Beach Investment Counsel 13F-HR Quarterly holdings report by institutional manager

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
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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
AGL Resources	COM	001204106	1,403	25,500	SH		SOLE		0	0	25,500
AllianceBernstein Holdings, LP	COM	01881g106	733	28,328	SH		SOLE		0	0	28,328
Altas Energy L.P.	COM	04930a104	871	19,414	SH		SOLE		0	0	19,414
Atlas Pipeline Partners LP	COM	049392103	921	26,785	SH		SOLE		0	0	26,785
Crestwood Equity Partners LP	COM	226344109	1,026	69,022	SH		SOLE		0	0	69,022
Crestwood Midstream Partners L	COM	226378107	687	31,112	SH		SOLE		0	0	31,112
DCP Midstream Partners, LP	COM	23311P100	44,200	775,435	SH		SOLE		0	0	775,435
Dominion Resources	COM	25746u109	240	3,350	SH		SOLE		0	0	3,350
Duke Realty	COM	264411505	1,055	58,100	SH		SOLE		0	0	58,100
Eagle Rock Energy Partners, LP	COM	26985r104	250	50,251	SH		SOLE		0	0	50,251
Enbridge Energy Mgmt.	COM	29250x103	1,836	52,073	SH		SOLE		0	0	52,073
Enbridge Energy Partners L.P.	COM	29250R106	565	15,300	SH		SOLE		0	0	15,300
Enbridge Inc.	COM	29250n105	919	19,360	SH		SOLE		0	0	19,360
Energy Transfer Equity LP	COM	29273V100	59,477	1,009,108	SH		SOLE		0	0	1,009,108
Enterprise Prod Partners	COM	293792107	73,058	933,174	SH		SOLE		0	0	933,174
Golar LNG Partners LP	COM	y2745c102	477	12,941	SH		SOLE		0	0	12,941
Kinder Morgan Mgmt	COM	49455u100	3,669	46,484	SH		SOLE		0	0	46,484
Liberty Property Tr	COM	531172104	2,971	78,333	SH		SOLE		0	0	78,333
Magellan Midstream Partners, L	COM	559080106	77,484	921,986	SH		SOLE		0	0	921,986
MarkWest Energy Partners LP	COM	570759100	2,763	38,594	SH		SOLE		0	0	38,594
NextEra Energy	COM	65339F101	6,312	61,596	SH		SOLE		0	0	61,596
Nordic Offshore Ltd.	COM	y6366t112	1,108	57,911	SH		SOLE		0	0	57,911
Northstar Realty Finance Corp.	COM	66704r100	2,586	148,800	SH		SOLE		0	0	148,800
Nustar GP Holdings LLC	COM	67059l102	348	8,900	SH		SOLE		0	0	8,900
Plains All American Pipeline L	COM	726503105	53,953	898,474	SH		SOLE		0	0	898,474
Regency Energy Partners, LP	COM	75885y107	602	18,688	SH		SOLE		0	0	18,688
Resource Capital	COM	76120W302	5,333	947,221	SH		SOLE		0	0	947,221
SPDR Dow Jones REIT ETF	COM	78464a607	793	9,560	SH		SOLE		0	0	9,560
Spectra Energy	COM	847560109	353	8,300	SH		SOLE		0	0	8,300
StoneMor Partners LP	COM	86183q100	552	22,776	SH		SOLE		0	0	22,776
Surburban Propane Partners LP	COM	864482104	645	14,024	SH		SOLE		0	0	14,024
Teekay LNG Partners	COM	y8564m105	221	4,780	SH		SOLE		0	0	4,780
Teekay Offshore Partners, L.P.	COM	y8565j101	1,971	54,591	SH		SOLE		0	0	54,591
Two Harbors Investment Corp.	COM	90187B101	1,256	119,850	SH		SOLE		0	0	119,850
WCI Communities, Inc.	COM	92923c807	1,230	63,710	SH		SOLE		0	0	63,710
Williams Companies Inc	COM	969457100	1,291	22,175	SH		SOLE		0	0	22,175
Williams Partners, LP	COM	96950f104	796	14,665	SH		SOLE		0	0	14,665
3M Company	COM	88579y101	2,103	14,684	SH		SOLE		0	0	14,684
ABB Ltd.	COM	000375204	670	29,100	SH		SOLE		0	0	29,100
Abbott Laboratories	COM	002824100	260	6,368	SH		SOLE		0	0	6,368
Advance Auto Parts	COM	00751Y106	1,530	11,338	SH		SOLE		0	0	11,338
Aegon	COM	007924103	210	24,000	SH		SOLE		0	0	24,000
Air Products	COM	009158106	214	1,661	SH		SOLE		0	0	1,661
Airgas Inc.	COM	009363102	208	1,907	SH		SOLE		0	0	1,907
American Airlines Group	COM	02376r102	34,241	797,033	SH		SOLE		0	0	797,033
American Express	COM	025816109	837	8,821	SH		SOLE		0	0	8,821
American Intl. Group	COM	026874784	31,533	577,744	SH		SOLE		0	0	577,744
Anheuser-Busch InBev	COM	b5064a925	11,859	103,339	SH		SOLE		0	0	103,339
Anheuser-Busch Inbev ADR	COM	03524A108	11,354	98,781	SH		SOLE		0	0	98,781
Apache Corp	COM	037411105	757	7,519	SH		SOLE		0	0	7,519
Apple Computer	COM	037833100	40,105	431,560	SH		SOLE		0	0	431,560
Automatic Data Processing	COM	053015103	2,389	30,136	SH		SOLE		0	0	30,136
Baker Hughes Inc.	COM	057224107	10,122	135,960	SH		SOLE		0	0	135,960
Bancorp Inc	COM	05969a105	7,976	669,648	SH		SOLE		0	0	669,648
Bank of America	COM	060505104	5,363	348,946	SH		SOLE		0	0	348,946
Bayer AG	COM	072730302	3,884	27,500	SH		SOLE		0	0	27,500
Becton Dickinson	COM	075887109	1,377	11,643	SH		SOLE		0	0	11,643
BlackRock, Inc.	COM	09247x101	22,758	71,208	SH		SOLE		0	0	71,208
Blackstone Group	COM	09253U108	13,805	412,820	SH		SOLE		0	0	412,820
Boeing Company	COM	097023105	13,022	102,350	SH		SOLE		0	0	102,350
Brkshire Hathaway A	COM	084670108	570	3	SH		SOLE		0	0	3
Brkshire Hathaway B	COM	084670702	2,771	21,895	SH		SOLE		0	0	21,895
CVS/Caremark	COM	126650100	12,681	168,244	SH		SOLE		0	0	168,244
Canadian Oil Sands Trust Ltd	COM	13643E105	1,021	45,056	SH		SOLE		0	0	45,056
Capital One Financial	COM	14040H105	9,310	112,708	SH		SOLE		0	0	112,708
Caterpillar	COM	149123101	255	2,350	SH		SOLE		0	0	2,350
Chemtura Corporation	COM	163893209	1,263	48,348	SH		SOLE		0	0	48,348
Chevron	COM	166764100	3,808	29,172	SH		SOLE		0	0	29,172
Chicago Bridge & Iron	COM	167250109	7,660	112,316	SH		SOLE		0	0	112,316
Chubb	COM	171232101	989	10,735	SH		SOLE		0	0	10,735
Cisco Systems	COM	17275R102	397	15,959	SH		SOLE		0	0	15,959
Citigroup	COM	172967424	5,633	119,586	SH		SOLE		0	0	119,586
Coca Cola Co.	COM	191216100	835	19,716	SH		SOLE		0	0	19,716
Colgate Palmolive	COM	194162103	4,798	70,377	SH		SOLE		0	0	70,377
Comcast Cl A	COM	20030N101	256	4,762	SH		SOLE		0	0	4,762
ConocoPhillips	COM	20825C104	4,423	51,592	SH		SOLE		0	0	51,592
Costco Wholesale	COM	22160K105	2,662	23,117	SH		SOLE		0	0	23,117
DST Systems	COM	233326107	889	9,645	SH		SOLE		0	0	9,645
Deere & Co.	COM	244199105	348	3,842	SH		SOLE		0	0	3,842
Delta Airlines	COM	247361702	22,443	579,614	SH		SOLE		0	0	579,614
Dentsply Intl	COM	249030107	2,256	47,640	SH		SOLE		0	0	47,640
Diageo PLC Spon ADR	COM	25243q205	206	1,620	SH		SOLE		0	0	1,620
Diebold	COM	253651103	1,164	28,984	SH		SOLE		0	0	28,984
DirectTV	COM	25490a309	866	10,182	SH		SOLE		0	0	10,182
Discovery Comm C	COM	25470f302	820	11,293	SH		SOLE		0	0	11,293
Discovery Holding A	COM	25470f104	795	10,704	SH		SOLE		0	0	10,704
Dow Chemical	COM	260543103	1,111	21,584	SH		SOLE		0	0	21,584
Emerson Electric Co.	COM	291011104	742	11,187	SH		SOLE		0	0	11,187
Estee Lauder	COM	518439104	609	8,200	SH		SOLE		0	0	8,200
Exelon Corp.	COM	30161N101	789	21,632	SH		SOLE		0	0	21,632
Exxon Mobil	COM	30231G102	3,746	37,209	SH		SOLE		0	0	37,209
F.N.B. Corp.	COM	302520101	448	34,968	SH		SOLE		0	0	34,968
Ferro Corp	COM	315405100	2,064	164,343	SH		SOLE		0	0	164,343
Fomento Economico Mexicano SA	COM	344419106	4,071	43,470	SH		SOLE		0	0	43,470
Franklin Resources	COM	354613101	1,879	32,490	SH		SOLE		0	0	32,490
Gamco Investors A	COM	361438104	1,253	15,088	SH		SOLE		0	0	15,088
General Electric	COM	369604103	12,276	467,137	SH		SOLE		0	0	467,137
General Mills	COM	370334104	249	4,744	SH		SOLE		0	0	4,744
Genuine Parts	COM	372460105	933	10,627	SH		SOLE		0	0	10,627
Gilead Science	COM	375558103	13,615	164,220	SH		SOLE		0	0	164,220
GlaxoSmithkline PLC	COM	37733w105	1,955	36,550	SH		SOLE		0	0	36,550
Google Cl A	COM	38259P508	19,704	33,701	SH		SOLE		0	0	33,701
Google Cl C	COM	38259P706	11,897	20,681	SH		SOLE		0	0	20,681
Henry Schein	COM	806407102	3,859	32,525	SH		SOLE		0	0	32,525
IBM	COM	459200101	3,602	19,872	SH		SOLE		0	0	19,872
Illinois Tool Works	COM	452308109	574	6,559	SH		SOLE		0	0	6,559
Intel Corp.	COM	458140100	473	15,304	SH		SOLE		0	0	15,304
Invesco	COM	G491BT108	1,295	34,296	SH		SOLE		0	0	34,296
J.P. Morgan Chase	COM	46625h100	11,671	202,547	SH		SOLE		0	0	202,547
JPMorgan China Region Fund	COM	48126T104	850	56,009	SH		SOLE		0	0	56,009
Jacobs Engineering Group	COM	469814107	6,734	126,391	SH		SOLE		0	0	126,391
Johnson & Johnson	COM	478160104	46,414	443,642	SH		SOLE		0	0	443,642
KKR & Co. LP	COM	48248M102	13,847	569,150	SH		SOLE		0	0	569,150
Kimberly Clark	COM	494368103	2,135	19,200	SH		SOLE		0	0	19,200
LKQ Corporation	COM	501889208	806	30,200	SH		SOLE		0	0	30,200
Lehman Note	COM	524ESC100	0	12,800	SH		SOLE		0	0	12,800
Liberty Media	COM	531229102	507	3,706	SH		SOLE		0	0	3,706
Marriott Intl Class A	COM	571903202	8,170	127,460	SH		SOLE		0	0	127,460
McDonald's Corp.	COM	580135101	543	5,386	SH		SOLE		0	0	5,386
Medtronic	COM	585055106	597	9,369	SH		SOLE		0	0	9,369
Merck	COM	58933y105	3,235	55,928	SH		SOLE		0	0	55,928
MetLife	COM	59156R108	22,782	410,048	SH		SOLE		0	0	410,048
Micron Technology Inc.	COM	595112103	6,236	189,263	SH		SOLE		0	0	189,263
Microsoft	COM	594918104	483	11,590	SH		SOLE		0	0	11,590
Mondelez International Inc.	COM	609207105	530	14,083	SH		SOLE		0	0	14,083
Morgan Stanley	COM	617446448	8,615	266,456	SH		SOLE		0	0	266,456
Nestle Spons ADR	COM	641069406	39,942	515,587	SH		SOLE		0	0	515,587
Noble Energy	COM	655044105	4,053	52,330	SH		SOLE		0	0	52,330
Norfolk Southern	COM	655844108	6,356	61,690	SH		SOLE		0	0	61,690
Novartis	COM	66987V109	2,422	26,754	SH		SOLE		0	0	26,754
Occidental Petroleum	COM	674599105	1,566	15,259	SH		SOLE		0	0	15,259
Oracle	COM	68389X105	385	9,495	SH		SOLE		0	0	9,495
Pepsico	COM	713448108	3,545	39,685	SH		SOLE		0	0	39,685
Pfizer	COM	717081103	3,434	115,693	SH		SOLE		0	0	115,693
Phillips 66	COM	718546104	1,657	20,600	SH		SOLE		0	0	20,600
Praxair	COM	74005P104	3,833	28,851	SH		SOLE		0	0	28,851
ProShares UltrShort S&P 500	COM	74348a442	728	15,301	SH		SOLE		0	0	15,301
ProShares UltraShort Russell 2	COM	74348a319	1,068	24,837	SH		SOLE		0	0	24,837
Procter & Gamble	COM	742718109	7,837	99,722	SH		SOLE		0	0	99,722
Qualcomm	COM	747525103	13,328	168,278	SH		SOLE		0	0	168,278
Republic Airways Holdings Inc.	COM	760276105	3,226	297,630	SH		SOLE		0	0	297,630
Resource America	COM	761195205	2,681	286,760	SH		SOLE		0	0	286,760
Roche Holding AG	COM	771195104	23,070	618,783	SH		SOLE		0	0	618,783
Royal Dutch Shell	COM	780259206	2,233	27,112	SH		SOLE		0	0	27,112
SAB Miller PLC/GBP/	COM	G77395104	1,327	22,899	SH		SOLE		0	0	22,899
SPDR Index Shs S&P China	COM	78463X400	2,483	33,000	SH		SOLE		0	0	33,000
SPDR S&P 500 ETF	COM	78462F103	1,832	9,360	SH		SOLE		0	0	9,360
Schlumberger	COM	806857108	15,146	128,410	SH		SOLE		0	0	128,410
Silicon Motion Technologies Co	COM	82706c108	1,779	87,063	SH		SOLE		0	0	87,063
State Street Corp	COM	857477103	589	8,764	SH		SOLE		0	0	8,764
Stryker Corp	COM	863667101	1,131	13,412	SH		SOLE		0	0	13,412
Suncor Energy Inc.	COM	867224107	1,784	41,842	SH		SOLE		0	0	41,842
Sysco	COM	871829107	1,976	52,768	SH		SOLE		0	0	52,768
Thermo Fisher Scientific	COM	883556102	4,003	33,927	SH		SOLE		0	0	33,927
Tiffany & Co.	COM	886547108	849	8,469	SH		SOLE		0	0	8,469
Time Warner Cable, Inc.	COM	88732j207	562	3,818	SH		SOLE		0	0	3,818
Time Warner Inc.	COM	887317303	2,100	29,899	SH		SOLE		0	0	29,899
TriQuint Semiconductor Inc.	COM	89674k103	1,106	69,963	SH		SOLE		0	0	69,963
Tronox Inc.	COM	Q9235V101	634	23,566	SH		SOLE		0	0	23,566
Twenty-First Century Fox	COM	90130A101	2,401	68,297	SH		SOLE		0	0	68,297
UBS AG	COM	H89231338	4,361	238,040	SH		SOLE		0	0	238,040
Unilever NV NY	COM	904784709	4,886	111,645	SH		SOLE		0	0	111,645
Union Pacific	COM	907818108	14,125	141,602	SH		SOLE		0	0	141,602
United Continental Holdings, I	COM	910047109	24,541	597,530	SH		SOLE		0	0	597,530
United Technologies	COM	913017109	294	2,550	SH		SOLE		0	0	2,550
UnitedHealth Group	COM	91324P102	245	3,000	SH		SOLE		0	0	3,000
Verizon Comm	COM	92343V104	11,031	225,443	SH		SOLE		0	0	225,443
Viacom Class B	COM	92553p201	704	8,116	SH		SOLE		0	0	8,116
Volkswagen AG Pref	COM	d94523103	2,159	8,240	SH		SOLE		0	0	8,240
W. W. Grainger	COM	384802104	525	2,066	SH		SOLE		0	0	2,066
Walt Disney	COM	254687106	1,131	13,194	SH		SOLE		0	0	13,194
Wells Fargo	COM	949746101	15,168	288,586	SH		SOLE		0	0	288,586
Xinhua China 25 Index Fund	COM	464287184	511	13,792	SH		SOLE		0	0	13,792
duPont	COM	263534109	3,696	56,476	SH		SOLE		0	0	56,476