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, 2011

Check here is Amendment [ ]; Amendment Number: _______
   This Amendment (Check only one.): [ ] is a restatement
                                     [ ] adds new holdings entries

Institutional Investment Manager Filing this Report: Name:

Tealwood Asset Management, Inc. Address:
80 South Eighth Street, Suite 1225
Minneapolis, MN 55402

Form 13F File Number: 28-10065

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: Jodi Halbert
Title: Compliance & Operations Officer
Phone: 612-341-1159

Signature, Place, and Date of Signing:

Jodi Halbert, Minneapolis, Minnesota, April 26, 2011

Report Type (Check only one.):

[ XX ] 13F HOLDINGS REPORT.
[    ] 13F NOTICE.
[    ] 13F COMBINATION REPORT.


FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 0

Form 13F Information Table Entry Total: 103

Form 13F Information Table Value Total:  276,357

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

	
								                  Voting Authority
Name of Issuer	Title	CUSIP	        Value	Shares SH/PR Inv.Disc.Other Mgr.Sole	Shared	None
ABB LTD ADR	COM	000375204	1961	81075	SH	SOLE	NONE	67915	0	13160
ADOBE SYS	COM	00724F101	1662	50129	SH	SOLE	NONE	42114	0	8015
AFLAC INC	COM	001055102	2049	38822	SH	SOLE	NONE	30217	0	8605
AGNICO EAGLE MINCOM	008474108	3784	57031	SH	SOLE	NONE	50381	0	6650
AMER SCI & ENG	COM	029429107	4420	47854	SH	SOLE	NONE	42543	0	5311
AMG CAP TRT	PFD	00169X203	2255	45269	SH	SOLE	NONE	41734	0	3535
AMGEN INC	COM	031162100	1564	29270	SH	SOLE	NONE	23720	0	5550
APACHE CORP	COM	037411105	1909	14578	SH	SOLE	NONE	11438	0	3140
ATWOOD OCEANICS	COM	050095108	5318	114545	SH	SOLE	NONE	111405	0	3140
AVON PRODUCTS	COM	054303102	2645	97800	SH	SOLE	NONE	89375	0	8425
BARRICK GOLD	COM	067901108	430	8290	SH	SOLE	NONE	7760	0	530
BAXTER INTL	COM	071813109	1049	19500	SH	SOLE	NONE	15801	0	3699
BERKSHIRE HATH BCOM	084670702	2948	35250	SH	SOLE	NONE	28390	0	6860
BLACKHILLS CORP	COM	092113109	4226	126386	SH	SOLE	NONE	116626	0	9760
BOEING		COM	097023105	1210	16361	SH	SOLE	NONE	12485	0	3876
BROOKFIELD LP	COM	G16252101	3885	174832	SH	SOLE	NONE	157922	0	16910
BYD CO LTD H	COM	Y1023R104	1623	424872	SH	SOLE	NONE	372850	0	52022
CALENERGY CAP	COM	12946N309	3438	68424	SH	SOLE	NONE	67249	0	1175
CANADIAN NAT RESCOM	136385101	2275	46024	SH	SOLE	NONE	39349	0	6675
CANADIAN OIL SDSCOM	13643E105	8404	250223	SH	SOLE	NONE	218588	0	31635
CELGENE CORP	COM	151020104	2027	35202	SH	SOLE	NONE	29173	0	6029
CHESAPEAKE ENG	PFD	165167842	4644	47880	SH	SOLE	NONE	43365	0	4515
CHINA MOBILE	COM	16941M109	3429	74145	SH	SOLE	NONE	68545	0	5600
CIMAREX ENERGY	COM	171798101	7108	61680	SH	SOLE	NONE	53599	0	8081
CISCO SYSTEMS	COM	17275R102	1663	96958	SH	SOLE	NONE	75493	0	21465
CONOCOPHILLIPS	COM	20825C104	2359	29541	SH	SOLE	NONE	24071	0	5470
DEERE & CO.	COM	244199105	1740	17955	SH	SOLE	NONE	13305	0	4650
DELL INC	COM	24702R101	1644	113287	SH	SOLE	NONE	93917	0	19370
DEVON ENERGY	COM	25179M103	1988	21665	SH	SOLE	NONE	17530	0	4135
DG FASTCHANNEL	COM	23326R109	5281	164065	SH	SOLE	NONE	146985	0	17080
DIAMOND OFFSHORECOM	25271C102	4322	55625	SH	SOLE	NONE	51230	0	4395
DIGITAL ALLY	COM	25382P109	21	16000	SH	SOLE	NONE	0	0	16000
DIGITAL RIVER	COM	25388B104	4717	126012	SH	SOLE	NONE	111857	0	14155
DIRECTV		COM	25490A101	2337	49940	SH	SOLE	NONE	42580	0	7360
DOMINION RES	COM	25746U109	214	4778	SH	SOLE	NONE	4778	0	0
DORCHESTER LP	COM	25820R105	4028	137765	SH	SOLE	NONE	123655	0	14110
DUN&BRADSTREET	COM	26483E100	3943	49140	SH	SOLE	NONE	43380	0	5760
EBIX INC	COM	278715206	5307	224400	SH	SOLE	NONE	199295	0	25105
ENERGY TSF PTNR	COM	29273R109	270	5215	SH	SOLE	NONE	4765	0	450
ENHANCED OIL RESCOM	29333E106	421	2148307	SH	SOLE	NONE	1858612	0	289695
ENSTAR GROUP	COM	G3075P101	5386	53923	SH	SOLE	NONE	47751	0	6172
EQUINIX INC	COM	27444U502	4436	48690	SH	SOLE	NONE	43410	0	5280
EXXON MOBIL	COM	30231G102	715	8503	SH	SOLE	NONE	6703	0	1800
FEDEX CORP	COM	31428X106	961	10272	SH	SOLE	NONE	8785	0	1487
FIDELITY NATL	COM	31620M106	1831	56011	SH	SOLE	NONE	46296	0	9715
FISERV INC.	COM	337738108	4912	78312	SH	SOLE	NONE	67842	0	10470
FOREST CITY	PFD	345550602	4308	61980	SH	SOLE	NONE	60099	0	1881
FREEPORT MCMORANCOM	35671D857	2061	37102	SH	SOLE	NONE	31132	0	5970
FXCM INC.	COM	302693106	4445	341146	SH	SOLE	NONE	307135	0	34011
GOLDMAN SACHS	COM	38141G104	1000	6304	SH	SOLE	NONE	5279	0	1025
HOME DEPOT	COM	437076102	613	16532	SH	SOLE	NONE	13095	0	3437
HONDA MOTOR	COM	438128308	776	20700	SH	SOLE	NONE	16750	0	3950
HUTCHINSON WAHMPCOM	448415208	3262	55100	SH	SOLE	NONE	44930	0	10170
INTEL CORP.	COM	458140100	498	24664	SH	SOLE	NONE	19125	0	5539
INTERDIGITAL INCCOM	45867G101	6169	129299	SH	SOLE	NONE	114574	0	14725
INTERNET CAP GRPCOM	46059C206	4616	325050	SH	SOLE	NONE	288720	0	36330
INTL BUS. MACH.	COM	459200101	1637	10039	SH	SOLE	NONE	7402	0	2637
KHD HUMBOLDT	COM	D4024H102	2249	222656	SH	SOLE	NONE	193899	0	28757
LEAR CORP	COM	521865204	2613	53478	SH	SOLE	NONE	44748	0	8730
LEUCADIA NAT	COM	527288104	5568	148314	SH	SOLE	NONE	130972	0	17342
LOEWS CORP	COM	540424108	1815	42132	SH	SOLE	NONE	35092	0	7040
MDU RESOUCES	COM	552690109	903	39296	SH	SOLE	NONE	27971	0	11325
MARATHON OIL	COM	565849106	2672	50120	SH	SOLE	NONE	42155	0	7965
MEDIAMIND TEC	COM	58449C100	975	70606	SH	SOLE	NONE	70606	0	0
MEDTRONIC INC	COM	585055106	749	19038	SH	SOLE	NONE	14958	0	4080
MICROSOFT	COM	594918104	785	30915	SH	SOLE	NONE	25388	0	5527
MICROSTRATEGY	COM	594972408	5661	42097	SH	SOLE	NONE	37632	0	4465
MORGAN STANLEY	COM	617446448	337	12335	SH	SOLE	NONE	10000	0	2335
NET SERVICO	COM	64109T201	2039	238153	SH	SOLE	NONE	215739	0	22414
NEWMONT MINING	COM	651639106	390	7145	SH	SOLE	NONE	6145	0	1000
NEXEN INC.	COM	65334H102	4023	161421	SH	SOLE	NONE	140352	0	21069
NEXTERA ENERGY	COM	65339F101	2251	40846	SH	SOLE	NONE	32566	0	8280
NORTHERN OIL&GASCOM	665531109	6802	254741	SH	SOLE	NONE	218006	0	36735
ORACLE CORP	COM	68389X105	2298	68727	SH	SOLE	NONE	56192	0	12535
PATTERSON CO	COM	703395103	3787	117647	SH	SOLE	NONE	103811	0	13836
PEABODY ENERGY	COM	704549104	1733	24080	SH	SOLE	NONE	19470	0	4610
PEPSICO INC	COM	713448108	1078	16736	SH	SOLE	NONE	12335	0	4401
PRINCIPAL FINLGRCOM	74251V102	4192	130561	SH	SOLE	NONE	114896	0	15665
PURE CYCLE	COM	746228105	5553	1427431	SH	SOLE	NONE	1148075	0	279356
RIGNET INC	COM	766582100	4874	268085	SH	SOLE	NONE	244065	0	24020
SCRIPPS NETWORK	COM	811065101	1871	37348	SH	SOLE	NONE	30973	0	6375
SEMAFO INC	COM	816922108	4040	421936	SH	SOLE	NONE	371651	0	50285
SMITH MICRO	COM	832154108	3174	339076	SH	SOLE	NONE	301970	0	37106
ST JUDE MED	COM	790849103	201	3925	SH	SOLE	NONE	3925	0	0
STANCORP FINL	COM	852891100	4436	96175	SH	SOLE	NONE	85320	0	10855
SURMODICS INC	COM	868873100	871	69657	SH	SOLE	NONE	57587	0	12070
SWIFT ENERGY	COM	870738101	5252	123062	SH	SOLE	NONE	109757	0	13305
SYMANTEC CRP	COM	871503108	1753	94567	SH	SOLE	NONE	79417	0	15150
TARGET CORP	COM	87612E106	746	14915	SH	SOLE	NONE	12015	0	2900
TCF FINANCIAL	COM	872275102	407	25690	SH	SOLE	NONE	20575	0	5115
TATA MOTORS	COM	876568502	1899	68345	SH	SOLE	NONE	58560	0	9785
TELEFONICA ADR	COM	879382208	3853	152758	SH	SOLE	NONE	133058	0	19700
TERRA NITRO	COM	881005201	4224	36135	SH	SOLE	NONE	33875	0	2260
US CONCRETE	COM	903331201	1383	145436	SH	SOLE	NONE	132748	0	12688
UNION PACIFIC	COM	907818108	515	5241	SH	SOLE	NONE	5241	0	0
VAN KEMPEN SR TRCOM	920961109	53	10375	SH	SOLE	NONE	0	0	10375
VERIZON COMM	COM	92343V104	3886	100838	SH	SOLE	NONE	92143	0	8695
VIVO PARTICPAC	COM	92855S200	2452	60714	SH	SOLE	NONE	50444	0	10270
VOYAGER OIL&GAS	COM	92911K100	194	44060	SH	SOLE	NONE	40860	0	3200
WELLS FARGO	COM	949746101	746	23540	SH	SOLE	NONE	18650	0	4890
WELLS FARGO 6.25PFD	94979S207	3838	151800	SH	SOLE	NONE	151000	0	800
WINTRUST FINL	COM	97650W108	4862	132295	SH	SOLE	NONE	118320	0	13975
XCEL ENERGY	COM	98389B100	213	8910	SH	SOLE	NONE	5500	0	3410