UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2011 Check here if Amendment [_]; Amendment No.: _______ This Amendment (Check only one.): [_] is a restatement. [_] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Camden Partners Holdings, LLC Address: 500 East Pratt Street Suite 1200 Baltimore, Maryland 21202 Form 13F File Number: 28-12730 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: Donald W. Hughes Title: Chief Financial Officer Phone: 410-878-6800 Signature, Place, and Date of Signing: /s/ Donald W. Hughes, Baltimore, Maryland, February 15, 2011 ------------------------------------------------------------ Report Type (Check only one.): [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: 79 Form 13F Information Table Value Total: $87,221 (in thousands) List of Other Included Managers: Provide a numbered list of the 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. NONE

FORM 13F INFORMATION TABLE Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Column 7 Column 8 --------------------------------- ------------ --------- -------- ------------------- ---------- -------- ------------------------ Title of Value Shrs or Sh/ Put/ Investment Other Voting Authority Name of Issuer Class CUSIP (x$1000) Prn Amt Prn Call Discretion Managers Sole Shared Other --------------------------------- ------------ --------- -------- ---------- --- ---- ---------- -------- ---------- ------ ----- Twin Disc Inc. COM 901476101 265 7,300 SH Defined N/A 7,300 Connecticut Water Service Inc. COM 207797101 250 9,200 SH Defined N/A 9,200 Deltic Timber Corp. COM 247850100 245 4,050 SH Defined N/A 4,050 Arbitron Inc. COM 03875Q108 215 6,250 SH Defined N/A 6,250 ADTRAN Inc. COM 00738A106 211 7,000 SH Defined N/A 7,000 Power Integrations Inc. COM 739276103 207 6,250 SH Defined N/A 6,250 FEI Co. COM 30241L109 196 4,800 SH Defined N/A 4,800 Monotype Imaging Holdings, Inc. COM 61022P100 193 12,400 SH Defined N/A 12,400 DTS Inc. COM 23335C101 188 6,900 SH Defined N/A 6,900 Synaptics Inc. COM 87157D109 187 6,200 SH Defined N/A 6,200 Cepheid COM 15670R107 184 5,350 SH Defined N/A 5,350 Sourcefire Inc. COM 83616T108 175 5,400 SH Defined N/A 5,400 Valmont Industries, Inc. COM 920253101 168 1,850 SH Defined N/A 1,850 Genomic Health, Inc. COM 37244C101 161 6,350 SH Defined N/A 6,350 Procera Networks, Inc. COM NEW 74269U203 151 9,700 SH Defined N/A 9,700 Conceptus Inc. COM 206016107 147 11,600 SH Defined N/A 11,600 Rovi Corporation COM 779376102 145 5,900 SH Defined N/A 5,900 Petroleum Development Corporation COM 716578109 144 4,100 SH Defined N/A 4,100 Plantronics, Inc. COM 727493108 143 4,000 SH Defined N/A 4,000 Allied Nevada Gold Corp. COM 019344100 141 4,650 SH Defined N/A 4,650 Acuity Brands, Inc. COM 00508Y102 140 2,650 SH Defined N/A 2,650 Texas Pacific Land Trust SUB CTF PROP 882610108 138 3,400 SH Defined N/A 3,400 Universal Display Corp. COM 91347P105 138 3,750 SH Defined N/A 3,750 Digimarc Corp COM 25381B101 130 5,450 SH Defined N/A 5,450 Regis Corp COM 758932107 126 7,600 SH Defined N/A 7,600 Federal Mogul Corp. COM 313549404 124 8,400 SH Defined N/A 8,400 Isis Pharmaceuticals, Inc. COM 464330109 118 16,300 SH Defined N/A 16,300 Logmein Inc. COM 54142L109 114 2,950 SH Defined N/A 2,950 Lennar Corp CL A 526057104 112 5,700 SH Defined N/A 5,700 Gibraltar Industries, Inc. COM 374689107 109 7,800 SH Defined N/A 7,800 Cloud Peak Energy Inc. COM 18911Q102 108 5,600 SH Defined N/A 5,600 Vitran Corp Inc. COM 92850E107 105 18,300 SH Defined N/A 18,300 Vishay Precision Group, Inc. COM 92835K103 103 6,450 SH Defined N/A 6,450 Ciena Corp COM 171779309 100 8,300 SH Defined N/A 8,300 Starwood Property Trust, Inc. COM 85571B105 100 5,400 SH Defined N/A 5,400 Titan International Inc. III COM 88830M102 99 5,100 SH Defined N/A 5,100 Layne Christensen Co COM 521050104 99 4,100 SH Defined N/A 4,100 Nymox Pharmaceutical Corporation COM 67076P102 97 11,800 SH Defined N/A 11,800 LivePerson Inc. COM 538146101 96 7,650 SH Defined N/A 7,650 Immersion Corp COM 452521107 95 18,400 SH Defined N/A 18,400 General Cable Corp. COM 369300108 94 3,750 SH Defined N/A 3,750 US Gold Corporation COM PAR $ 912023207 87 25,900 SH Defined N/A 25,900 Concur Technologies Inc COM 206708109 86 1,700 SH Defined N/A 1,700

Collective Brands Inc. COM 19421W100 86 6,000 SH Defined N/A 6,000 OCZ Technology Group Inc. COM 67086E303 86 13,000 SH Defined N/A 13,000 DigitalGlobe, Inc. COM NEW 25389M877 86 5,000 SH Defined N/A 5,000 Acacia Research Corp COM 003881307 82 2,250 SH Defined N/A 2,250 Powersecure International, Inc. COM 73936N105 82 16,500 SH Defined N/A 16,500 MDC Partners Inc. CL A 552697104 81 6,250 SH Defined N/A 6,250 Colony Financial Inc. COM 19624R106 80 5,100 SH Defined N/A 5,100 Goodrich Petroleum Corp. COM 382410405 80 5,800 SH Defined N/A 5,800 Peregrine Pharmaceuticals Inc. COM NEW 713661304 79 33,500 SH Defined N/A 33,500 MYR Group Inc. COM 55405W104 78 4,050 SH Defined N/A 4,050 Brookfield Residential Propane COM 11283W104 76 9,700 SH Defined N/A 9,700 Clean Energy Fuels Corp. COM 184499101 75 6,000 SH Defined N/A 6,000 Cavium Networks, Inc. COM 14965A101 74 2,600 SH Defined N/A 2,600 Horace Mann Educators Corp COM 440327104 73 5,300 SH Defined N/A 5,300 Avanir Pharmaceuticals CL A NEW 05348P401 71 34,400 SH Defined N/A 34,400 NCI Building Systems Inc. COM NEW 628852204 70 6,400 SH Defined N/A 6,400 Global Power Equipment Group Inc. COM PAR $ 37941P207 69 2,900 SH Defined N/A 2,900 Insulet Corporation COM 45784P101 59 3,150 SH Defined N/A 3,150 Points International Ltd. COM NEW 730843208 54 6,800 SH Defined N/A 6,800 Prolor Biotech Inc. COM 74344F106 49 11,500 SH Defined N/A 11,500 Vivus Inc. COM 928551100 49 5,000 SH Defined N/A 5,000 Dana Holdings Corp COM 235825205 49 4,000 SH Defined N/A 4,000 Oncogenex Pharmaceuticals Inc. COM 68230A106 48 4,100 SH Defined N/A 4,100 FX Energy Inc. COM 302695101 46 9,500 SH Defined N/A 9,500 Authentec Inc. COM 052660107 46 14,200 SH Defined N/A 14,200 Lexicon Pharmaceuticals, Inc. COM 528872104 45 35,000 SH Defined N/A 35,000 Zix Corp COM 98974P100 45 15,900 SH Defined N/A 15,900 Hyperdynamics Corp COM 448954107 40 16,300 SH Defined N/A 16,300 Stec Inc. COM 784774101 40 4,600 SH Defined N/A 4,600 Visteon Corp COM NEW 92839U206 2 2,300 SH Defined N/A 2,300 Princeton Review Inc. COM 742352107 2 19,000 SH Defined N/A 19,000 ATRC COM 04963C209 10,213 920,132 SH Defined N/A 920,132 NAUH COM 63245Q105 15,156 1,999,449 SH Defined N/A 1,999,449 MBA COM 17163Y102 3,268 10,894,558 SH Defined N/A 10,894,558 PRMW COM 74165N105 2,813 925,491 SH Defined N/A 925,491 RP COM 75606N109 47,638 1,885,162 SH Defined N/A 1,885,162