOLE  NONE  X
ODYSSEY MARINE EXPLOR I	COM	67611810	23	SHRS	17479	SOLE  NONE  X
OIL SVC HOLDRS TR GRP I	COM	69036810	891	SHRS	22700	SOLE  NONE  X
OWENS CORNING NEW	COM	69074210	285	SHRS	11200	SOLE  NONE  X
P F CHANGS CHINA BISTRO	COM	69333Y10	252	SHRS	5700	SOLE  NONE  X
PACIFIC SUNWEAR CALIF	COM	69487310	273	SHRS	51500	SOLE  NONE  X
PARKER DRILLING CO	COM	70108110	121	SHRS	24573	SOLE  NONE  X
PAYCHEX INC		COM	70432610	418	SHRS	13620	SOLE  NONE  X
PEABODY ENERGY CORP	COM	70454910	402	SHRS	8789	SOLE  NONE  X
POLO RALPH LAUREN CORP	COM	73157210	819	SHRS	9633	SOLE  NONE  X
POLYMET MINING CORP	COM	73191610	38	SHRS	17127	SOLE  NONE  X
POTASH CORP SASK INC	COM	73755L10	871	SHRS	7300	SOLE  NONE  X
PROSHARES ULTRSHT SIL	COM	74347W83	105	SHRS	25724	SOLE  NONE  X
RENT A CTR INC NEW	COM	76009N10	246	SHRS	10400	SOLE  NONE  X
RF MICRODEVICES INC	COM	74994110	56	SHRS	11200	SOLE  NONE  X
ROSS STORES INC		COM	77829610	246	SHRS	4600	SOLE  NONE  X
SALESFORCE COM INC	COM	79466L30	468	SHRS	6289	SOLE  NONE  X
SAP AKTIENGESELLSCHAFT	COM	80305420	833	SHRS	17300	SOLE  NONE  X
SCHLUMBERGER LTD	COM	80685710	756	SHRS	11907	SOLE  NONE  X
SELECT SECTOR SPDR TR	COM	81369Y50	869	SHRS	15100	SOLE  NONE  X
SEMICONDUCTOR HLDRS TR	COM	81663620	604	SHRS	21700	SOLE  NONE  X
SILVER WHEATON CORP	COM	82833610	202	SHRS	12908	SOLE  NONE  X
SL GREEN RLTY COPR	COM	78440X10	200	SHRS	3500    SOLE  NONE  X
SMITHFIELD FOODS INC	COM	83224810	436	SHRS	21000	SOLE  NONE  X
SONIC CORP		COM	83545110	138	SHRS	12500	SOLE  NONE  X
SOUTHERN CO		COM	84258710	747	SHRS	22525	SOLE  NONE  X
SPDR GOLD TRUST		COM	78463V10	1155	SHRS	10600	SOLE  NONE  X
SPDR SERIES TRUST	COM	78464A88	367	SHRS	21800	SOLE  NONE  X
SPDR TR			COM	78462F10	9942	SHRS	84977	SOLE  NONE  X
SPDR TR			C	78462F10	936	SHRS	8000	SOLE  NONE  X
STAPLES INC		COM	85503010	477	SHRS	20379	SOLE  NONE  X
STARBUCKS CORP		COM	85524410	226	SHRS	9325	SOLE  NONE  X
TARGET CORP		COM	87612E10	244	SHRS	4646	SOLE  NONE  X
TJX COS INC NEW		COM	87254010	224	SHRS	5279	SOLE  NONE  X
US NATL GAS FUND	COM	91231810	695	SHRS	100600	SOLE  NONE  X
US OIL FUND LP		C	91232N10	2981	SHRS	74000	SOLE  NONE  X
US 12 MONTH OIL FD L	COM	91288V10	696	SHRS	17037	SOLE  NONE  X
UNITED TECHNOLOGIES	COM	91301710	1023	SHRS	13904	SOLE  NONE  X
UNITEDHEALTH GROUP INC	COM	91324P10	502	SHRS	15351	SOLE  NONE  X
UROPLASTY INC		C	91727720	173	SHRS	83333	SOLE  NONE  X
V F CORP		COM	91820410	214	SHRS	2668	SOLE  NONE  X
VALERO ENERGY CORP NEW	COM	91913Y10	375	SHRS	19026	SOLE  NONE  X
VANGUARD BD INDEX FD 	COM	92193782	247	SHRS	3086	SOLE  NONE  X
VISHAY INTERTECHNOLOGY	COM	92829810	132	SHRS	12900	SOLE  NONE  X
VIVUS INC		COM	92855110	125	SHRS	14300	SOLE  NONE  X
W & T OFFSHORE INC	COM	92922P10	150	SHRS	17798	SOLE  NONE  X
WARNACO GROUP INC	COM	93439040	262	SHRS	5500	SOLE  NONE  X
WEATHERFORD INTERNATION	COM	H2701310	631	SHRS	39800	SOLE  NONE  X
WENDYS INTL INC		COM	95058710	129	SHRS	25700	SOLE  NONE  X
WHOLE FOODS MKT INC	COM	96683710	250	SHRS	6926	SOLE  NONE  X
XILINX INC		COM	98391910	768	SHRS	30108	SOLE  NONE  X
XTO ENERGY INC		COM	98385X10	272	SHRS	5762	SOLE  NONE  X
XTO ENERGY INC		C	98385X10	472	SHRS	10000	SOLE  NONE  X
					      93066