# EDGAR Filing Document

**Accession Number:** 0001058231
**File Stem:** 0001140361-25-027283
**Filing Date:** 2025-7
**Character Count:** 11194
**Document Hash:** 39ca90d83628fa8e1863c2ca0b7acf4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-027283.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001140361-25-027283

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**EFFECTIVENESS DATE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINCLUDEN MANAGEMENT LTD
- **CENTRAL INDEX KEY:** 0001058231

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11897
- **FILM NUMBER:** 251149518

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 201 CITY CENTRE DRIVE, SUITE 201
- **CITY:** MISSISSAUGA
- **PROVINCE COUNTRY:** A6
- **ZIP:** L5B 2T4
- **BUSINESS PHONE:** 9058259000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 201 CITY CENTRE DRIVE, SUITE 201
- **CITY:** MISSISSAUGA
- **PROVINCE COUNTRY:** A6
- **ZIP:** L5B 2T4

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** LINCLUDEN MANAGEMENT LTD<br>**Address:** 201 CITY CENTRE DRIVE SUITE 201<br>MISSISSAUGA, A6 L5B 2T4

**Form 13F File Number:** 028-11897

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:** Alanna Sinclair-Whitty<br>**Title:** Vice President and Secretary<br>**Phone:** 905-273-5742

**Signature, Place, and Date of Signing:**

Alanna Sinclair-Whitty  MISSISSAUGA, A6  07-24-2025<br>[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 are reported 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:** 77

**Form 13F Information Table Value Total:** $905408

      (round to nearest dollar)

**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.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ALPHABET INC. | CAP STK CL A | 02079K305 |  | 8788 | 49869 | SH |  | SOLE | 0 | 49869 | 0 | 0 |
| AMERICAN TOWER CORP | COM | 03027X100 |  | 8929 | 40400 | SH |  | SOLE | 0 | 40400 | 0 | 0 |
| AMERICOLD REALTY TRUST | COM | 03064D108 |  | 1285 | 77246 | SH |  | SOLE | 0 | 77246 | 0 | 0 |
| AVALONBAY CMNTYS INC. | COM | 053484101 |  | 2530 | 12433 | SH |  | SOLE | 0 | 12433 | 0 | 0 |
| BANK OF AMERICA CORPORATION | COM | 060505104 |  | 6592 | 139297 | SH |  | SOLE | 0 | 139297 | 0 | 0 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 42255 | 764860 | SH |  | SOLE | 0 | 764860 | 0 | 0 |
| BCE INC | COM | 05534B760 |  | 41161 | 1857687 | SH |  | SOLE | 0 | 1857687 | 0 | 0 |
| BXP INC. | COM | 101121101 |  | 1433 | 21246 | SH |  | SOLE | 0 | 21246 | 0 | 0 |
| BROOKFIELD ASSET MGMT-A | CL A LMT VTG | 113004105 |  | 319 | 5778 | SH |  | SOLE | 0 | 5778 | 0 | 0 |
| BROOKFIELD CORP | CLA LTD VTSH | 11271J107 |  | 36558 | 591215 | SH |  | SOLE | 0 | 591215 | 0 | 0 |
| BROOKFIELD INFRASTRUCTURE PA | LP INT UNIT | G16252101 |  | 19307 | 576851 | SH |  | SOLE | 0 | 576851 | 0 | 0 |
| BROOKFIELD RENEWABLE | CL A EX SUB VTG | 11285B108 |  | 2063 | 63008 | SH |  | SOLE | 0 | 63008 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNERS LP | PARTNERSHIP UNIT | G16258108 |  | 16900 | 663452 | SH |  | SOLE | 0 | 663452 | 0 | 0 |
| BROOKFIELD WEALTH SOLUTIONS | CL A EXCHANGEAB | G17434104 |  | 69 | 1117 | SH |  | SOLE | 0 | 1117 | 0 | 0 |
| CGI INC | CL A SUB VTG | 12532H104 |  | 5342 | 42450 | SH |  | SOLE | 0 | 42450 | 0 | 0 |
| CAMDEN PROPERTY TRUST | SH BEN INT | 133131102 |  | 3009 | 26705 | SH |  | SOLE | 0 | 26705 | 0 | 0 |
| CANADIAN IMPERIAL BANK OF COMMERCE | COM | 136069101 |  | 30718 | 433144 | SH |  | SOLE | 0 | 433144 | 0 | 0 |
| CANADIAN NATIONAL RAILWAY CO | COM | 136375102 |  | 43419 | 417087 | SH |  | SOLE | 0 | 417087 | 0 | 0 |
| CANADIAN NAT RES LTD | COM | 136385101 |  | 23497 | 748302 | SH |  | SOLE | 0 | 748302 | 0 | 0 |
| CENOVUS ENERGY INC. | COM | 15135U109 |  | 323 | 19800 | SH |  | SOLE | 0 | 19800 | 0 | 0 |
| CENTENE CORP. DEL | COM | 15135B101 |  | 4287 | 78973 | SH |  | SOLE | 0 | 78973 | 0 | 0 |
| CISCO SYSTEMS INC. | COM | 17275R102 |  | 13341 | 192283 | SH |  | SOLE | 0 | 192283 | 0 | 0 |
| CITIGROUP INC. | COM | 172967424 |  | 3767 | 44260 | SH |  | SOLE | 0 | 44260 | 0 | 0 |
| COLLIERS INTL GROUP INC. | SUB VTG SHS | 194693107 |  | 6026 | 38427 | SH |  | SOLE | 0 | 38427 | 0 | 0 |
| CORNING INC. | COM | 219350105 |  | 3386 | 64379 | SH |  | SOLE | 0 | 64379 | 0 | 0 |
| COSTCO WHOLESALE | COM | 22160K105 |  | 4727 | 4775 | SH |  | SOLE | 0 | 4775 | 0 | 0 |
| DIAGEO PLC-SPONS ADR | SPON ADR NEW | 25243Q205 |  | 5851 | 58026 | SH |  | SOLE | 0 | 58026 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 4814 | 38821 | SH |  | SOLE | 0 | 38821 | 0 | 0 |
| EOG RESOURCES | COM | 26875P101 |  | 3973 | 33220 | SH |  | SOLE | 0 | 33220 | 0 | 0 |
| EQUINIX INC. | COM | 29444U700 |  | 2056 | 2585 | SH |  | SOLE | 0 | 2585 | 0 | 0 |
| EXTRA SPACE STORAGE INC. | COM | 30225T102 |  | 2476 | 16794 | SH |  | SOLE | 0 | 16794 | 0 | 0 |
| FEDERAL REALTY INVT TR | SH BEN INT NEW | 313745101 |  | 7469 | 78625 | SH |  | SOLE | 0 | 78625 | 0 | 0 |
| FIRST SERVICE CORP | COM | 33767E202 |  | 7579 | 43470 | SH |  | SOLE | 0 | 43470 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 2382 | 62020 | SH |  | SOLE | 0 | 62020 | 0 | 0 |
| GENTEX CORP. | PUT | 371901109 |  | 3235 | 147097 | SH |  | SOLE | 0 | 147097 | 0 | 0 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 3101 | 62974 | SH |  | SOLE | 0 | 62974 | 0 | 0 |
| GRANITE REAL ESTATE INVT TR | UNIT | 387437205 |  | 5692 | 112144 | SH |  | SOLE | 0 | 112144 | 0 | 0 |
| HOME DEPOT | COM | 437076102 |  | 5090 | 13883 | SH |  | SOLE | 0 | 13883 | 0 | 0 |
| ING GROEP N V | SPON ADR | 456837103 |  | 5206 | 238040 | SH |  | SOLE | 0 | 238040 | 0 | 0 |
| JACOBS SOLUTIONS INC. | COM | 46982L108 |  | 4864 | 37002 | SH |  | SOLE | 0 | 37002 | 0 | 0 |
| JPMORGAN  CHASE  CO COM | COM | 46625H100 |  | 5563 | 19190 | SH |  | SOLE | 0 | 19190 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2001 | 13098 | SH |  | SOLE | 0 | 13098 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 2196 | 30610 | SH |  | SOLE | 0 | 30610 | 0 | 0 |
| MAGNA INTL INC | COM | 559222401 |  | 27850 | 721107 | SH |  | SOLE | 0 | 721107 | 0 | 0 |
| MANULIFE FINL CORP COM | COM | 56501R106 |  | 29974 | 938330 | SH |  | SOLE | 0 | 938330 | 0 | 0 |
| MICROSOFT CORP. | COM | 594918104 |  | 9349 | 18795 | SH |  | SOLE | 0 | 18795 | 0 | 0 |
| MORGAN STANLEY | COM | 617446448 |  | 4562 | 32386 | SH |  | SOLE | 0 | 32386 | 0 | 0 |
| NUTRIEN LTD. | COM | 67077M108 |  | 34466 | 592028 | SH |  | SOLE | 0 | 592028 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 11469 | 52460 | SH |  | SOLE | 0 | 52460 | 0 | 0 |
| ORANGE | SPON ADR | 684060106 |  | 3621 | 238840 | SH |  | SOLE | 0 | 238840 | 0 | 0 |
| PEMBINA PIPELINE CORP. | COM | 706327103 |  | 32257 | 859879 | SH |  | SOLE | 0 | 859879 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 10025 | 413558 | SH |  | SOLE | 0 | 413558 | 0 | 0 |
| RMR GROUP INC. | CL A | 74967R106 |  | 4742 | 290000 | SH |  | SOLE | 0 | 290000 | 0 | 0 |
| RESTAURANT BRANDS INTL INC. | COM | 76131D103 |  | 30682 | 462958 | SH |  | SOLE | 0 | 462958 | 0 | 0 |
| ROGERS COMMUNICATIONS INC | CL B | 775109200 |  | 2988 | 100811 | SH |  | SOLE | 0 | 100811 | 0 | 0 |
| ROYAL BANK OF CANADA | COM | 780087102 |  | 65271 | 495708 | SH |  | SOLE | 0 | 495708 | 0 | 0 |
| SANOFI SA | ADR | 80108N105 |  | 3062 | 63392 | SH |  | SOLE | 0 | 63392 | 0 | 0 |
| SAP SE | SPON ADR | 803054204 |  | 1553 | 5106 | SH |  | SOLE | 0 | 5106 | 0 | 0 |
| SHELL PLC | W/ ADR | 780259305 |  | 3108 | 44138 | SH |  | SOLE | 0 | 44138 | 0 | 0 |
| SIMON PPTY GROUP NEW | COM | 828806109 |  | 1691 | 10519 | SH |  | SOLE | 0 | 10519 | 0 | 0 |
| SUN CMNTYS INC | COM | 866674104 |  | 2843 | 22478 | SH |  | SOLE | 0 | 22478 | 0 | 0 |
| SUNCOR ENERGY INC | COM NEW | 867224107 |  | 22664 | 605589 | SH |  | SOLE | 0 | 605589 | 0 | 0 |
| TC ENERGY CORP. | COM | 87807B107 |  | 43293 | 887602 | SH |  | SOLE | 0 | 887602 | 0 | 0 |
| TJX COMPANIES INC. | COM | 872540109 |  | 2820 | 22835 | SH |  | SOLE | 0 | 22835 | 0 | 0 |
| TELUS CORP. | COM | 87971M103 |  | 30687 | 1912479 | SH |  | SOLE | 0 | 1912479 | 0 | 0 |
| TERRENO REALTY CORP. | COM | 88146M101 |  | 2313 | 41251 | SH |  | SOLE | 0 | 41251 | 0 | 0 |
| THERMO FISHER | COM | 883556102 |  | 5526 | 13628 | SH |  | SOLE | 0 | 13628 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 73569 | 1001139 | SH |  | SOLE | 0 | 1001139 | 0 | 0 |
| TOTAL ENERGIES SE | SPON ADR | 89151E109 |  | 1899 | 30934 | SH |  | SOLE | 0 | 30934 | 0 | 0 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 3097 | 58680 | SH |  | SOLE | 0 | 58680 | 0 | 0 |
| ULTA BEAUTY INC. | COM | 90384S303 |  | 3458 | 7391 | SH |  | SOLE | 0 | 7391 | 0 | 0 |
| UNITEDHEALTH GROUP INC COM | COM | 91324P102 |  | 4495 | 14408 | SH |  | SOLE | 0 | 14408 | 0 | 0 |
| US BANCORP | COM NEW | 902973304 |  | 6619 | 146272 | SH |  | SOLE | 0 | 146272 | 0 | 0 |
| VERIZON COMMUNICATIONS | COM | 92343V104 |  | 11057 | 255529 | SH |  | SOLE | 0 | 255529 | 0 | 0 |
| VERMILLION ENERGY INC | COM | 923725105 |  | 2031 | 278465 | SH |  | SOLE | 0 | 278465 | 0 | 0 |
| WAL MART STORES INC | COM | 931142103 |  | 5152 | 52685 | SH |  | SOLE | 0 | 52685 | 0 | 0 |
| WELLTOWER INC. | COM | 95040Q104 |  | 3636 | 23650 | SH |  | SOLE | 0 | 23650 | 0 | 0 |

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