13F-HR 1 final13fdec2012.txt 13F FOR THE FOURTH QUARTER 2012 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2012 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: Portland Investment Counsel Inc. Address: 1375 Kerns Rd. Suite 100 Burlington, ON, Canada L7P 4V7 Form 13F File Number: 028-10561 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: Nadine Milne Title: Chief Compliance Officer Phone: 905-331-4250 Signature, Place, and Date of Signing: "Nadine Milne" Burlington, Ontario, Canada February 20, 2013 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 reported are 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: 24 Form 13F Information Table Value Total: $25,011 (thousands) 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. NONE 13F - INFORMATION TABLE as at December 31, 2012 VOTING AUTHORITY NAME OF ISSUER TITLE CUSIP Value SHRS SH/ PUT/ INVSTMT OTHER SOLE SHRD NONE OF CLASS NUMBER (x$1000) OR PRN PRN CALL DSCRETN MNGERS ABB LTD SPONSORED ADR 000375204 994 47790 SH SOLE 47790 ARCHER DANIELS MIDLAND CO COM 039483102 578 21110 SH SOLE 21110 BANCO SANTANDER SA ADR 05964H105 252 30789 SH SOLE 30789 BARCLAYS PLC ADR 06738E204 2544 146900 SH SOLE 146900 BHP BILLITON PLC SPONSORED ADR 05545E209 397 5635 SH SOLE 5635 BANK OF AMERICA CORPORATION COM 060505104 697 60000 SH SOLE 60000 CARNIVAL CORP PAIRED CTF 143658300 447 12160 SH SOLE 12160 CITIGROUP INC COM NEW 172967424 593 15000 SH SOLE 15000 DEUTSCHE BANK AG NAMEN AKT D18190898 525 12000 SH SOLE 12000 HSBC HLDGS PLC SPON ADR NEW 404280406 4567 86065 SH SOLE 86065 ING GROEP N V SPONSORED ADR 456837103 332 35000 SH SOLE 35000 JPMORGAN CHASE & CO COM 46625H100 3893 88540 SH SOLE 88540 LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 1178 368000 SH SOLE 368000 NOVARTIS A G SPONSORED ADR 66987V109 401 6340 SH SOLE 6340 POSCO SPONSORED ADR 693483109 207 2525 SH SOLE 2525 ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 637 59000 SH SOLE 59000 ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 469 6800 SH SOLE 6800 SIEMENS A G SPONSORED ADR 826197501 715 6530 SH SOLE 6530 SK TELECOM LTD SPONSORED ADR 78440P108 396 25000 SH SOLE 25000 SYNGENTA AG SPONSORED ADR 87160A100 733 9070 SH SOLE 9070 TOTAL S A SPONSORED ADR 89151E109 988 19000 SH SOLE 19000 TOYOTA MOTOR CORP SP ADR REP2COM 892331307 373 4000 SH SOLE 4000 VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 242 9610 SH SOLE 9610 WELLS FARGO & CO NEW COM 949746101 2854 83500 SH SOLE 83500
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