13F-HR 1 v311941_13fhr.txt 13F-HR 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, 2012 ------------------ 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 05/10/2012 --------------------------- ----------------------- ------------------ [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: 46 ---------- Form 13F Information Table Value Total: $2,560,540 ---------- (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.] SteelPath Advisors FORM 13F 31-Mar-12

~~Title~~Voting ofAuthority ---------------- Value ~~SHRS~~Shares/ orSh/ ~~Investment~~Put/ Invstmt Other ~~Voting Authority~~ Name of Issuer ~~Class~~Title of class CUSIP (x$1000) ~~PRN~~Prn ~~AMT---SH/PRN--PUT/CALL~~Amt ~~Discretion~~Prn ~~Manager~~Call Dscretn Managers Sole-- Shared~~---~~ None ------------------------------ -------------- --------- -------- ------- --- ---- ------- -------- ---- ------ ----~~----------------------------~~ Alliance Holdings GP LP USCOM ~~EQUITY~~ 01861G100 $11897 ~~12,373.16~~273170 ~~238037.0~~SH ~~YES~~Sole 1 ~~238037.0~~273170 ~~American~~Alliance ~~Midstream~~Resource Partners LP USCOM ~~EQUITY~~01877R108 ~~02752P100~~16036 $266825 ~~6,208.02~~SH ~~341663.0~~Sole ~~YES~~ 1 ~~341663.0~~266825 ~~Alliance~~American ~~Resource~~Midstream Partners LP USCOM ~~EQUITY~~02752P100 ~~01877R108~~7720 $352513 ~~14,931.06~~SH ~~197553.0~~Sole ~~YES~~ 1 ~~197553.0~~352513 ~~Buckeye~~Boardwalk Pipeline Partners LP USCOM ~~EQUITY~~096627104 ~~118230101~~36630 $1384351 ~~128,404.72~~SH ~~2006951.0~~Sole ~~YES~~ 1 ~~2006951.0~~1384351 ~~Boardwalk~~Buckeye ~~Pipeline~~ Partners LP USCOM ~~EQUITY~~118230101 ~~096627104~~171335 $2800500 ~~26,941.86~~SH ~~973685.0~~Sole ~~YES~~ 1 ~~973685.0~~2800500 Chesapeake Midstream Partners LPCOM ~~US EQUITY~~ 16524K108 $21865 ~~17,959.96~~735698 ~~619309.0~~SH ~~YES~~Sole 1 ~~619309.0~~735698 ~~Copano~~Compressco ~~Energy~~Partners ~~LLC~~LP USCOM ~~EQUITY~~20467A101 ~~217202100~~12988 $747358 ~~28,123.93~~SH ~~822337.0~~Sole ~~YES~~ 1 ~~822337.0~~747358 ~~DCP~~Copano ~~Midstream~~Energy ~~Partners~~LLC LPCOM US217202100 ~~EQUITY~~49088 ~~23311P100~~1375004 $SH ~~19,011.92~~Sole ~~400504.0 YES~~ 1 ~~400504.0~~1375004 ~~Enbridge~~DCP ~~Energy~~Midstream Partners LP USCOM ~~EQUITY~~23311P100 ~~29250R106~~36371 $793431 ~~107,342.24~~SH ~~3234174.0~~Sole ~~YES~~ 1 ~~3234174.0~~793431 El Paso Pipeline Partners LP USCOM ~~EQUITY~~ 283702108 $103588 ~~91,119.77~~2968983 ~~2631998.0~~SH ~~YES~~Sole 1 ~~2631998.0~~2968983 ~~Enterprise~~Enbridge ~~Products~~Energy Partners LP USCOM ~~EQUITY~~29250R106 ~~293792107~~133722 $4317788 ~~128,356.57~~SH ~~2767498.3~~Sole ~~YES~~ 1 ~~2767498.3~~4317788 Energy Transfer Equity LP USCOM ~~EQUITY~~ 29273V100 $97673 ~~68,971.43~~2423640 ~~1699641.0~~SH ~~YES~~Sole 1 ~~1699641.0~~2423640 Energy Transfer Partners LP USCOM ~~EQUITY~~ 29273R109 $47171 ~~26,263.02~~1005558 ~~572803.0~~SH ~~YES~~Sole 1 ~~572803.0~~1005558 EVEnterprise ~~Energy~~Products Partners LPL USCOM ~~EQUITY~~293792107 ~~26926V107~~148944 $2951142 ~~16,566.47~~SH ~~251388.0~~Sole ~~YES~~ 1 ~~251388.0~~2951142 ~~Exterran~~EV Energy Partners LP USCOM ~~EQUITY~~26926V107 ~~30225N105~~10059 $144553 ~~23,375.61~~SH ~~1160080.0~~Sole ~~YES~~ 1 ~~1160080.0~~144553 ~~Ferrellgas~~Exterran Partners LP USCOM ~~EQUITY~~30225N105 ~~315293100~~43916 $2035034 ~~16,098.85~~SH ~~848648.0~~Sole ~~YES~~ 1 ~~848648.0~~2035034 Genesis Energy LP USCOM ~~EQUITY~~ 371927104 $82771 ~~49,173.72~~2692623 ~~1753699.0~~SH ~~YES~~Sole 1 ~~1753699.0~~2692623 Global Partners LP USCOM ~~EQUITY~~ 37946R109 $53917 ~~31,742.60~~2321015 ~~1451422.0~~SH ~~YES~~Sole 1 ~~1451422.0~~2321015 ~~Compressco~~Holly Energy Partners LP USCOM ~~EQUITY~~435763107 ~~20467A101~~138858 $2274862 ~~10,869.54~~SH ~~724636.0~~Sole ~~YES~~ 1 ~~724636.0~~2274862 ~~Holly~~Inergy ~~Energy Partners~~ LP USCOM ~~EQUITY~~456615103 ~~435763107~~238 $14536 ~~98,932.14~~SH ~~1839571.3~~Sole ~~YES~~ 1 ~~1839571.3~~14536 ~~Kinder~~Inergy ~~Morgan~~Midstream ~~Energy Partners~~ LP USCOM ~~EQUITY~~45671U106 ~~494550106~~28288 $1352843 ~~8,870.48~~SH ~~104420.0~~Sole ~~YES~~ 1 ~~104420.0~~1352843 ~~Linn~~Kinder Morgan Energy ~~LLC~~Partners USCOM ~~EQUITY~~494550106 ~~536020100~~8641 $104420 ~~4,917.91~~SH ~~129726.0~~Sole ~~YES~~ 1 ~~129726.0~~104420 ~~Martin~~Linn ~~Midstream~~Energy ~~Partners~~LLC LPCOM US536020100 ~~EQUITY~~5217 ~~573331105~~136737 $SH ~~15,037.31~~Sole ~~436560.0 YES~~ 1 ~~436560.0~~136737 Magellan Midstream Partners LP USCOM ~~EQUITY~~ 559080106 $98065 ~~74,882.68~~1355617 ~~1087146.9~~SH ~~YES~~Sole 1 ~~1087146.9~~1355617 ~~MarkWest~~Markwest Energy Partners LP USCOM ~~EQUITY~~ 570759100 $92214 ~~81,968.26~~1577663 ~~1488708.0~~SH ~~YES~~Sole 1 ~~1488708.0~~1577663 ~~Targa~~Martin ~~Resources~~Midstream Partners LP USCOM ~~EQUITY~~573331105 ~~87611X105~~29762 $881042 ~~31,248.28~~SH ~~838205.0~~Sole ~~YES~~ 1 ~~838205.0~~881042 Niska Gas Storage Partners LLC US EQUITY 654678101 $ 227.18 25555.0 YES 1 25555.0 Inergy Midstream LP US EQUITY 45671U106 $ 13,184.65 695760.0 YES 1 695760.0 Inergy LP US EQUITY 456615103 $ 20,478.27 838586.0 YES 1 838586.0 Natural Resource Partners LP USCOM ~~EQUITY~~ 63900P103 $9374 ~~8,438.56~~390755 ~~311271.0~~SH ~~YES~~Sole 1 ~~311271.0~~390755 ~~NuStar~~Nustar Energy LP USCOM ~~EQUITY~~ 67058H102 $133622 ~~100,040.04~~2261705 ~~1765620.2~~SH ~~YES~~Sole 1 ~~1765620.2~~2261705 ~~NuStar~~Nustar GP Holdings LLC USCOM ~~EQUITY~~ 67059L102 $24700 ~~15,668.30~~713467 ~~471227.0~~SH ~~YES~~Sole 1 ~~471227.0~~713467 Oiltanking Partners LP USCOM ~~EQUITY~~ 678049107 $21946 ~~18,384.06~~714627 ~~658455.0~~SH ~~YES~~Sole 1 ~~658455.0~~714627 ONEOK ~~Partners~~Inc LPCOM US682680103 ~~EQUITY~~220 ~~68268N103~~2700 $SH ~~103,020.39~~Sole ~~1784211.9 YES~~ 1 ~~1784211.9~~2700 ~~Oxford~~ONEOK ~~Resource~~ Partners LP USCOM ~~EQUITY~~68268N103 ~~691807101~~94524 $1728998 ~~1,318.94~~SH ~~87754.0~~Sole ~~YES~~ 1 ~~87754.0~~1728998 ~~Plains~~Oxford ~~All~~Resource ~~American~~Partners ~~Pipeline~~ LP USCOM ~~EQUITY~~691807101 ~~726503105~~123 $14478 ~~117,699.05~~SH ~~1602437.7~~Sole ~~YES~~ 1 ~~1602437.7~~14478 ~~PAA~~Plains ~~Natural~~All ~~Gas~~American ~~Storage~~Pipeline LPL USCOM ~~EQUITY~~726503105 ~~693139107~~152183 $1939878 ~~895.67~~SH ~~47769.0~~Sole ~~YES~~ 1 ~~47769.0~~1939878 Regency Energy Partners LP USCOM ~~EQUITY~~ 75885Y107 $118961 ~~78,229.50~~4837795 ~~3146802.0~~SH ~~YES~~Sole 1 ~~3146802.0~~4837795 Rhino Resource Partners LP USCOM ~~EQUITY~~ 76218Y103 $2613 ~~2,906.95~~141496 ~~150619.0~~SH ~~YES~~Sole 1 ~~150619.0~~141496 Spectra Energy Partners LP USCOM ~~EQUITY~~ 84756N109 $71478 ~~58,293.13~~2237190 ~~1823940.1~~SH ~~YES~~Sole 1 ~~1823940.1~~2237190 ~~Suburban~~Sunoco ~~Propane~~Logistics Partners LP USCOM ~~EQUITY~~86764L108 ~~864482104~~78746 $2082683 ~~10,595.56~~SH ~~222549.0~~Sole ~~YES~~ 1 ~~222549.0~~2082683 ~~Sunoco~~Targa ~~Logistics~~Resources Partners LP USCOM ~~EQUITY~~87611X105 ~~86764L108~~51635 $1245127 ~~74,772.81~~SH ~~1897787.0~~Sole ~~YES~~ 1 ~~1897787.0~~1245127 TC Pipelines LP USCOM ~~EQUITY~~ 87233Q108 $93787 ~~79,366.99~~2086014 ~~1673350.0~~SH ~~YES~~Sole 1 ~~1673350.0~~2086014 Teekay LNG Partners LP USCOM ~~EQUITY~~ Y8564M105 $62896 ~~35,246.71~~1606123 ~~1062608.0~~SH ~~YES~~Sole 1 ~~1062608.0~~1606123 ~~TransMontaigne Partners LP US EQUITY 89376V100 $ 33,268.37 990130.0 YES 1 990130.0~~ Tesoro ~~Logistics~~Logisitics LP USCOM ~~EQUITY~~ 88160T107 $14859 ~~12,621.85~~424905 ~~383643.0~~SH ~~YES~~Sole 1 ~~383643.0~~424905 ~~Targa~~Transmontaigne ~~Resources~~Partners ~~Corp.~~LP USCOM ~~EQUITY~~89376V100 ~~87612G101~~42284 $1216469 ~~3,841.05~~SH ~~94398.0~~Sole ~~YES~~ 1 ~~94398.0~~1216469 Western Gas Partners LP USCOM ~~EQUITY~~ 958254104 $53746 ~~36,118.88~~1164597 ~~875185.0~~SH ~~YES~~Sole 1 ~~875185.0~~1164597 ~~The~~ Williams Cos., Inc. USCOM ~~EQUITY~~ 969457100 $5941 ~~2,759.14~~192821 ~~102329.0~~SH ~~YES~~Sole 1 ~~102329.0~~192821 Williams Partners LP USCOM ~~EQUITY~~ 96950F104 $39926 ~~27,364.98~~705536 ~~456159.0~~SH ~~YES~~Sole 1 ~~456159.~~705536 REPORT SUMMARY 46 DATA RECORDS 2560540 0

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