# EDGAR Filing Document

**Accession Number:** 0001569102
**File Stem:** 0001569102-25-000005
**Filing Date:** 2025-10
**Character Count:** 12308
**Document Hash:** e281b790e155ccf12325a98b23f780b3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001569102-25-000005.hdr.sgml**: 20251010

**ACCESSION NUMBER**: 0001569102-25-000005

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251010

**DATE AS OF CHANGE**: 20251010

**EFFECTIVENESS DATE**: 20251010

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** A. D. Beadell Investment Counsel, Inc.
- **CENTRAL INDEX KEY:** 0001569102

**ORGANIZATION NAME:**
- **EIN:** 391572238
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15167
- **FILM NUMBER:** 251386827

**BUSINESS ADDRESS:**
- **STREET 1:** 10224 N. PORT WASHINGTON ROAD
- **CITY:** MEQUON
- **STATE:** WI
- **ZIP:** 53092
- **BUSINESS PHONE:** 262-241-0331

**MAIL ADDRESS:**
- **STREET 1:** 10224 N. PORT WASHINGTON ROAD
- **CITY:** MEQUON
- **STATE:** WI
- **ZIP:** 53092

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** A. D. Beadell Investment Counsel Inc.<br>**Address:** 10224 N. PORT WASHINGTON ROAD<br>MEQUON, WI 53092

**Form 13F File Number:** 028-15167

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Jon Beadell<br>**Title:** Analyst/Portfolio Manager<br>**Phone:** 262-241-0331

**Signature, Place, and Date of Signing:**

Jon Beadell  Mequon, WI  10-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 91

**Form 13F Information Table Value Total:** $146861

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Abbott Laboratories | COM | 002824100 |  | 3171 | 23680 | SH |  | SOLE |  | 1800 | 0 | 21880 |
| Aberdeen Phys Swiss Gold | COM | 00326A104 |  | 2703 | 73450 | SH |  | SOLE |  | 5300 | 0 | 68150 |
| Advsrshrs Pure US Cannabis | COM | 00768Y453 |  | 394 | 82400 | SH |  | SOLE |  | 9250 | 0 | 73150 |
| AES Corp | COM | 00130H105 |  | 1161 | 88250 | SH |  | SOLE |  | 16050 | 0 | 72200 |
| Agnico Eagle Mines | COM | 008474108 |  | 820 | 4865 | SH |  | SOLE |  | 400 | 0 | 4465 |
| Air Products and Chemicals | COM | 009158106 |  | 3360 | 12322 | SH |  | SOLE |  | 1515 | 0 | 10807 |
| Algonquin Pwr  Utilities | COM | 015857105 |  | 67 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| Alphabet Inc Cl A | COM | 02079K305 |  | 3132 | 12885 | SH |  | SOLE |  | 1380 | 0 | 11505 |
| Alphabet Inc Cl C | COM | 02079K107 |  | 383 | 1575 | SH |  | SOLE |  | 0 | 0 | 1575 |
| ALPS Alerian MLP ETF | COM | 00162Q866 |  | 403 | 8600 | SH |  | SOLE |  | 1225 | 0 | 7375 |
| Amazon.com Inc | COM | 023135106 |  | 3206 | 14605 | SH |  | SOLE |  | 655 | 0 | 13950 |
| American Electric Power | COM | 025537101 |  | 760 | 6760 | SH |  | SOLE |  | 2350 | 0 | 4410 |
| Americold Realty | COM | 03064D108 |  | 331 | 27075 | SH |  | SOLE |  | 6050 | 0 | 21025 |
| AmerisourceBergen Corp | COM | 03073E105 |  | 202 | 647 | SH |  | SOLE |  | 0 | 0 | 647 |
| Apple Inc | COM | 037833100 |  | 2657 | 10437 | SH |  | SOLE |  | 1050 | 0 | 9387 |
| Ardagh Metal Packaging | COM | L02235106 |  | 153 | 38350 | SH |  | SOLE |  | 22750 | 0 | 15600 |
| Arista Networks Inc | COM | 040413106 |  | 301 | 2066 | SH |  | SOLE |  | 4 | 0 | 2062 |
| Astrazeneca PLC | COM | 046353108 |  | 1071 | 13960 | SH |  | SOLE |  | 585 | 0 | 13375 |
| Avista Corp | COM | 05379B107 |  | 1648 | 43605 | SH |  | SOLE |  | 3325 | 0 | 40280 |
| Bank of America Corp | COM | 060505104 |  | 206 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| Barrick Mining Corp | COM | 06849F108 |  | 2891 | 88245 | SH |  | SOLE |  | 36070 | 0 | 52175 |
| Baxter International Inc | COM | 071813109 |  | 892 | 39175 | SH |  | SOLE |  | 350 | 0 | 38825 |
| Becton Dickinson  Co | COM | 075887109 |  | 2283 | 12200 | SH |  | SOLE |  | 387 | 0 | 11813 |
| British American Tobacco | COM | 110448107 |  | 408 | 7700 | SH |  | SOLE |  | 3625 | 0 | 4075 |
| Broadcom Inc | COM | 11135F101 |  | 873 | 2649 | SH |  | SOLE |  | 204 | 0 | 2445 |
| Brookfield Renewable Corp | COM | 11284V105 |  | 3296 | 95765 | SH |  | SOLE |  | 2900 | 0 | 92865 |
| Chart Industries Inc | COM | 16115Q308 |  | 1055 | 5275 | SH |  | SOLE |  | 685 | 0 | 4590 |
| Chevron Corp | COM | 166764100 |  | 1074 | 6919 | SH |  | SOLE |  | 15 | 0 | 6904 |
| Chubb Ltd | COM | H1467J104 |  | 2101 | 7445 | SH |  | SOLE |  | 720 | 0 | 6725 |
| Citigroup Corp | COM | 172967424 |  | 201 | 1990 | SH |  | SOLE |  | 1050 | 0 | 940 |
| Coca Cola Company | COM | 191216100 |  | 727 | 10971 | SH |  | SOLE |  | 275 | 0 | 10696 |
| Communications Services ETF | COM | 81369Y852 |  | 1423 | 12025 | SH |  | SOLE |  | 48 | 0 | 11977 |
| Dominion Resources | COM | 25746U109 |  | 405 | 6625 | SH |  | SOLE |  | 4000 | 0 | 2625 |
| Ecolab Inc. | COM | 278865100 |  | 650 | 2375 | SH |  | SOLE |  | 0 | 0 | 2375 |
| Emera Inc | COM | 290876101 |  | 1153 | 24055 | SH |  | SOLE |  | 1750 | 0 | 22305 |
| Enbridge Inc | COM | 29250N105 |  | 2207 | 43742 | SH |  | SOLE |  | 5728 | 0 | 38014 |
| Entergy Corp. | COM | 29364G103 |  | 1539 | 16515 | SH |  | SOLE |  | 2000 | 0 | 14515 |
| Enterprise Prd Prtnrs Lp | UT LTD PTNR | 293792107 |  | 4875 | 155910 | SH |  | SOLE |  | 47500 | 0 | 108410 |
| Exxon Mobil Corp | COM | 30231G102 |  | 248 | 2200 | SH |  | SOLE |  | 0 | 0 | 2200 |
| Freeport Mcmoran Inc | COM | 35671D857 |  | 528 | 13485 | SH |  | SOLE |  | 35 | 0 | 13450 |
| Global X MLP  Energy | COM | 37954Y293 |  | 216 | 3456 | SH |  | SOLE |  | 275 | 0 | 3181 |
| Graphic Packaging | COM | 388689101 |  | 728 | 37230 | SH |  | SOLE |  | 1405 | 0 | 35825 |
| Hess Midstream LP | UT LTD PTNR | 428103105 |  | 1245 | 36050 | SH |  | SOLE |  | 5700 | 0 | 30350 |
| iShares 1-3 Year Treasury | COM | 464287457 |  | 593 | 7157 | SH |  | SOLE |  | 760 | 0 | 6397 |
| iShares 1-5 Yr Invst Grd Bond | COM | 464288646 |  | 1598 | 30150 | SH |  | SOLE |  | 400 | 0 | 29750 |
| iShares Gold Trust | COM | 464285105 |  | 261 | 3600 | SH |  | SOLE |  | 50 | 0 | 3550 |
| Jacobs Solutions Inc | COM | 46982L108 |  | 2335 | 15585 | SH |  | SOLE |  | 1450 | 0 | 14135 |
| Janus Henderson AAA CLO | COM | 47103U845 |  | 451 | 8900 | SH |  | SOLE |  | 3010 | 0 | 5890 |
| Johnson  Johnson | COM | 478160104 |  | 1076 | 5805 | SH |  | SOLE |  | 75 | 0 | 5730 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 1016 | 3222 | SH |  | SOLE |  | 150 | 0 | 3072 |
| Kinder Morgan Inc | COM | 49456B101 |  | 4171 | 147355 | SH |  | SOLE |  | 23055 | 0 | 124300 |
| Lab Corp. of America | COM | 50540R409 |  | 1246 | 4344 | SH |  | SOLE |  | 190 | 0 | 4154 |
| Lockheed Martin Corp | COM | 539830109 |  | 2235 | 4478 | SH |  | SOLE |  | 79 | 0 | 4399 |
| Market Vectors Gold Miner ETF | COM | 570604100 |  | 7339 | 96065 | SH |  | SOLE |  | 4205 | 0 | 91860 |
| Medtronic Inc | COM | G5960L103 |  | 2737 | 28745 | SH |  | SOLE |  | 380 | 0 | 28365 |
| Merck  Co Inc | COM | 58933Y105 |  | 2526 | 30099 | SH |  | SOLE |  | 3165 | 0 | 26934 |
| Microsoft Corp | COM | 594918104 |  | 2977 | 5748 | SH |  | SOLE |  | 500 | 0 | 5248 |
| Mondelez International | COM | 609207105 |  | 951 | 15231 | SH |  | SOLE |  | 200 | 0 | 15031 |
| Morgan Stanley | COM | 617446448 |  | 2447 | 15396 | SH |  | SOLE |  | 1000 | 0 | 14396 |
| Nextera Energy Inc | COM | 65339F101 |  | 293 | 3890 | SH |  | SOLE |  | 500 | 0 | 3390 |
| Nextera Era Energy Partners | UT LTD PTNR | 65341B106 |  | 605 | 59580 | SH |  | SOLE |  | 3630 | 0 | 55950 |
| Northrop Grumman Co | COM | 666807102 |  | 1064 | 1747 | SH |  | SOLE |  | 87 | 0 | 1660 |
| Novo-Nordisk A-S | COM | 670100205 |  | 1899 | 34228 | SH |  | SOLE |  | 778 | 0 | 33450 |
| Nvidia Corp | COM | 67066G104 |  | 649 | 3480 | SH |  | SOLE |  | 2102 | 0 | 1378 |
| Old Republic Intl | COM | 680223104 |  | 772 | 18195 | SH |  | SOLE |  | 325 | 0 | 17870 |
| Pembina Pipeline Corp | COM | 706327103 |  | 3471 | 85805 | SH |  | SOLE |  | 6620 | 0 | 79185 |
| Pepsico Inc | COM | 713448108 |  | 1548 | 11026 | SH |  | SOLE |  | 225 | 0 | 10801 |
| Pfizer Incorporated | COM | 717081103 |  | 1296 | 50896 | SH |  | SOLE |  | 4200 | 0 | 46696 |
| Plains Group Hldgs LP | UT LTD PTNR | 72651A108 |  | 2931 | 160725 | SH |  | SOLE |  | 18025 | 0 | 142700 |
| Portland General Elec | COM | 736508847 |  | 1195 | 27180 | SH |  | SOLE |  | 3200 | 0 | 23980 |
| Primoris Services Co | COM | 74164F103 |  | 9052 | 65920 | SH |  | SOLE |  | 6690 | 0 | 59230 |
| Prologis Inc. | COM | 74340W103 |  | 200 | 1751 | SH |  | SOLE |  | 1 | 0 | 1750 |
| Proshares Short Russell | COM | 74348A210 |  | 344 | 20500 | SH |  | SOLE |  | 0 | 0 | 20500 |
| Quanta Services Inc | COM | 74762E102 |  | 2035 | 4911 | SH |  | SOLE |  | 115 | 0 | 4796 |
| Raytheon Technologies Co | COM | 75513E101 |  | 3539 | 21155 | SH |  | SOLE |  | 2355 | 0 | 18800 |
| RLJ Lodging 7.8 pfd | COM | 74965L200 |  | 263 | 10450 | SH |  | SOLE |  | 1500 | 0 | 8950 |
| Royal Gold Inc. | COM | 780287108 |  | 1460 | 7279 | SH |  | SOLE |  | 255 | 0 | 7024 |
| Sempra Energy | COM | 816851109 |  | 2625 | 29175 | SH |  | SOLE |  | 1155 | 0 | 28020 |
| SPDR Gold Shares ETF | COM | 78463V107 |  | 1076 | 3027 | SH |  | SOLE |  | 0 | 0 | 3027 |
| SPDR Technology ETF | COM | 81369Y803 |  | 267 | 950 | SH |  | SOLE |  | 0 | 0 | 950 |
| Sprott Physical Gold  Silver | COM | 153501101 |  | 1505 | 41020 | SH |  | SOLE |  | 3825 | 0 | 37195 |
| Sprott Physical Gold ETV | COM | 85207H104 |  | 2897 | 97818 | SH |  | SOLE |  | 2532 | 0 | 95286 |
| Stryker Corp | COM | 863667101 |  | 1412 | 3820 | SH |  | SOLE |  | 220 | 0 | 3600 |
| Sysco Corporation | COM | 871829107 |  | 876 | 10647 | SH |  | SOLE |  | 0 | 0 | 10647 |
| Taiwan Semiconductor | COM | 874039100 |  | 7344 | 26297 | SH |  | SOLE |  | 3824 | 0 | 22473 |
| Union Pacific Corp | COM | 907818108 |  | 913 | 3863 | SH |  | SOLE |  | 30 | 0 | 3833 |
| Vanguard Intrmd-Term Tax-Exempt Bond | COM | 922907738 |  | 1351 | 13475 | SH |  | SOLE |  | 175 | 0 | 13300 |
| Vanguard Short Term Bond ETF | COM | 921937827 |  | 478 | 6057 | SH |  | SOLE |  | 50 | 0 | 6007 |
| Vanguard Short-Term Corp | COM | 92206C409 |  | 1838 | 23006 | SH |  | SOLE |  | 682 | 0 | 22324 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 309 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Waste Management Inc | COM | 94106L109 |  | 248 | 1125 | SH |  | SOLE |  | 100 | 0 | 1025 |

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