<SEC-DOCUMENT>0001193125-11-308603.txt : 20111114
<SEC-HEADER>0001193125-11-308603.hdr.sgml : 20111111
<ACCEPTANCE-DATETIME>20111114062433
ACCESSION NUMBER:		0001193125-11-308603
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20111114
DATE AS OF CHANGE:		20111114
EFFECTIVENESS DATE:		20111114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Endowment Management, LP
		CENTRAL INDEX KEY:			0001512237
		IRS NUMBER:				651297607

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-14333
		FILM NUMBER:		111197438

	BUSINESS ADDRESS:	
		STREET 1:		100 N. TRYON ST.
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		704-333-8282

	MAIL ADDRESS:	
		STREET 1:		100 N. TRYON ST.
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>d255261d13fhr.txt
<DESCRIPTION>FORM 13-F
<TEXT>
<PAGE>

================================================================================

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

                                   FORM 13F

                              FORM 13F Cover Page

Report for the Calendar Year or Quarter Ended: September 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:    Global Endowment Management, LP
Address: 550 S. Tryon St.; Suite 3500, Charlotte, NC 28202

Form 13F File Number: 28-14333

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:    Thruston B. Morton III
Title:   Chief Investment Officer
Phone:   704-333-8282

Signature, Place, and Date of Signing:

/s/Thruston B. Morton III    Charlotte, North Carolina    November 14, 2011
--------------------------   --------------------------   ------------------

Report Type (Check only one.)

[_] 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).)

[X] 13F COMBINATION REPORT. (Check here if a portion of the holdings of this
    reporting manager are reported in this report and a portion are reported by
    other reporting manager(s).)

List of Other Managers Reporting for this Manager:

Form 13F File Number           Name

28-12210                       Bares Capital Management
28-12170                       Energy Income Partners, LLC
28-14365                       Gotham Asset Management, LLC
28-12517                       Jay Jeffrey R

================================================================================

<PAGE>

                             FORM 13F SUMMARY PAGE


Report Summary:


Number of Other Included Managers:           1

Form 13F Information Table Entry Total:    186

Form 13F Information Table Value Total: 245112 (thousands)

List of Other Included Managers:

Provide a numbered list of name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.

    No.    Form 13F File Number         Name

    1      N/A                          Caledonia Investments

<PAGE>

<TABLE>
<CAPTION>
COLUMN 1:                        COLUMN 2:     COLUMN 3: COLUMN 4: COLUMN 5:          COLUMN 6:   COLUMN 7:      COLUMN 8:
---------                     ---------------- --------- --------- ---------          ----------  --------- -------------------
                                                                                                             VOTING AUTHORITY
                                                                                                            -------------------
                                                                    SHRS OR
                                                           VALUE      PRN    SH/ PUT/ INVESTMENT    OTHER
NAME OF ISSUER                 TITLE OF CLASS    CUSIP   (X$1000)     AMT    PRN CALL DISCRETION  MANAGERS   SOLE  SHARED NONE
--------------                ---------------- --------- --------- --------- --- ---- ----------  --------- ------ ------ -----
<S>                           <C>              <C>       <C>       <C>       <C> <C>  <C>         <C>       <C>    <C>    <C>
ABBOTT LABS                   COM              002824100    2400     46930   SH       SOLE                   46930
ABITIBIBOWATER INC            COM NEW          003687209     989     65900   SH       SOLE                   65900
ACADIA RLTY TR                COM SH BEN INT   004239109     743     39739   SH       SOLE                   39739
ACCELRYS INC                  COM              00430U103    1004    165700   SH       SOLE                  165700
ACCENTURE PLC IRELAND SHS     CLASS A          G1151C101      27       510   SH       SOLE                     510
ADVANCE AUTO PARTS INC        COM              00751Y106     831     14300   SH       SOLE                   14300
ALEXANDRIA REAL ESTATE EQ IN  COM              015271109     766     12475   SH       SOLE                   12475
ALLIANCE HOLDINGS GP LP       COM UNITS LP     01861G100     575     13060   SH       SOLE                   13060
ALTRIA GROUP INC              COM              02209S103    2161     80600   SH       SOLE                   80600
AMERICAN ASSETS TR INC        COM              024013104     751     41854   SH       SOLE                   41854
AMERICAN CAMPUS CMNTYS INC    COM              024835100     774     20791   SH       SOLE                   20791
AMPHENOL CORP                 NEW CL A         032095101      18       450   SH       SOLE                     450
ANALOG DEVICES INC            COM              032654105      19       620   SH       SOLE                     620
ANNALY CAP MGMT INC           COM              035710409    5996    360550   SH       SOLE                  360550
AON CORP                      COM              037389103     613     14600   SH       SOLE                   14600
APARTMENT INVT & MGMT CO      CL A             03748R101     714     32287   SH       SOLE                   32287
APPLE INC                     COM              037833100     579      1520   SH       SOLE                    1520
AUTOMATIC DATA PROCESSING IN  COM              053015103    2920     61920   SH       SOLE                   61920
AUTOZONE INC                  COM              053332102      32       100   SH       SOLE                     100
AVALONBAY CMNTYS INC          COM              053484101     744      6526   SH       SOLE                    6526
BAXTER INTL INC               COM              071813109    2617     46610   SH       SOLE                   46610
BECTON DICKINSON & CO         COM              075887109    1760     24000   SH       SOLE                   24000
BERKSHIRE HATHAWAY INC DEL    CL B NEW         084670702   17987    253200   SH       SOLE                  253200
BMC SOFTWARE INC              COM              055921100      19       500   SH       SOLE                     500
BOARDWALK PIPELINE PARTNERS   UT LTD PARTNER   096627104     810     31580   SH       SOLE                   31580
BOSTON PROPERTIES INC         COM              101121101     733      8231   SH       SOLE                    8231
BROOKFIELD OFFICE PPTYS INC   COM              112900105     713     51796   SH       SOLE                   51796
BUCKEYE PARTNERS L P          UNIT LTD PARTN   118230101    2188     35000   SH       SOLE                   35000
CALPINE CORP                  COM NEW          131347304     976     69300   SH       SOLE                   69300
CAMPBELL SOUP CO              COM              134429109    2609     80600   SH       SOLE                   80600
CARTER INC                    COM              146229109     651     21300   SH       SOLE                   21300
CLEARWATER PAPER CORP         COM              18538R103     483     14200   SH       SOLE                   14200
CLOROX CO DEL                 COM              189054109    2249     33900   SH       SOLE                   33900
CME GROUP INC                 COM              12572Q105     382      1550   SH       SOLE                    1550
CME GROUP INC                 COM              12572Q105    1789      7261   SH       NONE            1                    7261
COLGATE PALMOLIVE CO          COM              194162103    3630     40930   SH       SOLE                   40930
COLGATE PALMOLIVE CO          COM              194162103    1663     18749   SH       NONE            1                   18749
CORPORATE EXECUTIVE BRD CO    COM              21988R102     827     27748   SH       NONE            1                   27748
BARD C R INC                  COM              067383109      23       260   SH       SOLE                     260
CROWN HOLDINGS INC            COM              228368106      20       650   SH       SOLE                     650
CTRIP COM INTL LTD            AMERICAN DEP SHS 22943F100     779     24227   SH       NONE            1                   24227
DOLBY LABORATORIES INC        COM              25659T107      17       630   SH       SOLE                     630
DOUGLAS EMMETT INC            COM              25960P109     766     44767   SH       SOLE                   44767
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
COLUMN 1:                       COLUMN 2:     COLUMN 3: COLUMN 4: COLUMN 5:          COLUMN 6:   COLUMN 7:      COLUMN 8:
---------                     --------------- --------- --------- ---------          ----------  --------- -------------------
                                                                                                            VOTING AUTHORITY
                                                                                                           -------------------
                                                                   SHRS OR
                                                          VALUE      PRN    SH/ PUT/ INVESTMENT    OTHER
NAME OF ISSUER                TITLE OF CLASS    CUSIP   (X$1000)     AMT    PRN CALL DISCRETION  MANAGERS   SOLE  SHARED NONE
--------------                --------------- --------- --------- --------- --- ---- ----------  --------- ------ ------ -----
<S>                           <C>             <C>       <C>       <C>       <C> <C>  <C>         <C>       <C>    <C>    <C>
DUPONT FABROS TECHNOLOGY INC  COM             26613Q106    735      37328   SH       SOLE                   37328
EMERSON ELEC CO               COM             291011104   2046      49530   SH       SOLE                   49530
ENBRIDGE ENERGY MANAGEMENT L  UNITS LLI       29250X103   1453      52854   SH       SOLE                   52854
ENBRIDGE INC                  COM             29250N105    642      20120   SH       SOLE                   20120
ENDO PHARMACEUTICALS HLDGS I  COM             29264F205     16        570   SH       SOLE                     570
SELECT SECTOR SPDR TR         SBI INT-ENERGY  81369Y506    926      15800   SH       SOLE                   15800
ENERGY TRANSFER EQUITY L P    COM UT LTD      29273V100    506      14555   SH       SOLE                   14555
ENERGY TRANSFER PRTNRS L P    UNIT LTD PARTN  29273R109   2085      50850   SH       SOLE                   50850
ENTERPRISE PRODS PARTNERS L   COM             293792107   3655      91030   SH       SOLE                   91030
EQUITY LIFESTYLE PPTYS INC    COM             29472R108    727      11592   SH       SOLE                   11592
EXPEDIA INC                   DEL COM         30212P105    523      20325   SH       NONE            1                   20325
EXPRESS SCRIPTS INC           COM             302182100     18        480   SH       SOLE                     480
EXTRA SPACE STORAGE INC       COM             30225T102    724      38871   SH       SOLE                   38871
FIRST INDUSTRIAL REALTY TRUS  COM             32054K103    740      92456   SH       SOLE                   92456
FLUOR CORP NEW                COM             343412102     17        360   SH       SOLE                     360
F M C CORP                    COM NEW         302491303     23        330   SH       SOLE                     330
GENERAL DYNAMICS CORP         COM             369550108    876      15400   SH       SOLE                   15400
GLIMCHER RLTY TR              SH BEN INT      379302102    710     100280   SH       SOLE                  100280
GOOGLE INC                    CL A            38259P508   1819       3536   SH       NONE            1                    3536
GREENLIGHT CAPITAL RE LTD     CLASS A         G4095J109    249      12000   SH       SOLE                   12000
BLOCK H & R INC               COM             093671105    764      57400   SH       SOLE                   57400
HALLMARK FINL SVCS INC EC     COM NEW         40624Q203   1450     196807   SH       SOLE                  196807
HATTERAS FINL CORP            COM             41902R103   6275     249400   SH       SOLE                  249400
HEALTHCARE RLTY TR            COM             421946104    759      45053   SH       SOLE                   45053
HERSHEY CO                    COM             427866108   3232      54560   SH       SOLE                   54560
HEWLETT PACKARD CO            COM             428236103     15        650   SH       SOLE                     650
HONEYWELL INTL INC            COM             438516106   1936      44100   SH       SOLE                   44100
HOST HOTELS & RESORTS INC     COM             44107P104    797      72829   SH       SOLE                   72829
INTERACTIVE INTELLIGENCE GRO  COM ADDED       45841V109    709      26118   SH       SOLE                   26118
INTERNATIONAL BUSINESS MACHS  COM             459200101   3466      19800   SH       SOLE                   19800
INTL FCSTONE INC              COM             46116V105    621      29917   SH       SOLE                   29917
INTERNATIONAL FLAVORS&FRAGRA  COM             459506101     22        390   SH       SOLE                     390
ISHARES INC                   ISHARES TR
                              BARCLYS 40734
                              YR              464287440    998       9500   SH       SOLE                    9500
ISHARES TR                    BARCLYS MBS
                              BD              464288588    395       3650   SH       SOLE                    3650
ISHARES INC                   ISHARES TR FTSE
                              CHINA25 IDX     464287184    222       7190   SH       SOLE                    7190
ISHARES TR                    IBOXX INV CPBD  464287242   2382      21200   SH       SOLE                   21200
ISHARES TR                    MSCI PERU CAP   464289842     98       2800   SH       SOLE                    2800
ISHARES INC                   MSCI
                              AUSTRALIA       464286103     62       3090   SH       SOLE                    3090
ISHARES INC                   MSCI AUSTRIA
                              INV             464286202    208      13830   SH       SOLE                   13830
ISHARES INC                   MSCI BELG
                              INVEST          464286301    155      14060   SH       SOLE                   14060
ISHARES INC                   MSCI BRAZIL     464286400    174       3340   SH       SOLE                    3340
ISHARES INC                   MSCI BRIC INDX  464286657    168       4950   SH       SOLE                    4950
ISHARES INC                   MSCI CDA INDEX  464286509    380      14890   SH       SOLE                   14890
ISHARES INC                   MSCI CHILE
                              INVES           464286640    124       2340   SH       SOLE                    2340
ISHARES INC                   MSCI FRANCE     464286707    274      14370   SH       SOLE                   14370
ISHARES INC                   MSCI GERMAN     464286806    176       9630   SH       SOLE                    9630
ISHARES INC                   MSCI HONG
                              KONG            464286871    103       7190   SH       SOLE                    7190
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
COLUMN 1:                       COLUMN 2:     COLUMN 3: COLUMN 4: COLUMN 5:          COLUMN 6:   COLUMN 7:      COLUMN 8:
---------                     --------------- --------- --------- ---------          ----------  --------- -------------------
                                                                                                            VOTING AUTHORITY
                                                                                                           -------------------
                                                                   SHRS OR
                                                          VALUE      PRN    SH/ PUT/ INVESTMENT    OTHER
NAME OF ISSUER                TITLE OF CLASS    CUSIP   (X$1000)     AMT    PRN CALL DISCRETION  MANAGERS   SOLE  SHARED NONE
--------------                --------------- --------- --------- --------- --- ---- ----------  --------- ------ ------ -----
<S>                           <C>             <C>       <C>       <C>       <C> <C>  <C>         <C>       <C>    <C>    <C>
ISHARES INC                   ISHARES TR INDO
                              INVS MRKT       46429B309     225      8700   SH       SOLE                    8700
ISHARES INC                   MSCI ITALY      464286855     222     18690   SH       SOLE                   18690
ISHARES INC                   MSCI JAPAN      464286848     195     20600   SH       SOLE                   20600
ISHARES INC                   MSCI MALAYSIA   464286830     145     11870   SH       SOLE                   11870
ISHARES INC                   MSCI MEX INVEST 464286822     130      2660   SH       SOLE                    2660
ISHARES INC                   MSCI NETHR
                              INVES           464286814     148      9060   SH       SOLE                    9060
ISHARES INC                   ISHARES TR MSCI
                              RUSS INDX       46429B705     362     19200   SH       SOLE                   19200
ISHARES INC                   MSCI SINGAPORE  464286673      65      5940   SH       SOLE                    5940
ISHARES INC                   MSCI S KOREA    464286772      29       620   SH       SOLE                     620
ISHARES INC                   MSCI SPAIN      464286764     162      5000   SH       SOLE                    5000
ISHARES INC                   MSCI SWEDEN     464286756     255     11090   SH       SOLE                   11090
ISHARES INC                   MSCI SWITZERLD  464286749     218     10050   SH       SOLE                   10050
ISHARES INC                   MSCI TAIWAN     464286731      24      2030   SH       SOLE                    2030
ISHARES INC                   MSCI UTD KINGD  464286699     858     58120   SH       SOLE                   58120
ISHARES INC                   ISHARES TR S&P
                              INDIA 50        464289529      99      4450   SH       SOLE                    4450
ITT CORP                      NEW COM         450911102    1983     47210   SH       SOLE                   47210
JACOBS ENGR GROUP INC DEL     COM             469814107     506     15665   SH       NONE            1                   15665
JOHNSON & JOHNSON             COM             478160104    2644     41500   SH       SOLE                   41500
KELLOGG CO                    COM             487836108    2528     47530   SH       SOLE                   47530
KINDER MORGAN INC DEL         COM             49456B101     590     22795   SH       SOLE                   22795
KINDER MORGAN MANAGEMENT LLC  SHS             49455U100    2980     50775   SH       SOLE                   50775
LAMAR ADVERTISING CO          CL A            512815101     681     40000   SH       SOLE                   40000
LASALLE HOTEL PPTYS COM       SH BEN INT      517942108     835     43468   SH       SOLE                   43468
LEAP WIRELESS INTL INC        COM NEW         521863308     175     25300   SH       SOLE                   25300
LIBERTY GLOBAL INC            COM SER A       530555101     879     24300   SH       SOLE                   24300
LIFE TECHNOLOGIES CORP        COM             53217V109     752     19580   SH       SOLE                   19580
MACQUARIE INFRASTR CO LLC     MEMBERSHIP INT  55608B105    1037     46200   SH       SOLE                   46200
MAGELLAN MIDSTREAM PRTNRS LP  COM UNIT RP LP  559080106    2418     40034   SH       SOLE                   40034
MARKET VECTORS ETF TR         GOLD MINER ETF  57060U100   32518    589200   SH       SOLE                  589200
MARKET VECTORS ETF TR         RUSSIA ETF      57060U506      89      3500   SH       SOLE                    3500
MASTERCARD INC CL A           CL A            57636Q104      32       100   SH       SOLE                     100
MATTEL INC                    COM             577081102    2773    107110   SH       SOLE                  107110
MCDONALDS CORP                COM             580135101    2570     29270   SH       SOLE                   29270
MEDQUIST HLDGS INC            COM             58506K102     294     38900   SH       SOLE                   38900
MI DEVS INC                   CL A SUB VTG    55304X104     611     23000   SH       SOLE                   23000
MICROSOFT CORP                COM             594918104    4577    183900   SH       SOLE                  183900
NATIONAL FUEL GAS CO N J      COM             636180101     748     15357   SH       SOLE                   15357
NORDION INC                   COM             65563C105     806     91400   SH       SOLE                   91400
NUSTAR ENERGY LP UNIT         COM             67058H102    1192     22795   SH       SOLE                   22795
NUSTAR GP HOLDINGS LLC        UNIT RESTG LLC  67059L102     558     18190   SH       SOLE                   18190
ONEOK INC                     NEW COM         682680103     580      8785   SH       SOLE                    8785
ONEOK PARTNERS LP             UNIT LTD PARTN  68268N103    1747     37470   SH       SOLE                   37470
PENNYMAC MTG INVT TR          COM             70931T103     254     16000   SH       SOLE                   16000
PEPSICO INC                   COM             713448108    1869     30200   SH       SOLE                   30200
PHILIP MORRIS INTL INC        COM             718172109    3019     48400   SH       SOLE                   48400
PLAINS ALL AMERN PIPELINE     UNIT LTD PARTN  726503105    2201     37350   SH       SOLE                   37350
POST PPTYS INC                COM             737464107     702     20204   SH       SOLE                   20204
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
COLUMN 1:                         COLUMN 2:  COLUMN 3: COLUMN 4: COLUMN 5:          COLUMN 6:   COLUMN 7:      COLUMN 8:
---------                        ----------- --------- --------- ---------          ----------  --------- -------------------
                                                                                                           VOTING AUTHORITY
                                                                                                          -------------------
                                                                  SHRS OR
                                  TITLE OF               VALUE      PRN    SH/ PUT/ INVESTMENT    OTHER
NAME OF ISSUER                      CLASS      CUSIP   (X$1000)     AMT    PRN CALL DISCRETION  MANAGERS   SOLE  SHARED NONE
--------------                   ----------- --------- --------- --------- --- ---- ----------  --------- ------ ------ -----
<S>                              <C>         <C>       <C>       <C>       <C> <C>  <C>         <C>       <C>    <C>    <C>
POTASH CORP SASK INC             COM         73755L107    722      16700   SH       SOLE                   16700
PROLOGIS INC                     COM         74340W103    718      29596   SH       SOLE                   29596
REGENCY ENERGY PARTNERS L P      COM UNITS L 75885Y107   1163      51910   SH       SOLE                   51910
RETAIL OPPORTUNITY INVTS COR     COM         76131N101    765      69085   SH       SOLE                   69085
RLJ LODGING TRUST                COM         74965L101    750      58763   SH       SOLE                   58763
ROCKWELL AUTOMATION INC          COM         773903109   1588      28360   SH       SOLE                   28360
ROSS STORES INC                  COM         778296103     30        380   SH       SOLE                     380
SAIC INC                         COM         78390X101     18       1500   SH       SOLE                    1500
SANDERSON FARMS INC              COM         800013104    727      15300   SH       SOLE                   15300
SCHWAB CHARLES CORP              NEW COM     808513105    569      50500   SH       SOLE                   50500
SCRIPPS NETWORKS INTERACT IN     CL A COM    811065101     20        550   SH       SOLE                     550
SHAW GROUP INC                   COM         820280105   1371      63080   SH       NONE            1                   63080
SHERWIN WILLIAMS CO              COM         824348106   2325      31280   SH       SOLE                   31280
SIMON PPTY GROUP INC             NEW COM     828806109    760       6908   SH       SOLE                    6908
SIX FLAGS ENTMT CORP             NEW COM     83001A102    926      33400   SH       SOLE                   33400
SL GREEN RLTY CORP               COM         78440X101    716      12307   SH       SOLE                   12307
SOLAR CAP LTD                    COM         83413U100    489      24300   SH       SOLE                   24300
SPDR SERIES TRUST                S&P METALS
                                 MNG         78464A755    269       6000   SH       SOLE                    6000
SPDR S&P 500 ETF TR              TR UNIT     78462F103   3594      31760   SH       SOLE                   31760
SPECTRA ENERGY PARTNERS LP       COM         84756N109    583      20655   SH       SOLE                   20655
STRYKER CORP                     COM         863667101     20        430   SH       SOLE                     430
SUNOCO LOGISTICS PRTNRS L P COM  UNITS       86764L108    871       9842   SH       SOLE                    9842
SUPPORT COM INC                  COM         86858W101    592     298900   SH       SOLE                  298900
SYSCO CORP                       COM         871829107   1769      68300   SH       SOLE                   68300
TC PIPELINES LP                  UT COM LTD
                                 PRT         87233Q108    691      15770   SH       SOLE                   15770
TEXAS INSTRS INC                 COM         882508104   2261      84840   SH       SOLE                   84840
TIFFANY & CO                     NEW COM     886547108    451       7415   SH       NONE            1                    7415
TJX COS INC NEW                  COM         872540109     32        570   SH       SOLE                     570
TRANSDIGM GROUP INC              COM         893641100    621       7600   SH       SOLE                    7600
TWO HBRS INVT CORP               COM         90187B101   6701     758911   SH       SOLE                  758911
UDR INC                          COM         902653104    718      32435   SH       SOLE                   32435
UNITED PARCEL SERVICE INC        CL B        911312106    808      12800   SH       SOLE                   12800
UNITED TECHNOLOGIES CORP         COM         913017109   2342      33280   SH       SOLE                   33280
SELECT SECTOR SPDR TR            SBI INT-
                                 UTILS       81369Y886   2523      75000   SH       SOLE                   75000
VANGUARD BD INDEX FD INC         TOTAL BND
                                 MRKT        921937835   8353      99750   SH       SOLE                   99750
VARIAN MED SYS INC               COM         92220P105     19        370   SH       SOLE                     370
WAL MART STORES INC              COM         931142103   1925      37100   SH       SOLE                   37100
WATERS CORP                      COM         941848103     21        280   SH       SOLE                     280
WELLS FARGO & CO NEW             COM         949746101    890      36900   SH       SOLE                   36900
WESTERN GAS PARTNERS LP          COM UNIT LP
                                 IN          958254104    651      19265   SH       SOLE                   19265
WESTERN UN CO                    COM         959802109     18       1180   SH       SOLE                    1180
WILLIAMS COS INC DEL             COM         969457100   1113      45720   SH       SOLE                   45720
WILLIAMS PARTNERS L P            COM UNIT
                                 L P         96950F104   1608      29650   SH       SOLE                   29650
XUEDA ED GROUP                   SPONSORED
                                 ADR         98418W109     58      21244   SH       NONE            1                   21244
ZHONGPIN INC                     COM         98952K107    652      85747   SH       NONE            1                   85747
SENSATA TECHNOLOGIES HLDG        BV SHS      N7902X106    497      18800   SH       SOLE                   18800
BROOKFIELD INFRAST PARTNERS LP   INT UNIT    G16252101    650      26700   SH       SOLE                   26700
ISHARES TR                       MSCI EMERG
                                 MKT         464287234    396      11300   SH       SOLE                   11300
VALEANT PHARMACEUTICALS INTL     COM         91911K102    676      18200   SH       SOLE                   18200
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>