13F-HR 1 v219550_13fhr.txt 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 if Amendment [ ]; Amendment Number: ___ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: SteelPath Fund Advisors LLC ------------------------------------------------------ Address: 2100 McKinney Ave, Suite 1401 ------------------------------------------------------ Dallas, TX 75201 ------------------------------------------------------ Form 13F File Number: 28-________ 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 is it 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: James McCain ------------------------------------------------------ Title: CCO ------------------------------------------------------ Phone: 214-740-6054 ------------------------------------------------------ Signature, Place, and Date of Signing: /s/ James McCain Dallas, TX 4/25/11 --------------------------- ----------------------- ------------------ [Signature] [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 in this report and a portion 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).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-_________ SteelPath Capital Management LLC Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 45 Form 13F Information Table Value Total: $1,293,308 ---------- (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. [If there are no entries in this list, state "NONE" and omit the column headings and list entries] No. Form 13F File Number Name 1 28-_________________ SteelPath Capital Management LLC [Repeat as necessary.]

Title of Value SHRS or Investment Other Voting Authority Name of Issuer Class CUSIP (x$1000) PRN AMT---SH/PRN--PUT/CALL Discretion Manager Sole--Shared---None ------------------------------------------------------------------------------------------------------------------------------------ ALLIANCE HOLDINGS GP US EQUITY 01861G100 ~~8312~~$ 11,456.9724 ~~173223~~218048.0 ~~OTHER~~YES 1 ~~173223~~218048.0 ALLIANCE RES PARTNER US EQUITY 01877R108 ~~12007~~$ 15,259.1274 ~~182590~~187397.0 ~~OTHER~~YES 1 ~~182590~~187397.0 BUCKEYE PARTNERS L P US EQUITY 118230101 ~~29998~~$ 47,420.8528 ~~448883~~746306.0 ~~OTHER~~YES 1 ~~448883~~746306.0 BOARDWALK PIPELINE P US EQUITY 096627104 ~~28014~~$ 35,145.4592 ~~899918~~1076115.0 ~~OTHER~~YES 1 ~~899918~~1076115.0 CHESAPEAKE MIDSTREAM US EQUITY 16524K108 ~~12070~~$ 4,992.2261 ~~419542~~173174.0 ~~OTHER~~YES 1 ~~419542~~173174.0 COPANO ENERGY L L C US EQUITY 217202100 ~~14575.~~$ 21,177.94 ~~431858~~594886.0 ~~OTHER~~YES 1 ~~431858 CHENIERE ENERGY PART US EQUITY 16411Q101 11764~~594886.950 ~~552086 OTHER 1 552086~~ DUNCAN ENERGY PARTNE US EQUITY 265026104 ~~15622~~$ 19,082.4199 ~~486831~~471185.0 ~~OTHER~~YES 1 ~~486831~~471185.0 DCP MIDSTREAM PARTNE US EQUITY 23311P100 ~~9802~~$ 10,523.9544 ~~262111~~259838.0 ~~OTHER~~YES 1 ~~262111 ECA MARCELLUS TR I US EQUITY 26827L109 594~~259838.720 ~~22400 OTHER 1 22400~~ ENBRIDGE ENERGY PART US EQUITY 29250R106 ~~41426~~$ 55,605.9390 ~~664106~~860506.0 ~~OTHER~~YES 1 ~~664106~~860506.0 EL PASO PIPELINE PAR US EQUITY 283702108 ~~33175~~$ 59,779.6157 ~~991797~~1650002.0 ~~OTHER~~YES 1 ~~991797~~1650002.0 ENTERPRISE PRODS PAR US EQUITY 293792107 ~~66617~~$ 77,287.6018 ~~1600999~~1794871.~~826~~8 ~~OTHER~~YES 1 ~~1600999~~1794871.~~826~~8 ENERGY TRANSFER EQUI US EQUITY 29273V100 ~~11959~~$ 35,668.5662 ~~306106~~792636.0 ~~OTHER~~YES 1 ~~306106~~792636.0 ENERGY TRANSFER PRTN US EQUITY 29273R109 ~~21310~~$ 27,359.9609 ~~411249~~528576.~~7309~~0 ~~OTHER~~YES 1 ~~411249~~528576.~~7309~~0 EV ENERGY PARTNERS L US EQUITY 26926V107 ~~15892~~$ 19,624.9924 ~~404917~~365238.0 ~~OTHER~~YES 1 ~~404917~~365238.0 Exterran Partners, L.P. US EQUITY 30225N105 $ 10,601.17 378343.0 YES 1 378343.0 FERRELLGAS PARTNERS US EQUITY 315293100 ~~6590~~$ 15,901.8934 ~~257356~~611590.0 ~~OTHER~~YES 1 ~~257356~~611590.0 GENESIS ENERGY L P US EQUITY 371927104 ~~14249~~$ 21,715.1475 ~~539740~~767070.0 ~~OTHER~~YES 1 ~~539740~~767070.0 GLOBAL PARTNERS LP US EQUITY 37946R109 ~~10111~~$ 25,315.9260 ~~369048~~973677.0 ~~OTHER~~YES 1 ~~369048~~973677.0 HOLLY ENERGY PARTNER US EQUITY 435763107 ~~45153~~$ 60,910.7798 ~~886933~~1050189.~~2913~~3 ~~OTHER~~YES 1 ~~886933~~1050189.~~2913~~3 KINDER MORGAN ENERGY PARTNERS L.P. US EQUITY 494550106 ~~4637~~$ 6,054.9349 ~~66011~~81718.0 ~~OTHER~~YES 1 ~~66011~~81718.0 LINN ENERGY LLC US EQUITY 536020100 ~~6699~~$ 7,201.2466 ~~178694~~184990.0 ~~OTHER~~YES 1 ~~178694~~184990.0 MARTIN MIDSTREAM US EQUITY 573331105 ~~7647~~$ 14,433.1526 ~~194238~~360471.0 ~~OTHER~~YES 1 ~~194238~~360471.0 MAGELLAN MIDSTREAM P US EQUITY 559080106 ~~47321~~$ 66,457.7428 ~~837552~~1110211.~~8645~~9 ~~OTHER~~YES 1 ~~837552~~1110211.~~8645~~9 MARKWEST ENERGY PART US EQUITY 570759100 ~~23996~~$ 29,956.6993 ~~554068~~618051.0 ~~OTHER~~YES 1 ~~554068~~618051.0 TARGA RESOURCES PART US EQUITY 87611X105 ~~15476~~$ 20,561.7901 ~~455736~~592878.0 ~~OTHER~~YES 1 ~~455736~~592878.0 NISKA GAS STORAGE PA US EQUITY 654678101 ~~14607~~$ 14,339.0109 ~~732181~~655651.0 ~~OTHER~~YES 1 ~~732181~~655651.0 INERGY L P US EQUITY 456615103 ~~58900~~$ 66,753.2541 ~~1501025~~1664673.656 ~~OTHER~~YES 1 ~~1501025~~1664673.656 NATURAL RESOURCE PAR US EQUITY 63900P103 ~~7503~~$ 10,916.0027 ~~225994~~311271.0 ~~OTHER~~YES 1 ~~225994~~311271.0 NUSTAR ENERGY LP US EQUITY 67058H102 ~~42421~~$ 58,172.2437 ~~610553~~856862.~~1997~~1 ~~OTHER~~YES 1 ~~610553~~856862.~~1997~~1 NUSTAR GP HOLDINGS L US EQUITY 67059L102 ~~8693~~$ 8,399.3736 ~~239289~~230435.0 ~~OTHER~~YES 1 ~~239289~~230435.0 ONEOK PARTNERS LP US EQUITY 68268N103 ~~48548~~$ 68,145.4944 ~~610672~~827509.~~8897~~9 ~~OTHER~~YES 1 ~~610672~~827509.~~8897~~9 OXFORD RESOURCE PART US EQUITY 691807101 ~~3654~~$ 4,367.0030 ~~150000~~158811.0 ~~OTHER~~YES 1 ~~150000~~158811.0 PLAINS ALL AMERN PIP US EQUITY 726503105 ~~39979~~$ 57,463.0716 ~~636710~~901665.~~7339~~7 ~~OTHER~~YES 1 ~~636710~~901665.~~7339~~7 PAA NAT GAS STORAGE US EQUITY 693139107 ~~3257~~$ 1,573.9188 ~~130655~~66860.0 ~~OTHER~~YES 1 ~~130655~~66860.0 POSTROCK ENERGY CORP. US EQUITY 737525105 29$ 50.8674 7941.0 ~~OTHER~~YES 1 7941.0 REGENCY ENERGY PARTN US EQUITY 75885Y107 ~~35495~~$ 47,019.9095 ~~1302124~~1721712.0 ~~OTHER~~YES 1 ~~1302124~~1721712.0 RHINO RESOURCE PARTN US EQUITY 76218Y103 ~~5835~~$ 6,275.00 250000.0 ~~OTHER~~YES 1 250000.0 SPECTRA ENERGY PARTN US EQUITY 84756N109 ~~37056~~$ 43,592.9110 ~~1128064~~1326197.~~099~~1 ~~OTHER~~YES 1 ~~1128064~~1326197.~~099~~1 SUBURBAN PROPANE PAR US EQUITY 864482104 ~~7676~~$ 11,564.3176 ~~136857~~204940.0 ~~OTHER~~YES 1 ~~136857~~204940.0 SUNOCO LOGISTICS PRT US EQUITY 86764L108 ~~26630~~$ 36,850.9149 ~~318589~~424642.~~6144~~6 ~~OTHER~~YES 1 ~~318589~~424642.~~6144~~6 TC PIPELINES LP US EQUITY 87233Q108 ~~48105~~$ 55,184.9869 ~~925115~~1060988.~~0116~~0 ~~OTHER~~YES 1 ~~925115~~1060988.~~0116~~0 TEEKAY LNG PARTNERS US EQUITY Y8564M105 ~~7094~~$ 7,927.7856 ~~186754~~193355.0 ~~OTHER~~YES 1 ~~186754~~193355.0 TRANSMONTAIGNE PARTN US EQUITY 89376V100 ~~30586~~$ 39,023.7798 ~~840065~~1074153.0 ~~OTHER~~YES 1 ~~840065 TARGA RES CORP US EQUITY 87612G101 1340~~1074153.500 ~~50000 OTHER 1 50000~~ WESTERN GAS PARTNERS US EQUITY 958254104 ~~2954~~$ 10,803.1633 ~~97497~~309285.0 ~~OTHER~~YES 1 ~~97497~~309285.0 WILLIAMS PARTNERS LP US EQUITY 96950F104 ~~18171~~$ 25,392.6215 ~~389531~~490196.0 ~~OTHER~~YES 1 ~~389531~~490196.0

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