SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* SALIENT PARTNERS LP (Last) (First) (Middle) (Street) (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ENDOWMENT MASTER FUND L P [ none ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) affiliate of invmt adviser
	3. Date of Earliest Transaction (Month/Day/Year) 01/03/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Limited Partnership Interests	01/03/2005		P		1(1)	A	$106,530	$6,067,460(2)	I	see footnote(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* SALIENT PARTNERS LP (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) affiliate of invmt adviser

1. Name and Address of Reporting Person* BLAISDELL JOHN A (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner X Officer (give title below) Other (specify below) Co-Principal Executive Officer

1. Name and Address of Reporting Person* LINBECK ANDREW B (Last) (First) (Middle) (Street) (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner X Officer (give title below) Other (specify below) Co-Principal Executive Officer

1. Name and Address of Reporting Person* SHERMAN A HAAG (Last) (First) (Middle) C/O DECHERT LLP 1775 I STREET NW (Street) WASHINGTON DC 20006 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner X Officer (give title below) Other (specify below) Co-Principal Executive Officer

1. Name and Address of Reporting Person* RADCLIFFE JEREMY L (Last) (First) (Middle) C/O DECHERT LLP 1775 I STREET NW (Street) WASHINGTON DC 20006 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner X Officer (give title below) Other (specify below) Chief Compliance Officer

Explanation of Responses:

1. The securities are limited partnership interests. Holders are deemed to own a single interest, regardless of the amount of that interest.

2. Total Amount Broken Down as Follows: For Salient Partners, L.P.: $948,663 For John A. Blaisdell: $1,948,879 For Andrew B. Linbeck: $1,169,369 For A. Haag Sherman: $1,051,885 For Jeremy L. Radcliffe: $948,663

3. Through investments described in footnote 2, above, which are held through various partnerships which in turn invest in The Endowment Master Fund, L.P.

Remarks:

The new reported investment of $106,530 was generated because of a transfer from an existing investor in The Endowment Master Fund, L.P. (via The Endowment Domestic Fund, L.P.) to trust accounts of which Pinnacle Trust Co. is the trustee. Filers all have some level of control over Pinnacle Trust Co., so the filing was made, although none of the filers have a beneficial ownership of this new investment.

	Salient Partners by Jeremy L Radcliffe, Managing Director	01/06/2004
	John A. Blaisdell	01/06/2004
	Andrew B. Linbeck	01/06/2004
	A. Haag Sherman	01/06/2004
	Jeremy L. Radcliffe	01/06/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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