The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
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

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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
CONOCOPHILLIPS COM 20825C104 7,195,000 100,000 SH SOLE 100,000 0 0
GRACE W R & CO DEL NEW COM 38388F108 1,524,600 77,000 SH SOLE 77,000 0 0
KINDER MORGAN INC DEL COM 49456B101 2,395,000 50,000 SH SOLE 50,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 5,600,000 1,000,000 SH SOLE 1,000,000 0 0
PLAINS ALL AMERN PIPELINE LP UNIT LTD PARTN 726503105 12,413,901 242,459 SH SOLE 242,459 0 0
US BANCORP DEL COM NEW 902973304 82,513,200 2,280,000 SH SOLE 2,280,000 0 0