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
ABB LTD.	SPON ADR	000375204	3,237	140,613	SH		SOLE	0	140,613	0	0
AMERICAN INT'L GROUP INC.	COM	026874784	10,055	184,230	SH		SOLE	0	184,230	0	0
ASTRAZENECA PLC	SPON ADR	046353108	3,426	52,800	SH		SOLE	0	52,800	0	0
ATLANTIC POWER CORP.	COM	04878Q863	59	12,585	SH		SOLE	0	12,585	0	0
BANK OF AMERICA CORPORATION	COM	060505104	8,051	523,810	SH		SOLE	0	523,810	0	0
BANK MONTREAL QUE	COM	063671101	43,730	521,845	SH		SOLE	0	521,845	0	0
BANK NOVA SCOTIA HALIFAX	COM	064149107	48,226	635,695	SH		SOLE	0	635,695	0	0
BARCLAYS PLC	ADR	06738E204	3,070	210,132	SH		SOLE	0	210,132	0	0
BARRICK GOLD INC.	COM	067901108	19,071	915,244	SH		SOLE	0	915,244	0	0
BCE INC	COM	05534B109	39,728	769,705	SH		SOLE	0	769,705	0	0
BED BATH & BEYOND	COM	075896100	9,372	163,335	SH		SOLE	0	163,335	0	0
BROOKFIELD PPTYS CORP.	COM	112900105	8,287	335,947	SH		SOLE	0	335,947	0	0
CAE INC.	COM	124765108	16,977	1,140,386	SH		SOLE	0	1,140,386	0	0
CAMECO CORP.	COM	13321L108	13,460	581,110	SH		SOLE	0	581,110	0	0
CANADIAN IMPERIAL BANK OF COMMERCE	COM	136069101	23,454	226,510	SH		SOLE	0	226,510	0	0
CANADIAN NATURAL RESOURCES LTD.	COM	136385101	32,556	622,657	SH		SOLE	0	622,657	0	0
CENOVUS ENERGY INC.	COM	15135U109	31,646	857,925	SH		SOLE	0	857,925	0	0
CHINA MOBILE LIMITED	SPON ADR	16941M109	3,149	64,779	SH		SOLE	0	64,779	0	0
CISCO SYSTEMS INC.	COM	17275R102	7,557	304,111	SH		SOLE	0	304,111	0	0
CITIGROUP INC.	COM	172967424	6,036	128,149	SH		SOLE	0	128,149	0	0
COACH INC.	COM	189754104	3,188	93,235	SH		SOLE	0	93,235	0	0
COCA-COLA COMPANY	COM	191216100	10,837	255,820	SH		SOLE	0	255,820	0	0
CORNING INC.	COM	219350105	15,004	683,552	SH		SOLE	0	683,552	0	0
DEVON ENERGY CORP.	COM	25179M103	2,847	35,862	SH		SOLE	0	35,862	0	0
EMERSON ELECTRIC COMPANY	COM	291011104	3,985	60,053	SH		SOLE	0	60,053	0	0
ENCANA CORP	COM	292505104	29,842	1,106,947	SH		SOLE	0	1,106,947	0	0
ENERPLUS CORP.	COM	292766102	7,505	261,735	SH		SOLE		261,735	0	0
EXFO INC.	SUB VTG	302046107	70	12,855	SH		SOLE	0	12,855	0	0
EXXON MOBIL CORP.	COM	30231G102	5,192	51,573	SH		SOLE	0	51,573	0	0
GENERAL MOTORS CORP.	COM	37045V100	13,140	361,988	SH		SOLE	0	361,988	0	0
GLAXOSMITHKLINE PLC	SPON ADR	37733W105	4,264	79,725	SH		SOLE	0	79,725	0	0
GOLDCORP INC.	COM	380956409	16,171	509,190	SH		SOLE	0	509,190	0	0
HONEYWELL INTL INC	COM	438516106	6,640	71,436	SH		SOLE	0	71,436	0	0
HUDBAY MINERALS INC.	COM	443628102	128	12,125	SH		SOLE	0	12,125	0	0
ING GROEP N V	SPON ADR	456837103	5,424	386,884	SH		SOLE	0	386,884	0	0
JOHNSON & JOHNSON	COM	478160104	14,381	137,458	SH		SOLE	0	137,458	0	0
JP MORGAN CHASE & CO	COM	46625H100	10,916	189,456	SH		SOLE	0	189,456	0	0
LAKE SHORE GOLD CORP	COM	510728108	95	92,195	SH		SOLE	0	92,195	0	0
MAGNA INTL INC	COM	559222401	24,184	197,440	SH		SOLE	0	197,440	0	0
MANULIFE FINL CORP	COM	56501R106	40,101	1,772,918	SH		SOLE	0	1,772,918	0	0
MERCK & CO. INC.	COM	58933Y105	1,546	26,720	SH		SOLE	0	26,720	0	0
METLIFE INC.	COM	59156R108	12,405	223,273	SH		SOLE	0	223,273	0	0
MICROSOFT CORP.	COM	594918104	13,545	324,810	SH		SOLE	0	324,810	0	0
MORGAN STANLEY	COM	617446448	11,187	346,027	SH		SOLE	0	346,027	0	0
NTT DOCOMO INC.	SPON ADR	62942M201	4,615	270,024	SH		SOLE	0	270,024	0	0
NATIONAL GRID PLC	SPON ADR	636274300	416	5,590	SH		SOLE	0	5,590	0	0
NEW GOLD INC.	COM	644535106	15,483	2,144,625	SH		SOLE	0	2,144,625	0	0
NORTH AMERICAN PALLADIUM LTD.	COM	656912102	29	74,280	SH		SOLE	0	74,280	0	0
ORACLE CORP	COM	68389X105	4,592	113,309	SH		SOLE	0	113,309	0	0
ORANGE	SPON ADR	684060106	11,034	698,356	SH		SOLE	0	698,356	0	0
PETROLEO BRASILEIRO	SPON ADR	71654V408	1,783	121,857	SH		SOLE	0	121,857	0	0
PFIZER INC	COM	717081103	6,559	220,999	SH		SOLE	0	220,999	0	0
POTASH CORP SASK INC	COM	73755L107	13,238	302,010	SH		SOLE	0	302,010	0	0
PROCTER & GAMBLE CO	COM	742718109	5,407	68,800	SH		SOLE	0	68,800	0	0
ROGERS COMMUNICATIONS INC	CL B	775109200	36,890	805,620	SH		SOLE	0	805,620	0	0
ROYAL BANK OF CANADA	COM	780087102	62,002	762,203	SH		SOLE	0	762,203	0	0
ROYAL DUTCH SHELL	SPON ADR A	780259206	3,864	46,915	SH		SOLE	0	46,915	0	0
RUBICON MINERALS CORP.	COM	780911103	93	55,215	SH		SOLE	0	55,215	0	0
SANOFI AVENTIS	SPON ADR	80105N105	2,932	55,137	SH		SOLE	0	55,137	0	0
SAP AG	SPON ADR	803054204	2,892	37,553	SH		SOLE	0	37,553	0	0
SHAW COMMUNICATIONS	CL B CONV	82028K200	26,503	908,370	SH		SOLE	0	908,370	0	0
SIEMENS AG	SPON ADR	826197501	3,219	24,274	SH		SOLE	0	24,274	0	0
STAPLES INC.	COM	855030102	6,761	623,675	SH		SOLE	0	623,675	0	0
SUN LIFE FINL INC.	COM	866796105	36,440	871,275	SH		SOLE	0	871,275	0	0
SUNCOR ENERGY INC	COM	867229106	26,940	557,420	SH		SOLE	0	557,420	0	0
SYMANTEC CORP.	COM	871503108	2,516	109,875	SH		SOLE	0	109,875	0	0
TALISMAN ENERGY INC	COM	87425E103	27,009	2,245,323	SH		SOLE	0	2,245,323	0	0
TECK RESOURCES LTD.	CL B	878742204	31,127	1,198,235	SH		SOLE	0	1,198,235	0	0
TELUS CORP.	NON -VTG	87971M202	10,216	240,890	SH		SOLE	0	240,890	0	0
TEVA PHARMACEUTICAL INDS LTD.	ADR	881624209	4,147	79,114	SH		SOLE	0	79,114	0	0
THOMSON CREEK METALS CO INC	COM	884768102	89	26,270	SH		SOLE	0	26,270	0	0
THOMSON REUTERS CORP	COM	884903105	30,928	746,505	SH		SOLE	0	746,505	0	0
TIM HORTONS INC	COM	88706M103	7,397	118,825	SH		SOLE	0	118,825	0	0
TORONTO DOMINION BK ONT	COM NEW	891160509	66,099	1,128,406	SH		SOLE	0	1,128,406	0	0
TOTAL S A	SPON ADR	89151E109	4,221	58,465	SH		SOLE	0	58,465	0	0
UNILEVER PLC	SPON ADR	904767704	309	6,815	SH		SOLE	0	6,815	0	0
VERIZON COMMUNICATIONS	COM	92343V104	10,896	222,677	SH		SOLE	0	222,677	0	0
VODAFONE GROUP PLC	SPON ADR	92857W209	2,530	75,770	SH		SOLE	0	75,770	0	0
WAL MART STORES INC	COM	931142103	2,968	39,530	SH		SOLE	0	39,530	0	0
WALGREEN CO.	COM	931422109	18,259	246,315	SH		SOLE	0	246,315	0	0
WELLS FARGO & CO NEW	COM	949746101	14,178	269,740	SH		SOLE	0	269,740	0	0
WI-LAN INC.	COM	928972108	96	26,685	SH		SOLE	0	26,685	0	0
ZIMMER HOLDINGS INC.	COM	98956P102	7,794	75,040	SH		SOLE	0	75,040	0	0