13F-HR 1 v301532_13fhr.txt QUARTERLY HOLDINGS REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F Form 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 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 02/07/2012 --------------------------- ----------------------- ------------------ [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: 50 Form 13F Information Table Value Total: $1,994,432 ---------- (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 LP US EQUITY 01861G100 $ 912,~~591~~373.9316 ~~218048~~238037.0 YES 1 ~~218048~~238037.0 American Midstream Partners LP US EQUITY 02752P100 $ 6,~~297~~208.7302 ~~328863~~341663.0 YES 1 ~~328863~~341663.0 Alliance Resource Partners LP US EQUITY 01877R108 $ 1214,~~492~~931.6506 ~~190553~~197553.0 YES 1 ~~190553~~197553.0 Buckeye Partners LP US EQUITY 118230101 $ 90128,~~064~~404.4772 ~~1440801~~2006951.0 YES 1 ~~1440801~~2006951.0 Boardwalk Pipeline Partners LP US EQUITY 096627104 $ 2326,~~606~~941.4786 ~~920689~~973685.0 YES 1 ~~920689~~973685.0 Chesapeake Midstream Partners LP US EQUITY 16524K108 $ 517,~~186~~959.5996 ~~193241~~619309.0 YES 1 ~~193241~~619309.0 Copano Energy LLC US EQUITY 217202100 $ 1928,~~760~~123.7593 ~~662890~~822337.0 YES 1 ~~662890~~822337.0 DCP Midstream Partners LP US EQUITY 23311P100 $ 1119,~~124~~011.6092 ~~277976~~400504.0 YES 1 ~~277976~~400504.0 Enbridge Energy Partners LP US EQUITY 29250R106 $ 69107,~~766~~342.4424 ~~2539732~~3234174.0 YES 1 ~~2539732~~3234174.0 El Paso Pipeline Partners LP US EQUITY 283702108 $ 8091,~~935~~119.4177 ~~2281799~~2631998.0 YES 1 ~~2281799~~2631998.0 Enterprise Products Partners LP US EQUITY 293792107 $~~106~~ 128,~~097~~356.4757 ~~2642527~~2767498.3 YES 1 ~~2642527~~2767498.3 Energy Transfer Equity LP US EQUITY 29273V100 $ 4168,~~980~~971.7543 ~~1207037~~1699641.0 YES 1 ~~1207037~~1699641.0 Energy Transfer Partners LP US EQUITY 29273R109 $ 1726,~~700~~263.7002 ~~431619~~572803.0 YES 1 ~~431619~~572803.0 EV Energy Partners LP US EQUITY 26926V107 $ 1816,~~019~~566.4947 251388.0 YES 1 251388.0 Exterran Partners LP US EQUITY 30225N105 $ 2023,~~045~~375.3661 ~~914478~~1160080.0 YES 1 ~~914478~~1160080.0 Ferrellgas Partners LP US EQUITY 315293100 $ 16,~~845~~098.6685 848648.0 YES 1 848648.0 Genesis Energy LP US EQUITY 371927104 $ 3349,~~776~~173.0772 ~~1395129~~1753699.0 YES 1 ~~1395129~~1753699.0 Global Partners LP US EQUITY 37946R109 $ 1931,~~928~~742.0960 ~~1133566~~1451422.0 YES 1 ~~1133566~~1451422.0 Compressco Partners LP US EQUITY 20467A101 $ 910,~~505~~869.4654 ~~616837~~724636.0 YES 1 ~~616837~~724636.0 Holly Energy Partners LP US EQUITY 435763107 $ 7298,~~682~~932.1314 ~~1477579~~1839571.3 YES 1 ~~1477579~~1839571.3 Kinder Morgan Energy Partners LP US EQUITY 494550106 $ 68,~~740~~870.4948 ~~98574~~104420.0 YES 1 ~~98574~~104420.0 Linn Energy LLC US EQUITY 536020100 $ 64,~~810~~917.9591 ~~190997~~129726.0 YES 1 ~~190997~~129726.0 Martin Midstream Partners LP US EQUITY 573331105 $ 1315,~~696~~037.4831 ~~421560~~436560.0 YES 1 ~~421560~~436560.0 Magellan Midstream Partners LP US EQUITY 559080106 $ 6474,~~951~~882.1368 ~~1075349~~1087146.9 YES 1 ~~1075349~~1087146.9 MarkWest Energy Partners LP US EQUITY 570759100 $ 3681,~~617~~968.1426 ~~796891~~1488708.0 YES 1 ~~796891~~1488708.0 Targa Resources Partners LP US EQUITY 87611X105 $ 2431,~~060~~248.7628 ~~731775~~838205.0 YES 1 ~~731775~~838205.0 Niska Gas Storage Partners LLC US EQUITY 654678101 $ 5227.18 25555.0 YES 1 25555.0 Inergy Midstream LP US EQUITY 45671U106 $ 13,~~809~~184.0865 ~~499062~~695760.0 YES 1 ~~499062~~695760.0 Inergy LP US EQUITY 456615103 $ 5820,~~466~~478.9327 ~~2336807~~838586.60 YES 1 ~~2336807~~838586.60 Natural Resource Partners LP US EQUITY 63900P103 $ 78,~~893~~438.8356 311271.0 YES 1 311271.0 NuStar Energy LP US EQUITY 67058H102 $ 55100,~~280~~040.7804 ~~1057398~~1765620.2 YES 1 ~~1057398~~1765620.2 NuStar GP Holdings LLC US EQUITY 67059L102 $ 715,~~937~~668.0530 ~~258873~~471227.0 YES 1 ~~258873~~471227.0 Oiltanking Partners LP US EQUITY 678049107 $ 1418,~~723~~384.0206 ~~616284~~658455.0 YES 1 ~~616284~~658455.0 ONEOK Partners LP US EQUITY 68268N103 $ 98103,~~121~~020.8539 ~~2104715~~1784211.9 YES 1 ~~2104715~~1784211.9 Oxford Resource Partners LP US EQUITY 691807101 $ 21,~~615~~318.6294 ~~173911~~87754.0 YES 1 ~~173911~~87754.0 Plains All American Pipeline LP US EQUITY 726503105 $ 84117,~~008~~699.5905 ~~1425807~~1602437.7 YES 1 ~~1425807~~1602437.7 PAA Natural Gas Storage LP US EQUITY 693139107 $ ~~899~~895.8967 ~~55208~~47769.0 YES 1 ~~55208~~47769.0 ~~PostRock Energy Corp. US EQUITY 737525105 $ 25.17 7941.0 YES 1 7941.0~~ Regency Energy Partners LP US EQUITY 75885Y107 $ 4978,~~947~~229.9950 ~~2229821~~3146802.0 YES 1 ~~2229821~~3146802.0 Rhino Resource Partners LP US EQUITY 76218Y103 $ 42,~~324~~906.2595 ~~245000~~150619.0 YES 1 ~~245000~~150619.0 Spectra Energy Partners LP US EQUITY 84756N109 $ 5058,~~637~~293.7713 ~~1795029~~1823940.1 YES 1 ~~1795029~~1823940.1 Suburban Propane Partners LP US EQUITY 864482104 $ 10,~~328~~595.5056 222549.0 YES 1 222549.0 Sunoco Logistics Partners LP US EQUITY 86764L108 $ 6174,~~883~~772.1581 ~~699323~~1897787.60 YES 1 ~~699323~~1897787.60 TC Pipelines LP US EQUITY 87233Q108 $ 6779,~~342~~366.2799 ~~1536092~~1673350.0 YES 1 ~~1536092~~1673350.0 Teekay LNG Partners LP US EQUITY Y8564M105 $ 735,~~347~~246.7471 ~~236110~~1062608.0 YES 1 ~~236110~~1062608.0 TransMontaigne Partners LP US EQUITY 89376V100 $ 3733,~~552~~268.4837 ~~1140373~~990130.0 YES 1 ~~1140373~~990130.0 Tesoro Logistics LP US EQUITY 88160T107 $ 912,~~333~~621.9185 ~~391852~~383643.0 YES 1 ~~391852~~383643.0 Targa Resources Corp. US EQUITY 87612G101 $ 3,841.05 94398.0 YES 1 94398.0 Western Gas Partners LP US EQUITY 958254104 $ 2436,~~573~~118.0888 ~~727660~~875185.0 YES 1 ~~727660~~875185.0 The Williams Cos., Inc. US EQUITY 969457100 $ 2,~~169~~759.4014 ~~89129~~102329.0 YES 1 ~~89129~~102329.0 Williams Partners LP US EQUITY 96950F104 $ 27,~~092~~364.2898 ~~499489~~456159.0 YES 1 ~~499489~~456159.0

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