UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:	June 30, 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  	AUGUST 12, 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	119

Form 13F Information Table Value Total	134691
					(thousands)

List of Other Included Managers:	NONE





1	2	3	4	5		6	7	8
			VALUE	SHRS OR	SH/PUT/	INV	OTHER	VOTING
NAME OF ISSUER	CLASS	CUSIP	(x$1000)	PRN AMT	PRN CALL	DESC	MGRS	S SH N
ADVANCED MICRO DEVICES INC	COM	00790310	82	SHRS	11700	SOLE	NONE	X
AFLAC INC	COM	00105510	532	SHRS	11394	SOLE	NONE	X
AGNICO EAGLE MINES LTD	COM	00847410	462	SHRS	7324	SOLE	NONE	X
ALLSTATE CORP	COM	02000210	396	SHRS	12960	SOLE	NONE	X
ALTRIA GROUP INC	COM	02209S10	314	SHRS	11887	SOLE	NONE	X
AMERICAN EAGLE OUTFITTERS NE	COM	02553E10	286	SHRS	22440	SOLE	NONE	X
AMR CORP	COM	00176510	99	SHRS	18258	SOLE	NONE	X
APARTMENT INVT & MGMT CO	COM	03748R10	628	SHRS	24593	SOLE	NONE	X
APPLIED MATLS INC	COM	03822210	150	SHRS	11500	SOLE	NONE	X
ARCELORMITTAL SA LUXEMBOURG	COM	03938L10	201	SHRS	5776	SOLE	NONE	X
ASSURED GUARANTY LTD	COM	G0585R10	315	SHRS	19311	SOLE	NONE	X
AURICO GOLD INC	COM	05155C10	180	SHRS	16409	SOLE	NONE	X
BANK OF AMERICA CORPORATION	COM	06050510	639	SHRS	58322	SOLE	NONE	X
BANK OF NEW YORK MELLON CORP	COM	06405810	2005	SHRS	78264	SOLE	NONE	X
BHP BILLITON PLC	COM	05545E20	335	SHRS	4272	SOLE	NONE	X
BP PRUDHOE BAY RTY TR	P	05563095	447	SHRS	4000	SOLE	NONE	X
BP PRUDHOE BAY RTY TR	C	05563090	815	SHRS	7300	SOLE	NONE	X
C H ROBINSON WORLDWIDE INC	COM	12541W20	283	SHRS	3593	SOLE	NONE	X
CAMPBELL SOUP CO	COM	13442910	869	SHRS	25146	SOLE	NONE	X
CARMAX INC	COM	14313010	206	SHRS	6224	SOLE	NONE	X
CITIGROUP INC	COM	17296742	378	SHRS	9075	SOLE	NONE	X
CLEARWIRE CORP CL A	COM	18538Q10	109	SHRS	28800	SOLE	NONE	X
COMMERCIAL METALS CO	COM	20172310	149	SHRS	10400	SOLE	NONE	X
COMPANHIA SIDERURGICA NACION	COM	20440W10	292	SHRS	23423	SOLE	NONE	X
DEVELOPERS DIVERSIFIED RLTY	COM	25159110	1013	SHRS	71865	SOLE	NONE	X
DISNEY WALT CO	COM	25468710	783	SHRS	20056	SOLE	NONE	X
DRYSHIPS INC	COM	Y2109Q10	69	SHRS	16547	SOLE	NONE	X
DTE ENERGY CO	COM	23333110	288	SHRS	5767	SOLE	NONE	X
DUKE REALTY CORP	COM	26441150	147	SHRS	10504	SOLE	NONE	X
E*TRADE FINANCIAL CORP	COM	26924640	464	SHRS	33614	SOLE	NONE	X
ENTERGY CORP NEW	COM	29364G10	369	SHRS	5401	SOLE	NONE	X
EXELON CORP	COM	30161N10	563	SHRS	13136	SOLE	NONE	X
EXETER RES CORP	COM	30183510	114	SHRS	27269	SOLE	NONE	X
FREEPORT-MCMORAN COPPER & GO	COM	35671D85	208	SHRS	3926	SOLE	NONE	X
GENERAL MLS INC	COM	37033410	538	SHRS	14443	SOLE	NONE	X
GENERAL MOTORS	P	37045V95	607	SHRS	20000	SOLE	NONE	X
GENERAL MTRS CO *W EXP 07/10/2019	COM	37045V12	271	SHRS	17000	SOLE	NONE	X
GENWORTH FINL INC	COM	37247D10	239	SHRS	23263	SOLE	NONE	X
GLOBAL X SILVERS MINERS ETF	COM	37950E85	1013	SHRS	42763	SOLE	NONE	X
GOLDMAN SACHS GROUP INC	COM	38141G10	684	SHRS	5143	SOLE	NONE	X
HCP INC	COM	40414L10	428	SHRS	11677	SOLE	NONE	X
HECLA MNG CO	COM	42270410	297	SHRS	38577	SOLE	NONE	X
HORSEHEAD HLDG CORP	COM	44069430	261	SHRS	19616	SOLE	NONE	X
HOST HOTELS & RESORTS INC	COM	44107P10	540	SHRS	31882	SOLE	NONE	X
HUNT J B TRANS SVCS INC	COM	44565810	214	SHRS	4544	SOLE	NONE	X
INTERNATIONAL TOWER HILL MIN	COM	46050R10	222	SHRS	29456	SOLE	NONE	X
ISHARES SILVER TRUST	P	46428Q95	1747	SHRS	51600	SOLE	NONE	X
ISHARES SILVER TRUST	C	46428Q90	40014	SHRS	1182100	SOLE	NONE	X
ISHARES TR	COM	46428773	285	SHRS	4720	SOLE	NONE	X
ISHARES TR	COM	46428745	1265	SHRS	15000	SOLE	NONE	X
ISHARES TR	COM	46428744	211	SHRS	2200	SOLE	NONE	X
ISHARES TR	COM	46428864	240	SHRS	2288	SOLE	NONE	X
ISHARES TR	C	46428790	1600	SHRS	17000	SOLE	NONE	X
JANUS CAP GROUP INC	COM	47102X10	596	SHRS	63163	SOLE	NONE	X
JONES APPAREL GROUP INC	COM	48020T10	150	SHRS	13800	SOLE	NONE	X
JPMORGAN & CHASE & CO	COM	46625H10	327	SHRS	7993	SOLE	NONE	X
KB HOME	COM	48666K10	372	SHRS	38080	SOLE	NONE	X
KNIGHT CAPITAL GROUP INC	COM	49900510	147	SHRS	13300	SOLE	NONE	X
KOHLS CORP	COM	50025510	500	SHRS	9990	SOLE	NONE	X
LENNAR CORP	COM	52605710	183	SHRS	10097	SOLE	NONE	X
MACK CALI RLTY CORP	COM	55448910	317	SHRS	9636	SOLE	NONE	X
MARKET VECTORS ETF TR	C	57060U90	1801	SHRS	33000	SOLE	NONE	X
MARKET VECTORS JR GOLD MINER	COM	57060U58	207	SHRS	6000	SOLE	NONE	X
MARTIN MARIETTA MATLS INC	COM	57328410	669	SHRS	8370	SOLE	NONE	X
MEMC ELECTR MATLS INC	COM	55271510	150	SHRS	17600	SOLE	NONE	X
METLIFE INC	COM	59156R10	364	SHRS	8298	SOLE	NONE	X
MICRON TECHNOLOGY INC	COM	59511210	150	SHRS	20000	SOLE	NONE	X
MIDCAP SPDR TR	COM	78467Y10	4781	SHRS	26949	SOLE	NONE	X
MINEFINDERS LTD	COM	60290010	184	SHRS	14180	SOLE	NONE	X
MOHAWK INDS INC	COM	60819010	232	SHRS	3869	SOLE	NONE	X
MOLSON COORS BREWING CO	COM	60871R20	552	SHRS	12328	SOLE	NONE	X
MORGAN STANLEY	COM	61744644	644	SHRS	27973	SOLE	NONE	X
NEWELL RUBBERMAID INC	COM	65122910	466	SHRS	29547	SOLE	NONE	X
NEWS CORP	COM	65248E20	341	SHRS	18879	SOLE	NONE	X
NEWS CORP A	COM	65248E10	210	SHRS	11861	SOLE	NONE	X
NORTHERN TR CORP	COM	66585910	1292	SHRS	28105	SOLE	NONE	X
NORTHGATE MINERALS CORP	COM	66641610	145	SHRS	55625	SOLE	NONE	X
NUCOR CORP	COM	67034610	427	SHRS	10349	SOLE	NONE	X
OFFICE DEPOT INC	COM	67622010	62	SHRS	14621	SOLE	NONE	X
OMNICOM GROUP INC	COM	68191910	360	SHRS	7484	SOLE	NONE	X
OWENS ILL INC	COM	69076840	265	SHRS	10281	SOLE	NONE	X
PARAMOUNT GOLD & SILVER CORP	COM	69924P10	48	SHRS	14700	SOLE	NONE	X
PARTNERRE LTD	COM	G6852T10	1899	SHRS	27578	SOLE	NONE	X
PG&E CORP	COM	69331C10	455	SHRS	10824	SOLE	NONE	X
PLATINUM GROUP METALS LTD	COM	72765Q20	124	SHRS	71140	SOLE	NONE	X
PLUM CREEK TIMBER CO INC	COM	72925110	398	SHRS	9825	SOLE	NONE	X
POLYMET MINING CORP	COM	73191610	41	SHRS	24714	SOLE	NONE	X
POWERSHARES DB CMDTY IDX TRA	P	73935S95	290	SHRS	10000	SOLE	NONE	X
POWERSHS DB MULTI SECT COMM	C	73936B40	720	SHRS	22700	SOLE	NONE	X
POWERSHS DB MULTI SECT COMM	C	73936B50	2734	SHRS	95100	SOLE	NONE	X
PUBLIC SVC ENTERPRISE GROUP	COM	74457310	289	SHRS	8857	SOLE	NONE	X
RADIOSHACK CORP	COM	75043810	250	SHRS	18762	SOLE	NONE	X
REGENCY CTRS CORP	COM	75884910	295	SHRS	6719	SOLE	NONE	X
REGIONS FINANCIAL CORP NEW	COM	7591EP10	75	SHRS	12100	SOLE	NONE	X
RELIANCE STEEL & ALUMINUM CO	COM	75950910	236	SHRS	4744	SOLE	NONE	X
SEABRIDGE GOLD INC	COM	81191610	213	SHRS	7562	SOLE	NONE	X
SEMPRA ENERGY	COM	81685110	758	SHRS	14328	SOLE	NONE	X
SILVER STD RES INC	COM	82823L10	286	SHRS	10712	SOLE	NONE	X
SILVER WHEATON CORP	COM	82833610	1463	SHRS	44321	SOLE	NONE	X
SMITHFIELD FOODS INC	COM	83224810	255	SHRS	11661	SOLE	NONE	X
SONY CORP	COM	83569930	252	SHRS	9567	SOLE	NONE	X
SOUTHERN CO	COM	84258710	454	SHRS	11252	SOLE	NONE	X
SOUTHERN COPPER CORP	COM	84265V10	202	SHRS	6134	SOLE	NONE	X
SOUTHWEST AIRLS CO	COM	84474110	241	SHRS	21081	SOLE	NONE	X
SPDR GOLD TRUST	COM	78463V10	15198	SHRS	104112	SOLE	NONE	X
SPDR GOLD TRUST	P	78463V95	8759	SHRS	60000	SOLE	NONE	X
SPDR TR	C	78462F90	396	SHRS	3000	SOLE	NONE	X
STANLEY WKS	COM	85450210	423	SHRS	5865	SOLE	NONE	X
STAPLES INC	COM	85503010	351	SHRS	22226	SOLE	NONE	X
SUPERVALU INC	COM	86853610	178	SHRS	18918	SOLE	NONE	X
TARGET CORP	COM	87612E10	1639	SHRS	34945	SOLE	NONE	X
TIME WARNER INC	COM	88731730	772	SHRS	21230	SOLE	NONE	X
TRANSGLOBE ENERGY CORP	COM	89366210	363	SHRS	31869	SOLE	NONE	X
TYSON FOODS INC	COM	90249410	208	SHRS	10709	SOLE	NONE	X
UDR INC	COM	90265310	306	SHRS	12461	SOLE	NONE	X
UNITED STATES OIL FUND LP	C	91232N90	12535	SHRS	336600	SOLE	NONE	X
VENTAS INC	COM	92276F10	387	SHRS	7346	SOLE	NONE	X
WARNACO GROUP INC	COM	93439040	288	SHRS	5507	SOLE	NONE	X
YAHOO INC	COM	98433210	150	SHRS	10000	SOLE	NONE	X
TOTAL			134691