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
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 1,806,595 49,700 SH SOLE 49,700 0 0
CROSSTEX ENERGY INC COM 22765Y104 1,254,988 33,700 SH SOLE 33,700 0 0
CROSSTEX ENERGY L P COM 22765U102 558,360 18,000 SH SOLE 18,000 0 0
EL PASO PIPELINE PARTNERS L COM UNIT LPI 283702108 501,000 20,000 SH SOLE 20,000 0 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 1,768,900 35,000 SH SOLE 35,000 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100 933,595 26,500 SH SOLE 26,500 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 915,960 17,000 SH SOLE 17,000 0 0
ENTERPRISE PRODS PARTNERS LP COM 293792107 1,992,500 62,500 SH SOLE 62,500 0 0
GRACE W R & CO DEL NEW COM 38388F108 13,090,000 500,000 SH SOLE 500,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 9,120,000 3,000,000 SH SOLE 3,000,000 0 0
PLAINS ALL AMERN PIPELINE LP UNIT LTD PARTN 726503105 14,965,132 287,791 SH SOLE 287,791 0 0
SPECTRA ENERGY PARTNERS LP COM 84756N109 1,353,740 56,500 SH SOLE 56,500 0 0
US BANCORP DEL COM NEW 902973304 72,367,200 2,280,000 SH SOLE 2,280,000 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 1,607,200 41,000 SH SOLE 41,000 0 0