13F-HR 1 v228459_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: June 30, 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: 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: 47 Form 13F Information Table Value Total: $1,576,074 ---------- (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~~Alliance ~~HOLDINGS~~Holdings GP LP US EQUITY 01861G100 $ 1110,~~456~~876.2423 218048.0 YES 1 218048.0 ~~ALLIANCE~~Alliance ~~RES~~Resource ~~PARTNER~~Partners LP US EQUITY 01877R108 $ 1513,~~259~~846.7436 ~~187397~~178778.0 YES 1 ~~187397~~178778.0 ~~BUCKEYE~~Buckeye ~~PARTNERS~~Partners LLP P US EQUITY 118230101 $ 4790,~~420~~976.2866 ~~746306~~1409180.0 YES 1 ~~746306~~1409180.0 ~~BOARDWALK~~Boardwalk ~~PIPELINE~~Pipeline PPartners LP US EQUITY 096627104 $ 3526,~~145~~896.9259 ~~1076115~~926191.0 YES 1 ~~1076115~~926191.0 ~~CHESAPEAKE~~Chesapeake ~~MIDSTREAM~~Midstream Partners LP US EQUITY 16524K108 $ 45,~~992~~144.6122 ~~173174~~179241.0 YES 1 ~~173174~~179241.0 ~~COPANO~~Copano ~~ENERGY~~Energy LLLC ~~L C~~ US EQUITY 217202100 $ 2122,~~177~~588.9428 ~~594886~~660090.0 YES 1 ~~594886~~660090.0 ~~DUNCAN~~Duncan ~~ENERGY~~Energy ~~PARTNE~~Partners LP US EQUITY 265026104 $ 1926,~~082~~282.9992 ~~471185~~607557.0 YES 1 ~~471185~~607557.0 DCP ~~MIDSTREAM~~Midstream ~~PARTNE~~Partners LP US EQUITY 23311P100 $ 1011,~~523~~388.4468 ~~259838~~277976.0 YES 1 ~~259838~~277976.0 ~~ENBRIDGE~~Enbridge ~~ENERGY~~Energy ~~PART~~Partners LP US EQUITY 29250R106 $ 5569,~~605~~521.9042 ~~860506~~2311986.0 YES 1 ~~860506~~2311986.0 ELEl ~~PASO~~Paso ~~PIPELINE~~Pipeline ~~PAR~~Partners LP US EQUITY 283702108 $ 5978,~~779~~294.5750 ~~1650002~~2253079.0 YES 1 ~~1650002~~2253079.0 ~~ENTERPRISE~~Enterprise ~~PRODS~~Products ~~PAR~~Partners LP US EQUITY 293792107 $ 7786,~~287~~456.1842 ~~1794871~~2000842.8 YES 1 ~~1794871~~2000842.8 ~~ENERGY~~Energy ~~TRANSFER~~Transfer ~~EQUI~~Equity LP US EQUITY 29273V100 $ 3553,~~668~~786.6228 ~~792636~~1196314.0 YES 1 ~~792636~~1196314.0 ~~ENERGY~~Energy ~~TRANSFER~~Transfer ~~PRTN~~Partners LP US EQUITY 29273R109 $ 2728,~~359~~317.0914 ~~528576~~579438.0 YES 1 ~~528576~~579438.0 EV ~~ENERGY~~Energy ~~PARTNERS~~Partners LLP US EQUITY 26926V107 $ 1916,~~624~~123.2467 ~~365238~~302281.0 YES 1 ~~365238~~302281.0 Exterran Partners, ~~L.P.~~LP US EQUITY 30225N105 $ 1019,~~601~~612.1797 ~~378343~~763745.0 YES 1 ~~378343~~763745.0 ~~FERRELLGAS~~Ferrellgas ~~PARTNERS~~Partners LP US EQUITY 315293100 $ 1519,~~901~~682.3412 ~~611590~~872048.0 YES 1 ~~611590~~872048.0 ~~GENESIS~~Genesis ~~ENERGY~~Energy LLP P US EQUITY 371927104 $ 2129,~~715~~584.7560 ~~767070~~1085275.0 YES 1 ~~767070~~1085275.0 ~~GLOBAL~~Global ~~PARTNERS~~Partners LP US EQUITY 37946R109 $ 2527,~~315~~418.6037 ~~973677~~1077766.0 YES 1 ~~973677~~1077766.0 ~~HOLLY~~Compressco ~~ENERGY~~Partners ~~PARTNER~~LP US EQUITY 20467A101 $ 9,525.70 509941.0 YES 1 509941.0 Holly Energy Partners LP US EQUITY 435763107 $ 6076,~~910~~405.9847 ~~1050189~~1407617.3 YES 1 ~~1050189~~1407617.3 ~~KINDER~~Kinder ~~MORGAN~~Morgan ~~ENERGY~~Energy ~~PARTNERS~~Partners ~~L.P.~~LP US EQUITY 494550106 $ 67,~~054~~156.4947 ~~81718~~98574.0 YES 1 ~~81718~~98574.0 ~~LINN~~Linn ~~ENERGY~~Energy LLC US EQUITY 536020100 $ 7,~~201~~520.6686 ~~184990~~192497.0 YES 1 ~~184990~~192497.0 ~~MARTIN~~Martin ~~MIDSTREAM~~Midstream Partners LP US EQUITY 573331105 $ 1415,~~433~~750.2664 ~~360471~~408683.0 YES 1 ~~360471~~408683.0 ~~MAGELLAN~~Magellan ~~MIDSTREAM~~Midstream PPartners LP US EQUITY 559080106 $ 6662,~~457~~234.2817 ~~1110211~~1041924.9 YES 1 ~~1110211~~1041924.9 ~~MARKWEST~~MarkWest ~~ENERGY~~Energy ~~PART~~Partners LP US EQUITY 570759100 $ 2933,~~956~~376.9382 ~~618051~~691891.0 YES 1 ~~618051~~691891.0 ~~TARGA~~Targa ~~RESOURCES~~Resources ~~PART~~Partners LP US EQUITY 87611X105 $ 2024,~~561~~464.0150 ~~592878~~687205.0 YES 1 ~~592878~~687205.0 ~~NISKA~~Niska ~~GAS~~Gas ~~STORAGE~~Storage PAPartners LLC US EQUITY 654678101 $ 1413,~~339~~097.0938 ~~655651~~762362.0 YES 1 ~~655651~~762362.0 ~~INERGY~~Inergy LLP P US EQUITY 456615103 $ 6674,~~753~~237.4185 ~~1664673~~2099486.6 YES 1 ~~1664673~~2099486.6 ~~NATURAL~~Natural ~~RESOURCE~~Resource ~~PAR~~Partners LP US EQUITY 63900P103 $ 10,~~916~~324.2786 311271.0 YES 1 311271.0 ~~NUSTAR~~NuStar ~~ENERGY~~Energy LP US EQUITY 67058H102 $ 5867,~~172~~015.3741 ~~856862~~1035947.10 YES 1 ~~856862~~1035947.10 ~~NUSTAR~~NuStar GP ~~HOLDINGS~~Holdings LLLC US EQUITY 67059L102 $ 8,~~399~~988.3623 ~~230435~~249673.0 YES 1 ~~230435~~249673.0 ONEOK ~~PARTNERS~~Partners LP US EQUITY 68268N103 $ 6889,~~145~~124.4493 ~~827509~~1044840.9 YES 1 ~~827509~~1044840.9 ~~OXFORD~~Oxford ~~RESOURCE~~Resource ~~PART~~Partners LP US EQUITY 691807101 $ 4,~~367~~046.3049 ~~158811~~176011.0 YES 1 ~~158811~~176011.0 ~~PLAINS~~Plains ~~ALL~~All ~~AMERN~~American ~~PIP~~Pipeline LP US EQUITY 726503105 $ 5776,~~463~~132.1678 ~~901665~~1189574.7 YES 1 ~~901665~~1189574.7 PAA ~~NAT~~Natural ~~GAS~~Gas ~~STORAGE~~Storage LP US EQUITY 693139107 $ 1,~~573~~251.8857 ~~66860~~55208.0 YES 1 ~~66860~~55208.0 ~~POSTROCK~~PostRock ~~ENERGY~~Energy ~~CORP~~Corp. US EQUITY 737525105 $ 5046.7430 7941.0 YES 1 7941.0 ~~REGENCY~~Regency ~~ENERGY~~Energy ~~PARTN~~Partners LP US EQUITY 75885Y107 $ 4759,~~019~~358.9548 ~~1721712~~2295378.0 YES 1 ~~1721712~~2295378.0 ~~RHINO~~Rhino ~~RESOURCE~~Resource ~~PARTN~~Partners LP US EQUITY 76218Y103 $ 65,~~275~~847.0050 250000.0 YES 1 250000.0 ~~SPECTRA~~Spectra ~~ENERGY~~Energy ~~PARTN~~Partners LP US EQUITY 84756N109 $ 4350,~~592~~543.1024 ~~1326197~~1588411.1 YES 1 ~~1326197~~1588411.1 ~~SUBURBAN~~Suburban ~~PROPANE~~Propane ~~PAR~~Partners LP US EQUITY 864482104 $ 11,~~564~~634.7686 ~~204940~~222549.0 YES 1 ~~204940~~222549.0 ~~SUNOCO~~Sunoco ~~LOGISTICS~~Logistics ~~PRT~~Partners LP US EQUITY 86764L108 $ 3658,~~850~~439.4922 ~~424642~~678342.6 YES 1 ~~424642~~678342.6 TC ~~PIPELINES~~Pipelines LP US EQUITY 87233Q108 $ 5570,~~184~~772.6945 ~~1060988~~1481525.0 YES 1 ~~1060988~~1481525.0 ~~TEEKAY~~Teekay LNG ~~PARTNERS~~Partners LP US EQUITY Y8564M105 $ 78,~~927~~733.5671 ~~193355~~236110.0 YES 1 ~~193355~~236110.0 ~~TRANSMONTAIGNE~~TransMontaigne ~~PARTN~~Partners LP US EQUITY 89376V100 $ 3937,~~023~~987.9846 ~~1074153~~1088154.0 YES 1 ~~1074153~~1088154.0 ~~WESTERN~~Tesoro ~~GAS~~Logistics ~~PARTNERS~~LP US EQUITY 88160T107 $ 7,056.82 289808.0 YES 1 289808.0 Western Gas Partners LP US EQUITY 958254104 $ 1021,~~803~~140.3372 ~~309285~~594843.0 YES 1 ~~309285~~594843.0 ~~WILLIAMS~~Williams ~~PARTNERS~~Partners LP US EQUITY 96950F104 $ 2527,~~392~~062.1531 ~~490196~~499489.0 YES 1 ~~490196~~499489.0

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