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 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, October 20, 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: 82

Form 13F Information Table Value Total:  159,292

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.OtherMgr.	Sole	Shared	None
ABB LTD ADR	COM	000375204	1242	72735	SH	SOLE	NONE	60100	0	12635
ACXIOM CORP	COM	005125109	3521	330950	SH	SOLE	NONE	302150	0	28800
AFFILIATED MGRS	COM	008252108	1265	16205	SH	SOLE	NONE	13530	0	2675
AFLAC INC	COM	001055102	1225	35040	SH	SOLE	NONE	27650	0	7390
AGNICO EAGLEMIN	COM	008474108	3312	55640	SH	SOLE	NONE	48790	0	6850
AMER SCI & ENG	COM	029429107	2863	46896	SH	SOLE	NONE	41255	0	5641
AMERICAN TOWER	COM	029912201	4020	74720	SH	SOLE	NONE	69935	0	4785
AMG CAP TRT	PFD	00169X203	3610	85691	SH	SOLE	NONE	79341	0	6350
AMGEN INC	COM	031162100	1452	26415	SH	SOLE	NONE	21555	0	4860
APPLE INC	COM	037833100	1576	4133	SH	SOLE	NONE	3488	0	645
AVON PRODUCTS	COM	054303102	2138	109105	SH	SOLE	NONE	101680	0	7425
BARRICK GOLD	COM	067901108	345	7390	SH	SOLE	NONE	6860	0	530
BERKSHIRE HATH BCOM	084670702	1791	25205	SH	SOLE	NONE	20960	0	4245
BIRCHCLIFF ENGY	COM	090697103	2728	281335	SH	SOLE	NONE	254305	0	27030
BLACKHILLS CORP	COM	092113109	4355	142126	SH	SOLE	NONE	132241	0	9885
BROOKFIELD LP	COM	G16252101	4637	190496	SH	SOLE	NONE	176936	0	13560
BYD CO LTD H	COM	Y1023R104	30	18142	SH	SOLE	NONE	2640	0	15502
CALENERGY CAP	COM	12946N309	3905	78099	SH	SOLE	NONE	75224	0	2875
CANADIAN OILSNDSCOM	13643E105	5472	279628	SH	SOLE	NONE	246513	0	33115
CELGENE CORP	COM	151020104	2057	33219	SH	SOLE	NONE	27190	0	6029
CHESAPEAKE ENG	PFD	165167842	4253	45735	SH	SOLE	NONE	42475	0	3260
CHINA MOBILE	COM	16941M109	4094	84040	SH	SOLE	NONE	78440	0	5600
CIMAREX ENERGY	COM	171798101	3085	55398	SH	SOLE	NONE	48012	0	7386
COMPAINA CERVEC COM	204429104	3308	64055	SH	SOLE	NONE	57595	0	6460
CONOCOPHILLIPS	COM	20825C104	1726	27255	SH	SOLE	NONE	21845	0	5410
DEVON ENERGY	COM	25179M103	1117	20155	SH	SOLE	NONE	16195	0	3960
DG FASTCHANNEL	COM	23326R109	2625	154850	SH	SOLE	NONE	137740	0	17110
DIAMOND OFFSHORECOM	25271C102	3321	60675	SH	SOLE	NONE	56480	0	4195
DIGITAL ALLY	COM	25382P109	12	16000	SH	SOLE	NONE	2000	0	14000
DIGITAL RIVER	COM	25388B104	2536	122332	SH	SOLE	NONE	107792	0	14540
DIRECTV		COM	25490A101	1583	37460	SH	SOLE	NONE	30650	0	6810
DOMINION RES	COM	25746U109	243	4778	SH	SOLE	NONE	4778	0	0
DORCHESTER LP	COM	25820R105	3765	158335	SH	SOLE	NONE	144225	0	14110
DUN&BRADSTREET	COM	26483E100	2951	48175	SH	SOLE	NONE	42440	0	5735
ENERGY TSF PTNR	COM	29273R109	214	5215	SH	SOLE	NONE	4765	0	450
ENHANCED OIL RESCOM	29333E106	302	2113255	SH	SOLE	NONE	1837945	0	275310
ENSTAR GROUP	COM	G3075P101	4703	49392	SH	SOLE	NONE	43430	0	5962
EQUINIX INC	COM	27444U502	4134	46540	SH	SOLE	NONE	41135	0	5405
EXXON MOBIL	COM	30231G102	450	6190	SH	SOLE	NONE	5390	0	800
FIDELITY NATL	COM	31620M106	1300	53455	SH	SOLE	NONE	43125	0	10330
FISERV INC.	COM	337738108	3746	73782	SH	SOLE	NONE	63457	0	10325
FOREST CITY	PFD	345550602	2642	56521	SH	SOLE	NONE	55630	0	891
FREEPORT MCMORANCOM	35671D857	1076	35350	SH	SOLE	NONE	29060	0	6290
FXCM INC.	COM	302693106	4671	333191	SH	SOLE	NONE	292275	0	40916
GLAXOSMITHKLINE	COM	37733W105	1385	33535	SH	SOLE	NONE	28225	0	5310
HUTCHINSON WAHMPCOM	448415208	1329	88511	SH	SOLE	NONE	71838	0	16673
ICG GROUP INC	COM	44928D108	2898	314615	SH	SOLE	NONE	274355	0	40260
INTERDIGITAL INCCOM	45867G101	5550	119150	SH	SOLE	NONE	105120	0	14030
INTL BUS. MACH.	COM	459200101	304	1738	SH	SOLE	NONE	1238	0	500
INTREPID POTASH	COM	46121Y102	2606	104775	SH	SOLE	NONE	94085	0	10690
KINROSS GOLD	COM	496902404	1621	109695	SH	SOLE	NONE	91530	0	18165
LEAR CORP	COM	521865204	1498	34915	SH	SOLE	NONE	29860	0	5055
LEUCADIA NAT	COM	527288104	3108	137047	SH	SOLE	NONE	120320	0	16727
MARATHON OIL	COM	565849106	971	45002	SH	SOLE	NONE	37197	0	7805
MICROSTRATEGY	COM	594972408	4300	37695	SH	SOLE	NONE	33520	0	4175
MINE SAFETY APPLCOM	602720104	3127	115975	SH	SOLE	NONE	104120	0	11855
NEUSTAR INC	COM	64126X201	3632	144470	SH	SOLE	NONE	128065	0	16405
NEWMONT MINING	COM	651639106	443	7045	SH	SOLE	NONE	6045	0	1000
NORTHERN OIL&GASCOM	665531109	4869	251100	SH	SOLE	NONE	212965	0	38135
NUANCE COMM	COM	67020Y100	1433	70475	SH	SOLE	NONE	59655	0	10820
ORACLE CORP	COM	68389X105	1791	62317	SH	SOLE	NONE	50122	0	12195
PORTFOLIO REC	COM	73640Q105	2920	46925	SH	SOLE	NONE	41515	0	5410
PRINCIPAL FINLGRCOM	74251V102	2858	126056	SH	SOLE	NONE	110306	0	15750
PURE CYCLE	COM	746228105	3248	1331842	SH	SOLE	NONE	1057746	0	274096
RIGNET INC	COM	766582100	4076	254280	SH	SOLE	NONE	224895	0	29385
SCRIPPS NETWORK	COM	811065101	1322	35555	SH	SOLE	NONE	29010	0	6545
SEMAFO INC	COM	816922108	3454	419325	SH	SOLE	NONE	363970	0	55355
SOHU.COM INC	COM	83408W103	2238	46435	SH	SOLE	NONE	41695	0	4740
SWIFT ENERGY	COM	870738101	2840	116665	SH	SOLE	NONE	102845	0	13820
SYMANTEC CRP	COM	871503108	1445	88680	SH	SOLE	NONE	73125	0	15555
TATA MOTORS	COM	876568502	1066	69345	SH	SOLE	NONE	58770	0	10575
TELECOMUNICACOESCOM	87929A102	1718	64936	SH	SOLE	NONE	51714	0	13222
TERRA NITRO	COM	881005201	3561	24655	SH	SOLE	NONE	23120	0	1535
THE MOSAIC CO	COM	61945C103	1153	23555	SH	SOLE	NONE	19590	0	3965
TRANSCANADA	COM	89353D107	4113	101580	SH	SOLE	NONE	96275	0	5305
US CONCRETE	COM	903331201	547	133189	SH	SOLE	NONE	122251	0	10938
VERIZON COMM	COM	92343V104	4066	110483	SH	SOLE	NONE	101888	0	8595
VERTEX PHARMA	COM	92532F100	1518	34145	SH	SOLE	NONE	28755	0	5390
VOYAGER OIL&GAS	COM	92911K100	93	44060	SH	SOLE	NONE	44060	0	0
WELLS FARGO 6.25PFD	94979S207	4368	173665	SH	SOLE	NONE	164135	0	9530
WINTRUST FINL	COM	97650W108	3281	127115	SH	SOLE	NONE	112550	0	14565
XCEL ENERGY	COM	98389B100	220	8910	SH	SOLE	NONE	5500	0	3410