Beach Investment Counsel 13FHR Quarterly holdings report by institutional manager | SEC 10 May 18

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:	Oct 31, 2018
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
8point3 Energy Partners, LP	COM	282539105	2,175	179,000	SH		SOLE		0	0	179,000
AT&T	COM	00206r102	1,070	30,008	SH		SOLE		0	0	30,008
AllianceBernstein Holdings, LP	COM	01881g106	554	20,625	SH		SOLE		0	0	20,625
Enbridge Energy Mgmt.	COM	29250x103	546	59,686	SH		SOLE		0	0	59,686
Enbridge Energy Partners L.P.	COM	29250R106	138	14,300	SH		SOLE		0	0	14,300
Enbridge Inc.	COM	29250n105	2,335	74,184	SH		SOLE		0	0	74,184
Energy Transfer Equity LP	COM	29273V100	16,319	1,148,425	SH		SOLE		0	0	1,148,425
Energy Transfer Partners LP	COM	29278n103	277	17,084	SH		SOLE		0	0	17,084
Enterprise Prod Partners	COM	293792107	53,035	2,166,454	SH		SOLE		0	0	2,166,454
HCP, Inc.	COM	40414l109	5,648	243,150	SH		SOLE		0	0	243,150
Kinder Morgan Inc.	COM	49456b101	2,017	133,936	SH		SOLE		0	0	133,936
Liberty Property Tr	COM	531172104	4,413	111,083	SH		SOLE		0	0	111,083
MPLX LP	COM	55336v100	714	21,603	SH		SOLE		0	0	21,603
Magellan Midstream Partners, L	COM	559080106	43,509	745,651	SH		SOLE		0	0	745,651
NRG Yield, Inc.Class C	COM	62942X405	19,809	1,165,247	SH		SOLE		0	0	1,165,247
NextEra Energy Partners	COM	65341b106	51,438	1,286,269	SH		SOLE		0	0	1,286,269
NextEra Energy, Inc.	COM	65339F101	25,917	158,677	SH		SOLE		0	0	158,677
Pattern Energy Group, Inc. Cla	COM	70338p100	30,175	1,745,208	SH		SOLE		0	0	1,745,208
Pembina Pipeline Corp.	COM	706327103	466	14,930	SH		SOLE		0	0	14,930
Phillips 66 Partners LP	COM	718549207	243	5,096	SH		SOLE		0	0	5,096
Plains All American Pipeline L	COM	726503105	2,451	111,250	SH		SOLE		0	0	111,250
Sunoco LP	COM	86765k109	584	22,896	SH		SOLE		0	0	22,896
Teekay LNG Partners	COM	y8564m105	6,412	358,233	SH		SOLE		0	0	358,233
Verizon Comm	COM	92343V104	4,566	95,492	SH		SOLE		0	0	95,492
Williams Companies Inc	COM	969457100	6,203	249,525	SH		SOLE		0	0	249,525
Williams Companies Inc	COM	969457100	40	1,590	SH		SOLE		0	0	1,590
3M Company	COM	88579y101	3,266	14,878	SH		SOLE		0	0	14,878
A. Schulman	COM	808194104	1,143	26,583	SH		SOLE		0	0	26,583
ABB Ltd.	COM	000375204	328	13,800	SH		SOLE		0	0	13,800
Abbott Laboratories	COM	002824100	9,946	165,981	SH		SOLE		0	0	165,981
Accenture PLC	COM	g1151c101	5,380	35,047	SH		SOLE		0	0	35,047
Advance Auto Parts	COM	00751Y106	977	8,238	SH		SOLE		0	0	8,238
AerCap Holdings N.V.	COM	N00985106	2,319	45,731	SH		SOLE		0	0	45,731
Air Products	COM	009158106	272	1,711	SH		SOLE		0	0	1,711
Alibaba Group Holdings Ltd	COM	01609w102	9,132	49,753	SH		SOLE		0	0	49,753
Allergan Inc.	COM	G0177J108	2,422	14,390	SH		SOLE		0	0	14,390
Alphabet, Inc. Cl A	COM	02079k305	19,463	18,766	SH		SOLE		0	0	18,766
Alphabet, Inc. Cl C	COM	02079k107	304	295	SH		SOLE		0	0	295
Amazon.com Inc.	COM	023135106	24,738	17,092	SH		SOLE		0	0	17,092
American Airlines Group	COM	02376r102	5,051	97,212	SH		SOLE		0	0	97,212
American Express	COM	025816109	721	7,733	SH		SOLE		0	0	7,733
American Intl. Group	COM	026874784	2,411	44,306	SH		SOLE		0	0	44,306
Anheuser-Busch InBev SA/NV	COM	03524A108	8,855	80,545	SH		SOLE		0	0	80,545
Anheuser-Busch Inbev ADR	COM	03524A108	638	5,800	SH		SOLE		0	0	5,800
Apple Computer	COM	037833100	25,129	149,775	SH		SOLE		0	0	149,775
Applied Materials	COM	038222105	8,076	145,220	SH		SOLE		0	0	145,220
Automatic Data Processing	COM	053015103	2,472	21,785	SH		SOLE		0	0	21,785
Bank of America	COM	060505104	23,652	788,679	SH		SOLE		0	0	788,679
Becton Dickinson	COM	075887109	2,474	11,418	SH		SOLE		0	0	11,418
Blackstone Group	COM	09253U108	13,358	418,097	SH		SOLE		0	0	418,097
Boeing Company	COM	097023105	621	1,894	SH		SOLE		0	0	1,894
Brkshire Hathaway A	COM	084670108	897	3	SH		SOLE		0	0	3
Brkshire Hathaway B	COM	084670702	4,360	21,859	SH		SOLE		0	0	21,859
CSX Corp.	COM	126408103	4,055	72,790	SH		SOLE		0	0	72,790
CVS Health Corp	COM	126650100	1,719	27,638	SH		SOLE		0	0	27,638
Cadence Design	COM	127387108	339	9,224	SH		SOLE		0	0	9,224
Capital One Financial	COM	14040H105	201	2,100	SH		SOLE		0	0	2,100
Carnival Corporation	COM	143658300	14,281	217,768	SH		SOLE		0	0	217,768
Caterpillar	COM	149123101	317	2,150	SH		SOLE		0	0	2,150
Charles Schwab	COM	808513105	304	5,825	SH		SOLE		0	0	5,825
Chevron	COM	166764100	2,766	24,256	SH		SOLE		0	0	24,256
Chubb Ltd.	COM	H1467J104	540	3,946	SH		SOLE		0	0	3,946
Cisco Systems	COM	17275R102	1,411	32,909	SH		SOLE		0	0	32,909
Citigroup	COM	172967424	23,525	348,517	SH		SOLE		0	0	348,517
Coca Cola Co.	COM	191216100	680	15,666	SH		SOLE		0	0	15,666
Colgate Palmolive	COM	194162103	3,737	52,136	SH		SOLE		0	0	52,136
Comcast Cl A	COM	20030N101	325	9,524	SH		SOLE		0	0	9,524
ConocoPhillips	COM	20825C104	2,225	37,531	SH		SOLE		0	0	37,531
Corning	COM	219350105	243	8,700	SH		SOLE		0	0	8,700
Costco Wholesale	COM	22160K105	3,791	20,117	SH		SOLE		0	0	20,117
DST Systems	COM	233326107	1,614	19,290	SH		SOLE		0	0	19,290
Deere & Co.	COM	244199105	523	3,366	SH		SOLE		0	0	3,366
Delta Airlines	COM	247361702	16,333	298,000	SH		SOLE		0	0	298,000
Dentsply Sirona	COM	24906P109	2,372	47,140	SH		SOLE		0	0	47,140
Discovery Inc. A	COM	25470f104	211	9,831	SH		SOLE		0	0	9,831
Discovery Inc. C	COM	25470f302	644	33,011	SH		SOLE		0	0	33,011
DowDuPont	COM	26078j100	17,012	267,021	SH		SOLE		0	0	267,021
EQT Corporation	COM	26884l109	214	4,496	SH		SOLE		0	0	4,496
Eli Lilly	COM	532457108	376	4,860	SH		SOLE		0	0	4,860
Emerson Electric Co.	COM	291011104	884	12,938	SH		SOLE		0	0	12,938
Estee Lauder	COM	518439104	1,093	7,300	SH		SOLE		0	0	7,300
Exxon Mobil	COM	30231G102	2,588	34,690	SH		SOLE		0	0	34,690
Facebook	COM	30303M102	9,025	56,482	SH		SOLE		0	0	56,482
Facebook	COM	30303M102	54	340	SH		SOLE		0	0	340
Fedex	COM	31428x106	32,704	136,205	SH		SOLE		0	0	136,205
First Quantum Minerals, Ltd.	COM	335934105	535	38,160	SH		SOLE		0	0	38,160
Fomento Economico Mexicano SA	COM	344419106	3,577	39,120	SH		SOLE		0	0	39,120
Freeport McMoran Inc.	COM	35671D857	8,260	470,144	SH		SOLE		0	0	470,144
Gamco Investors A	COM	361438104	295	11,888	SH		SOLE		0	0	11,888
General Electric	COM	369604103	910	67,483	SH		SOLE		0	0	67,483
Genuine Parts	COM	372460105	869	9,677	SH		SOLE		0	0	9,677
Glencore PC ADR	COM	37827X100	18,204	1,827,726	SH		SOLE		0	0	1,827,726
Henry Schein	COM	806407102	1,925	28,640	SH		SOLE		0	0	28,640
Home Depot	COM	437076102	8,878	49,808	SH		SOLE		0	0	49,808
IBM	COM	459200101	1,150	7,498	SH		SOLE		0	0	7,498
Illinois Tool Works	COM	452308109	1,173	7,489	SH		SOLE		0	0	7,489
Intel Corp.	COM	458140100	573	11,004	SH		SOLE		0	0	11,004
International Paper	COM	460146103	6,399	119,770	SH		SOLE		0	0	119,770
Invesco	COM	G491BT108	1,264	39,496	SH		SOLE		0	0	39,496
J.P. Morgan Chase	COM	46625h100	52,358	476,109	SH		SOLE		0	0	476,109
Johnson & Johnson	COM	478160104	35,196	274,647	SH		SOLE		0	0	274,647
KKR & Co. LP	COM	48248M102	9,110	448,792	SH		SOLE		0	0	448,792
Kimberly Clark	COM	494368103	2,026	18,400	SH		SOLE		0	0	18,400
LKQ Corporation	COM	501889208	651	17,150	SH		SOLE		0	0	17,150
Liberty Sirius Group C	COM	531229607	284	6,948	SH		SOLE		0	0	6,948
MFC Ishares TR MSCI Emerging M	COM	464287234	10,184	210,933	SH		SOLE		0	0	210,933
McDonald's Corp.	COM	580135101	299	1,910	SH		SOLE		0	0	1,910
Medtronic	COM	G5960L103	3,194	39,819	SH		SOLE		0	0	39,819
Merck	COM	58933y105	4,305	79,029	SH		SOLE		0	0	79,029
Mesabi Trust	COM	590672101	274	10,640	SH		SOLE		0	0	10,640
MetLife	COM	59156R108	1,220	26,580	SH		SOLE		0	0	26,580
Microsoft	COM	594918104	22,226	243,517	SH		SOLE		0	0	243,517
Mondelez International Inc.	COM	609207105	426	10,200	SH		SOLE		0	0	10,200
Morgan Stanley	COM	617446448	13,277	246,060	SH		SOLE		0	0	246,060
NRG Energy	COM	629377508	9,038	296,029	SH		SOLE		0	0	296,029
Nestle Spons ADR	COM	641069406	9,026	114,303	SH		SOLE		0	0	114,303
Noble Energy	COM	655044105	1,555	51,330	SH		SOLE		0	0	51,330
Northrup Grumman	COM	666807102	349	1,000	SH		SOLE		0	0	1,000
Northway Financial	COM	667270201	275	8,952	SH		SOLE		0	0	8,952
Novartis	COM	66987V109	5,336	65,993	SH		SOLE		0	0	65,993
Oracle	COM	68389X105	307	6,700	SH		SOLE		0	0	6,700
Pepsico	COM	713448108	3,944	36,132	SH		SOLE		0	0	36,132
Pfizer	COM	717081103	5,459	153,828	SH		SOLE		0	0	153,828
Phillips 66	COM	718546104	1,746	18,202	SH		SOLE		0	0	18,202
Praxair	COM	74005P104	5,996	41,551	SH		SOLE		0	0	41,551
Procter & Gamble	COM	742718109	5,954	75,096	SH		SOLE		0	0	75,096
Roche Holding AG	COM	771195104	3,266	114,210	SH		SOLE		0	0	114,210
Royal Caribbean Cruise Ltd.	COM	v7780t103	13,161	111,778	SH		SOLE		0	0	111,778
Royal Dutch Shell	COM	780259206	10,429	163,431	SH		SOLE		0	0	163,431
S&P Global Inc.	COM	78409V104	306	1,600	SH		SOLE		0	0	1,600
SPDR Index Shs S&P China	COM	78463X400	819	7,400	SH		SOLE		0	0	7,400
SPDR S&P 500 ETF	COM	78462f103	3,766	14,310	SH		SOLE		0	0	14,310
SPDR S&P Midcap 400 EFT	COM	78467y107	243	710	SH		SOLE		0	0	710
Sherwin Williams Co.	COM	824348106	1,908	4,865	SH		SOLE		0	0	4,865
Southwest Airlines	COM	844741108	8,912	155,591	SH		SOLE		0	0	155,591
State Street Corp	COM	857477103	665	6,664	SH		SOLE		0	0	6,664
Stryker Corp	COM	863667101	2,231	13,862	SH		SOLE		0	0	13,862
Sysco	COM	871829107	2,373	39,569	SH		SOLE		0	0	39,569
Thermo Fisher Scientific	COM	883556102	5,566	26,957	SH		SOLE		0	0	26,957
Tiffany & Co.	COM	886547108	827	8,469	SH		SOLE		0	0	8,469
Time Warner Inc.	COM	887317303	3,635	38,433	SH		SOLE		0	0	38,433
Twenty-First Century Fox	COM	90130A101	620	16,897	SH		SOLE		0	0	16,897
UBS Group AG	COM	H42097107	757	42,850	SH		SOLE		0	0	42,850
Unilever NV NY	COM	904784709	5,235	92,835	SH		SOLE		0	0	92,835
Union Pacific	COM	907818108	6,015	44,746	SH		SOLE		0	0	44,746
United Continental Holdings, I	COM	910047109	210	3,020	SH		SOLE		0	0	3,020
United Technologies	COM	913017109	410	3,258	SH		SOLE		0	0	3,258
UnitedHealth Group	COM	91324P102	642	3,000	SH		SOLE		0	0	3,000
Viacom Class B	COM	92553p201	252	8,116	SH		SOLE		0	0	8,116
Visa	COM	92826c839	16,608	138,839	SH		SOLE		0	0	138,839
W. W. Grainger	COM	384802104	331	1,173	SH		SOLE		0	0	1,173
WPP Plc ADR	COM	92937A102	1,538	19,330	SH		SOLE		0	0	19,330
Walt Disney	COM	254687106	1,266	12,604	SH		SOLE		0	0	12,604
Wells Fargo	COM	949746101	867	16,537	SH		SOLE		0	0	16,537
William Lyon Home	COM	552074700	1,525	55,487	SH		SOLE		0	0	55,487
WisdomTree Germany Hedged Equi	COM	97717w448	902	29,050	SH		SOLE		0	0	29,050
iShares Russell 1000 Growth ET	COM	464287614	286	2,100	SH		SOLE		0	0	2,100
iShares Russell 2000 Value ETF	COM	464287630	254	2,080	SH		SOLE		0	0	2,080
iShares US Technology	COM	464287721	572	3,400	SH		SOLE		0	0	3,400

Beach Investment Counsel 13F-HRQuarterly holdings report by institutional manager