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, 2011
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:
13
	Mark Kuper	Wayzata, MN  	MAY 13, 2011
	[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	112

Form 13F Information Table Value Total	104108
					(thousands)

List of Other Included Managers:	NONE






1	2	3	4	5		6	7	8
			VALUE	SHRS	AMT	INV	OTHER	VOTING
NAME OF ISSUER	CLASS	CUSIP	(x$1000)			DESC	MGRS	S SH N
AFLAC INC	COM	00105510	681	SHRS	12897	SOLE	NONE	X
AGNICO EAGLE MINES LTD	COM	00847410	809	SHRS	12198	SOLE	NONE	X
ALLSTATE CORP	COM	02000210	233	SHRS	7339	SOLE	NONE	X
AMERICAN EAGLE OUTFITTERS NE	COM	02553E10	283	SHRS	17812	SOLE	NONE	X
AMERICAN ELEC PWR INC	COM	02553710	411	SHRS	11682	SOLE	NONE	X
AMERICAN EXPRESS CO	COM	02581610	220	SHRS	4873	SOLE	NONE	X
AMKOR TECHNOLOGY INC	COM	03165210	110	SHRS	16300	SOLE	NONE	X
ARCELORMITTAL SA LUXEMBOURG	COM	03938L10	462	SHRS	12785	SOLE	NONE	X
ASSURED GUARANTY LTD	COM	G0585R10	781	SHRS	52383	SOLE	NONE	X
AUTOZONE INC	COM	05333210	268	SHRS	978	SOLE	NONE	X
AXIS CAPITAL HOLDINGS	COM	G0692U90	784	SHRS	22439	SOLE	NONE	X
BANK OF AMERICA CORPORATION	COM	06050510	282	SHRS	21152	SOLE	NONE	X
BANK OF NEW YORK MELLON CORP	COM	06405810	659	SHRS	22049	SOLE	NONE	X
BARRICK GOLD CORP	COM	06790110	260	SHRS	5011	SOLE	NONE	X
BEST BUY INC	COM	08651610	297	SHRS	10327	SOLE	NONE	X
BOYD GAMING CORP	COM	10330410	151	SHRS	16100	SOLE	NONE	X
C H ROBINSON WORLDWIDE INC	COM	12541W20	353	SHRS	4767	SOLE	NONE	X
CAMPBELL SOUP CO	COM	13442910	1377	SHRS	41579	SOLE	NONE	X
CAPITALSOURCE INC	COM	14055X10	150	SHRS	21300	SOLE	NONE	X
CBL & ASSOC PPTYS INC	COM	12483010	185	SHRS	10613	SOLE	NONE	X
CITIGROUP INC	COM	17296710	382	SHRS	86349	SOLE	NONE	X
COCA COLA CO	COM	19121610	320	SHRS	4822	SOLE	NONE	X
DISCOVERY COMMUNICATIONS a	COM	25470F10	550	SHRS	13796	SOLE	NONE	X
DOMINION RES INC VA NEW	COM	25746U10	332	SHRS	7419	SOLE	NONE	X
DUKE ENERGY CORP NEW	COM	26441C10	307	SHRS	16890	SOLE	NONE	X
E*TRADE FINANCIAL CORP	COM	26924640	351	SHRS	22430	SOLE	NONE	X
EARTHLINK INC	COM	27032110	86	SHRS	10950	SOLE	NONE	X
ENTERGY CORP NEW	COM	29364G10	739	SHRS	10989	SOLE	NONE	X
EXELON CORP	COM	30161N10	380	SHRS	9218	SOLE	NONE	X
EXETER RES CORP	COM	30183510	120	SHRS	22529	SOLE	NONE	X
FREEPORT-MCMORAN COPPER & GO	COM	35671D85	419	SHRS	7545	SOLE	NONE	X
GENERAL MLS INC	COM	37033410	331	SHRS	9069	SOLE	NONE	X
GLOBAL X SILVERS MINERS ETF	COM	37950E853	466	SHRS	16531	SOLE	NONE	X
GRUPO TELEVISA SA DE CV	COM	40049J20	728	SHRS	29662	SOLE	NONE	X
GUESS INC	COM	40161710	375	SHRS	9528	SOLE	NONE	X
HECLA MNG CO	COM	42270410	124	SHRS	13703	SOLE	NONE	X
HORSEHEAD HLDG CORP	COM	44069430	205	SHRS	12019	SOLE	NONE	X
HUNT J B TRANS SVCS INC	COM	44565810	681	SHRS	14987	SOLE	NONE	X
INTERNATIONAL TOWER HILL MIN	COM	46050R10	195	SHRS	19449	SOLE	NONE	X
ISHARES SILVER TRUST	COM	46428Q10	221	SHRS	6000	SOLE	NONE	X
ISHARES SILVER TRUST	P	46428Q95	3718	SHRS	101100	SOLE	NONE	X
ISHARES SILVER TRUST	C	46428Q90	26842	SHRS	729800	SOLE	NONE	X
ISHARES TR	COM	46428773	368	SHRS	6191	SOLE	NONE	X
ISHARES TR	COM	46428864	247	SHRS	2363	SOLE	NONE	X
ISHARES TR	C	46428743	1566	SHRS	17000	SOLE	NONE	X
JANUS CAP GROUP INC	COM	47102X10	247	SHRS	19809	SOLE	NONE	X
JARDEN CORP	COM	47110910	230	SHRS	6457	SOLE	NONE	X
KB HOME	COM	48666K10	374	SHRS	30065	SOLE	NONE	X
KINROSS GOLD CORP	COM	49690240	339	SHRS	21549	SOLE	NONE	X
KRAFT FOODS INC	COM	50075N10	245	SHRS	7825	SOLE	NONE	X
LOWES COS INC	COM	54866110	223	SHRS	8440	SOLE	NONE	X
MACYS INC	COM	55616P10	580	SHRS	23888	SOLE	NONE	X
MARKET VECTORS ETF TR	C	57060U10	1982	SHRS	33000	SOLE	NONE	X
MARKET VECTORS JR GOLD MINER	COM	57060U58	235	SHRS	6000	SOLE	NONE	X
MARTIN MARIETTA MATLS INC	COM	57328410	853	SHRS	9509	SOLE	NONE	X
MATTEL INC	COM	57708110	531	SHRS	21306	SOLE	NONE	X
METLIFE INC	COM	59156R10	572	SHRS	12789	SOLE	NONE	X
MGM MIRAGE	COM	55295310	150	SHRS	11400	SOLE	NONE	X
MOLSON COORS BREWING CO	COM	60871R20	375	SHRS	8004	SOLE	NONE	X
MONSANTO CO NEW	COM	61166W10	232	SHRS	3207	SOLE	NONE	X
MORGAN STANLEY	COM	61744644	233	SHRS	8531	SOLE	NONE	X
NEWELL RUBBERMAID INC	COM	65122910	216	SHRS	11278	SOLE	NONE	X
NEWS CORP A	COM	65248E10	294	SHRS	16736	SOLE	NONE	X
NIKE INC	COM	65410610	993	SHRS	13115	SOLE	NONE	X
NORTHERN TR CORP	COM	66585910	583	SHRS	11494	SOLE	NONE	X
NORTHGATE MINERALS CORP	COM	66641610	161	SHRS	59780	SOLE	NONE	X
NORTHROP GRUMMAN CORP	COM	66680710	244	SHRS	3892	SOLE	NONE	X
OMNICOM GROUP INC	COM	68191910	259	SHRS	5276	SOLE	NONE	X
ON SEMICONDUCTOR CORP	COM	68218910	144	SHRS	14600	SOLE	NONE	X
PARTNERRE LTD	COM	G6852T10	1074	SHRS	13549	SOLE	NONE	X
PEPSICO INC	COM	71344810	774	SHRS	12017	SOLE	NONE	X
PG&E CORP	COM	69331C10	811	SHRS	18356	SOLE	NONE	X
PLATINUM GROUP METALS LTD	COM	72765Q20	120	SHRS	60728	SOLE	NONE	X
PMC-SIERRA INC	COM	69344F10	75	SHRS	10000	SOLE	NONE	X
POLYMET MINING CORP	COM	73191610	36	SHRS	18212	SOLE	NONE	X
POSCO	COM	69348310	276	SHRS	2414	SOLE	NONE	X
POWERSHARES DB CMDTY IDX TRA	P	73935S95	421	SHRS	13800	SOLE	NONE	X
POWERSHS DB MULTI SECT COMM	COM	73936B40	770	SHRS	22500	SOLE	NONE	X
POWERSHS DB MULTI SECT COMM	C	73936B50	4358	SHRS	135100	SOLE	NONE	X
POWERSHS DB MULTI SECT COMM	C	73936B40	777	SHRS	22700	SOLE	NONE	X
POWERSHS DB US DOLLAR INDEX	P	73936D95	261	SHRS	12000	SOLE	NONE	X
POWERSHS DB US DOLLAR INDEX	C	73936D90	392	SHRS	18000	SOLE	NONE	X
PPL CORP	COM	69351T10	275	SHRS	10885	SOLE	NONE	X
PULTE HOMES INC	COM	74586710	185	SHRS	25030	SOLE	NONE	X
QUICKSILVER RESOURCES INC	COM	74837R10	150	SHRS	10500	SOLE	NONE	X
REGENCY CTRS CORP	COM	75884910	447	SHRS	10274	SOLE	NONE	X
RYDER SYS INC	COM	78354910	280	SHRS	5524	SOLE	NONE	X
SAKS INC	COM	79377W10	163	SHRS	14400	SOLE	NONE	X
SIGMA ALDRICH CORP	COM	82655210	283	SHRS	4443	SOLE	NONE	X
SILVER WHEATON CORP	COM	82833610	365	SHRS	8414	SOLE	NONE	X
SONY CORP	COM	83569930	231	SHRS	7250	SOLE	NONE	X
SOUTHWEST AIRLS CO	COM	84474110	463	SHRS	36644	SOLE	NONE	X
SPDR GOLD TRUST	COM	78463V10	3962	SHRS	28329	SOLE	NONE	X
SPDR GOLD TRUST	P	78463V95	2168	SHRS	15500	SOLE	NONE	X
SPDR GOLD TRUST	C	78463V90	1119	SHRS	8000	SOLE	NONE	X
SPDR TR	COM	78462F10	1975	SHRS	14900	SOLE	NONE	X
STAPLES INC	COM	85503010	1310	SHRS	67442	SOLE	NONE	X
SUPERVALU INC	COM	86853610	191	SHRS	21418	SOLE	NONE	X
TARGET CORP	COM	87612E10	2329	SHRS	46561	SOLE	NONE	X
TIME WARNER INC	COM	88731730	837	SHRS	23452	SOLE	NONE	X
TITANIUM METALS CORP	COM	88833920	205	SHRS	11043	SOLE	NONE	X
TOLL BROTHERS INC	COM	88947810	293	SHRS	14842	SOLE	NONE	X
TRANSGLOBE ENERGY CORP	COM	89366210	261	SHRS	17169	SOLE	NONE	X
TYSON FOODS INC	COM	90249410	247	SHRS	12867	SOLE	NONE	X
UNILEVER PLC	COM	90476770	320	SHRS	10440	SOLE	NONE	X
UNITED PARCEL SERVICE INC	COM	91131210	257	SHRS	3454	SOLE	NONE	X
UNITED STATES OIL FUND LP	P	91232N95	507	SHRS	11900	SOLE	NONE	X
UNITED STATES OIL FUND LP	C	91232N90	14936	SHRS	350600	SOLE	NONE	X
UNITED STATES STL CORP NEW	COM	91290910	360	SHRS	6667	SOLE	NONE	X
URBAN OUTFITTERS INC	COM	91704710	316	SHRS	10581	SOLE	NONE	X
VANGUARD BD INDEX FD INC	COM	92193782	349	SHRS	4355	SOLE	NONE	X
WENDYS INTL INC	COM	95058710	75	SHRS	14900	SOLE	NONE	X
TOTAL			104108