Filing Details

EuroDry Ltd.

(Name of Issuer)

Common Shares, $0.01 par value

(Title of Class of Securities)

Y23508107

(CUSIP Number)

Friends Investment Company Inc. 4 Messogiou & Evropis St. 151 24 Maroussi Greece

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

November 12, 2020

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box [X].

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

Item 1.

Security and Issuer

Item 2.

Identity and Background

(a),(f)

The persons filing this statement are Friends Investment Company Inc., a Marshall Islands corporation (“Friends Investment Company”), Friends Dry Investment Company Inc., a Marshall Islands corporation (“Friends Dry Investment Company”) and Family United Navigation Co., a Marshall Islands corporation (“Family United Navigation” and, together with Friends Investment Company and Friends Dry Investment Company, the "Reporting Persons").

(b)	The address of the principal place of business of both Friends Investment Company and Friends Dry Investment Company is 4 Messogiou & Evropis St., 151 24 Maroussi, Greece.

(b),(c)

The principal business of the Reporting Persons is acting as shipping investment holding companies.

Aristides P. Pittas		President, Director		Mr. Pittas is a citizen of Greece.  His principal occupation is serving as Vice Chairman of the Issuer.
Aristides J. Pittas		Vice President/Director		Mr. Pittas is a citizen of Greece.  His principal occupation is serving as Chairman, CEO and President of the Issuer and President of Eurobulk Ltd.
Nikolaos J. Pittas		Treasurer/Secretary/Director		Mr. Pittas is a citizen of Greece.  His principal occupation is serving as the financial manager of Eurobulk Ltd.
Emmanuel J. Pittas		Director		Mr. Pittas is a citizen of Greece.  His principal occupation is serving as vice president of Eurobulk Ltd.

Pantelis Pittas		President/Director		Mr. Pittas is a citizen of Greece.  His principal occupation is serving as Chartering Manager of Eurobulk, Ltd.
Aristides P. Pittas		Secretary/Director		Mr. Pittas is a citizen of Greece.  His principal occupation is serving as Vice Chairman of the Issuer.
Eleni Pitta		Treasurer/Director		Ms. Pitta is a citizen of Greece.  Her principal occupation is serving as an employee in Administration at Eurobulk Ltd.
Despoina Pitta		Director		Ms. Pitta is a citizen of Greece.  Her principal occupation is serving on the board of directors of P. Pappas and A. Pittas OE.

(d),(e)

None of the Reporting Persons, nor any manager or executive officer of the Reporting Persons, has, during the past five years, (a) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (b) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting, or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

The source of funds for the purchases of the 752,967 Common Shares directly owned by Friends Dry Investment Company came from its working capital.  No borrowed funds were used to purchase the Common Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The source of funds for the purchases of the 330,219 Common Shares directly owned by Family United Navigation pursuant to the Spin-Off Distribution came from its working capital.  No borrowed funds were used to purchase the Common Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

The other persons named in response to Item 2 hold the following number of Common Shares of the Issuer in their accounts:

The Reporting Persons acquired their Common Shares for investment and are filing this Schedule 13D/A to report a change in their respective beneficial ownership percentages of the Common Shares, as indicated in Item 5 below.

Aristides J. Pittas, who serves as the Vice President and as a Director of both Friends Investment Company and Friends Dry Investment Company, is the Chairman, President, Chief Executive Officer and a Class A Director of the Issuer.  Aristides P. Pittas, who serves as the President and as a Director of both Friends Investment Company and Friends Dry Investment Company and as the Secretary and a Director of Family United Navigation, is the Vice Chairman and a Class A Director of the Issuer.

Moreover, since certain persons serving as directors and officers for Friends Investment Company and Friends Dry Investment Company also serve in similar capacities for Family United Navigation, the Reporting Persons may be deemed to be affiliates of each other for purposes of reporting on Schedule 13D.  As such, each Reporting Person may be deemed to beneficially own the Common Shares of the other Reporting Person.

Except as set forth above, the Reporting Persons do not have any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) - (j) of Item 4 of Schedule 13D.  The Reporting Persons intend to review their investment in the Issuer on a continuing basis.  Depending on various factors, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional Common Shares, selling some or all of their Common Shares, engaging in short selling of or any hedging or similar transaction with respect to the Common Shares or changing its intention with respect to any and all matters referred to in Item 4.

As of the date hereof, Friends Dry Investment Company may be deemed to be the beneficial owner of 752,967 Common Shares, constituting 32.7% of the Common Shares, based upon 2,304,630 Common Shares outstanding.  Friends Dry Investment Company has the sole power to vote or direct the vote of 752,967 Common Shares and the shared power to vote or direct the vote of 0 Common Shares.  Friends Dry Investment Company has the sole power to dispose or direct the disposition of 752,967 Common Shares and the shared power to dispose or direct the disposition of 0 Common Shares.

As of the date hereof, Family United Navigation may be deemed to be the beneficial owner of 330,219 Common Shares, constituting 14.3% of the Common Shares, based upon 2,304,630 Common Shares outstanding.  Family United Navigation has the sole power to vote or direct the vote of 330,219 Common Shares and the shared power to vote or direct the vote of 0 Common Shares.  Family United Navigation has the sole power to dispose or direct the disposition of 330,219 Common Shares and the shared power to dispose or direct the disposition of 0 Common Shares.

None of the other persons named in response to Item 2 have the sole power to vote or to direct the vote, the shared power to vote or direct the vote, the sole power to dispose or to direct the disposition of the Common Shares that are the subject of this Schedule 13D/A.

The transactions by Friends Dry Investment Company in the Common Shares during the past 60 days are set forth on Exhibit B.

There have been no transactions by Friends Investment Company in the Common Shares during the past 60 days.

The information set forth in Item 4 above is incorporated by reference in its entirety in this Item 6.  In addition, the information set forth in Item 4 and Item 6 of the Schedule 13D filed with the Securities and Exchange Commission in respect of the Issuer on September 26, 2018 by the Reporting Persons are incorporated herein by reference.

Other than as set forth above, the Reporting Persons do not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer.

Exhibit A:  Joint Filing Agreement

Exhibit B:  Schedule of Transactions in the Common Shares by Friends Dry Investment Company

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

	November 24, 2020
	(Date)
	Friends Investment Company Inc.
	By:  /s/ Aristides J. Pittas
	Name: Aristides J. Pittas Title: Vice President

	Friends Dry Investment Company Inc.
	By:  /s/ Aristides J. Pittas
	Name: Aristides J. Pittas Title: Vice President

	Family United Navigation Co.
	By:  /s/ Pantelis Pittas
	Name: Pantelis Pittas Title: President

Attention:  Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).

Exhibit A

The undersigned agree that this Amendment No. 4 to Schedule 13D, dated November 24, 2020, relating to the Common Shares, $0.01 par value, of EuroDry Ltd. shall be filed on behalf of the undersigned.

	November 24, 2020
	(Date)
	Friends Investment Company Inc.
	By:  /s/ Aristides J. Pittas
	Name: Aristides J. Pittas Title: Vice President

	Friends Dry Investment Company Inc.
	By:  /s/ Aristides J. Pittas
	Name: Aristides J. Pittas Title: Vice President

	Family United Navigation Co.
	By:  /s/ Pantelis Pittas
	Name: Pantelis Pittas Title: President

Exhibit B

SCHEDULE OF TRANSACTIONS IN COMMON SHARES BY FRIENDS DRY INVESTMENT COMPANY*

* The transaction was an open market transaction.

Date of Transaction	Title of Class	Number of Common Shares Acquired	Number of Common Shares Disposed	Price Per Common Share
11/11/20	Common Shares, $0.01 par value	N/A	17,000	$10.40