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The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
COPANO ENERGY L L C COM UNITS 217202100 977,143 22,900 SH SOLE 22,900 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 1,125,985 26,500 SH SOLE 26,500 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 1,049,410 17,000 SH SOLE 17,000 0 0
ENTERPRISE PRODS PARTNERS LP COM 293792107 986,110 31,000 SH SOLE 31,000 0 0
GRACE W R & CO DEL NEW COM 38388F108 2,767,370 113,000 SH SOLE 113,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 9,652,500 1,650,000 SH SOLE 1,650,000 0 0
PLAINS ALL AMERN PIPELINE LP UNIT LTD PARTN 726503105 18,317,897 287,791 SH SOLE 287,791 0 0
US BANCORP DEL COM NEW 902973304 75,126,000 2,280,000 SH SOLE 2,280,000 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 1,978,660 41,000 SH SOLE 41,000 0 0