Lincluden Management 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
ABSOLUTE SOFTWARE CORPORATION	COM	00386B109	22,733	2,914	SH		SOLE	0	2,914	0	0
ALEXANDRIA REAL ESTATE EQ INC.	COM	015271109	2,022	16,100	SH		SOLE	0	16,100	0	0
ALPHABET INC.	CAP STK CL A	02079K305	6,147	59,256	SH		SOLE	0	59,256	0	0
AMERICAN TOWER CORP	COM	03027X100	4,124	20,184	SH		SOLE	0	20,184	0	0
AMERICOLD REALTY TRUST	COM	03064D108	2,696	94,776	SH		SOLE	0	94,776	0	0
AVALONBAY CMNTYS INC.	COM	053484101	4,388	26,107	SH		SOLE	0	26,107	0	0
BANK OF AMERICA CORPORATION	COM	060505104	4,160	145,451	SH		SOLE	0	145,451	0	0
BANK MONTREAL QUE	COM	063671101	1,919	21,596	SH		SOLE	0	21,596	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	48,226	959,909	SH		SOLE	0	959,909	0	0
BCE INC	COM	05534B760	51,240	1,146,764	SH		SOLE	0	1,146,764	0	0
BROADCOM INC.	COM	11135F101	6	10	SH		SOLE	0	10	0	0
BROOKFIELD ASSET MGMT-A	CL A LMT VTG	113004105	2,324	71,137	SH		SOLE	0	71,137	0	0
BROOKFIELD CORP	CLA LTD VTSH	11271J107	36,900	1,135,500	SH		SOLE	0	1,135,500	0	0
BROOKFIELD RENEWABLE	CL A SUB VTG	11284V105	32	933	SH		SOLE	0	933	0	0
CGI INC	CL A SUB VTG	12532H104	7,214	75,039	SH		SOLE	0	75,039	0	0
CAMDEN PROPERTY TRUST	SH BEN INT	133131102	4,170	39,776	SH		SOLE	0	39,776	0	0
CANADIAN IMPERIAL BANK OF COMMERCE	COM	136069101	38,708	915,132	SH		SOLE	0	915,132	0	0
CANADIAN NATIONAL RAILWAY CO	COM	136375102	33,112	281,323	SH		SOLE	0	281,323	0	0
CANADIAN NAT RES LTD	COM	136385101	6,182	111,991	SH		SOLE	0	111,991	0	0
CENOVUS ENERGY INC.	COM	15135U109	345	19,800	SH		SOLE	0	19,800	0	0
CENTENE CORP. DEL	COM	15135B101	5,265	83,300	SH		SOLE	0	83,300	0	0
CISCO SYSTEMS INC.	COM	17275R102	11,026	210,919	SH		SOLE	0	210,919	0	0
CITIGROUP INC.	COM	172967424	2,224	47,429	SH		SOLE	0	47,429	0	0
COLLIERS INTL GROUP INC.	SUB VTG SHS	194693107	2,767	26,284	SH		SOLE	0	26,284	0	0
CORNING INC.	COM	219350105	3,501	99,247	SH		SOLE	0	99,247	0	0
COSTCO WHOLESALE	COM	22160K105	3,515	7,075	SH		SOLE	0	7,075	0	0
DISNEY WALT CO	COM	254687106	3,673	36,687	SH		SOLE	0	36,687	0	0
DOLLAR GENERAL CORP.	COM	256677105	5,060	24,043	SH		SOLE	0	24,043	0	0
DOLLAR TREE INC.	COM	256746108	3,300	22,990	SH		SOLE	0	22,990	0	0
EOG RESOURCES	COM	26875P101	4,432	38,665	SH		SOLE	0	38,665	0	0
EQUINIX INC.	COM	29444U700	1,513	2,099	SH		SOLE	0	2,099	0	0
EXTRA SPACE STORAGE INC.	COM	30225T102	3,965	24,335	SH		SOLE	0	24,335	0	0
FEDERAL REALTY INVT TR	SH BEN INT NEW	313745101	5,924	59,937	SH		SOLE	0	59,937	0	0
FIRST SERVICE CORP	COM	33767E202	8,201	58,348	SH		SOLE	0	58,348	0	0
GSK PLC	SPONSORED ADR	37733W204	6,077	170,800	SH		SOLE	0	170,800	0	0
GENTEX CORP.	PUT	371901109	3,676	131,151	SH		SOLE	0	131,151	0	0
GRANITE REAL ESTATE INVT TR	UNIT	387437114	8,873	143,652	SH		SOLE	0	143,652	0	0
HALEON PLC	SPON ADS	405552100	2,313	284,148	SH		SOLE	0	284,148	0	0
HOME DEPOT	COM	437076102	3,718	12,597	SH		SOLE	0	12,597	0	0
ING GROEP N V	SPON ADR	456837103	4,355	366,859	SH		SOLE	0	366,859	0	0
JOHNSON & JOHNSON	COM	478160104	2,287	14,758	SH		SOLE	0	14,758	0	0
JP MORGAN CHASE & CO	COM	46625H100	1,327	10,184	SH		SOLE	0	10,184	0	0
KROGER CO	COM	501044101	5,591	113,246	SH		SOLE	0	113,246	0	0
MAGNA INTL INC	COM	559222401	34,155	639,257	SH		SOLE	0	639,257	0	0
MANULIFE FINL CORP COM	COM	56501R106	31,682	1,730,885	SH		SOLE	0	1,730,885	0	0
MICROSOFT CORP.	COM	594918104	5,521	19,149	SH		SOLE	0	19,149	0	0
MORGAN STANLEY	COM	617446448	3,210	36,565	SH		SOLE	0	36,565	0	0
ORACLE CORP	COM	68389X105	12,159	130,855	SH		SOLE	0	130,855	0	0
ORANGE	SPON ADR	684060106	3,348	280,634	SH		SOLE	0	280,634	0	0
PEMBINA PIPELINE CORP.	COM	706327103	31,076	961,750	SH		SOLE	0	961,750	0	0
PFIZER INC	COM	717081103	11,315	277,332	SH		SOLE	0	277,332	0	0
RMR GROUP INC.	CL A	74967R106	7,610	290,000	SH		SOLE	0	290,000	0	0
RESTAURANT BRANDS INTL INC.	COM	76131D103	28,353	423,406	SH		SOLE	0	423,406	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	22,664	490,232	SH		SOLE	0	490,232	0	0
ROYAL BANK OF CANADA	COM	780087102	76,970	806,853	SH		SOLE	0	806,853	0	0
SANOFI SA	ADR	80108N105	3,248	59,691	SH		SOLE	0	59,691	0	0
SAP SE	SPON ADR	803054204	1,267	10,010	SH		SOLE	0	10,010	0	0
SIMON PPTY GROUP NEW	COM	828806109	3,328	29,726	SH		SOLE	0	29,726	0	0
SUN CMNTYS INC.	COM	866674104	1,994	14,151	SH		SOLE	0	14,151	0	0
SUNCOR ENERGY INC	COM NEW	867224107	25,947	837,856	SH		SOLE	0	837,856	0	0
TC ENERGY CORP.	COM	87807B107	34,146	880,055	SH		SOLE	0	880,055	0	0
TJX COMPANIES INC.	COM	872540109	2,697	34,423	SH		SOLE	0	34,423	0	0
TELUS CORP.	COM	87971M103	29,418	1,485,603	SH		SOLE	0	1,485,603	0	0
TERRENO REALTY CORP.	COM	88146M101	3,544	54,865	SH		SOLE	0	54,865	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	77,237	1,292,753	SH		SOLE	0	1,292,753	0	0
TOTAL ENERGIES SE	SPON ADR	89151E109	1,961	33,201	SH		SOLE	0	33,201	0	0
TRACTOR SUPPLY CO	COM	892356106	2,909	12,378	SH		SOLE	0	12,378	0	0
TRICON RESIDENTIAL INC	COM NPV	89612W102	8,195	1,059,428	SH		SOLE	0	1,059,428	0	0
US BANCORP	COM NEW	902973304	6,689	185,537	SH		SOLE	0	185,537	0	0
VERIZON COMMUNICATIONS	COM	92343V104	10,699	275,117	SH		SOLE	0	275,117	0	0
VERMILLION ENERGY INC	COM	923725105	3,701	286,099	SH		SOLE	0	286,099	0	0
VODAFONE GROUP PLC	SPON ADR	92857W308	3,196	289,475	SH		SOLE	0	289,475	0	0
WAL MART STORES INC	COM	931142103	3,261	22,115	SH		SOLE	0	22,115	0	0
WALLGREENS BOOTS ALLIANCE INC	COM	931427108	7,590	219,505	SH		SOLE	0	219,505	0	0
WELLTOWER INC.	COM	95040Q104	1,962	27,371	SH		SOLE	0	27,371	0	0