SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


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                                  SCHEDULE 13D
                                 Amendment No. 1
                                 (Rule 13d-101)

             INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
            TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

                                  RULE 13d-2(a)

                          Treasure Island Royalty Trust
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                                (Name of Issuer)

                                   Trust Units
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                         (Title of Class of Securities)

                                    894626209
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                                 (CUSIP Number)

        Kathryn H. Smith, 114 John St. Greenwich, CT 06831 (203) 861-7525
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                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                  June 26, 2003
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             (Date of Event which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[_].

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 for other parties
to whom copies are to be sent.

                         (Continued on following pages)
                               (Page 1 of 4 Pages)

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).



CUSIP No. 894626209                     13D                    Page 2 of 4 Pages

- --------------------------------------------------------------------------------
1    NAME OF REPORTING PERSON
      I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

      Richard C. McKenzie, Jr.
- --------------------------------------------------------------------------------
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

       (a) [ ] (b) [ ]
- --------------------------------------------------------------------------------
3    SEC USE ONLY

- --------------------------------------------------------------------------------
4   SOURCE   OF FUNDS*

     OO
- --------------------------------------------------------------------------------
5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
     PURSUANT TO ITEMS 2(d) OR 2(e)                                   [_]

- --------------------------------------------------------------------------------
6   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States
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                                 7    SOLE VOTING POWER
NUMBER OF                        17,351,549
SHARES
                                 -----------------------------------------------
BENEFICIALLY                     8    SHARED VOTING POWER
OWNED BY                         218,212

                                 -----------------------------------------------
EACH                             9    SOLE DISPOSITIVE POWER
REPORTING                        17,351,549
                                 -----------------------------------------------
PERSON  WITH                     10   SHARED DISPOSITIVE POWER
WITH                             218,212

- --------------------------------------------------------------------------------
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
       PERSON
                  17,569,761
- -------------------------------------------------------------------------------
12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [_]
- --------------------------------------------------------------------------------
13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
    41.3 %
- --------------------------------------------------------------------------------
14   TYPE OF REPORTING PERSON*
       IN
- --------------------------------------------------------------------------------



         This Amendment No. 1 amends and supplements the Schedule 13D filed on
March 18, 2003 with respect to the trust units (the "Units") of Treasure Island
Royalty Trust (the "Trust"). The item numbers and responses thereto below are in
accordance with the requirements of Schedule 13D.


Item 5.  Interest in Securities of the Issuer.

         (a) Item 5a of the 13D is hereby amended and restated in its entirety
as follows:

         "As of June 26, 2003, Mr. McKenzie beneficially owned 17,569,761 Units.
These Units are comprised of (i) 11,031,430 Units held in Mr. McKenzie's
retirement accounts, through two custodians, (ii) 6,320,119 Units held by Mr.
McKenzie as trustee for the 1997 Trust, of which Mr. McKenzie is also a
beneficiary, (iii) 198,912 Units directly held by Mr. McKenzie and his wife,
Margaret Byrne McKenzie, as co-trustees of the 2000 Trust and (iv) 19,300 Units
directly held by Mr. McKenzie and his wife, Margaret Byrne McKenzie, as
co-trustees of the 2001 Trust."

         (b) Item 5b of the 13D is hereby amended and restated in its entirety
as follows:

         "Mr. McKenzie has the sole power to vote and dispose of the 17,351,549
Units held in his individual retirement accounts and the 1997 Trust. Mr.
McKenzie and his wife, Margaret Byrne McKenzie, are co-trustees of the 2000
Trust and the 2001 Trust, and they share power to vote and dispose of the
218,212 Units held in the aggregate by such trusts."

         (c) Item 5c of the 13D is hereby amended and restated in its entirety
as follows:

         "Attached hereto as Exhibit 1 is a schedule of sales by the reporting
persons within the past 60 days, which is incorporated herein by reference."


                                    SIGNATURE

         After reasonable inquiry and to the best of his or her knowledge and
belief, each of the persons below certifies that the information set forth in
this statement is true, complete and correct.

Dated:     July 3, 2003


Richard C. McKenzie, Jr.

By:

/s/   Kathy Smith
- ------------------
Attorney



Exhibit  1

                           Schedule of Sales of Units

The following table sets forth all sales of Units by the reporting persons
within 60 days of July 3, 2003. All sales occurred on the open market.

Richard C. McKenzie
IRA
Date                       Number of Units Sold                    Price
6/26/03                    401,883                                 $0.26

McKenzie Charitable Lead Annuity Trust 2001
Date                       Number of Units Sold                    Price
6/06/03                    8,000                                   $0.28
6/26/03                    98,117                                  $0.26