GRAHAM CORP — Director's Dealing 2007

Sep 6, 2007

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: GRAHAM CORP (GHM)
CIK: 0000716314
Period of Report: 2007-08-16

Reporting Person: MARXE AUSTIN W & GREENHOUSE DAVID M (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	409467	Indirect

Footnotes

F1: This is a joint filing by Austin W. Marxe (Marxe) and David M. Greenhouse (Greenhouse). They share voting and investment control over all securities owned by Special Situations Fund III QP, LP (QP) and Special Situations Cayman Fund, L.P. (Cayman), respectively 131,209 shares of Common Stock are held by QP and 278,258 shares of Common Stock are held by Cayman. The interest of Marxe and Greenhouse in the shares of Common Stock owned by QP and Cayman is limited to the extent of his pecuniary interest.