================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2012 ------------------------ 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 May 7, 2012 -------------------- ------------------- ----------------- [Signarure] [City, State] [Date] 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: 77 ------- Form 13F Information Table Value Total: $70,991 (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 -------- -------------- --------- -------- --------------- ---------- -------- ------------------- 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 OTHER -------------- -------------- --------- -------- ------ --- ---- ---------- -------- ------ ------ ----- Connecticut Water Service Inc..... COM 207797101 260 9,200 SH Defined N/A 9,200 FEI Co............................ COM 30241L109 236 4,800 SH Defined N/A 4,800 Power Integrations Inc............ COM 739276103 232 6,250 SH Defined N/A 6,250 Arbitron Inc...................... COM 03875Q108 231 6,250 SH Defined N/A 6,250 Synaptics Inc..................... COM 87157D109 226 6,200 SH Defined N/A 6,200 ADTRAN Inc........................ COM 00738A106 218 7,000 SH Defined N/A 7,000 Rovi Corporation.................. COM 779376102 218 6,700 SH Defined N/A 6,700 Valmont Industries, Inc........... COM 920253101 217 1,850 SH Defined N/A 1,850 Procera Networks, Inc............. COM NEW 74269U203 217 9,700 SH Defined N/A 9,700 Sourcefire Inc.................... COM 83616T108 217 4,500 SH Defined N/A 4,500 Monotype Imaging Holdings, Inc.... COM 61022P100 216 14,500 SH Defined N/A 14,500 DTS Inc........................... COM 23335C101 209 6,900 SH Defined N/A 6,900 Cepheid........................... COM 15670R107 178 4,250 SH Defined N/A 4,250 Conceptus Inc..................... COM 206016107 167 11,600 SH Defined N/A 11,600 Acuity Brands, Inc................ COM 00508Y102 166 2,650 SH Defined N/A 2,650 Starwood Property Trust, Inc...... COM 85571B105 166 7,900 SH Defined N/A 7,900 Dana Holdings Corp................ COM 235825205 166 10,700 SH Defined N/A 10,700 Texas Pacific Land Trust.......... SUB CTF PROP 882610108 160 3,400 SH Defined N/A 3,400 Twin Disc Inc..................... COM 901476101 159 6,100 SH Defined N/A 6,100 Acacia Research Corp.............. COM 003881307 157 3,750 SH Defined N/A 3,750 Titan International Inc. Ill...... COM 88830M102 154 6,500 SH Defined N/A 6,500 Digimarc Corp..................... COM 25381B101 152 5,450 SH Defined N/A 5,450 Petroleum Development Corporation. COM 716578109 152 4,100 SH Defined N/A 4,100 Allied Nevada Gold Corp........... COM 019344100 151 4,650 SH Defined N/A 4,650 Vitran Corp Inc................... COM 92850E107 146 18,300 SH Defined N/A 18,300 Federal Mogul Corp................ COM 313549404 145 8,400 SH Defined N/A 8,400 Visteon Crop...................... COM NEW 92839U206 143 2,700 SH Defined N/A 2,700 Isis Pharmaceuticals, Inc......... COM 464330109 143 16,300 SH Defined N/A 16,300 Regis Corp........................ COM 758932107 140 7,600 SH Defined N/A 7,600 Insulet Corporation............... COM 45784P101 139 7,250 SH Defined N/A 7,250 Universal Display Corp............ COM 91347P105 137 3,750 SH Defined N/A 3,750 Genomic Health, Inc............... COM 37244C101 136 4,450 SH Defined N/A 4,450

Ciena Corp........................ COM 171779309 134 8,300 SH Defined N/A 8,300 Clean Energy Fuels Corp........... COM 184499101 128 6,000 SH Defined N/A 6,000 Reald Inc......................... COM 75604L105 123 9,100 SH Defined N/A 9,100 Insteel Industries Inc............ COM 45774W108 120 9,900 SH Defined N/A 9,900 Gibraltar Industries, Inc......... COM 374689107 118 7,800 SH Defined N/A 7,800 Avanir Pharmaceuticals............ CL A NEW 05348P401 118 34,400 SH Defined N/A 34,400 MDC Partners Inc.................. CL A 552697104 117 9,550 SH Defined N/A 9,550 Mcewen Mining Inc................. COM 58039P107 115 25,900 SH Defined N/A 25,900 Mako Surgical Corp................ COM 560879108 114 2,700 SH Defined N/A 2,700 Lennar Corp....................... CL A 526057104 111 4,100 SH Defined N/A 4,100 Goodrich Petroleum Corp........... COM 382410405 110 5,800 SH Defined N/A 5,800 MYR Group Inc..................... COM 55405W104 110 6,150 SH Defined N/A 6,150 General Cable Corp................ COM 369300108 109 3,750 SH Defined N/A 3,750 Logmein Inc....................... COM 54142L109 104 2,950 SH Defined N/A 2,950 Brookfield Residential Propane.... COM 11283W104 103 9,700 SH Defined N/A 9,700 Immersion Corp.................... COM 452521107 100 18,400 SH Defined N/A 18,400 Powersecure International, Inc.... COM 73936N105 100 16,500 SH Defined N/A 16,500 Rochester Medical Corp............ COM 771497104 96 9,800 SH Defined N/A 9,800 Nymox Pharmaceutical Corporation.. COM 67076P102 95 11,800 SH Defined N/A 11,800 Horace Mann Educators Corp........ COM 440327104 93 5,300 SH Defined N/A 5,300 Layne Christensen Co.............. COM 521050104 91 4,100 SH Defined N/A 4,100 OCZ Technology Group Inc.......... COM 67086E303 91 13,000 SH Defined N/A 13,000 Cloud Peak Energy Inc............. COM 18911Q102 89 5,600 SH Defined N/A 5,600 Colony Financial Inc.............. COM 19624R106 84 5,100 SH Defined N/A 5,100 Imperva Inc....................... COM 45321L100 82 2,100 SH Defined N/A 2,100 Cavium Networks, Inc.............. COM 14965A101 80 2,600 SH Defined N/A 2,600 Global Power Equipment Group Inc.. COM PAR $ 37941P207 80 2,900 SH Defined N/A 2,900 NCI Building Systems Inc.......... COM NEW 628852204 74 6,400 SH Defined N/A 6,400 Points International Ltd.......... COM NEW 730843208 72 6,800 SH Defined N/A 6,800 Prolor Biotech Inc................ COM 74344F106 68 11,500 SH Defined N/A 11,500 Lexicon Pharmaceuticals, Inc...... COM 528872104 65 35,000 SH Defined N/A 35,000 Authentec Inc..................... COM 052660107 64 20,100 SH Defined N/A 20,100 Oncogenex Pharmaceuticals Inc..... COM 68230A106 54 4,100 SH Defined N/A 4,100 Active Network Inc................ COM 00506D100 52 3,100 SH Defined N/A 3,100 Rexx Energy Corp.................. COM 761565100 50 4,700 SH Defined N/A 4,700 Zix Corp.......................... COM 98974P100 46 15,900 SH Defined N/A 15,900 Stec Inc.................................... COM 784774101 43 4,600 SH Defined N/A 4,600 Red Lion Hotels Corp........................ COM 756764106 39 4,700 SH Defined N/A 4,700 Senomyx Inc................................. COM 81724Q107 28 10,100 SH Defined N/A 10,100 Princeton Review Inc........................ COM 742352107 1 19,000 SH Defined N/A 19,000 AtriCure, Inc............................... COM 04963C209 9,155 920,132 SH Defined N/A 920,132 National American University Holdings, Inc.. COM 63245Q105 12,597 1,999,449 SH Defined N/A 1,999,449 CIBT Education Group........................ COM 17163Y102 2,070 10,894,558 SH Defined N/A 10,894,558 Primo Water Corporation..................... COM 74165N105 1,805 925,491 SH Defined N/A 925,491 RealPage, Inc............................... COM 75606N109 36,139 1,885,162 SH Defined N/A 1,885,162