N-Q 1 dnq.htm ENDOWMENT MASTER FUND Endowment Master Fund

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21527

 

 

The Endowment Master Fund, L.P.

(Exact name of registrant as specified in charter)

 

 

4265 SAN FELIPE, Suite 800, HOUSTON, TX 77027

(Address of principal executive offices) (Zip code)

 

  With a copy to:
A. Haag Sherman   George J. Zornada
The Endowment Master Fund, L.P.   Kirkpatrick & Lockhart Preston Gates Ellis LLP
4265 San Felipe, Suite 800   State Street Financial Center
Houston, TX 77027   One Lincoln St.
(Name and address of agent for service)   Boston, MA 02111-2950
  (617) 261-3231

Registrant’s telephone number, including area code: 800-725-9456

Date of fiscal year end: 12/31/08

Date of reporting period: 03/31/08

 

 

 

Item 1. Schedule of Investments.

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Shares/
Par Value*		    Fair
Value		    % of
Partners’
Capital

Investments in Investment Funds

         

Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies (1)

         

Bermuda

         

Private Equity (0.24% of Partners’ Capital)

         

Campos Verdes Ltd.

       $ 9,850,000   
            

Total Bermuda

         9,850,000   
            

Cayman Islands

         

Absolute Return (1.14% of Partners’ Capital)

         

Montrica Global Opportunities Fund, L.P. (3)

         47,199,066   

Domestic Equity (1.12% of Partners’ Capital)

         

Tiedemann/Falconer Partners, L.P. (3)

        46,220,616   

International Equity (7.53% of Partners’ Capital)

         

Algebris Global Financials Fund, L.P. (3)

        63,265,192   

Boyer Allan Greater China Fund, L.P. (3)

        31,310,320   

Boyer Allan Pacific Partners, L.P.

         32,398,983   

SR Global Fund—Asia Portfolio (Class B, L.P.)

         23,901,418   

SR Global Fund—Europe Portfolio (Class A, L.P.)

         12,460,239   

SR Global Fund—International Portfolio (Class C, L.P.)

         87,088,471   

SR Global Fund—Emerging Markets Portfolio (Class G, L.P.)

         25,454,208   

SR Phoenicia—Phoenicia Portfolio (Class A, L.P.)

         8,456,155   

SR Phoenicia—Carthaginian Portfolio (Class B, L.P.)

         7,663,724   

Tarpon All Equities Fund, LLC (3)

         18,845,576   

Private Equity (0.75% of Partners’ Capital)

         

Carlyle Japan International Partners II, L.P.

         194,565   

CJIP II Co-Invest, L.P.

         42,445   

Gavea Investment Fund II A, L.P.

         7,876,026   

India Asset Recovery Fund, L.P.

         587,153   

Orchid Asia IV, L.P.

         683,861   

Tiger Global Private Investment Partners IV, L.P.

         9,463,354   

Tiger Global Private Investment Partners V, L.P.

         1,335,000   

Trustbridge Partners II, L.P. (3)

         10,857,675   

Real Estate (1.15% of Partners’ Capital)

         

Forum European Realty Income III, L.P. (3)

         3,950,952   

New City Asia Partners (T) L.P.

         7,003,253   

Phoenix Asia Real Estate Investments II, L.P. (3)

         7,869,237   

Wells Street Offshore Ltd. (3)

         28,781,280   
            

Total Cayman Islands

         482,908,769   
            

Scotland

         

Private Equity (0.06% of Partners’ Capital)

         

Actis Umbrella Fund, L.P.

         2,650,000   
            

Total Scotland

         2,650,000   
            

United Kingdom

         

Private Equity (0.13% of Partners’ Capital)

         

Darwin Private Equity I, L.P.

         3,720,457   

Exponent Private Equity Partners II, L.P.

         416,869   

Mid Europa Fund III, L.P.

         1,117,003   

Real Estate (0.10% of Partners’ Capital)

         

Benson Elliot Real Estate Partners II, L.P.

         2,329,646   

Patron Capital L.P. II

         618,011   

Patron Capital L.P. III

         1,066,796   
            

Total United Kingdom

         9,268,782   
            

United States

         

Absolute Return (15.79% of Partners’ Capital)

         

Anchorage Crossover Credit Fund, L.P. (3)

        29,655,000   

Black River Commodity Multi-Strategy Fund, LLC

         14,164,090   

Black River Global Multi-Strategy Leveraged Fund, LLC

                  15,179           17,880,973   

Highland Credit Strategies Fund, L.P. (3)

        40,307,046   

Kenmont Onshore Fund, L.P. (3)

         20,406,331   

Magnetar Capital Fund, L.P.

         47,670,718   

OZ Asia Domestic Partners, L.P. (3)

         52,418,796   

Paulson Advantage Plus, L.P. (3)

         99,551,106   

Paulson Partners Enhanced, L.P. (3)

         54,059,368   

PIPE Equity Partners, LLC (3)

         44,238,664   

PSAM WorldArb Partners, L.P. (3)

         50,630,503   

Redbrick Capital, L.P. (3)(4)

         23,923,743   

Sorin Fund, L.P. (3)

         58,533,640   

Waterstone Market Neutral Fund, L.P. (3)(4)

         58,669,833   

Whitebox Combined Fund, L.P. (3)

         39,617,721   

See accompanying notes to Schedule of Investments.

 

1

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Shares/
Par Value*		    Fair
Value		    % of
Partners’
Capital

Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies (1)
(continued)

         

United States (continued)

         

Domestic Equity (8.93% of Partners’ Capital)

         

Bonanza Partners, L.P. (3)

       $      25,687,357   

Caduceus Capital II, L.P.

         10,946,218   

CCM Small Cap Value Qualified Fund, L.P. (3)

         34,078,693   

Contrarian Equity Fund, L.P. (3)

         9,624,860   

Criterion Horizons Fund, L.P. (3)

         11,544,417   

Criterion Institutional Partners, L.P. (3)

         13,920,646   

Diamond Hill Investment Partners II, L.P. (3)(4)

         45,589,144   

Empire Capital Partners Enhanced, L.P. (3)(4)

         7,510,325   

HealthCor, L.P. (3)

         43,854,661   

Leaf Investment Partners, L.P.

         12,466,308   

Renaissance Institutional Equities Fund, LLC

         32,007,580   

Samlyn Onshore Fund, L.P. (3)

         27,113,417   

The Raptor Global Fund, L.P. (3)

         63,701,794   

Tiger Consumer Partners, L.P. (3)

         30,689,462   

Enhanced Fixed Income (13.25% of Partners’ Capital)

         

Anchorage Short Credit Fund, L.P. (3)

        94,483,345   

Arx Global High Yield Securities Fund I, L.P. (3)

         64,341,935   

BDCM Partners I, L.P. (3)

         42,697,304   

Contrarian Capital Fund I, L.P.

         57,727,480   

Halcyon European Structured Opportunities Fund, L.P. (3)

         33,416,703   

Harbinger Capital Partners Fund I, L.P.

         98,749,461   

Ore Hill Fund, L.P. (3)

         38,088,064   

The Rohatyn Group Local Currency Opportunity Partners, L.P. (3)(4)

         60,933,897   

Standard Pacific Asymmetric Opportunities Fund, L.P. (3)

         33,731,400   

Z Capital Partners I, L.P. (3)

         22,532,881   

International Equity (7.01% of Partners’ Capital)

         

Gradient Europe Fund, L.P. (3)

         27,089,119   

L-R Global Partners, L.P.

         3,580,906   

Liberty Square Strategic Partners IV (Asia), L.P. (3)

         21,078,419   

Middle East North Africa Opportunities Fund, L.P. (3)(4)

    52,739      60,447,504   

Monsoon India Inflection Fund, L.P.

         12,518,377   

Monsoon India Inflection Fund 2, L.P. (3)

        23,765,100   

Penta Asia Domestic Partners, L.P

         28,311,281   

Steel Partners Japan Strategic Fund, L.P.

         22,300,139   

Skopos HG Fund, LLC (3)

                262,504      36,178,017   

Taiyo Fund, L.P.

         3,018,500   

Torrey Pines Fund, LLC (3)(4)

         51,030,610   

Natural Resources (7.89% of Partners’ Capital)

         

ArcLight Energy Partners Fund IV, L.P.

         4,670,238   

BP Capital Energy Equity Fund II, L.P. (3)

         41,674,747   

CamCap Resources, L.P. (3)

         19,706,672   

Chilton Global Natural Resources Partners, L.P. (3)

         65,336,559   

EnCap Energy Capital Fund VII-B, L.P.

         742,112   

NGP IX Offshore Fund, L.P. (3)

         2,399,542   

NGP Midstream & Resources, L.P.

         2,505,226   

Southport Energy Plus Partners, L.P. (3)

        76,842,882   

The Ospraie Fund, L.P.

    31,528      40,953,790   

Tocqueville Gold Partners, L.P.

         539,242   

Treaty Oak Partners (QP), L.P. (3)

         18,374,647   

Velite Energy, L.P. (3)

         51,820,094   

Opportunistic Equity (8.03% of Partners’ Capital)

         

Bear Stearns Emerging Markets Macro Fund, L.P.

         27,828,625   

Corriente Partners, L.P. (3)

         45,857,467   

Global Undervalued Securities Fund (QP), L.P. (3)

         65,634,174   

GMO Mean Reversion Fund (Onshore)

         14,331,941   

Hayman Capital Partners, L.P.

         9,819,000   

HomeField Partners, L.P. (3)

         18,149,340   

Jetstream Global Institutional Fund, L.P. (3)

         28,643,038   

NWI Explorer Global Macro Fund, L.P. (3)

        19,036,216   

Pantera Global Macro Fund, L.P. (3)

         4,014,049   

Pardus European Special Opportunities Fund, L.P. (3)

         16,010,790   

Passport II, L.P.

         28,524,038   

Prism Partners (QP), L.P.

         12,687,128   

SCP Sakonnet Fund, L.P. (3)(4)

         40,809,504   

Private Equity (7.45% of Partners’ Capital)

         

Advent Latin American Private Equity Fund IV-F, L.P.

         1,812,500   

Audax Mezzanine Fund II, L.P.

         2,830,296   

See accompanying notes to Schedule of Investments.

 

2

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Shares/
Par Value*		    Fair
Value		    % of
Partners’
Capital		  

Limited Partnerships, Exempted Limited Partnerships and Limited Liability Companies (1) (continued)

         

United States (continued)

         

Private Equity (7.45% of Partners’ Capital) (continued)

         

BDCM Opportunity Fund II, L.P.

       $ 2,436,686   

Brazos Equity Fund II, L.P.

         1,507,928   

Capital Royalty Partners, L.P.

         1,041,618   

Carlyle Partners V, L.P.

         3,232,699   

Catterton Growth Partners, L.P. (3)

         1,489,711   

Chrysalis Ventures III, L.P.

         433,585   

Crosslink Crossover Fund IV, L.P.

         1,910,486   

Crosslink Crossover Fund V, L.P. (3)(4)

        20,227,602   

Dace Ventures I, L.P. (3)

         629,264   

Encore Consumer Capital Fund, L.P.

         1,662,066   

European Divergence Fund, L.P. (3)

         55,387,494   

Fairhaven Capital Partners, L.P. (3)

         3,243,464   

GMO Emerging Illiquid Fund, L.P.

         8,477,737   

Harbinger Capital Partners Special Situations Fund, L.P.

         31,945,937   

HealthCor Partners Fund, L.P. (3)

         1,873,705   

Integral Capital Partners VIII, L.P. (3)

        17,443,974   

Lehman Brothers Venture Partners V, L.P.

         914,794   

MatlinPatterson Global Opportunities Partners III, L.P.

         2,877,372   

Monomoy Capital Partners, L.P.

         1,459,164   

Paulson Credit Opportunities II, L.P. (3)

        53,842,168   

Pine Brook Capital Partners, L.P.

         2,391,310   

Pinto America Growth Fund, L.P.

         691,057   

Private Equity Investment Fund IV, L.P. (3)

         5,867,798   

Q Funding III, L.P. (3)

         14,891,470   

Q4 Funding, L.P. (3)

         42,237,410   

Sanderling Venture Partners VI Co-Investment Fund, L.P.

         880,900   

Sanderling Venture Partners VI, L.P.

         540,230   

Silver Lake Partners III, L.P.

         1,070,064   

Sterling Capital Partners II, L.P.

         1,619,702   

Sterling Capital Partners III, L.P.

         1,535,108   

Sterling Group Partners II, L.P.

         1,946,634   

Strategic Value Global Opportunities Fund I-A, L.P.

         3,319,699   

The Column Group, L.P.

         257,886   

The Resolute Fund II, L.P.

         1,268,339   

Trivest Fund IV, L.P. (3)

         2,151,925   

Tuckerbrook SB Global Distressed Fund I, L.P. (3)

         5,938,621   

VCFA Private Equity Partners IV, L.P.

         1,141,293   

VCFA Venture Partners V, L.P.

         2,532,266   

Voyager Capital Fund III, L.P.

         356,006   

Real Estate (2.96% of Partners’ Capital)

         

Aslan Realty Partners III, LLC

         1,890,565   

Cypress Realty VI, L.P.

         2,041,325   

DaVinci Corporate Opportunity Partners, L.P.

         861,956   

ING Clarion U.S., L.P. (3)

         27,558,037   

ING Clarion Global, L.P. (3)

         27,660,412   

Legacy Partners Realty Fund II, LLC

         8,987,844   

Monsoon Infrastructure & Realty Co-Invest, L.P. (3)

         2,995,000   

MONY/Transwestern Mezzanine Realty Partners II, LLC

         2,097,394   

Oak Hill REIT Plus Fund, L.P. (3)

         7,070,888   

Parmenter Realty Fund III, L.P.

         5,686,212   

Wells Street Global Partners, L.P. (3)

        9,103,590   

Woodbourne Daybreak Global Fund, L.P. (3)

        26,333,153   
            

Total United States

         2,942,998,261   
            

Total Limited Partnerships, Exempted Limited Partnerships and

         

Limited Liability Companies (Cost $3,173,228,572)

         3,447,675,812    83.53 %
            

Passive Foreign Investment Companies (1)

        

Republic of Mauritius

         

International Equity (0.24% of Partners’ Capital)

         

India Capital Fund Ltd. A2 Shares

                187,107      10,095,882   

Real Estate (0.10% of Partners’ Capital)

         

Orbis Real Estate Fund I (3)

         4,048,073   
            

Total Republic of Mauritius

         14,143,955   
            

Total Passive Foreign Investment Corporations (Cost $8,662,749)

         14,143,955    0.34 %
            

Bermuda Exempted Mutual Fund Company (1)

        

Private Equity (0.47% of Partners’ Capital)

         

Highland CDO Opportunity Fund, Ltd. (3)

   20,448      19,378,530   
            

Total Bermuda Exempted Mutual Fund Company (Cost $22,000,000)

         19,378,530    0.47 %
            

See accompanying notes to Schedule of Investments.

 

3

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Shares/
Par Value*		    Fair
Value		    % of
Partners’
Capital		  

Passive Foreign Investment Companies (1) (continued)

         

Cayman Companies Limited by Shares (1)

        

Absolute Return (1.61% of Partners’ Capital)

         

Overseas CAP Partners, Inc. (3)(4)

    43,913    $ 66,171,111   

International Equity (1.09% of Partners’ Capital)

         

The Russian Prosperity Fund

             1,056,068      45,189,132   

Natural Resources (0.27% of Partners’ Capital)

         

Ospraie Special Opportunities (Offshore), Ltd.

         11,205,564   
            

Total Cayman Companies Limited by Shares (Cost $114,537,412)

         122,565,807    2.97 %
            

Total Investments in Investment Funds (Cost $3,318,428,733)

         3,603,764,104    87.31 %
            

Investments in Securities

         

Investments in Registered Investment Companies

         

Closed End Funds

         

United States

         

Agencies (0.06% of Partners’ Capital)

         

Blackrock Income Opportunity Trust

    53,000      516,750   

MFS Government Markets Income Trust

    34,054      231,908   

MFS Intermediate Income Trust

    280,000      1,780,800   

International Equity (0.02% of Partners’ Capital)

         

The China Fund, Inc.

    25,586      814,658   

Multi Sector (0.06% of Partners’ Capital)

         

Aberdeen Asia-Pacific Income Fund, Inc.

    112,300      696,260   

Putnam Premier Income Trust

    269,802      1,637,698   

Treasuries (0.02% of Partners’ Capital)

         

Western Asset/Claymore US Treasury Inflation Protected Securities Fund

    79,800      956,802   
            

Total United States

         6,634,876   
            

Total Closed End Funds (Cost $6,619,416)

         6,634,876    0.16 %
            

Exchange Traded Funds

         

United States

         

Corporate (0.04% of Partners’ Capital)

         

iShares Goldman Sachs Investop Corporate Bond Fund

    15,400      1,620,080   

Natural Resources (3.72% of Partners’ Capital)

         

Energy Select Sector SPDR

    725,332      53,718,088   

Market Vectors Gold Miners ETF

    183,670      8,768,406   

Oil Service HOLDRs Trust

    333,800      59,015,840   

PowerShares DB Agriculture Fund

    234,102      8,533,018   

streetTRACKS Gold Shares

    260,906      23,580,684   

Treasuries (2.55% of Partners’ Capital)

         

iShares Lehman 1-3 Year Treasury Bond Fund

    1,065,896      89,791,079   

iShares Lehman 20+ Year Treasury Bond Fund

    161,306      15,467,632   
            

Total United States

         260,494,827   
            

Total Exchange Traded Funds (Cost $256,603,924)

         260,494,827    6.31 %
            

Open End Funds

         

United States

         

International Equity (0.58% of Partners’ Capital)

         

Fidelity Japan Smaller Companies Fund

    1,864,196      19,033,439   

GMO Emerging Markets Fund III

    243,051      4,744,359   

Natural Resources (1.62% of Partners’ Capital)

         

BlackRock Global Resources Fund

    579,136      33,908,427   

The Tocqueville Gold Fund

    657,735      32,873,572   

Real Estate (1.07% of Partners’ Capital)

         

Cohen & Steers Asia Pacific Realty Shares

    214,279      2,423,498   

ING International Real Estate Fund

    1,036,787      11,891,949   

Morgan Stanley Institutional Fund - International Real Estate Portfolio

    1,154,176      29,731,563   

Treauries (0.15% of Partners’ Capital)

         

Wasatch Hoisington US Treasury Fund (3)

   423,945      6,371,887   
            

Total United States

         140,978,694   
            

Total Open End Funds (Cost $150,958,356)

         140,978,694    3.42 %
            

Total Registered Investment Companies (Cost $414,181,696)

         408,108,397    9.89 %
            

Private Corporations

         

United States

         

Real Estate (0.30% of Partners’ Capital)

         

Legacy Partners Realty Fund III, Inc.

         6,831,775   

Net Lease Private REIT V, Inc.

         1,543,670   

Net Lease Private REIT VI, Inc.

         3,985,108   
            

Total United States

         12,360,553   
            

Total Private Corporations (Cost $12,797,655)

         12,360,553    0.30 %
            

See accompanying notes to Schedule of Investments.

 

4

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Shares/
Par Value*		    Fair
Value		    % of
Partners’
Capital

Fixed Income

         

United States

         

Treasuries (0.68% of Partners’ Capital)

         

Treasury Inflation Protected Securities, 1.875%, 7/15/13

    $        1,275,000    $        1,580,485   

Treasury Inflation Protected Securities, 1.875%, 7/15/15

      450,000      527,135   

Treasury Inflation Protected Securities, 2.00%, 7/15/14

      1,400,000      1,702,584   

Treasury Inflation Protected Securities, 2.00%, 01/15/16

      950,000      1,095,492   

Treasury Inflation Protected Securities, 3.50%, 1/15/11

      750,000      1,005,864   

Treasury Inflation Protected Securities, 3.625%, 4/15/28

      500,000      846,148   

United States Treasury Notes, 4.125%, 5/15/15

      860,000      929,674   

United States Treasury Notes, 4.50%, 2/15/16

      950,000      1,045,742   

United States Treasury Notes, 4.625%, 8/31/11

      750,000      814,453   

United States Treasury Notes, 4.625%, 7/31/12

      2,000,000      2,186,250   

United States Treasury Notes, 4.625%, 11/15/16

      3,625,000      3,999,394   

United States Treasury Notes, 4.625%, 2/15/17

      2,000,000      2,196,718   

United States Treasury Notes, 4.75%, 3/31/11

      750,000      813,750   

United States Treasury Notes, 4.75%, 8/15/17

      3,500,000      3,872,421   

United States Treasury Notes, 4.875%, 8/15/09

      1,050,000      1,097,086   

United States Treasury Bonds, 5.25%, 2/15/29

      4,000,000      4,508,436   

Agencies (0.18% of Partners’ Capital)

         

Federal Home Loan Bank, 4.50%, 9/16/13

      1,000,000      1,052,518   

Federal Home Loan Bank, 5.00%, 11/17/17

      1,000,000      1,074,138   

Federal Home Loan Mortgage Corp., 4.75%, 11/3/09

      1,000,000      1,038,539   

Federal Home Loan Mortgage Corp., 5.00%, 9/16/08

      250,000      252,981   

Federal Home Loan Mortgage Corp., 5.25%, 7/18/11

      1,000,000      1,075,242   

Federal National Mortgage Association, 5.00%, 4/26/17

      1,000,000      1,018,929   

Federal National Mortgage Association, 5.25%, 9/15/16

      250,000      271,268   

Federal National Mortgage Association, 5.375%, 7/15/16

      750,000      820,651   

New Valley Generation II, Series 2001, 5.572%, 5/1/20

      41,163      45,255   

Overseas Private Investment Corp., 3.74%, 4/15/15

      812,645      847,954   

Mortgage Backed Securities (0.73% of Partners’ Capital)

         

Federal Home Loan Mortgage Corp., Gold Pool G11777, 5.00%, 10/1/20

      404,857      409,823   

Federal Home Loan Mortgage Corp., Gold Pool G18156, 5.00%, 12/1/21

      414,426      419,205   

Federal Home Loan Mortgage Corp., Gold Pool J064893, 5.00%, 11/1/22

      1,928,201      1,949,419   

Federal Home Loan Mortgage Corp., Gold Pool J03616, 5.50%, 10/1/21

      400,781      409,470   

Federal Home Loan Mortgage Corp., Gold Pool C01812, 5.50%, 4/1/34

      248,521      251,780   

Federal Home Loan Mortgage Corp., Gold Pool A52827, 5.50%, 10/1/36

      236,541      239,145   

Federal Home Loan Mortgage Corp., Gold Pool A58277, 5.50%, 3/1/37

      987,480      998,098   

Federal Home Loan Mortgage Corp., Gold Pool P20433, 6.00%, 10/1/31

      426,751      437,289   

Federal Home Loan Mortgage Corp., Gold Pool A53123, 6.00%, 10/1/36

      221,315      227,218   

Federal Home Loan Mortgage Corp., Series 3182, Class YB, 5.00%, 9/15/28

      500,000      506,143   

Federal Home Loan Mortgage Corp., Series 2607, Class EA, 5.00%, 11/15/32

      951,439      952,577   

Federal Home Loan Mortgage Corp., Series 3078, Class PC, 5.50%, 11/15/30

      1,000,000      1,024,273   

Federal Home Loan Mortgage Corp., Series R006, Class AK, 5.75%, 12/15/18

      499,347      509,802   

Federal Home Loan Mortgage Corp., Series 3166, Class VB, 6.00%, 3/15/17

      946,756      979,088   

Federal Home Loan Mortgage Corp., Series 3178, Class MC, 6.00%, 4/15/32

      1,335,000      1,384,667   

Federal National Mortgage Association, Pool J05384, 5.00%, 8/1/22

      1,361,655      1,376,639   

Federal National Mortgage Association, Pool 902291, 5.50%, 11/1/21

      420,057      429,397   

Federal National Mortgage Association, Pool 906151, 5.50%, 1/1/22

      420,723      430,076   

Federal National Mortgage Association, Pool 938195, 5.50%, 7/1/22

      1,367,012      1,396,660   

Federal National Mortgage Association, Pool 778316, 5.50%, 6/1/34

      274,207      277,503   

Federal National Mortgage Association, Pool 910590, 5.50%, 1/1/37

      450,349      455,167   

Federal National Mortgage Association, Pool 962344, 5.50%, 3/1/38

      2,000,000      2,020,871   

Federal National Mortgage Association, Pool 545210, 5.92%, 10/1/11

      503,171      529,286   

Federal National Mortgage Association, Pool 803745, 6.00%, 7/1/19

      670,301      686,182   

Federal National Mortgage Association, Pool 380839, 6.12%, 11/1/08

      286,221      286,774   

Federal National Mortgage Association, Pool 383367, 6.18%, 4/1/11

      1,000,000      1,037,905   

Federal National Mortgage Association, Series 2005-91, Class DA, 4.50%, 10/25/20

      581,411      587,974   

Federal National Mortgage Association, Series 2007-79, Class MB, 5.50%, 12/25/30

      1,000,000      1,024,750   

Government National Mortgage Association, Pool 782114, 5.00%, 9/15/36

      440,330      440,466   

Government National Mortgage Association, Pool 595824, 5.00%, 7/15/37

      1,966,843      1,969,371   

Government National Mortgage Association, Pool 650209, 5.50%, 2/15/36

      431,933      441,174   

Government National Mortgage Association, Pool 662098, 5.50%, 1/15/37

      914,527      933,938   

Government National Mortgage Association, Pool 669077, 5.50%, 6/15/37

      908,882      928,172   

Government National Mortgage Association, Pool 599514, 5.50%, 7/15/37

      972,197      992,831   

Government National Mortgage Association, Pool 671921, 5.50%, 7/15/37

      1,399,392      1,429,093   

Government National Mortgage Association, Series 2004-78, Class C, 4.66%, 4/16/29

      250,000      252,504   

Government National Mortgage Association, Series 2007-68, Class CG, 5.50%, 11/20/37

      988,385      997,365   

See accompanying notes to Schedule of Investments.

 

5

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Shares/
Par Value*		    Fair
Value		    % of
Partners’
Capital

Fixed Income (continued)

         

United States (continued)

         

Collateralized Mortgage Obligations (0.27% of Partners’ Capital)

         

ABN Amro Mortgage Corp, Series 2003-7, Class A2, 5.00%, 7/25/18

    $ 256,049    $ 254,688   

Bank of America Funding Corp., Series 2006-5, Class 2A7, 6.00%, 9/25/36

      683,293      687,323   

Bank of America Mortgage Securities, Series 2005-5, 5.50%, 6/25/35

      285,931      281,949   

Banc of America Mortgage Securities, Series 2007-1, Class 1A8, 5.75%, 3/25/37

             1,000,000                998,521   

Banc of America Mortgage Securities, Series 2007-1, Class 1A10, 5.75%, 3/25/37

      1,000,000      951,047   

Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-1, Class 6A1, 5.03%, 4/25/33 (2)

     99,231      96,460   

Bear Stearns Adjustable Rate Mortgage Trust, Series 2003-1, Class 3A1, 5.40%, 4/25/33 (2)

      109,047      101,439   

Citicorp Mortgage Securities, Inc., Series 2006-3, Class 1A6, 6.00%, 6/25/36

      395,500      369,761   

Citigroup Mortgage Loan Trust, Inc., Series 2003-UST1, Class A1, 5.50%, 12/25/18

      256,838      260,209   

Citigroup Mortgage Loan Trust, Inc., Series 2004-HYB4, Class 3B2, 4.44%, 12/25/34 (2)

     189,003      94,502   

Citigroup Mortgage Loan Trust, Inc., Series 2005-1, Class 2A2B, 4.79%, 4/25/35 (2)

     149,289      150,394   

Countrywide Alternative Loan Trust, Series 2004-33, Class 2B1, 5.17%, 12/25/34 (2)

     184,609      36,922   

Countrywide Alternative Loan Trust, Series 2005-19CB, Class A4, 5.50%, 6/25/35

      151,161      139,145   

Countrywide Home Loans, Series 2003-3, Class M6, 5.50%, 7/25/32 (2)

      4,099      1,883   

Countrywide Home Loans, Series 2003-20, Class 1A14, CMO, 5.50%, 7/25/33

      114,567      104,909   

Countrywide Home Loans, Series 2005-HYB8, Class 4A1, 5.87%, 12/20/35 (2)

      876,694      618,440   

CS First Boston Mortgage Securities Corp., Series 2002-10, Class 1M2, 7.00%, 5/25/32

      41,639      25,393   

CS First Boston Mortgage Securities Corp., Series 2004-8, Class 4A4, 5.50%, 12/25/34

      109,717      103,391   

CS First Boston Mortgage Securities Corp., Series 2005-5, Class 4A2, 6.25 %, 7/25/35

      107,130      98,536   

CS First Boston Mortgage Securities Corp., Series 2005-11, Class 7A2, 6.00%, 12/25/35

      188,153      175,402   

Credit Suisse Mortgage Capital Certificate, Series 2006-2, Class 4A11, 5.75% 3/25/36

      290,185      276,585   

Credit Suisse Mortgage Capital Certificate, Series 2006-4, Class 3A2, 6.50% 5/25/36

      159,919      146,220   

Drexel Burnham Lambert CMO Trust, Series V, Class 1, PO, 0.00%, 9/1/18

      25,634      25,140   

First Horizon Alternative Mortgage Securities, Series 2005-FA5, Class 3A2, 5.50%, 8/25/35

      213,318      195,515   

First Republic Mortgage Loan Trust, Series 2000-FRB1, Class A2, 6.00%, 6/25/30 (2)

     151,377      151,028   

GSR Mortgage Loan Trust, Series 2004-11, Class B2, 5.21%, 9/25/34 (2)

      208,306      124,984   

GSR Mortgage Loan Trust, Series 2005-5F, Class 3A3, 5.00%, 6/25/35

      242,990      227,609   

GSR Mortgage Loan Trust, Series 2005-9F, Class 6A2, 6.50%, 1/25/36

      242,882      240,778   

Harborview Mortgage Loan Trust, Series, 2004-7, Class 3A2, 4.67%, 11/19/34 (2)

      151,987      150,367   

Impac Secured Assets Corp., Series 2002-3, Class M2, 7.58%, 8/25/32 (2)

      200,000      189,788   

Impac Secured Assets Corp., Series 2003-2, Class A2, 6.00%, 8/25/33

      630,166      578,216   

JP Morgan Mortgage Trust, Series 2004-A1, Class 3A2, 4.99%, 02/25/34 (2)

      168,800      161,841   

JP Morgan Mortgage Trust, Series 2004-A3, Class 3A2, 4.97%, 07/25/34 (2)

      151,761      147,528   

Master Asset Securitization Trust, Series 2006-1, Class1A5, 5.75%, 5/25/36

      423,337      412,225   

Master Seasoned Securities Trust, Series 2004-1, Class 15B2, 6.24%, 8/25/17 (2)

      197,356      198,502   

Residential Accredit Loans, Inc., Series 2003-QS7, Class M2, 6.00%, 4/25/33

      124,570      81,892   

Residential Asset Funding Mortgage, Inc., Series 2002-S17, Class A1, 5.00%, 11/25/17

      262,286      264,806   

Residential Asset Mortgage Products, Inc., Series 2004-SL2, Class A1, 6.50%, 10/25/16

      63,027      64,723   

Residential Funding Mortgage Securities, Inc., Series 2002-S11, Class A1, 5.75%, 8/25/17

      70,455      69,749   

Residential Funding Mortgage Securities, Inc., Series 2007-S1, Class A6, 6.00%, 1/25/37

      485,272      474,511   

Structured Asset Securities Corp., Series 2003-4, Class A6, 5.00%, 2/25/33

      102,679      95,014   

Washington Mutual, Series 2003-S11, Class 1A, 5.00%, 11/25/33

      69,282      67,962   

Wells Fargo Mortgage Backed Securities Trust, Series 2003-4, Class A15, 5.50%, 6/25/33

      121,519      121,209   

Wells Fargo Mortgage Backed Securities Trust, Series 2003-K, Class 1A2, 4.49%, 11/25/33 (2)

      139,614      127,915   

Wells Fargo Mortgage Backed Securities Trust, Series 2004-W, Class B2, 4.56%, 11/25/34 (2)

      197,731      191,348   

Wells Fargo Mortgage Backed Securities Trust, Series 2006-12, Class A17, 6.00%, 10/25/36

      665,000      649,107   

Corporate (0.30% of Partners’ Capital)

         

Consumer (0.04% of Partners’ Capital)

         

Abbott Laboratories, 5.875%, 5/15/16

      500,000      532,984   

Caterpillar, Inc., 5.70%, 8/15/16

      500,000      526,102   

IBM Corp, 5.70%, 9/14/17

      400,000      419,024   

Electric-Integrated (0.05% of Partners’ Capital)

         

Cisco Systems, Inc., 5.50%, 2/22/16

      500,000      517,304   

Dominion Resources, Inc., 5.15%, 7/15/15

      500,000      490,157   

Duke Energy Carolinas, 5.30%, 10/1/15

      500,000      517,170   

Southern Power Co., 6.25%, 7/15/12

      500,000      537,369   

Finance (0.14% of Partners’ Capital)

         

American General Finance, 4.625%, 5/15/09

      645,000      639,825   

Bank of America Corp., 5.375%, 8/15/11

      500,000      521,531   

Berkshire Hathaway Financial, 4.75%, 5/15/12

      625,000      649,587   

Boeing Capital Corp, 6.50%, 2/15/12

      500,000      542,627   

General Electric Capital Corp., 5.375%, 10/20/16

      500,000      507,722   

Goldman Sachs Group, Inc., 5.45%, 11/1/12

      1,000,000      1,012,807   

Key Bank, NA, 5.50%, 9/17/12

      1,000,000      1,009,851   

Wachovia Corp, 5.70%, 8/1/13

      500,000      500,027   

Wells Fargo & Co., 4.625%, 8/9/10

      500,000      513,425   

See accompanying notes to Schedule of Investments.

 

6

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Schedule of Investments

March 31, 2008

(Unaudited)

 

     Shares/
Par Value*		    Fair
Value		    % of
Partners’
Capital		  

Fixed Income (continued)

         

United States (continued)

         

Corporate (0.30% of Partners’ Capital) (continued)

         

Multimedia (0.02% of Partners’ Capital)

         

Comcast Cable Communications, 6.75%, 1/30/11

    $           475,000    $ 493,839   

Walt Disney Co., 5.625%, 9/15/16

      500,000      523,927   

Natural Resources (0.01% of Partners’ Capital)

         

Valero Energy Corp., 6.875%, 4/15/12

      500,000      537,465   

REIT (0.01% of Partners’ Capital)

         

Weingarten Realty Corp., 4.99%, 9/3/13

      375,000      376,316   

Retail (0.01% of Partners’ Capital)

         

Costco Wholesale Corp., 5.50%, 3/15/17

      500,000      516,754   

Telecom Services (0.02% of Partners’ Capital)

         

Bellsouth Telecommunications, 5.875%, 1/15/09

      500,000      508,187   

Verizon Pennsylvania, Inc., 5.65%, 11/15/11

      500,000      511,962   
            

Total United States

         89,232,040   
            

Total Fixed Income (Cost $86,480,546)

         89,232,040    2.16 %
            

Total Investments in Securities (Cost $513,459,897)

         509,700,990    12.35 %
            

Total Investments (Cost $3,831,888,630)

       $ 4,113,465,094    99.66 %
            

 

* Shares or par value is listed for each investment if it is applicable for that investment type.
(1) Non-Income Producing Security.
(2) Security is a “variable rate” bond. The rate reflected is as of March 31, 2008.
(3) Affiliated investments.
(4) Affiliated investments for which ownership exceeds 25%.

See accompanying notes to Schedule of Investments.

 

7

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Notes to Schedule of Investments

March 31, 2008

(Unaudited)

1. FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK

The Endowment Master Fund, L.P. (the “Master Fund”) invests in a variety of investment vehicles including but not limited to limited partnerships, limited liability companies and offshore corporations (collectively, the “Investment Funds”), registered investment companies and direct investments in marketable securities and derivative instruments. In the normal course of business, the Investment Funds in which the Master Fund invests trade various derivative securities and other financial instruments, and enter into various investment activities with off-balance sheet risk both as an investor and as a principal. The Master Fund’s risk of loss in these Investment Funds is limited to the value of the investment in such Investment Funds as reported by the Master Fund. In addition, the Master Fund may from time to time invest directly in derivative securities or other financial instruments to gain greater or lesser exposure to a particular asset class.

2. VALUATION OF INVESTMENTS

The valuation of the Master Fund’s investments will be determined as of the close of business at the end of any fiscal period, generally monthly. The valuation of the Master Fund’s investments is calculated by Citi Fund Services Ohio, Inc. (“Citi”), the Master Fund’s independent administrator (the “Independent Administrator”), in consultation with the Adviser. The valuation procedures of the Master Fund’s underlying investments are reviewed by a committee approved by the board of directors that was established to oversee the valuation of the Master Fund’s investments (the “Valuation Committee”), in consultation with the Adviser and the Independent Administrator. The net assets of the Master Fund will equal the value of the total assets of the Master Fund, less all of its liabilities, including accrued fees and expenses. Investments held directly by the Master Fund are valued as follows:

 

  •  

INVESTMENT FUNDS—Investments in Investment Funds are ordinarily carried at estimated fair value based on the valuations provided to the Independent Administrator by the investment managers of such Investment Funds or the administrators of such Investment Funds. These Investment Funds value their underlying investments in accordance with policies established by such Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and estimated performance incentive fees or allocations payable to the Investment Funds’ managers pursuant to the Investment Funds’ agreements. Because of the inherent uncertainty of valuation, this estimated fair value may differ from the value that would have been used had a ready market for the investments in Investment Funds existed. The Master Fund’s investments in Investment Funds are subject to the terms and conditions of the respective operating agreements and offering memoranda of such Investment Funds.

 

  •  

SECURITIES LISTED ON A SECURITIES EXCHANGE—Securities listed 1) on one or more of the national securities exchanges or the OTC Bulletin Board are valued at the last reported sales price on the date of determination; and 2) on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price (“NOCP”), at the close of trading on the exchanges or markets where such securities are traded for the business day as of which such value is being determined. If the last reported sales price or the NOCP is not available, the securities are valued at the mean between the “bid” and “ask” prices at the close of trading on that date. Securities traded on a foreign securities exchange will generally be valued at their closing prices on the exchange where such securities are primarily traded and translated into U.S. dollars at the current exchange rate. If an event occurs between the close of the foreign exchange and the valuation date of the Master Fund’s net asset value that would materially affect the value of the security and the net asset value of the Master Fund, the value of such security and the net asset value of the Master Fund will be adjusted to reflect the change in the estimated value of the security.

 

8

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Notes to Schedule of Investments (continued)

March 31, 2008

(Unaudited)

 

  •  

OPTIONS—Options that are listed on a securities exchange or traded over-the-counter are valued at the mean between the closing “bid” and “ask” prices for such options on the date of determination.

 

  •  

SECURITIES NOT ACTIVELY TRADED—The value of securities, derivatives or synthetic securities that are not actively traded on an exchange shall be determined by obtaining indicative quotes from brokers that normally deal in such securities or by an unaffiliated pricing service that may use actual trade data or procedures using market indices, matrices, yield curves, specific trading characteristics of certain groups of securities, pricing models or a combination of these procedures.

 

  •  

OTHER—Where no value is readily available from an Investment Fund or other security or where a value supplied by an Investment Fund is deemed not to be indicative of the Investment Fund’s value, the Valuation Committee and/or the board of directors, in consultation with the Independent Administrator or the Adviser will determine, in good faith, the estimated fair value of the Investment Fund or security.

3. FAIR VALUE MEASUREMENTS

Effective January 1, 2008, the Master Fund adopted Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements” (“SFAS 157”). This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value based on inputs used to value the fund’s investments, and requires additional disclosures about fair value measurements. SFAS 157 applies to fair value measurements already required or permitted by existing standards.

One key component of the implementation of SFAS 157 includes the development of a three-tiered fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the fair value of the Master Fund’s investments. These inputs are summarized in the three broad levels listed below:

 

  •      Level 1 —   quoted prices in active markets for identical assets.
  •      Level 2 —   other significant inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.).
  •      Level 3 —   significant unobservable inputs (which may include the Master Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used to value investments are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940, as amended. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

 

9

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Notes to Schedule of Investments (continued)

March 31, 2008

(Unaudited)

 

The following is a summary categorization as of March 31, 2008, of the Master Fund’s investments based on the level of inputs utilized in determining the value of such investments:

 

     LEVEL 1    LEVEL 2    LEVEL 3
     Quoted Prices    Other
Significant
Observable
Inputs		    Significant
Unobservable Inputs

Investments

    $ 408,108,397    $ 89,232,040    $ 3,616,124,657
                    

Total

    $ 408,108,397    $ 89,232,040    $ 3,616,124,657
                    

The categorization of investments amongst Levels 1 through 3 does not reflect the fact that many of the underlying investments held by the Investment Funds included in Level 3, if owned directly by the Master Fund, would be classified as Level 1 investments.

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

 

     Investments  

Balance as of 12/31/2007

    $ 2,859,611,900  

Accrued Accretion / (Amortization)

      —    

Change in Unrealized Appreciation / (Depreciation)

      (169,166,382 )

Net Purchase / (Sales)

      927,613,887  

Distributions

      (1,934,748 )
        

Balance as of 3/31/2008

    $  3,616,124,657  
        

4. INVESTMENT SECURITIES TRANSACTIONS

The Master Fund records security transactions on a trade-date basis.

Securities that are held by the Master Fund, including those that have been sold but not yet purchased, are marked to estimated fair value at the date of the financial statements, and the corresponding change in appreciation/depreciation is included in the statement of operations.

Realized gains or losses on the disposition of investments are accounted for based on the first in first out (“FIFO”) method.

At March 31, 2008, the Master Fund’s investments in certain Investment Funds were deemed to be investments in affiliated issuers under the 1940 Act. A listing of these affiliated Investment Funds (including 2008 activity) is shown below:

 

10

THE ENDOWMENT MASTER FUND, L.P.

(A Limited Partnership)

Notes to Schedule of Investments (continued)

March 31, 2008

(Unaudited)

 

Investment Funds

    Shares
12/31/2007		    Shares
3/31/2008		    Fair Value
12/31/2007		    2008 Activity
            Cost of
Purchases		    Cost of
Sales*		    Appreciation/
(Depreciation)		     Fair Value
3/31/2008		    Interest
Income		    Realized
Gain/(Loss)

Algebris Global Financials Fund, L.P.

          $ 37,940,000    $ 30,000,000       $ (4,674,808 )   $ 63,265,192      

Anchorage Crossover Credit Fund, L.P.

            —        30,000,000         (345,000 )     29,655,000      

Anchorage Short Credit Fund, L.P.

            42,542,958      30,000,000         21,940,387       94,483,345      

ARX Global High Yield Securities Fund I, L.P.

            66,281,962      —           (1,940,027 )     64,341,935      

BDCM Partners I, L.P.

            17,117,620      30,000,000         (4,420,316 )     42,697,304      

Bonanza Partners, L.P.

            13,662,058      15,000,000         (2,974,701 )     25,687,357      

Boyer Allan Greater China Fund, L.P.

            7,900,700      25,000,000         (1,590,380 )     31,310,320      

BP Capital Energy Equity Fund II, L.P.

            52,721,334      —           (11,046,587 )     41,674,747      

CamCap Resources, L.P.

            20,180,489      —           (473,817 )     19,706,672      

Catterton Growth Partners, L.P.

            —        1,514,711         (25,000 )     1,489,711      

CCM Small Cap Value Qualified Fund, L.P.

            28,634,532      15,000,000         (9,555,839 )     34,078,693      

Chilton Global Natural Resources Partners, L.P.

            32,178,130      30,000,000         3,158,429       65,336,559      

Contrarian Equity Fund, L.P.

            9,755,255      —           (130,395 )     9,624,860      

Corriente Partners, L.P.

            25,439,200      20,000,000         418,267       45,857,467      

Criterion Horizons Fund, L.P.

            12,655,374      —           (1,110,957 )     11,544,417      

Criterion Institutional Partners, L.P.

            15,195,780      —           (1,275,134 )     13,920,646      

Crosslink Crossover Fund V, L.P.

            23,322,640      —           (3,095,038 )     20,227,602      

Dace Ventures I, L.P.

            468,729      176,750         (16,216 )     629,264      

Diamond Hill Investment Partners II, L.P.

            30,913,630      15,000,000         (324,486 )     45,589,144      

Empire Capital Partners Enhanced, L.P.

            —        8,000,000         (489,675 )     7,510,325      

European Divergence Fund, L.P.

            14,946,000      40,000,000         441,494       55,387,494      

Fairhaven Capital Partners, L.P.

            —        3,269,506         (26,042 )     3,243,464      

Forum European Realty Income III, L.P.

            —        4,018,228         (67,276 )     3,950,952      

Global Undervalued Securities Fund (QP), L.P.

            51,842,345      20,000,000         (6,208,171 )     65,634,174      

Gradient Europe Fund, L.P.

            34,018,983      —           (6,929,864 )     27,089,119      

Halcyon European Structured Opportunities Fund, L.P.

            40,854,588      —           (7,437,885 )     33,416,703      

HealthCor, L.P.

            34,828,106      10,000,000         (973,445 )     43,854,661      

HealthCor Partners Fund, L.P.

            161,394      1,762,311         (50,000 )     1,873,705      

Highland CDO Opportunity Fund, Ltd.*

    20,448    20,448      25,594,168      —           (6,215,638 )     19,378,530      

Highland Credit Strategies Fund, L.P.

            50,520,231      —           (10,213,185 )     40,307,046      

HomeField Partners, L.P.

            7,949,180      10,000,000         200,160       18,149,340      

ING Clarion Global, L.P.

            12,953,741      15,000,000         (293,329 )     27,660,412      

ING Clarion US, L.P.

            28,039,427      —           (481,390 )     27,558,037      

Integral Capital Partners VIII, L.P.

            —        20,000,000         (2,556,026 )     17,443,974      

Jetstream Global Institutional Fund, L.P.

            33,062,256      —           (4,419,218 )     28,643,038      

Kenmont Onshore Fund, L.P.

            22,974,269      —           (2,567,938 )     20,406,331      

Liberty Square Strategic Partners IV (Asia), L.P.

            23,384,493      —           (2,306,074 )     21,078,419      

Middle East North Africa Opportunities Fund, L.P.*

    50,246    52,739      56,775,765      5,000,000         (1,328,261 )     60,447,504      

Monsoon India Inflection Fund 2, L.P.

            38,842,375            (15,077,275 )     23,765,100      

Monsoon Infrastructure & Realty Co-Invest, L.P.

            —        3,000,000         (5,000 )     2,995,000      

Montrica Global Opportunities Fund, L.P.

            52,639,100      —           (5,440,034 )     47,199,066      

NGP IX Offshore Fund, L.P.

            —        2,457,875         (58,333 )     2,399,542      

NWI Explorer Global Macro Fund, L.P.

            20,891,303      —           (1,855,087 )     19,036,216      

Oak Hill REIT Plus Fund, L.P.

            7,260,309      —           (189,421 )     7,070,888      

Orbis Real Estate Fund I

            3,371,920      408,037         268,116       4,048,073      

Ore Hill Fund, L.P.

            40,885,463      —           (2,797,399 )     38,088,064      

Overseas CAP Partners, Inc.*

    43,222    43,913      68,745,388      —           (2,574,277 )     66,171,111      

OZ Asia Domestic Partners, L.P.

            53,839,902      —           (1,421,106 )     52,418,796      

Pantera Global Macro Fund, L.P.

            4,412,629      —           (398,580 )     4,014,049      

Pardus European Special Opportunities Fund, L.P.

            19,602,775      —           (3,591,985 )     16,010,790      

Paulson Advantage Plus, L.P.

            49,657,418      40,000,000         9,893,688       99,551,106      

Paulson Credit Opportunities Fund II, L.P.

            48,631,349      —           5,210,819       53,842,168      

Paulson Partners Enhanced, L.P.

            49,131,737      —           4,927,631       54,059,368      

Phoenix Asia Real Estate Investments II , L.P.

            1,730,733      4,575,000         1,563,504       7,869,237      

PIPE Equity Partners, LLC

            24,987,225      20,000,000         (748,561 )     44,238,664      

Private Equity Investment Fund IV, L.P.

            4,982,123      950,609         (64,934 )     5,867,798      

PSAM WorldArb Partners, L.P.

            53,203,150      —           (2,572,647 )     50,630,503      

Q Funding III, L.P.

            13,489,051      2,335,243         (932,824 )     14,891,470      

Q4 Funding, L.P.

            42,168,465      2,736,485         (2,667,540 )     42,237,410      

Redbrick Capital, L.P.

            53,696,673      —      $ 22,003,983      (7,768,947 )     23,923,743      

Samlyn Onshore Fund, L.P.

            26,445,230      —           668,187       27,113,417      

SCP Sakonnet Fund, L.P.

            20,409,418      20,102,200         297,886       40,809,504      

Skopos HG Fund, LLC

    100,000    262,504      11,851,657      25,000,000         (673,640 )     36,178,017      

Sorin Fund, L.P.

            30,387,760      30,000,000         (1,854,120 )     58,533,640      

Southport Energy Plus Partners, L.P.

            52,790,045      20,000,000         4,052,837       76,842,882      

Standard Pacific Asymmetric Opportunities Fund, L.P.

            —        34,000,000         (268,600 )     33,731,400      

Tarpon All Equities Fund, L.P.*

            10,940,575      8,000,000         (94,999 )     18,845,576      

The Raptor Global Fund, L.P.

            50,637,395      15,000,000         (1,935,601 )     63,701,794      

The Rohatyn Group Local Currency Opportunity Partners, L.P.

            40,743,644      20,000,000         190,253       60,933,897      

Tiedemann/Falconer Partners, L.P.

            31,993,945      15,000,000         (773,329 )     46,220,616      

Tiger Consumer Partners, L.P.

            21,137,490      10,000,000         (448,028 )     30,689,462      

Torrey Pines Fund, LLC

            35,948,659      15,000,000         81,951       51,030,610      

Treaty Oak Partners (QP), L.P.

            19,159,668      —           (785,021 )     18,374,647      

Trivest Fund IV, L.P.

            141,053      2,085,872         (75,000 )     2,151,925      

Trustbridge Partners II, L.P.

            7,186,043      3,889,008         (217,376 )     10,857,675      

Tuckerbrook SB Global Distressed Fund I, L.P.

            5,737,938      350,000         (149,317 )     5,938,621      

Velite Energy, L.P.

            46,736,154      —           5,083,940       51,820,094      

Waterstone Market Neutral Fund, L.P.

            34,512,285      20,000,000         4,157,548       58,669,833      

Wells Street Global Partners, L.P.

            5,048,838      5,000,000         (945,248 )     9,103,590      

Wells Street Offshore Ltd.

            10,268,700      22,000,000         (3,487,420 )     28,781,280      

Wasatch-Hoisington US Treasury Fund

            6,165,070      —           206,817       6,371,887      

Whitebox Combined Fund, L.P.

            —        40,000,000         (382,279 )     39,617,721      

Woodbourne Daybreak Global Fund, L.P.

            30,678,356      —           (4,345,203 )     26,333,153      

Z Capital Partners I, L.P.

            31,219,541      —           (8,686,660 )     22,532,881      
                                                           

Total Investment Funds

    213,916    379,604    $ 2,057,123,889    $ 760,631,836    $ 22,003,983    $ (106,085,995 )   $ 2,689,665,747    $ —      $ —  
                                                           

 

* Sales include return of capital.
** Voting rights have been waived for these investments.

 

11

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officers and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) The Endowment Master Fund, L.P.
By (Signature and Title)  

/s/ John A. Blaisdell

  John A. Blaisdell
  Co-Principal Executive Officer
Date: May 14, 2008
By (Signature and Title)  

/s/ Andrew B. Linbeck

  Andrew B. Linbeck
  Co-Principal Executive Officer
Date: May 14, 2008
By (Signature and Title)  

/s/ A. Haag Sherman

  A. Haag Sherman
  Co-Principal Executive Officer
Date: May 14, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)  

/s/ John A. Blaisdell

  John A. Blaisdell
  Co-Principal Executive Officer
Date: May 14, 2008
By (Signature and Title)  

/s/ Andrew B. Linbeck

  Andrew B. Linbeck
  Co-Principal Executive Officer
Date: May 14, 2008
By (Signature and Title)  

/s/ A. Haag Sherman

  A. Haag Sherman
  Co-Principal Executive Officer
Date: May 14, 2008
By (Signature and Title)  

/s/ John E. Price

  John E. Price
  Principal Financial Officer
Date: May 14, 2008