<informationTable xmlns="http://www.sec.gov/edgar/document/thirteenf/informationtable">		<infoTable>
			<nameOfIssuer>21Vianet Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90138A103</cusip>
			<value>3574</value>
			<shrsOrPrnAmt>
				<sshPrnamt>194800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1168800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>2U Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90214J101</cusip>
			<value>3548</value>
			<shrsOrPrnAmt>
				<sshPrnamt>98198</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>98198</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>3M Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>52016</value>
			<shrsOrPrnAmt>
				<sshPrnamt>365061</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>365061</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>8x8 Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>282914100</cusip>
			<value>4050</value>
			<shrsOrPrnAmt>
				<sshPrnamt>486646</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>486646</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACE Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>H0023R105</cusip>
			<value>147416</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1419145</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1419145</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AGCO Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001084102</cusip>
			<value>48225</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1030392</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1030392</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AO Smith Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>831865209</cusip>
			<value>510</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7769</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>777</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AT&amp;T Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00206R102</cusip>
			<value>96593</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2949693</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2949693</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AbbVie Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00287Y109</cusip>
			<value>90646</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1657116</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1657116</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Acadia Healthcare Co. Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00404A109</cusip>
			<value>7132</value>
			<shrsOrPrnAmt>
				<sshPrnamt>106941</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>106941</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Accenture PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G1151C101</cusip>
			<value>19088</value>
			<shrsOrPrnAmt>
				<sshPrnamt>193772</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>193772</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Acuity Brands Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00508Y102</cusip>
			<value>1352</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7654</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7654</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Advantage Oil and Gas Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00765F101</cusip>
			<value>3744</value>
			<shrsOrPrnAmt>
				<sshPrnamt>715133</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>715133</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Agnico Eagle Mines Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008474108</cusip>
			<value>10708</value>
			<shrsOrPrnAmt>
				<sshPrnamt>421371</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>421371</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Agrium Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008916108</cusip>
			<value>42664</value>
			<shrsOrPrnAmt>
				<sshPrnamt>474896</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>474896</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Air Products and Chemicals Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>009158106</cusip>
			<value>1581</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12315</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>12315</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Akamai Technologies Inc. 0.00% February 15, 2019</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>00971TAG6</cusip>
			<value>158</value>
			<shrsOrPrnAmt>
				<sshPrnamt>150000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>150000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alamos Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>011532108</cusip>
			<value>429</value>
			<shrsOrPrnAmt>
				<sshPrnamt>115696</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>115696</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alibaba Group Holding Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>01609W102</cusip>
			<value>3871</value>
			<shrsOrPrnAmt>
				<sshPrnamt>65400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>65400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Allergan plc</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G0177J108</cusip>
			<value>83867</value>
			<shrsOrPrnAmt>
				<sshPrnamt>307617</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>307617</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Alliance Data Systems Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>018581108</cusip>
			<value>73156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>281626</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>281626</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Altria Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02209S103</cusip>
			<value>141625</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2590605</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2590605</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AmSurg Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03232P405</cusip>
			<value>4393</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56173</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>56173</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Amazon.com Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>81015</value>
			<shrsOrPrnAmt>
				<sshPrnamt>157791</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>157791</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>America Movil SAB de CV Series L ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>02364W105</cusip>
			<value>14251</value>
			<shrsOrPrnAmt>
				<sshPrnamt>858995</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>858995</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>American Capital Agency Corp.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>02503X105</cusip>
			<value>22</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>American Electric Power Co Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>025537101</cusip>
			<value>13</value>
			<shrsOrPrnAmt>
				<sshPrnamt>221</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>221</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>American International Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>026874784</cusip>
			<value>17522</value>
			<shrsOrPrnAmt>
				<sshPrnamt>307640</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>307640</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>American Tower Corp.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>03027X100</cusip>
			<value>57826</value>
			<shrsOrPrnAmt>
				<sshPrnamt>655316</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>655316</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ameriprise Financial Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>03076C106</cusip>
			<value>28137</value>
			<shrsOrPrnAmt>
				<sshPrnamt>256913</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>256913</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Amgen Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>031162100</cusip>
			<value>883</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6350</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6350</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Amphenol Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032095101</cusip>
			<value>59148</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1157217</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1157217</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Anadarko Petroleum Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>032511107</cusip>
			<value>3179</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52506</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>52506</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Anadarko Petroleum Corp. 7.50% June 7, 2018</nameOfIssuer>
			<titleOfClass>CPFD</titleOfClass>
			<cusip>032511404</cusip>
			<value>151</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>4000</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AngloGold Ashanti Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>035128206</cusip>
			<value>250</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30475</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>30475</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Annaly Capital Management Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>035710409</cusip>
			<value>27</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Anthem Inc. 2.75% October 15, 2042</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>94973VBG1</cusip>
			<value>3120</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1656000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1656000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Apollo Global Management LLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037612306</cusip>
			<value>6434</value>
			<shrsOrPrnAmt>
				<sshPrnamt>372126</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>372126</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Apple Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>037833100</cusip>
			<value>1463</value>
			<shrsOrPrnAmt>
				<sshPrnamt>13200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>13200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Archer-Daniels-Midland Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>039483102</cusip>
			<value>4006</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96375</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>96375</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Asanko Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>04341Y105</cusip>
			<value>4842</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3305920</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3305920</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Avago Technologies Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>Y0486S104</cusip>
			<value>65589</value>
			<shrsOrPrnAmt>
				<sshPrnamt>522664</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>522664</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Axiall Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05463D100</cusip>
			<value>2005</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>127000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>B2Gold Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>11777Q209</cusip>
			<value>8790</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8298943</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8298943</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>BCE Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>05534B760</cusip>
			<value>88503</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2157171</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2157171</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Baidu Inc. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>056752108</cusip>
			<value>2190</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15880</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1588</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank Of America Corp. 7.25% Preferred</nameOfIssuer>
			<titleOfClass>CPFD</titleOfClass>
			<cusip>060505682</cusip>
			<value>171</value>
			<shrsOrPrnAmt>
				<sshPrnamt>158</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>158</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of America Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>060505104</cusip>
			<value>9831</value>
			<shrsOrPrnAmt>
				<sshPrnamt>627000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>627000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of Montreal</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>063671101</cusip>
			<value>56267</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1029248</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1029248</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bank of Nova Scotia</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>064149107</cusip>
			<value>123468</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2794038</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2794038</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Barrick Gold Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>067901108</cusip>
			<value>2613</value>
			<shrsOrPrnAmt>
				<sshPrnamt>409687</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>409687</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Becton Dickinson And Co</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075887109</cusip>
			<value>999</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bed Bath and Beyond Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>075896100</cusip>
			<value>316</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Berkshire Hathaway Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>084670702</cusip>
			<value>16722</value>
			<shrsOrPrnAmt>
				<sshPrnamt>127930</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>13</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Booz Allen Hamilton Holding Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>099502106</cusip>
			<value>3151</value>
			<shrsOrPrnAmt>
				<sshPrnamt>119941</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>119941</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bristol-Myers Squibb Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>110122108</cusip>
			<value>52457</value>
			<shrsOrPrnAmt>
				<sshPrnamt>881984</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>881984</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Brookfield Asset Management Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>112585104</cusip>
			<value>70730</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2242514</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2242514</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Brookfield Infrastructure Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>G16252101</cusip>
			<value>23930</value>
			<shrsOrPrnAmt>
				<sshPrnamt>647927</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>647927</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Brookfield Property Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>G16249107</cusip>
			<value>2690</value>
			<shrsOrPrnAmt>
				<sshPrnamt>124905</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>124905</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Brookfield Renewable Energy Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>G16258108</cusip>
			<value>585</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>21200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Buffalo Wild Wings Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>119848109</cusip>
			<value>5320</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27329</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>27329</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Bunge Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G16962105</cusip>
			<value>4920</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>66700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CAE Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>124765108</cusip>
			<value>516</value>
			<shrsOrPrnAmt>
				<sshPrnamt>48600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>48600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CGI Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>39945C109</cusip>
			<value>45889</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1263530</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1263530</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CME Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12572Q105</cusip>
			<value>28</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CRH Medical Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>12626F105</cusip>
			<value>9776</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3047921</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3047921</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CSX Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126408103</cusip>
			<value>10</value>
			<shrsOrPrnAmt>
				<sshPrnamt>378</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>378</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>CVS Health Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>20912</value>
			<shrsOrPrnAmt>
				<sshPrnamt>216203</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>216203</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Calpine Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>131347304</cusip>
			<value>7</value>
			<shrsOrPrnAmt>
				<sshPrnamt>490</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>490</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cameco Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13321L108</cusip>
			<value>3576</value>
			<shrsOrPrnAmt>
				<sshPrnamt>292575</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>292575</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian Imperial Bank of Commerce</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136069101</cusip>
			<value>50147</value>
			<shrsOrPrnAmt>
				<sshPrnamt>696298</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>696298</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian National Railway Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136375102</cusip>
			<value>115710</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2032795</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2032795</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian Natural Resources Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>136385101</cusip>
			<value>59434</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3044396</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3044396</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Canadian Pacific Railway Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>13645T100</cusip>
			<value>590</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Celestica Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15101Q108</cusip>
			<value>32</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Celgene Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>151020104</cusip>
			<value>39554</value>
			<shrsOrPrnAmt>
				<sshPrnamt>364585</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>364585</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cenovus Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>15135U109</cusip>
			<value>3006</value>
			<shrsOrPrnAmt>
				<sshPrnamt>197717</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>197717</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Central Fund of Canada Ltd.</nameOfIssuer>
			<titleOfClass>MFC</titleOfClass>
			<cusip>153501101</cusip>
			<value>6595</value>
			<shrsOrPrnAmt>
				<sshPrnamt>620929</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>85429</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Central GoldTrust</nameOfIssuer>
			<titleOfClass>MFC</titleOfClass>
			<cusip>153546106</cusip>
			<value>417</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>10500</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Chesapeake Energy Corp. 2.75% November 15, 2035</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>165167BW6</cusip>
			<value>174</value>
			<shrsOrPrnAmt>
				<sshPrnamt>175000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>175000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Chevron Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>166764100</cusip>
			<value>4544</value>
			<shrsOrPrnAmt>
				<sshPrnamt>57479</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>57479</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ciena Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171779309</cusip>
			<value>5883</value>
			<shrsOrPrnAmt>
				<sshPrnamt>282137</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>282137</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cimarex Energy Co</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>171798101</cusip>
			<value>3382</value>
			<shrsOrPrnAmt>
				<sshPrnamt>32912</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>32912</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cipher Pharmaceuticals Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17253X105</cusip>
			<value>70</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cisco Systems Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>17275R102</cusip>
			<value>48600</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1842187</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1842187</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cognizant Technology Solutions Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>192446102</cusip>
			<value>67010</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1067110</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1067110</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Colgate-Palmolive Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194162103</cusip>
			<value>21203</value>
			<shrsOrPrnAmt>
				<sshPrnamt>332910</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>332910</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Colliers International Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>194693107</cusip>
			<value>12895</value>
			<shrsOrPrnAmt>
				<sshPrnamt>316726</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>316726</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Comcast Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20030N101</cusip>
			<value>17279</value>
			<shrsOrPrnAmt>
				<sshPrnamt>303052</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>40094</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ConAgra Foods Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>205887102</cusip>
			<value>6388</value>
			<shrsOrPrnAmt>
				<sshPrnamt>156700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>156700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Concho Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20605P101</cusip>
			<value>61313</value>
			<shrsOrPrnAmt>
				<sshPrnamt>621888</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>621888</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Concordia Healthcare Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>206519100</cusip>
			<value>4264</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99688</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>99688</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ConocoPhillips</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>20825C104</cusip>
			<value>6020</value>
			<shrsOrPrnAmt>
				<sshPrnamt>124732</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>124732</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Continental Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>212015101</cusip>
			<value>2395</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82422</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>82422</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Corning Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>219350105</cusip>
			<value>42731</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2488597</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2488597</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Corrections Corp. of America</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>22025Y407</cusip>
			<value>7349</value>
			<shrsOrPrnAmt>
				<sshPrnamt>247211</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>247211</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Credicorp Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G2519Y108</cusip>
			<value>25978</value>
			<shrsOrPrnAmt>
				<sshPrnamt>243656</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>243656</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Crescent Point Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>22576C101</cusip>
			<value>1809</value>
			<shrsOrPrnAmt>
				<sshPrnamt>157722</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>157722</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Crestwood Midstream Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>226378107</cusip>
			<value>5</value>
			<shrsOrPrnAmt>
				<sshPrnamt>839</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>839</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ctrip.com International Ltd. 1.25% October 15, 2018</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>22943FAD2</cusip>
			<value>3301</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3059000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>764750</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Cummins Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>231021106</cusip>
			<value>492</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4506</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4506</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DCP Midstream Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>23311P100</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>471</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>471</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>DR Horton Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>23331A109</cusip>
			<value>6969</value>
			<shrsOrPrnAmt>
				<sshPrnamt>235872</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>235872</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Deere &amp; Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>244199105</cusip>
			<value>22</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Delphi Automotive PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G27823106</cusip>
			<value>1528</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19966</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>19966</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Devon Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25179M103</cusip>
			<value>6906</value>
			<shrsOrPrnAmt>
				<sshPrnamt>185692</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>185692</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dollar General Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>256677105</cusip>
			<value>61337</value>
			<shrsOrPrnAmt>
				<sshPrnamt>844165</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>844165</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dominion Diamond Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>257287102</cusip>
			<value>234</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21878</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>21878</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dominion Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>25746U109</cusip>
			<value>517</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Dominion Resources Inc. 6.375% Preferred July 1, 2017</nameOfIssuer>
			<titleOfClass>CPFD</titleOfClass>
			<cusip>25746U869</cusip>
			<value>169</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3383</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3383</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Donaldson Co. Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>257651109</cusip>
			<value>16489</value>
			<shrsOrPrnAmt>
				<sshPrnamt>583519</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>583519</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Duke Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26441C204</cusip>
			<value>7</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EMC Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>268648102</cusip>
			<value>18156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>746759</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>746759</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EOG Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26875P101</cusip>
			<value>3341</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45729</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>45729</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>EQT Midstream Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>26885B100</cusip>
			<value>14</value>
			<shrsOrPrnAmt>
				<sshPrnamt>213</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>213</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eastman Chemical Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>277432100</cusip>
			<value>32404</value>
			<shrsOrPrnAmt>
				<sshPrnamt>497804</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>497804</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eaton Corp. PLC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G29183103</cusip>
			<value>16277</value>
			<shrsOrPrnAmt>
				<sshPrnamt>315293</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>315293</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ecolab Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>278865100</cusip>
			<value>7382</value>
			<shrsOrPrnAmt>
				<sshPrnamt>67055</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>67055</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Eldorado Gold Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>284902103</cusip>
			<value>25843</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8038463</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8038463</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Electronic Arts Inc. 0.75% July 15, 2016</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>285512AA7</cusip>
			<value>171</value>
			<shrsOrPrnAmt>
				<sshPrnamt>80000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>80000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Emerson Electric Co</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>291011104</cusip>
			<value>5728</value>
			<shrsOrPrnAmt>
				<sshPrnamt>128869</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>128869</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enbridge Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29250N105</cusip>
			<value>59310</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1593537</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1593537</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Encana Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292505104</cusip>
			<value>12515</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1939664</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1939664</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Energy Transfer Equity LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>29273V100</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>516</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>516</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enerplus Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>292766102</cusip>
			<value>348</value>
			<shrsOrPrnAmt>
				<sshPrnamt>71334</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>71334</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Enersis SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>29274F104</cusip>
			<value>79</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6177</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6177</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Entergy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G103</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>172</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>172</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Equinix Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>29444U700</cusip>
			<value>51808</value>
			<shrsOrPrnAmt>
				<sshPrnamt>188926</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>188926</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Exelon Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N101</cusip>
			<value>7000</value>
			<shrsOrPrnAmt>
				<sshPrnamt>234196</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>234196</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Exelon Corp. 6.50% Preferred June 1, 2017</nameOfIssuer>
			<titleOfClass>CPFD</titleOfClass>
			<cusip>30161N127</cusip>
			<value>171</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Express Scripts Holding Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30219G108</cusip>
			<value>8</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Exxon Mobil Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>72651</value>
			<shrsOrPrnAmt>
				<sshPrnamt>973661</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>973661</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Facebook Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30303M102</cusip>
			<value>95595</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1060167</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1060167</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fiesta Restaurant Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31660B101</cusip>
			<value>4165</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91225</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>91225</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fifth Third Bancorp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>316773100</cusip>
			<value>4735</value>
			<shrsOrPrnAmt>
				<sshPrnamt>248800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>248800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>First Solar Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>336433107</cusip>
			<value>156</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3624</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3624</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>First Trust Taiwan Alphadex Fund ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>33737J257</cusip>
			<value>18</value>
			<shrsOrPrnAmt>
				<sshPrnamt>611</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>611</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>FirstService Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>33767E103</cusip>
			<value>12978</value>
			<shrsOrPrnAmt>
				<sshPrnamt>400595</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8011900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fomento Economico Mexicano SAB de CV ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>344419106</cusip>
			<value>22372</value>
			<shrsOrPrnAmt>
				<sshPrnamt>250060</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>250060</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Forestar Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>346233109</cusip>
			<value>8505</value>
			<shrsOrPrnAmt>
				<sshPrnamt>644338</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>644338</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Fortuna Silver Mines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>349915108</cusip>
			<value>530</value>
			<shrsOrPrnAmt>
				<sshPrnamt>241007</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>241007</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Franco-Nevada Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>351858105</cusip>
			<value>16714</value>
			<shrsOrPrnAmt>
				<sshPrnamt>378360</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>378360</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Freeport McMoRan Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>6671</value>
			<shrsOrPrnAmt>
				<sshPrnamt>685237</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>685237</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Frontier Communications Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35906A108</cusip>
			<value>4339</value>
			<shrsOrPrnAmt>
				<sshPrnamt>907779</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>907779</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>General Cable Corp. 4.50% November 15, 2029</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>369300AL2</cusip>
			<value>67</value>
			<shrsOrPrnAmt>
				<sshPrnamt>110000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>110000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>General Electric Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>6807</value>
			<shrsOrPrnAmt>
				<sshPrnamt>268200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>268200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>General Mills Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>28</value>
			<shrsOrPrnAmt>
				<sshPrnamt>500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Gildan Activewear Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375916103</cusip>
			<value>13876</value>
			<shrsOrPrnAmt>
				<sshPrnamt>458633</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>458633</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Gilead Sciences Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
			<value>325</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3290</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3290</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Global X MSCI Norway ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>37950E747</cusip>
			<value>22382</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2180461</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2180461</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Goldcorp Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>380956409</cusip>
			<value>23472</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1867673</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1867673</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Gray Television Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>389375106</cusip>
			<value>4393</value>
			<shrsOrPrnAmt>
				<sshPrnamt>342110</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>342110</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HCP Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>40414L109</cusip>
			<value>22</value>
			<shrsOrPrnAmt>
				<sshPrnamt>600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HDFC Bank Ltd ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>40415F101</cusip>
			<value>2331</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>38100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Halliburton Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>406216101</cusip>
			<value>2472</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69765</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>69765</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Hannon Armstrong Sustainable Infrastructure Capital Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>41068X100</cusip>
			<value>343</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19779</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>19779</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Harman International Industries Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>413086109</cusip>
			<value>20804</value>
			<shrsOrPrnAmt>
				<sshPrnamt>216094</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>216094</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Henry Schein Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806407102</cusip>
			<value>84</value>
			<shrsOrPrnAmt>
				<sshPrnamt>630</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>630</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Hess Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>42809H107</cusip>
			<value>1404</value>
			<shrsOrPrnAmt>
				<sshPrnamt>27861</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>27861</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Hewlett-Packard Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>428236103</cusip>
			<value>5</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Honeywell International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>438516106</cusip>
			<value>141871</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1492118</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1492118</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>HudBay Minerals Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>443628102</cusip>
			<value>4259</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1149980</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1149980</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Huntington Bancshares Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446150104</cusip>
			<value>554</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>51900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Huntington Ingalls Industries Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>446413106</cusip>
			<value>11663</value>
			<shrsOrPrnAmt>
				<sshPrnamt>108433</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>108433</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Huntsman Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>447011107</cusip>
			<value>2652</value>
			<shrsOrPrnAmt>
				<sshPrnamt>272929</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>272929</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>IDEXX Laboratories Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45168D104</cusip>
			<value>1086</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14531</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>14531</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ITC Holdings Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>465685105</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>323</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>323</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Illumina Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>452327109</cusip>
			<value>44546</value>
			<shrsOrPrnAmt>
				<sshPrnamt>252604</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>252604</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Illumina Inc. 0.00% June 15, 2019</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>452327AF6</cusip>
			<value>82</value>
			<shrsOrPrnAmt>
				<sshPrnamt>75000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>75000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Imax Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45245E109</cusip>
			<value>4632</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>136200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Imperial Oil Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>453038408</cusip>
			<value>592</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18632</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18632</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Infinera Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>45667G103</cusip>
			<value>2496</value>
			<shrsOrPrnAmt>
				<sshPrnamt>126800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>126800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Integrated Device Technology Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458118106</cusip>
			<value>382</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Intel Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>458140100</cusip>
			<value>23689</value>
			<shrsOrPrnAmt>
				<sshPrnamt>783195</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>783195</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Intel Corp. 2.95% December 15, 2035</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>458140AD2</cusip>
			<value>280</value>
			<shrsOrPrnAmt>
				<sshPrnamt>230000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>230000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>International Business Machines Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>459200101</cusip>
			<value>43791</value>
			<shrsOrPrnAmt>
				<sshPrnamt>301096</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>301096</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Intuit Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>461202103</cusip>
			<value>851</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9540</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9540</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Invesco Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G491BT108</cusip>
			<value>45384</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1447173</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1447173</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ishares India 50 ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464289529</cusip>
			<value>61104</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2190093</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2190093</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ishares iBoxx $ High Yield Corporate Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288513</cusip>
			<value>5</value>
			<shrsOrPrnAmt>
				<sshPrnamt>64</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>64</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>JPMorgan Chase &amp; Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>46625H100</cusip>
			<value>121592</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1984880</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1984880</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Janus Capital Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>47102X105</cusip>
			<value>6850</value>
			<shrsOrPrnAmt>
				<sshPrnamt>500463</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>500463</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Johnson &amp; Johnson</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478160104</cusip>
			<value>26415</value>
			<shrsOrPrnAmt>
				<sshPrnamt>281916</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>281916</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Johnson Controls Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>478366107</cusip>
			<value>853</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>20500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KB Financial Group Inc. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>48241A105</cusip>
			<value>4440</value>
			<shrsOrPrnAmt>
				<sshPrnamt>150103</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>150103</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>KB Home</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48666K109</cusip>
			<value>4582</value>
			<shrsOrPrnAmt>
				<sshPrnamt>336000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>336000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kate Spade &amp; Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>485865109</cusip>
			<value>4194</value>
			<shrsOrPrnAmt>
				<sshPrnamt>218076</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>218076</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kinder Morgan Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>49456B101</cusip>
			<value>47961</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1722283</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1722283</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Kohl&apos;s Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500255104</cusip>
			<value>5643</value>
			<shrsOrPrnAmt>
				<sshPrnamt>121090</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>121090</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LG Display Co. Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>50186V102</cusip>
			<value>876</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91669</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>91669</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Laboratory Corp. of America Holdings</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>50540R409</cusip>
			<value>56889</value>
			<shrsOrPrnAmt>
				<sshPrnamt>522606</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>522606</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lake Shore Gold Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>510728108</cusip>
			<value>487</value>
			<shrsOrPrnAmt>
				<sshPrnamt>578308</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>578308</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Las Vegas Sands Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>517834107</cusip>
			<value>21180</value>
			<shrsOrPrnAmt>
				<sshPrnamt>554270</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>554270</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lazard Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G54050102</cusip>
			<value>23638</value>
			<shrsOrPrnAmt>
				<sshPrnamt>542454</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>542454</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lennar Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>526057104</cusip>
			<value>75697</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1568022</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1568022</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lincoln National Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>534187109</cusip>
			<value>19795</value>
			<shrsOrPrnAmt>
				<sshPrnamt>415539</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>415539</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Lockheed Martin Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>539830109</cusip>
			<value>27117</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130318</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>130318</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LogMeIn Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>54142L109</cusip>
			<value>3361</value>
			<shrsOrPrnAmt>
				<sshPrnamt>49000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>49000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>LyondellBasell Industries NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N53745100</cusip>
			<value>24431</value>
			<shrsOrPrnAmt>
				<sshPrnamt>291649</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>291649</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MAG Silver Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>55903Q104</cusip>
			<value>1720</value>
			<shrsOrPrnAmt>
				<sshPrnamt>241007</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>241007</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Magellan Midstream Partners LP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>559080106</cusip>
			<value>14</value>
			<shrsOrPrnAmt>
				<sshPrnamt>226</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>226</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Magna International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>559222401</cusip>
			<value>31263</value>
			<shrsOrPrnAmt>
				<sshPrnamt>650219</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>650219</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Malibu Boats Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56117J100</cusip>
			<value>5131</value>
			<shrsOrPrnAmt>
				<sshPrnamt>365200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>365200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Manulife Financial Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>56501R106</cusip>
			<value>86432</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5574939</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5574939</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Martin Marietta Materials Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>573284106</cusip>
			<value>702</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MasTec Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>576323109</cusip>
			<value>3369</value>
			<shrsOrPrnAmt>
				<sshPrnamt>211500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>211500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MasterCard Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>57636Q104</cusip>
			<value>74801</value>
			<shrsOrPrnAmt>
				<sshPrnamt>827555</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>827555</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>McDonald&apos;s Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>24853</value>
			<shrsOrPrnAmt>
				<sshPrnamt>251337</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>251337</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>McKesson Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>892</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4797</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4797</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mednax Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58502B106</cusip>
			<value>19205</value>
			<shrsOrPrnAmt>
				<sshPrnamt>249500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>249500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Medtronic Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G5960L103</cusip>
			<value>966</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14362</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>14362</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Merck &amp; Co. Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>25439</value>
			<shrsOrPrnAmt>
				<sshPrnamt>513061</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>513061</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Meritor Inc. 4.00% February 15, 2027</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>043353AH4</cusip>
			<value>20</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Merus Labs International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59047R101</cusip>
			<value>3904</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3021965</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3021965</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>MetLife Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>25271</value>
			<shrsOrPrnAmt>
				<sshPrnamt>533767</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>533767</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Methanex Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59151K108</cusip>
			<value>100</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Microsoft Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>840</value>
			<shrsOrPrnAmt>
				<sshPrnamt>18900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>18900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Molina Healthcare Inc. 1.625% August 15, 2044</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>60855RAD2</cusip>
			<value>276</value>
			<shrsOrPrnAmt>
				<sshPrnamt>210000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>210000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mondelez International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>609207105</cusip>
			<value>76065</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1807883</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1807883</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Monsanto Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61166W101</cusip>
			<value>7988</value>
			<shrsOrPrnAmt>
				<sshPrnamt>93341</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>93341</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Monster Beverage Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61174X109</cusip>
			<value>28311</value>
			<shrsOrPrnAmt>
				<sshPrnamt>208873</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>208873</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Moody&apos;s Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>615369105</cusip>
			<value>106954</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1085109</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1085109</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Morgan Stanley</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>617446448</cusip>
			<value>65603</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2076444</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2076444</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Mountain Province Diamonds Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>62426E402</cusip>
			<value>2081</value>
			<shrsOrPrnAmt>
				<sshPrnamt>805256</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>805256</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NIKE Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>654106103</cusip>
			<value>602</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4864</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4864</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>NXP Semiconductors NV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>N6596X109</cusip>
			<value>7563</value>
			<shrsOrPrnAmt>
				<sshPrnamt>86307</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>86307</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>National Retail Properties Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>637417106</cusip>
			<value>43937</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1203697</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1203697</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>New Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>644535106</cusip>
			<value>756</value>
			<shrsOrPrnAmt>
				<sshPrnamt>334558</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>334558</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>New Jersey Resources Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>646025106</cusip>
			<value>12</value>
			<shrsOrPrnAmt>
				<sshPrnamt>408</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>408</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Newfield Exploration Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651290108</cusip>
			<value>46955</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1422497</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1422497</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Newmont Mining Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>6057</value>
			<shrsOrPrnAmt>
				<sshPrnamt>375327</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>375327</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Newmont Mining Corp. 1.625% July 15, 2017</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>651639AJ5</cusip>
			<value>210</value>
			<shrsOrPrnAmt>
				<sshPrnamt>210000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>210000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Nobilis Health Corp. - Restricted</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65500B103</cusip>
			<value>3994</value>
			<shrsOrPrnAmt>
				<sshPrnamt>765001</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>665501</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Nobilis Health Corp. - Warrants</nameOfIssuer>
			<titleOfClass>WARR</titleOfClass>
			<cusip>65500B103</cusip>
			<value>194</value>
			<shrsOrPrnAmt>
				<sshPrnamt>225500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>225500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Noble Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655044105</cusip>
			<value>12516</value>
			<shrsOrPrnAmt>
				<sshPrnamt>412334</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>412334</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Norfolk Southern Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655844108</cusip>
			<value>63</value>
			<shrsOrPrnAmt>
				<sshPrnamt>825</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>825</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Northrop Grumman Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>666807102</cusip>
			<value>107819</value>
			<shrsOrPrnAmt>
				<sshPrnamt>646523</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>646523</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Norwegian Cruise Line Holdings Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>G66721104</cusip>
			<value>66379</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1155020</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1155020</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ON Semiconductor Corp. 2.625% December 15, 2026</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>682189AH8</cusip>
			<value>79</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>70000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ONEOK Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682680103</cusip>
			<value>9</value>
			<shrsOrPrnAmt>
				<sshPrnamt>269</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>269</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ONEOK Partners LP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68268N103</cusip>
			<value>13</value>
			<shrsOrPrnAmt>
				<sshPrnamt>434</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>434</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Occidental Petroleum Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>674599105</cusip>
			<value>2062</value>
			<shrsOrPrnAmt>
				<sshPrnamt>31173</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>31173</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Omnicom Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>681919106</cusip>
			<value>87632</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1323696</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1323696</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>On Assignment Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>682159108</cusip>
			<value>3704</value>
			<shrsOrPrnAmt>
				<sshPrnamt>99742</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>99742</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Open Text Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>683715106</cusip>
			<value>15746</value>
			<shrsOrPrnAmt>
				<sshPrnamt>350764</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>350764</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Oracle Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>68389X105</cusip>
			<value>18972</value>
			<shrsOrPrnAmt>
				<sshPrnamt>521932</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>521932</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PDC Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>69327R101</cusip>
			<value>3735</value>
			<shrsOrPrnAmt>
				<sshPrnamt>70019</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>70019</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Palo Alto Networks Inc. 0.00% July 1, 2019</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>697435AB1</cusip>
			<value>308</value>
			<shrsOrPrnAmt>
				<sshPrnamt>190000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>190000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pattern Energy Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70338P100</cusip>
			<value>446</value>
			<shrsOrPrnAmt>
				<sshPrnamt>23201</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>23201</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pembina Pipeline Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>706327103</cusip>
			<value>11499</value>
			<shrsOrPrnAmt>
				<sshPrnamt>476761</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>476761</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pengrowth Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>70706P104</cusip>
			<value>1182</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1380605</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1380605</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pepsico Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>713448108</cusip>
			<value>17297</value>
			<shrsOrPrnAmt>
				<sshPrnamt>182982</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>182982</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Petroleo Brasileiro SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>71654V408</cusip>
			<value>301</value>
			<shrsOrPrnAmt>
				<sshPrnamt>69140</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>69140</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Pfizer Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>717081103</cusip>
			<value>26694</value>
			<shrsOrPrnAmt>
				<sshPrnamt>846639</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>846639</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Philip Morris International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718172109</cusip>
			<value>162765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2041215</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2041215</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Phillips 66</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>718546104</cusip>
			<value>6838</value>
			<shrsOrPrnAmt>
				<sshPrnamt>88427</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>88427</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Phillips 66 Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>718549207</cusip>
			<value>12</value>
			<shrsOrPrnAmt>
				<sshPrnamt>239</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>239</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Plains GP Holdings LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>72651A108</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>615</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>615</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Posco ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>693483109</cusip>
			<value>265</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7561</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>7561</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PowerShares International Corporate Bond Portfolio</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>73936Q835</cusip>
			<value>16</value>
			<shrsOrPrnAmt>
				<sshPrnamt>626</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>626</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Praxair Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74005P104</cusip>
			<value>20</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Precision Drilling Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74022D308</cusip>
			<value>14403</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3881466</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3881466</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>PriceSmart Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>741511109</cusip>
			<value>923</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11886</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11886</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Primerica Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74164M108</cusip>
			<value>45494</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1006142</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1006142</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Primero Mining Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74164W106</cusip>
			<value>3075</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1312125</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1312125</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>QUALCOMM Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>747525103</cusip>
			<value>16</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>RPM International Inc. 2.25% December 15, 2020</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>749685AT0</cusip>
			<value>27</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>24000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Radian Group Inc. 2.25% March 1, 2019</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>750236AN1</cusip>
			<value>265</value>
			<shrsOrPrnAmt>
				<sshPrnamt>175000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>175000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Radian Group Inc. 3.00% November 15, 2017</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>750236AK7</cusip>
			<value>14</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>10000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Randgold Resources Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>752344309</cusip>
			<value>17445</value>
			<shrsOrPrnAmt>
				<sshPrnamt>294303</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>294303</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Raytheon Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>755111507</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Red Hat Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756577102</cusip>
			<value>73456</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1018904</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1018904</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Regeneron Pharmaceuticals Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75886F107</cusip>
			<value>44840</value>
			<shrsOrPrnAmt>
				<sshPrnamt>96117</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>96117</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Reynolds American Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761713106</cusip>
			<value>10390</value>
			<shrsOrPrnAmt>
				<sshPrnamt>234127</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>234127</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Richmont Mines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76547T106</cusip>
			<value>1531</value>
			<shrsOrPrnAmt>
				<sshPrnamt>546600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>546600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Robert Half International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>770323103</cusip>
			<value>29096</value>
			<shrsOrPrnAmt>
				<sshPrnamt>567028</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>567028</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Rockwell Automation Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>773903109</cusip>
			<value>5243</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51360</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>51360</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Roper Technologies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>776696106</cusip>
			<value>806</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5114</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5114</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Bank of Canada</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780087102</cusip>
			<value>119421</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2154556</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2154556</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Dutch Shell PLC ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>780259206</cusip>
			<value>1034</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21817</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>21817</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Royal Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>780287108</cusip>
			<value>2466</value>
			<shrsOrPrnAmt>
				<sshPrnamt>52333</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>52333</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Barclays Capital 1-3 Month T-Bill ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78464A680</cusip>
			<value>247173</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5375478</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5375478</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Barclays Capital Long Term Treasury Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78464A664</cusip>
			<value>158</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2193</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2193</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Barclays Capital US High Yield Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78464A417</cusip>
			<value>10275</value>
			<shrsOrPrnAmt>
				<sshPrnamt>286298</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>286298</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Barclays Intermediate Term Treasury ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78464A672</cusip>
			<value>104</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1706</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1706</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Barclays Short Term Treasury ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>78468R101</cusip>
			<value>73</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2387</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2387</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Consumer Staples Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y308</cusip>
			<value>9560</value>
			<shrsOrPrnAmt>
				<sshPrnamt>201294</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>201294</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Financial Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y605</cusip>
			<value>33441</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1466400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1466400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Health Care Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y209</cusip>
			<value>21891</value>
			<shrsOrPrnAmt>
				<sshPrnamt>328437</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>328437</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR Materials Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y100</cusip>
			<value>13876</value>
			<shrsOrPrnAmt>
				<sshPrnamt>345397</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>345397</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P Consumer Discretionary Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y407</cusip>
			<value>32680</value>
			<shrsOrPrnAmt>
				<sshPrnamt>437288</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>437288</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P Energy Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y506</cusip>
			<value>9917</value>
			<shrsOrPrnAmt>
				<sshPrnamt>161011</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>161011</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P Industrial Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y704</cusip>
			<value>39191</value>
			<shrsOrPrnAmt>
				<sshPrnamt>780571</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>780571</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P Technology Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y803</cusip>
			<value>63905</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1607586</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1607586</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SPDR S&amp;P Utilities Select Sector ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>81369Y886</cusip>
			<value>21878</value>
			<shrsOrPrnAmt>
				<sshPrnamt>502183</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>502183</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sabre Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78573M104</cusip>
			<value>16886</value>
			<shrsOrPrnAmt>
				<sshPrnamt>617405</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>617405</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Salesforce.com Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>79466L302</cusip>
			<value>73662</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1057813</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1057813</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Salesforce.com Inc. 0.25% April 1, 2018</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>79466LAD6</cusip>
			<value>428</value>
			<shrsOrPrnAmt>
				<sshPrnamt>350000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>350000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Schlumberger Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
			<value>18998</value>
			<shrsOrPrnAmt>
				<sshPrnamt>273896</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>273896</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sealed Air Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81211K100</cusip>
			<value>1907</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40446</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>40446</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ServiceNow Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>81762P102</cusip>
			<value>6485</value>
			<shrsOrPrnAmt>
				<sshPrnamt>92782</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>92782</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ServiceNow Inc. 0.00% November 1, 2018</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>81762PAB8</cusip>
			<value>2841</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2525000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2525000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Shaw Communications Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82028K200</cusip>
			<value>13452</value>
			<shrsOrPrnAmt>
				<sshPrnamt>693057</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>0</Sole>
				<Shared>0</Shared>
				<None>693057</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Shopify Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82509L107</cusip>
			<value>226</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6450</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6450</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Signature Bank</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>82669G104</cusip>
			<value>5233</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>37800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Silicon Motion Technology Corp. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>82706C108</cusip>
			<value>962</value>
			<shrsOrPrnAmt>
				<sshPrnamt>34990</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>139960</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Silver Wheaton Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828336107</cusip>
			<value>5157</value>
			<shrsOrPrnAmt>
				<sshPrnamt>428048</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>428048</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Silvercrest Mines Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>828365106</cusip>
			<value>3475</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3920716</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3920716</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Skechers U.S.A. Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>830566105</cusip>
			<value>7583</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>56200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Skyworks Solutions Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>83088M102</cusip>
			<value>7987</value>
			<shrsOrPrnAmt>
				<sshPrnamt>94272</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>94272</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Solitario Exploration &amp; Royalty Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>8342EP107</cusip>
			<value>332</value>
			<shrsOrPrnAmt>
				<sshPrnamt>736221</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>736221</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sony Corp. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>835699307</cusip>
			<value>905</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36703</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>367</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Southern Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>842587107</cusip>
			<value>39</value>
			<shrsOrPrnAmt>
				<sshPrnamt>879</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>879</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Southern Copper Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84265V105</cusip>
			<value>15818</value>
			<shrsOrPrnAmt>
				<sshPrnamt>590558</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>590558</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Southwestern Energy Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>845467109</cusip>
			<value>2</value>
			<shrsOrPrnAmt>
				<sshPrnamt>160</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>160</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sovran Self Storage Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>84610H108</cusip>
			<value>4250</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44778</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>44778</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Spectra Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>847560109</cusip>
			<value>9</value>
			<shrsOrPrnAmt>
				<sshPrnamt>358</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>358</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Spectra Energy Partners LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>84756N109</cusip>
			<value>10</value>
			<shrsOrPrnAmt>
				<sshPrnamt>245</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>245</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sprouts Farmers Market Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85208M102</cusip>
			<value>4028</value>
			<shrsOrPrnAmt>
				<sshPrnamt>189694</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>189694</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stantec Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>85472N109</cusip>
			<value>6704</value>
			<shrsOrPrnAmt>
				<sshPrnamt>305884</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>305884</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Staples Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>855030102</cusip>
			<value>4391</value>
			<shrsOrPrnAmt>
				<sshPrnamt>372000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>372000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stillwater Mining Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86074Q102</cusip>
			<value>1386</value>
			<shrsOrPrnAmt>
				<sshPrnamt>133540</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>133540</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Stryker Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>863667101</cusip>
			<value>775</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>8200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Sun Life Financial Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>866796105</cusip>
			<value>786</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>24300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>SunEdison Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>86732Y109</cusip>
			<value>144</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19970</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>19970</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Suncor Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>867224107</cusip>
			<value>42730</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1593888</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1593888</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Superior Energy Services Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>868157108</cusip>
			<value>775</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>61400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T Rowe Price Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74144T108</cusip>
			<value>34774</value>
			<shrsOrPrnAmt>
				<sshPrnamt>498160</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>498160</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>T-Mobile US Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872590104</cusip>
			<value>73145</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1831829</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1831829</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TAL Education Group 2.50% May 15, 2019</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>874080AB0</cusip>
			<value>174</value>
			<shrsOrPrnAmt>
				<sshPrnamt>135000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>270000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TC PipeLines LP</nameOfIssuer>
			<titleOfClass>LTD PART</titleOfClass>
			<cusip>87233Q108</cusip>
			<value>13</value>
			<shrsOrPrnAmt>
				<sshPrnamt>283</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>283</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TELUS Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87971M103</cusip>
			<value>44203</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1399478</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1399478</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TOTAL SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>89151E109</cusip>
			<value>1973</value>
			<shrsOrPrnAmt>
				<sshPrnamt>44126</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>44126</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tahoe Resources Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>873868103</cusip>
			<value>24214</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3126652</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>3126652</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Taiwan Semiconductor Manufacturing Co. Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>874039100</cusip>
			<value>916</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43860</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>43860</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Take-Two Interactive Software Inc. 1.00% July 1, 2018</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>874054AD1</cusip>
			<value>53</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>37000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Targa Resources Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612G101</cusip>
			<value>9</value>
			<shrsOrPrnAmt>
				<sshPrnamt>180</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>180</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Targa Resources Partners LP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87611X105</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>393</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>393</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Target Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87612E106</cusip>
			<value>24</value>
			<shrsOrPrnAmt>
				<sshPrnamt>300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>300</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Teck Resources Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>878742204</cusip>
			<value>7185</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1501592</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1501592</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tenaris SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>88031M109</cusip>
			<value>19195</value>
			<shrsOrPrnAmt>
				<sshPrnamt>794205</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>794205</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tesla Motors Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88160R101</cusip>
			<value>150</value>
			<shrsOrPrnAmt>
				<sshPrnamt>600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>600</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Teva Pharmaceutical Industries Ltd. ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>881624209</cusip>
			<value>36369</value>
			<shrsOrPrnAmt>
				<sshPrnamt>642021</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>642021</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Texas Instruments Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>882508104</cusip>
			<value>597</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>12000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Allstate Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020002101</cusip>
			<value>3587</value>
			<shrsOrPrnAmt>
				<sshPrnamt>61200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>61200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Blackstone Group LP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>09253U108</cusip>
			<value>922</value>
			<shrsOrPrnAmt>
				<sshPrnamt>29000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>29000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Boeing Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>097023105</cusip>
			<value>77911</value>
			<shrsOrPrnAmt>
				<sshPrnamt>593193</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>593193</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Brink&apos;s Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>109696104</cusip>
			<value>3593</value>
			<shrsOrPrnAmt>
				<sshPrnamt>132195</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>132195</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Charles Schwab Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>808513105</cusip>
			<value>67317</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2350079</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2350079</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Coca-Cola Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>191216100</cusip>
			<value>21415</value>
			<shrsOrPrnAmt>
				<sshPrnamt>531712</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>531712</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Cooper Co. Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>216648402</cusip>
			<value>34</value>
			<shrsOrPrnAmt>
				<sshPrnamt>230</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>230</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Descartes Systems Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>249906108</cusip>
			<value>3261</value>
			<shrsOrPrnAmt>
				<sshPrnamt>183650</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>183650</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Dun &amp; Bradstreet Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>26483E100</cusip>
			<value>44349</value>
			<shrsOrPrnAmt>
				<sshPrnamt>420810</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>420810</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Hain Celestial Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>405217100</cusip>
			<value>823</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15858</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>15858</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Hartford Financial Services Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>416515104</cusip>
			<value>10175</value>
			<shrsOrPrnAmt>
				<sshPrnamt>220852</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>220852</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Home Depot Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>437076102</cusip>
			<value>31036</value>
			<shrsOrPrnAmt>
				<sshPrnamt>267735</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>267735</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Kraft Heinz Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>500754106</cusip>
			<value>52310</value>
			<shrsOrPrnAmt>
				<sshPrnamt>737362</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>737362</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Kroger Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>501044101</cusip>
			<value>1419</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39117</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>39117</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Procter &amp; Gamble Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>742718109</cusip>
			<value>13648</value>
			<shrsOrPrnAmt>
				<sshPrnamt>189257</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>189257</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The TJX Companies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>37869</value>
			<shrsOrPrnAmt>
				<sshPrnamt>526894</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>526894</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Walt Disney Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>254687106</cusip>
			<value>1150</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>The Williams Cos. Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>969457100</cusip>
			<value>110348</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2980865</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2980865</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Thermo Fisher Scientific Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
			<value>2419</value>
			<shrsOrPrnAmt>
				<sshPrnamt>19672</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>19672</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Thomson Reuters Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>884903105</cusip>
			<value>13765</value>
			<shrsOrPrnAmt>
				<sshPrnamt>341646</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>341646</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Toll Brothers Finance Corp. 0.50% September 15, 2032</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>88947EAM2</cusip>
			<value>206</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Toronto-Dominion Bank</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891160509</cusip>
			<value>104878</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2654443</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2654443</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TransAlta Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89346D107</cusip>
			<value>3774</value>
			<shrsOrPrnAmt>
				<sshPrnamt>810375</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>810375</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>TransCanada Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89353D107</cusip>
			<value>11214</value>
			<shrsOrPrnAmt>
				<sshPrnamt>353775</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>353775</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Trex Co Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89531P105</cusip>
			<value>569</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16974</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>16974</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Trimble Navigation Ltd.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>896239100</cusip>
			<value>100</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6031</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>6031</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Trulia Inc. 2.75% December 15, 2020</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>897888AB9</cusip>
			<value>971</value>
			<shrsOrPrnAmt>
				<sshPrnamt>730000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>730000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Twitter Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90184L102</cusip>
			<value>3</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Tyler Technologies Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902252105</cusip>
			<value>6146</value>
			<shrsOrPrnAmt>
				<sshPrnamt>40900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>40900</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>US Bancorp</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902973304</cusip>
			<value>15365</value>
			<shrsOrPrnAmt>
				<sshPrnamt>373756</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>373756</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>US Concrete Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90333L201</cusip>
			<value>706</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>14700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>US Geothermal Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90338S102</cusip>
			<value>2810</value>
			<shrsOrPrnAmt>
				<sshPrnamt>4504144</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>4504144</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ulta Salon Cosmetics and Fragrance Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90384S303</cusip>
			<value>51411</value>
			<shrsOrPrnAmt>
				<sshPrnamt>313799</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>313799</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ultimate Software Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90385D107</cusip>
			<value>7016</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38947</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>38947</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Union Pacific Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>11</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>130</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Natural Foods Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911163103</cusip>
			<value>58</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1198</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1198</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Parcel Service Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911312106</cusip>
			<value>20</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Technologies Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>13774</value>
			<shrsOrPrnAmt>
				<sshPrnamt>154415</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>154415</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>United Therapeutics Corp. 1.00% September 15, 2016</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>91307CAF9</cusip>
			<value>83</value>
			<shrsOrPrnAmt>
				<sshPrnamt>30000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>30000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Unitedhealth Group Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>1095</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>9400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Universal Display Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91347P105</cusip>
			<value>3030</value>
			<shrsOrPrnAmt>
				<sshPrnamt>88802</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>88802</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Universal Health Services Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913903100</cusip>
			<value>852</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>680</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Unum Group</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91529Y106</cusip>
			<value>67986</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2111416</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2111416</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Urban Outfitters Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>917047102</cusip>
			<value>6</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vale SA ADR</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>91912E105</cusip>
			<value>9276</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2197985</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2197985</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Valeant Pharmaceuticals International Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91911K102</cusip>
			<value>63273</value>
			<shrsOrPrnAmt>
				<sshPrnamt>353632</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>353632</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Valero Energy Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
			<value>10339</value>
			<shrsOrPrnAmt>
				<sshPrnamt>171515</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>171515</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard FTSE Emerging Markets ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922042858</cusip>
			<value>2</value>
			<shrsOrPrnAmt>
				<sshPrnamt>66</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>66</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard FTSE Europe ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922042874</cusip>
			<value>24</value>
			<shrsOrPrnAmt>
				<sshPrnamt>495</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>495</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard FTSE Pacific ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922042866</cusip>
			<value>10</value>
			<shrsOrPrnAmt>
				<sshPrnamt>183</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>183</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard Intermediate-Term Corporate Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>92206C870</cusip>
			<value>235</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2734</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2734</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard Long-Term Corporate Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>92206C813</cusip>
			<value>20</value>
			<shrsOrPrnAmt>
				<sshPrnamt>235</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>235</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard REIT ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>922908553</cusip>
			<value>16</value>
			<shrsOrPrnAmt>
				<sshPrnamt>205</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>205</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vanguard Total Bond Market ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>921937835</cusip>
			<value>4622</value>
			<shrsOrPrnAmt>
				<sshPrnamt>56054</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>56054</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vector Group Ltd. 1.75% April 15, 2020</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>92240MBC1</cusip>
			<value>218</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Ventas Inc.</nameOfIssuer>
			<titleOfClass>REIT</titleOfClass>
			<cusip>92276F100</cusip>
			<value>6</value>
			<shrsOrPrnAmt>
				<sshPrnamt>100</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>100</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>VeriSign Inc. 4.1355% August 15, 2037</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>92343EAD4</cusip>
			<value>200</value>
			<shrsOrPrnAmt>
				<sshPrnamt>95000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>95000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Verint Systems Inc. 1.50% June 1, 2021</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>92343XAA8</cusip>
			<value>191</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Verizon Communications Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>21584</value>
			<shrsOrPrnAmt>
				<sshPrnamt>494261</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>494261</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vermilion Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>923725105</cusip>
			<value>4397</value>
			<shrsOrPrnAmt>
				<sshPrnamt>136213</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>136213</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Visa Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92826C839</cusip>
			<value>1084</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>15500</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Vulcan Materials Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929160109</cusip>
			<value>1441</value>
			<shrsOrPrnAmt>
				<sshPrnamt>16081</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>16081</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WPX Energy Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98212B103</cusip>
			<value>6697</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1007906</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1007906</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wabtec Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>929740108</cusip>
			<value>996</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11240</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11240</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wal-Mart Stores Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931142103</cusip>
			<value>16767</value>
			<shrsOrPrnAmt>
				<sshPrnamt>257968</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>257968</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Walgreens Boots Alliance Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931427108</cusip>
			<value>224</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2700</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2700</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Waste Connections Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>941053100</cusip>
			<value>577</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11808</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>11808</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Waste Management Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>115304</value>
			<shrsOrPrnAmt>
				<sshPrnamt>2303986</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>2303986</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wells Fargo &amp; Co. 7.50% Preferred</nameOfIssuer>
			<titleOfClass>CPFD</titleOfClass>
			<cusip>949746804</cusip>
			<value>123</value>
			<shrsOrPrnAmt>
				<sshPrnamt>105</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>105</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wells Fargo &amp; Company</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>19203</value>
			<shrsOrPrnAmt>
				<sshPrnamt>372983</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>372983</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Welltower Inc. 6.5% Preferred</nameOfIssuer>
			<titleOfClass>CPFD</titleOfClass>
			<cusip>95040Q203</cusip>
			<value>59</value>
			<shrsOrPrnAmt>
				<sshPrnamt>961</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>961</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Western Copper And Gold Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95805V108</cusip>
			<value>270</value>
			<shrsOrPrnAmt>
				<sshPrnamt>958489</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>958489</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Western Digital Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>958102105</cusip>
			<value>59002</value>
			<shrsOrPrnAmt>
				<sshPrnamt>739028</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>739028</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Westrock Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>96145D105</cusip>
			<value>18462</value>
			<shrsOrPrnAmt>
				<sshPrnamt>356656</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>356656</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WhiteWave Foods Co.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966244105</cusip>
			<value>5269</value>
			<shrsOrPrnAmt>
				<sshPrnamt>130390</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>130390</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Whiting Petroleum Corp.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>966387102</cusip>
			<value>2137</value>
			<shrsOrPrnAmt>
				<sshPrnamt>139541</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>139541</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wilshire US REIT ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>18383M472</cusip>
			<value>2331</value>
			<shrsOrPrnAmt>
				<sshPrnamt>53956</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>53956</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WisdomTree Europe Hedged Equity Fund</nameOfIssuer>
			<titleOfClass>MFO</titleOfClass>
			<cusip>97717X701</cusip>
			<value>2081</value>
			<shrsOrPrnAmt>
				<sshPrnamt>37840</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>37840</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>WisdomTree Investments Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>97717P104</cusip>
			<value>5088</value>
			<shrsOrPrnAmt>
				<sshPrnamt>313446</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>313446</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Wpx Energy Inc. Preferred</nameOfIssuer>
			<titleOfClass>PFD</titleOfClass>
			<cusip>98212B202</cusip>
			<value>182</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>XPO Logistics Inc. 4.50% October 1, 2017</nameOfIssuer>
			<titleOfClass>CCB</titleOfClass>
			<cusip>983793AA8</cusip>
			<value>108</value>
			<shrsOrPrnAmt>
				<sshPrnamt>72000</sshPrnamt>
				<sshPrnamtType>PRN</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>72000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Xilinx Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>983919101</cusip>
			<value>30632</value>
			<shrsOrPrnAmt>
				<sshPrnamt>717876</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>717876</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Xylem Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98419M100</cusip>
			<value>807</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24400</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>24400</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Yamana Gold Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98462Y100</cusip>
			<value>154</value>
			<shrsOrPrnAmt>
				<sshPrnamt>91403</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>91403</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>Zoetis Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>98978V103</cusip>
			<value>8</value>
			<shrsOrPrnAmt>
				<sshPrnamt>200</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>200</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Core S&amp;P 500 ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287200</cusip>
			<value>21507</value>
			<shrsOrPrnAmt>
				<sshPrnamt>110895</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>110895</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Core U.S. Aggregate Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287226</cusip>
			<value>1112</value>
			<shrsOrPrnAmt>
				<sshPrnamt>10080</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>10080</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Floating Rate Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>46429B655</cusip>
			<value>15448</value>
			<shrsOrPrnAmt>
				<sshPrnamt>304258</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>304258</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Global Energy ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287341</cusip>
			<value>1</value>
			<shrsOrPrnAmt>
				<sshPrnamt>38</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>38</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Global Timber &amp; Forestry ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288174</cusip>
			<value>658</value>
			<shrsOrPrnAmt>
				<sshPrnamt>14677</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>14677</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares Gold Trust ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464285105</cusip>
			<value>956</value>
			<shrsOrPrnAmt>
				<sshPrnamt>88130</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>88130</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares International Developed Real Estate ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288489</cusip>
			<value>5167</value>
			<shrsOrPrnAmt>
				<sshPrnamt>183289</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>183289</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares JP Morgan USD Emerging Markets Bond ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464288281</cusip>
			<value>2</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>21</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Australia Index ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286103</cusip>
			<value>11591</value>
			<shrsOrPrnAmt>
				<sshPrnamt>642941</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>642941</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Brazil Capped ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286400</cusip>
			<value>43</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1960</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1960</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI China ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>46429B671</cusip>
			<value>50945</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1158449</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1158449</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI EAFE ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287465</cusip>
			<value>2093</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36286</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>36286</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI EAFE Minimum Volatility ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>46429B689</cusip>
			<value>25</value>
			<shrsOrPrnAmt>
				<sshPrnamt>403</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>403</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI France ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286707</cusip>
			<value>6728</value>
			<shrsOrPrnAmt>
				<sshPrnamt>278457</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>278457</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI India ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>46429B598</cusip>
			<value>43</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1506</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1506</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Japan ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286848</cusip>
			<value>62262</value>
			<shrsOrPrnAmt>
				<sshPrnamt>5426490</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>5426490</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Netherlands ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286814</cusip>
			<value>32949</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1402736</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1402736</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Singapore ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286673</cusip>
			<value>434</value>
			<shrsOrPrnAmt>
				<sshPrnamt>42649</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>42649</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI South Korea Index Fund</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286772</cusip>
			<value>1266</value>
			<shrsOrPrnAmt>
				<sshPrnamt>25953</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>25953</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI Thailand Capped ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464286624</cusip>
			<value>80</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1287</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>1287</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares MSCI USA Minimum Volatility ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>46429B697</cusip>
			<value>36</value>
			<shrsOrPrnAmt>
				<sshPrnamt>901</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>901</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>iShares S&amp;P 500 Growth ETF</nameOfIssuer>
			<titleOfClass>ETF</titleOfClass>
			<cusip>464287309</cusip>
			<value>5616</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51763</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>51763</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>j2 Global Inc.</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>48123V102</cusip>
			<value>24060</value>
			<shrsOrPrnAmt>
				<sshPrnamt>337446</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>SOLE</investmentDiscretion>
			<otherManager>NONE</otherManager>
			<votingAuthority>
				<Sole>337446</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
</informationTable>
