United States
Securities and Exchange Commission
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. ___)
Little Switzerland, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
537528101
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(CUSIP Number)
December 31, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule
pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled
out for a reporting person's initial filing in this
form with respect to the subject class of securities,
and for any subsequent amendment containing information
which would alter the disclosures provided in a prior
cover page.
The information required in the remainder of this
cover page shall not be deemed to be "filed" for the
purpose of Section 18 of the Securities Exchange Act
of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be
subject to all other provisions of the Act.
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Schedule 13G
CUSIP No. 537528101
1. NAME OF REPORTING PERSON.
Lincluden Management Limited
S.S. or IRS IDENTIFICATION NO. OF ABOVE PERSON.
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP.
(a) [ ]
(b) [ ]
3. SEC USE ONLY.
4. CITIZENSHIP OR PLACE OF ORGANIZATION.
Ontario, Canada
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING
PERSON WITH:
5. SOLE VOTING POWER. 118,300
6. SHARED VOTING POWER. 369,700
7. SOLE DISPOSITIVE POWER. 488,000
8. SHARED DISPOSITIVE POWER. 0
9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON.
488,000
10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES.
Not applicable.
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9).
5.658%
12 TYPE OF REPORTING PERSON.
IA
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Schedule 13G
CUSIP No. 537528101
ITEM 1(a). NAME OF ISSUER
Little Switzerland, Inc.
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE
OFFICES.
161-B Crown Bay Cruise Ship Port
P.O. Box 930
St. Thomas 00802, Virgin Islands
ITEM 2(a). NAME OF PERSON FILING
Lincluden Management Limited
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF
NONE, RESIDENCE
1275 North Service Road West
Suite 607
Oakville, Ontario, Canada L6M 3G4
ITEM 2(c). CITIZENSHIP
Ontario, Canada
ITEM 2(d). TITLE OR CLASS OF SECURITIES
Common Stock, $.01 par value
ITEM 2(e). CUSIP NUMBER
537528101
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION
240.13d-1(b) OR 240.13d-2(B) OR (c), CHECK WHETHER THE
PERSON FILING IS A:
(a) [ ] Broker or dealer registered under
section 15 of the Act (15 U.S.C. 78o);
(b) [ ] Bank as defined in section 3(a)(6)
of the Act (15 U.S.C. 78c);
(c) [ ] Insurance Company as defined in
section 3(a)(19) of the Act (15 U.S.C. 78c);
(d) [ ] Investment company registered under
section 8 of the Investment Company Act of 1940
(15 U.S.C. 80a-8);
(e) [X] An investment adviser in accordance with
section 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or
endowment fund in accordance with section
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control
person in accordance with section
240.13d-1(b)(1)(ii)(G);
(f) [ ] A savings association as defined in
section 3(b) of the Federal Deposit Insurance Act
(12 U.S.C. 1813);
(g) [ ] A church plan that is excluded from
the definition of an investent company under
section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(h) [ ] Group, in accordance with Section 13d-1(b)(1)(ii)(j).
<PAGE>
ITEM 4. OWNERSHIP
(a) Amount Beneficially Owned: 488,000
(b) Percent of Class: 5.658%
(c) Number of Shares as to which such person has:
(i) sole power to vote or direct the vote: 118,300
(ii) shared power to vote or direct the vote: 369,700
(iii) sole power to dispose or to direct the disposition
of: 488,000
(iv) shared power to dispose or to direct the disposition
of: 0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF
OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE
SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING
REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF
THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
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ITEM 10. CERTIFICATION
SIGNATURE.
After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information
set forth in this statement is true complete and
correct.
Dated as of the 12th day of February, 1999.
/s/ Dale Leskinen
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Dale Leskinen
Vice President