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	5,174	28,000	SH		SOLE	N/A	0	0	28,000
ADOBE INC	COM	00724F101	5,068	17,200	SH		SOLE	N/A	0	0	17,200
AERCAP HOLDINGS NV	SHS	N00985106	4,109	79,000	SH		SOLE	N/A	0	0	79,000
ALPHABET INC	CAP STK CL A	02079K305	11,694	10,800	SH		SOLE	N/A	0	0	10,800
ALPHABET INC	CAP STK CL C	02079K107	3,065	2,165	SH		DFND	N/A	0	0	2,165
AMERICAN TOWER CORP NEW	COM	03027X100	2,440	9,113	SH		DFND	N/A	0	0	9,113
ARES CAP CORP	COM	04010L103	6,094	259,372	SH		SOLE	N/A	0	0	259,372
BLACKROCK INC	COM	09247X101	7,274	15,500	SH		SOLE	N/A	0	0	15,500
BOSTON SCIENTIFIC CORP	COM	101137107	5,330	124,000	SH		SOLE	N/A	0	0	124,000
BRISTOL MYERS SQUIBB CO	COM	110122108	2,902	64,000	SH		SOLE	N/A	0	0	64,000
BROOKFIELD ASSET MGMT INC	CL A LTD VT SH	112585104	8,332	133,000	SH		SOLE	N/A	0	0	133,000
BROOKFIELD INFRAST PARTNERS	LP INT UNIT	G16252101	4,266	76,000	SH		SOLE	N/A	0	0	76,000
BROOKFIELD PROPERTY PARTRS L	UNIT LTD PARTN	G16249107	8,387	339,000	SH		SOLE	N/A	0	0	339,000
CANADIAN NAT RES LTD	COM	136385101	17,154	485,800	SH		SOLE	N/A	0	0	485,800
CANADIAN NATL RY CO	COM	136375102	13,162	108,600	SH		SOLE	N/A	0	0	108,600
CARNIVAL CORP	UNIT 99/99/9999	143658300	4,190	90,000	SH		SOLE	N/A	0	0	90,000
CDN IMPERIAL BK COMM TORONTO	COM	136069101	9,845	95,600	SH		SOLE	N/A	0	0	95,600
CHECK POINT SOFTWARE TECH LT	ORD	M22465104	233	1,537	SH		DFND	N/A	0	0	1,537
CHEESECAKE FACTORY INC	COM	163072101	8,307	190,000	SH		SOLE	N/A	0	0	190,000
CITIGROUP INC	COM NEW	172967424	9,454	135,000	SH		SOLE	N/A	0	0	135,000
CLOROX CO DEL	COM	189054109	2,145	10,700	SH		DFND	N/A	0	0	10,700
COCA COLA CO	COM	191216100	2,225	33,367	SH		DFND	N/A	0	0	33,367
COMCAST CORP NEW	CL A	20030N101	6,638	157,000	SH		SOLE	N/A	0	0	157,000
CONAGRA BRANDS INC	COM	205887102	2,285	65,800	SH		DFND	N/A	0	0	65,800
COSTCO WHSL CORP NEW	COM	22160K105	6,871	26,000	SH		SOLE	N/A	0	0	26,000
CROWN CASTLE INTL CORP NEW	COM	22822V101	4,171	32,000	SH		SOLE	N/A	0	0	32,000
DAVE & BUSTERS ENTMT INC	COM	238337109	2,631	65,000	SH		SOLE	N/A	0	0	65,000
DEERE & CO	COM	244199105	6,562	39,600	SH		SOLE	N/A	0	0	39,600
DELPHI TECHNOLOGIES PLC	SHS	G2709G107	8,140	407,000	SH		SOLE	N/A	0	0	407,000
DUPONT DE NEMOURS INC	COM	26614N102	3,481	46,375	SH		SOLE	N/A	0	0	46,375
ECOLAB INC	COM	278865100	3,431	13,269	SH		DFND	N/A	0	0	13,269
ELECTRONIC ARTS INC	COM	285512109	9,620	95,000	SH		SOLE	N/A	0	0	95,000
EMERSON ELEC CO	COM	291011104	4,003	60,000	SH		SOLE	N/A	0	0	60,000
ENBRIDGE INC	COM	29250N105	17,059	361,500	SH		SOLE	N/A	0	0	361,500
EOG RES INC	COM	26875P101	5,403	58,000	SH		SOLE	N/A	0	0	58,000
EXXON MOBIL CORP	COM	30231G102	2,052	20,447	SH		DFND	N/A	0	0	20,447
FEDEX CORP	COM	31428X106	7,881	48,000	SH		SOLE	N/A	0	0	48,000
FIRST REP BK SAN FRANCISCO C	COM	33616C100	1,617	12,641	SH		DFND	N/A	0	0	12,641
FRANKLIN RES INC	COM	354613101	7,673	220,500	SH		SOLE	N/A	0	0	220,500
GENERAL MLS INC	COM	370334104	4,595	66,800	SH		DFND	N/A	0	0	66,800
HDFC BANK LTD	SPONSORED ADS	40415F101	6,851	40,228	SH		DFND	N/A	0	0	40,228
HOME DEPOT INC	COM	437076102	3,685	13,531	SH		DFND	N/A	0	0	13,531
HOME DEPOT INC	COM	437076102	6,031	29,000	SH		SOLE	N/A	0	0	29,000
HORMEL FOODS CORP	COM	440452100	2,315	43,600	SH		DFND	N/A	0	0	43,600
HORMEL FOODS CORP	COM	440452100	4,540	112,000	SH		SOLE	N/A	0	0	112,000
JPMORGAN CHASE & CO	COM	46625H100	9,056	81,000	SH		SOLE	N/A	0	0	81,000
KIMBERLY CLARK CORP	COM	494368103	4,206	24,100	SH		DFND	N/A	0	0	24,100
L BRANDS INC	COM	501797104	8,483	325,000	SH		SOLE	N/A	0	0	325,000
LAMB WESTON HLDGS INC	COM	513272104	1,413	17,033	SH		DFND	N/A	0	0	17,033
LAUDER ESTEE COS INC	CL A	518439104	4,944	27,000	SH		SOLE	N/A	0	0	27,000
M & T BK CORP	COM	55261F104	10,034	59,000	SH		SOLE	N/A	0	0	59,000
MAGNA INTL INC	COM	559222401	6,842	105,000	SH		SOLE	N/A	0	0	105,000
MANULIFE FINL CORP	COM	56501R106	10,146	426,300	SH		SOLE	N/A	0	0	426,300
MEDTRONIC PLC	SHS	G5960L103	8,048	82,636	SH		SOLE	N/A	0	0	82,636
MERCK & CO INC	COM	58933Y105	3,799	34,600	SH		DFND	N/A	0	0	34,600
MERCK & CO INC	COM	58933Y105	3,941	47,000	SH		SOLE	N/A	0	0	47,000
METHANEX CORP	COM	59151K108	11,593	195,000	SH		SOLE	N/A	0	0	195,000
MICROSOFT CORP	COM	594918104	2,664	15,184	SH		DFND	N/A	0	0	15,184
MICROSOFT CORP	COM	594918104	12,319	91,960	SH		SOLE	N/A	0	0	91,960
MOGO INC	COM	60800C109	663	147,341	SH		SOLE	N/A	0	0	147,341
MOLSON COORS BREWING CO	CL B	60871R209	7,280	130,000	SH		SOLE	N/A	0	0	130,000
MONDELEZ INTL INC	CL A	609207105	1,369	19,400	SH		DFND	N/A	0	0	19,400
MSCI INC	COM	55354G100	1,208	3,862	SH		DFND	N/A	0	0	3,862
NEWELL BRANDS INC	COM	651229106	2,776	180,000	SH		SOLE	N/A	0	0	180,000
NEXTERA ENERGY INC	COM	65339F101	7,375	36,000	SH		SOLE	N/A	0	0	36,000
NEXTERA ENERGY PARTNERS LP	COM UNIT PART IN	65341B106	4,777	99,000	SH		SOLE	N/A	0	0	99,000
NUTRIEN LTD	COM	67077M108	8,196	117,000	SH		SOLE	N/A	0	0	117,000
NVIDIA CORP	COM	67066G104	5,091	31,000	SH		SOLE	N/A	0	0	31,000
PFIZER INC	COM	717081103	2,320	40,900	SH		DFND	N/A	0	0	40,900
PFIZER INC	COM	717081103	4,029	93,000	SH		SOLE	N/A	0	0	93,000
PROCTER AND GAMBLE CO	COM	742718109	1,987	13,839	SH		DFND	N/A	0	0	13,839
PROCTER AND GAMBLE CO	COM	742718109	8,114	74,000	SH		SOLE	N/A	0	0	74,000
ROCKWELL AUTOMATION INC	COM	773903109	3,277	20,000	SH		SOLE	N/A	0	0	20,000
ROYAL BK CDA MONTREAL QUE	COM	780087102	21,417	205,790	SH		SOLE	N/A	0	0	205,790
SEAGATE TECHNOLOGY PLC	SHS	G7945M107	2,309	49,000	SH		SOLE	N/A	0	0	49,000
SHAW COMMUNICATIONS INC	CL B CONV	82028K200	8,230	308,000	SH		SOLE	N/A	0	0	308,000
SHERWIN WILLIAMS CO	COM	824348106	3,575	7,800	SH		SOLE	N/A	0	0	7,800
SUN LIFE FINL INC	COM	866796105	10,879	200,600	SH		SOLE	N/A	0	0	200,600
SUNCOR ENERGY INC NEW	COM	867224107	16,773	410,600	SH		SOLE	N/A	0	0	410,600
SYNCHRONY FINL	COM	87165B103	2,427	70,000	SH		SOLE	N/A	0	0	70,000
TC ENERGY CORP	COM	87807B107	10,911	168,070	SH		SOLE	N/A	0	0	168,070
TECK RESOURCES LTD	CL B	878742204	4,956	164,000	SH		SOLE	N/A	0	0	164,000
THERMO FISHER SCIENTIFIC INC	COM	883556102	3,244	8,435	SH		DFND	N/A	0	0	8,435
THERMO FISHER SCIENTIFIC INC	COM	883556102	6,461	22,000	SH		SOLE	N/A	0	0	22,000
THL CREDIT INC	COM	872438106	435	50,000	SH		SOLE	N/A	0	0	50,000
THOR INDS INC	COM	885160101	5,553	95,000	SH		SOLE	N/A	0	0	95,000
TORONTO DOMINION BK ONT	COM NEW	891160509	23,308	304,600	SH		SOLE	N/A	0	0	304,600
UNITEDHEALTH GROUP INC	COM	91324P102	3,416	14,000	SH		SOLE	N/A	0	0	14,000
VALERO ENERGY CORP NEW	COM	91913Y100	12,413	145,000	SH		SOLE	N/A	0	0	145,000
VISA INC	COM CL A	92826C839	6,963	30,634	SH		DFND	N/A	0	0	30,634
VISA INC	COM CL A	92826C839	8,851	51,000	SH		SOLE	N/A	0	0	51,000
VULCAN MATLS CO	COM	929160109	4,394	32,000	SH		SOLE	N/A	0	0	32,000
WASTE MGMT INC DEL	COM	94106L109	1,556	10,300	SH		DFND	N/A	0	0	10,300
WASTE MGMT INC DEL	COM	94106L109	4,846	42,000	SH		SOLE	N/A	0	0	42,000
WELLS FARGO CO NEW	COM	949746101	1,530	24,689	SH		DFND	N/A	0	0	24,689
WEYERHAEUSER CO	COM	962166104	3,477	132,000	SH		SOLE	N/A	0	0	132,000
WHEATON PRECIOUS METALS CORP	COM	962879102	5,067	160,000	SH		SOLE	N/A	0	0	160,000
XYLEM INC	COM	98419M100	5,604	67,000	SH		SOLE	N/A	0	0	67,000