FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ELBERT PHILLIP   2. Issuer Name and Ticker or Trading Symbol INERGY L P [NRGY] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) COO (Last) (First) (Middle) TWO BRUSH CREEK BLVD., SUITE 200 3. Date of Earliest Transaction (Month/Day/Year) 12/03/2010 (Street) KANSAS CITY, MO 64112 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Units 12/03/2010   M   40,000 A $ 9.74 806,754 I See Footnote (1) Common Units 12/03/2010   S   10,000 D $ 38.2343 (6) (7) 796,754 I See Footnote (1) Common Units 12/03/2010   S   15,000 D $ 38.1526 (7) (8) 781,754 I See Footnote (1) Common Units 12/03/2010   S   15,000 D $ 38.207 (7) (9) 766,754 I See Footnote (1) Common Units 12/06/2010   M   30,000 A $ 9.74 796,754 I See Footnote (1) Common Units 12/06/2010   S   15,000 D $ 38.5474 (7) (11) 781,754 I See Footnote (1) Common Units 12/06/2010   S   15,000 D $ 38.3245 (7) (12) 766,754 I See Footnote (1) Common Units 12/07/2010   M   22,400 A $ 9.74 789,154 I See Footnote (1) Common Units 12/07/2010   S   22,400 D $ 38.5016 (7) (13) 766,754 I See Footnote (1) Common Units               167,255 I See Footnote (2) Common Units               55,597 I See Footnote (3) Common Units               55,597 I See Footnote (4) Common Units               338,356 (5) D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Long Term Incentive Plan - Options

$ 9.74

12/03/2010

M

40,000

06/20/2010

06/19/2015

Common Units

40,000

$ 0

52,400

D

Long Term Incentive Plan - Options

$ 9.74

12/06/2010

M

30,000

06/20/2010

06/19/2015

Common Units

30,000

$ 0

22,400

D

Long Term Incentive Plan - Options

$ 9.74

12/07/2010

M

22,400

06/20/2010

06/19/2015

Common Units

22,400

$ 0

0

D

Class B Units

(10)

(10)

(10)

Common Units

511,171

511,171

I

See Footnote (1)

Class B Units

(10)

(10)

(10)

Common Units

111,504

111,504

I

See Footnote (2)

Class B Units

(10)

(10)

(10)

Common Units

37,064

37,064

I

See Footnote (3)

Class B Units

(10)

(10)

(10)

Common Units

37,064

37,064

I

See Footnote (4)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ELBERT PHILLIP TWO BRUSH CREEK BLVD., SUITE 200 KANSAS CITY, MO 64112			COO

Signatures

/s/ Judy Riddle (attorney-in-fact) for Phillip L. Elbert		12/07/2010
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Mr. Elbert is a trustee of the Phillip L. Elbert Revocable Trust, dated 5/17/01.
(2)	Mr. Elbert is a co-trustee of the Phillip L. Elbert 2005 Grantor Retained Annuity Trust.
(3)	Mr. Elbert is a co-trustee of the Charles W. Elbert Trust U/A dated 3/31/05.
(4)	Mr. Elbert is a co-trustee of the Lauren E. Elbert Trust U/A dated 3/31/05.
(5)	Restricted units granted under the Inergy, L.P. Long Term Incentive Plan.
(6)	The prices for this transaction range from $38.22 to $38.25.
(7)	Upon request, full information about the subject transaction will be provided to the SEC.
(8)	The prices for this transaction range from $38.15 to $38.185.
(9)	The prices for this transaction range from $38.18 to $38.27.
(10)	The Class B units will convert automatically into common units on a one-for-one basis, with 50% of the outstanding Class B units converting into common units following the payment date of the fourth quarterly distribution following the closing of the merger and the remaining outstanding Class B units converting into common units following the payment date of the eighth quarterly distribution following the closing of the merger.
(11)	The prices for this transaction range from $38.46 to $38.59.
(12)	The prices for this transaction range from $38.25 to $38.45.
(13)	The prices for this transaction range from $38.50 to $38.54.

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