Nicola Wealth 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
ACCENTURE PLC IRELAND	SHS CLASS A	G1151C101	5,957	35,000	SH		SOLE	N/A	0	0	35,000
ACTIVISION BLIZZARD INC	COM	00507V109	4,492	54,000	SH		SOLE	N/A	0	0	54,000
ADOBE SYS INC	COM	00724F101	4,319	16,000	SH		SOLE	N/A	0	0	16,000
AERCAP HOLDINGS NV	SHS	N00985106	4,285	74,500	SH		SOLE	N/A	0	0	74,500
ALPHABET INC	CAP STK CL A	02079K305	8,087	6,700	SH		SOLE	N/A	0	0	6,700
ALPHABET INC	CAP STK CL C	02079K107	2,869	1,861	SH		DFND	N/A	0	0	1,861
AMAZON COM INC	COM	023135106	3,899	1,507	SH		DFND	N/A	0	0	1,507
AMERICAN INTL GROUP INC	COM NEW	026874784	4,099	77,000	SH		SOLE	N/A	0	0	77,000
APPLE INC	COM	037833100	5,779	25,600	SH		SOLE	N/A	0	0	25,600
APTIV PLC	SHS	G6095L109	2,584	30,800	SH		SOLE	N/A	0	0	30,800
BANK AMER CORP	COM	060505104	6,010	204,000	SH		SOLE	N/A	0	0	204,000
BANK N S HALIFAX	COM	064149107	13,204	171,500	SH		SOLE	N/A	0	0	171,500
BERRY GLOBAL GROUP INC	COM	08579W103	2,715	56,100	SH		SOLE	N/A	0	0	56,100
BLACKROCK INC	COM	09247X101	1,885	4,000	SH		SOLE	N/A	0	0	4,000
BOEING CO	COM	097023105	3,161	8,500	SH		SOLE	N/A	0	0	8,500
BOSTON SCIENTIFIC CORP	COM	101137107	4,235	110,000	SH		SOLE	N/A	0	0	110,000
BRISTOL MYERS SQUIBB CO	COM	110122108	3,973	64,000	SH		SOLE	N/A	0	0	64,000
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	8,451	147,000	SH		SOLE	N/A	0	0	147,000
BROOKFIELD PPTY PARTNERS L P	UNIT LTD PARTN	G16249107	5,374	198,960	SH		SOLE	N/A	0	0	198,960
CANADIAN NAT RES LTD	COM	136385101	16,703	395,800	SH		SOLE	N/A	0	0	395,800
CANADIAN NATL RY CO	COM	136375102	10,498	90,600	SH		SOLE	N/A	0	0	90,600
CARNIVAL CORP	UNIT 99/99/9999	143658300	5,293	83,000	SH		SOLE	N/A	0	0	83,000
CDN IMPERIAL BK COMM TORONTO	COM	136069101	11,570	95,600	SH		SOLE	N/A	0	0	95,600
CHEESECAKE FACTORY INC	COM	163072101	2,945	55,000	SH		SOLE	N/A	0	0	55,000
CITIGROUP INC	COM NEW	172967424	1,952	21,065	SH		DFND	N/A	0	0	21,065
CITIGROUP INC	COM NEW	172967424	6,313	88,000	SH		SOLE	N/A	0	0	88,000
CLOROX CO DEL	COM	189054109	4,022	20,700	SH		DFND	N/A	0	0	20,700
COCA COLA CO	COM	191216100	1,991	33,367	SH		DFND	N/A	0	0	33,367
COMCAST CORP NEW	CL A	20030N101	4,037	114,000	SH		SOLE	N/A	0	0	114,000
CONAGRA BRANDS INC	COM	205887102	2,887	65,800	SH		DFND	N/A	0	0	65,800
COSTCO WHSL CORP NEW	COM	22160K105	5,167	22,000	SH		SOLE	N/A	0	0	22,000
COTT CORP QUE	COM	22163N106	1,043	50,000	SH		SOLE	N/A	0	0	50,000
CROWN CASTLE INTL CORP NEW	COM	22822V101	5,233	47,000	SH		SOLE	N/A	0	0	47,000
DELPHI TECHNOLOGIES PLC	SHS	G2709G107	6,335	202,000	SH		SOLE	N/A	0	0	202,000
DOWDUPONT INC	COM	26078J100	4,510	70,126	SH		SOLE	N/A	0	0	70,126
ECOLAB INC	COM	278865100	2,687	13,269	SH		DFND	N/A	0	0	13,269
ENBRIDGE INC	COM	29250N105	11,129	266,500	SH		SOLE	N/A	0	0	266,500
EOG RES INC	COM	26875P101	4,593	36,000	SH		SOLE	N/A	0	0	36,000
EXXON MOBIL CORP	COM	30231G102	2,246	20,447	SH		DFND	N/A	0	0	20,447
FACEBOOK INC	CL A	30303M102	2,445	11,510	SH		DFND	N/A	0	0	11,510
FEDEX CORP	COM	31428X106	4,816	20,000	SH		SOLE	N/A	0	0	20,000
FIRST REP BK SAN FRANCISCO C	COM	33616C100	1,568	12,641	SH		DFND	N/A	0	0	12,641
FRANKLIN RES INC	COM	354613101	8,226	270,500	SH		SOLE	N/A	0	0	270,500
GENERAL MLS INC	COM	370334104	3,975	71,700	SH		DFND	N/A	0	0	71,700
GILDAN ACTIVEWEAR INC	COM	375916103	6,760	172,000	SH		SOLE	N/A	0	0	172,000
HCA HEALTHCARE INC	COM	40412C101	2,365	17,000	SH		SOLE	N/A	0	0	17,000
HDFC BANK LTD	ADR REPS 3 SHS	40415F101	4,890	40,228	SH		DFND	N/A	0	0	40,228
HOME DEPOT INC	COM	437076102	3,540	13,230	SH		DFND	N/A	0	0	13,230
HOME DEPOT INC	COM	437076102	5,800	28,000	SH		SOLE	N/A	0	0	28,000
HORMEL FOODS CORP	COM	440452100	3,354	65,900	SH		DFND	N/A	0	0	65,900
HP INC	COM	40434L105	3,345	129,800	SH		SOLE	N/A	0	0	129,800
ISHARES TR	IBOXX HI YD ETF	464288513	8,644	100,000	SH	Put	SOLE	N/A	0	0	100,000
JPMORGAN CHASE & CO	COM	46625H100	7,786	69,000	SH		SOLE	N/A	0	0	69,000
KIMBERLY CLARK CORP	COM	494368103	4,404	30,000	SH		DFND	N/A	0	0	30,000
L BRANDS INC	COM	501797104	7,878	260,000	SH		SOLE	N/A	0	0	260,000
L3 TECHNOLOGIES INC	COM	502413107	6,272	29,500	SH		SOLE	N/A	0	0	29,500
LAMB WESTON HLDGS INC	COM	513272104	889	10,333	SH		DFND	N/A	0	0	10,333
LAUDER ESTEE COS INC	CL A	518439104	3,488	24,000	SH		SOLE	N/A	0	0	24,000
LYONDELLBASELL INDUSTRIES N	SHS - A -	N53745100	1,845	18,000	SH		SOLE	N/A	0	0	18,000
M & T BK CORP	COM	55261F104	7,898	48,000	SH		SOLE	N/A	0	0	48,000
MAGNA INTL INC	COM	559222401	6,446	95,000	SH		SOLE	N/A	0	0	95,000
MANULIFE FINL CORP	COM	56501R106	12,129	525,300	SH		SOLE	N/A	0	0	525,300
MEDTRONIC PLC	SHS	G5960L103	6,457	65,636	SH		SOLE	N/A	0	0	65,636
MERCK & CO INC	COM	58933Y105	3,519	38,400	SH		DFND	N/A	0	0	38,400
MERCK & CO INC	COM	58933Y105	3,973	56,000	SH		SOLE	N/A	0	0	56,000
MICROSOFT CORP	COM	594918104	10,517	91,960	SH		SOLE	N/A	0	0	91,960
MOGO FIN TECHNOLOGY INC	COM	608008108	588	147,341	SH		SOLE	N/A	0	0	147,341
MOLSON COORS BREWING CO	CL B	60871R209	1,845	30,000	SH		SOLE	N/A	0	0	30,000
MONDELEZ INTL INC	CL A	609207105	1,221	22,000	SH		DFND	N/A	0	0	22,000
NEWELL BRANDS INC	COM	651229106	3,106	153,000	SH		SOLE	N/A	0	0	153,000
NEXTERA ENERGY INC	COM	65339F101	5,196	31,000	SH		SOLE	N/A	0	0	31,000
NUTRIEN LTD	COM	67077M108	8,278	111,000	SH		SOLE	N/A	0	0	111,000
NVIDIA CORP	COM	67066G104	3,653	13,000	SH		SOLE	N/A	0	0	13,000
PFIZER INC	COM	717081103	3,695	64,900	SH		DFND	N/A	0	0	64,900
PFIZER INC	COM	717081103	4,627	105,000	SH		SOLE	N/A	0	0	105,000
PROCTER AND GAMBLE CO	COM	742718109	1,488	13,839	SH		DFND	N/A	0	0	13,839
PROCTER AND GAMBLE CO	COM	742718109	6,159	74,000	SH		SOLE	N/A	0	0	74,000
ROYAL BK CDA MONTREAL QUE	COM	780087102	22,032	212,790	SH		SOLE	N/A	0	0	212,790
SHAW COMMUNICATIONS INC	CL B CONV	82028K200	6,871	273,000	SH		SOLE	N/A	0	0	273,000
SHERWIN WILLIAMS CO	COM	824348106	3,778	8,300	SH		SOLE	N/A	0	0	8,300
SPROTT PHYSICAL GOLD & SILVE	TR UNIT	85208R101	5,436	360,000	SH		SOLE	N/A	0	0	360,000
STANTEC INC	COM	85472N109	1,864	58,000	SH		SOLE	N/A	0	0	58,000
SUN LIFE FINL INC	COM	866796105	13,330	259,600	SH		SOLE	N/A	0	0	259,600
SUNCOR ENERGY INC NEW	COM	867224107	11,325	226,600	SH		SOLE	N/A	0	0	226,600
SYNCHRONY FINL	COM	87165B103	5,128	165,000	SH		SOLE	N/A	0	0	165,000
TECK RESOURCES LTD	CL B	878742204	7,565	243,000	SH		SOLE	N/A	0	0	243,000
TEMPLETON GLOBAL INCOME FD	COM	880198106	15,771	1,995,000	SH		SOLE	N/A	0	0	1,995,000
THERMO FISHER SCIENTIFIC INC	COM	883556102	2,659	8,435	SH		DFND	N/A	0	0	8,435
THERMO FISHER SCIENTIFIC INC	COM	883556102	4,882	20,000	SH		SOLE	N/A	0	0	20,000
TORONTO DOMINION BK ONT	COM NEW	891160509	26,027	331,600	SH		SOLE	N/A	0	0	331,600
TRANSCANADA CORP	COM	89353D107	8,783	168,070	SH		SOLE	N/A	0	0	168,070
UNION PAC CORP	COM	907818108	6,155	37,800	SH		SOLE	N/A	0	0	37,800
UNITEDHEALTH GROUP INC	COM	91324P102	5,587	21,000	SH		SOLE	N/A	0	0	21,000
VALERO ENERGY CORP NEW	COM	91913Y100	8,270	72,700	SH		SOLE	N/A	0	0	72,700
VISA INC	COM CL A	92826C839	6,603	34,058	SH		DFND	N/A	0	0	34,058
VISA INC	COM CL A	92826C839	7,655	51,000	SH		SOLE	N/A	0	0	51,000
VULCAN MATLS CO	COM	929160109	3,892	35,000	SH		SOLE	N/A	0	0	35,000
WASTE MGMT INC DEL	COM	94106L109	1,202	10,300	SH		DFND	N/A	0	0	10,300
WASTE MGMT INC DEL	COM	94106L109	3,795	42,000	SH		SOLE	N/A	0	0	42,000
WELLS FARGO CO NEW	COM	949746101	1,676	24,689	SH		DFND	N/A	0	0	24,689
WELLS FARGO CO NEW	COM	949746101	3,416	65,000	SH		SOLE	N/A	0	0	65,000
WESTROCK CO	COM	96145D105	2,405	45,000	SH		SOLE	N/A	0	0	45,000
WEYERHAEUSER CO	COM	962166104	2,904	90,000	SH		SOLE	N/A	0	0	90,000
XYLEM INC	COM	98419M100	3,594	45,000	SH		SOLE	N/A	0	0	45,000