The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGCO CORP COM 001084102 21,230 469,700 SH   DFND 1 469,700 0 0
AGNICO EAGLE MINES LTD COM 008474108 4,622 159,808 SH   DFND 1 159,808 0 0
AGRIUM INC COM 008916108 68,581 623,465 SH   DFND 1 623,465 0 0
ALAMOS GOLD INC COM 011527108 13,234 1,594,400 SH   DFND 1 1,594,400 0 0
AMDOCS LTD COM G02602103 25,660 550,000 SH   DFND 1 550,000 0 0
AMERICAN RESIDENTIAL PROPERTIES INC COM 02927E303 22,806 1,298,000 SH   DFND 1 1,298,000 0 0
AMERICAN TOWER CORP COM 03027X100 43,139 436,405 SH   DFND 1 436,405 0 0
AMERICAN WATER WORKS CO INC COM 030420103 8,901 167,000 SH   DFND 1 167,000 0 0
AMERISOURCEBERGEN CORP COM 03073E105 86,399 958,285 SH   DFND 1 958,285 0 0
APPLE INC COM 037833100 5,905 53,500 SH   DFND 1 53,500 0 0
AVALONBAY COMMUNITIES INC COM 053484101 28,779 176,135 SH   DFND 1 176,135 0 0
B2GOLD CORP COM 11777Q209 32,655 17,186,980 SH   DFND 1 17,186,980 0 0
BAIDU INC ADR 056752108 804 3,527 SH   DFND 1 3,527 0 0
BANK OF NOVA SCOTIA COM 064149107 8,090 122,000 SH   DFND 1 122,000 0 0
BAXTER INTERNATIONAL INC COM 071813109 118,810 1,621,100 SH   DFND 1 1,621,100 0 0
BAYTEX ENERGY CORP COM 07317Q105 10,611 549,200 SH   DFND 1 549,200 0 0
BCE INC NEW COM 05534B760 383 7,190 SH   DFND 1 7,190 0 0
BECTON DICKINSON AND CO COM 075887109 105,302 756,700 SH   DFND 1 756,700 0 0
BEMIS INC COM 081437105 16,863 373,000 SH   DFND 1 373,000 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 95,146 421 SH   DFND 1 421 0 0
BERKSHIRE HATHAWAY INC CL B 084670702 3,070 20,445 SH   DFND 1 20,445 0 0
BOSTON PROPERTIES INC COM 101121101 37,250 289,455 SH   DFND 1 289,455 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS L.P. LP INT UNIT G16252101 10,474 215,300 SH   DFND 1 215,300 0 0
BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. PARTNERSHIP UNIT G16258108 7,198 200,500 SH   DFND 1 200,500 0 0
CABOT OIL & GAS CORP COM 127097103 1,421 48,000 SH   DFND 1 48,000 0 0
CAE INC COM 124765108 772 51,200 SH   DFND 1 51,200 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 103,222 2,873,650 SH   DFND 1 2,873,650 0 0
CANADIAN NATIONAL RAILWAY CO COM 136375102 121,844 1,526,100 SH   DFND 1 1,526,100 0 0
CATAMARAN CORP COM 148887102 143,471 2,386,418 SH   DFND 1 2,386,418 0 0
CINEMARK HOLDINGS INC COM 17243V102 88,363 2,483,500 SH   DFND 1 2,483,500 0 0
CISCO SYSTEMS INC COM 17275R102 48,565 1,746,000 SH   DFND 1 1,746,000 0 0
CME GROUP INC COM 12572Q105 9,087 102,500 SH   DFND 1 102,500 0 0
COMCAST CORP CL A 20030N101 74,454 1,283,474 SH   DFND 1 1,283,474 0 0
COTY INC CL A CL A 222070203 12,272 594,000 SH   DFND 1 594,000 0 0
CRESCENT POINT ENERGY CORP COM 22576C101 117,943 4,382,887 SH   DFND 1 4,382,887 0 0
CROWN CASTLE INTERNATIONAL CORP COM 22822V101 13,390 170,142 SH   DFND 1 170,142 0 0
CROWN HOLDINGS INC COM 228368106 35,986 707,000 SH   DFND 1 707,000 0 0
CST BRANDS INC COM 12646R105 43,870 1,005,960 SH   DFND 1 1,005,960 0 0
CSX CORP COM 126408103 180,065 4,970,040 SH   DFND 1 4,970,040 0 0
CVS HEALTH CORP COM 126650100 99,777 1,036,000 SH   DFND 1 1,036,000 0 0
DANAHER CORP DEL COM 235851102 10,885 127,000 SH   DFND 1 127,000 0 0
DEERE & CO COM 244199105 38,493 435,100 SH   DFND 1 435,100 0 0
DENISON MINES CORP COM 248356107 1,695 1,500,000 SH   DFND 1 1,500,000 0 0
DIRECTV COM 25490A309 74,545 859,800 SH   DFND 1 859,800 0 0
DISCOVERY COMMUNICATNS COM 25470F104 33,799 981,100 SH   DFND 1 981,100 0 0
DOMINION RES INC VA NEW COM 25746U109 7,461 97,020 SH   DFND 1 97,020 0 0
DOW CHEM CO COM 260543103 30,924 678,000 SH   DFND 1 678,000 0 0
DUN & BRADSTREET CORP DEL NE COM 26483E100 1,935 16,000 SH   DFND 1 16,000 0 0
EASTMAN CHEMICAL CO COM 277432100 2,079 27,400 SH   DFND 1 27,400 0 0
ENBRIDGE INC COM 29250N105 19,201 321,406 SH   DFND 1 321,406 0 0
EQUIFAX INC COM 294429105 7,036 87,000 SH   DFND 1 87,000 0 0
EQUITY ONE COM 294752100 12,680 500,000 SH   DFND 1 500,000 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 104,817 1,237,950 SH   DFND 1 1,237,950 0 0
FEDEX CORP COM 31428X106 1,285 7,400 SH   DFND 1 7,400 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 18,867 362,000 SH   DFND 1 362,000 0 0
FISERV INC COM 337738108 15,982 225,200 SH   DFND 1 225,200 0 0
FORTUNA SILVER MINES INC COM 349915108 40,013 7,578,300 SH   DFND 1 7,578,300 0 0
FRANKLIN RESOURCES INC COM 354613101 47,051 849,765 SH   DFND 1 849,765 0 0
GENERAC HLDGS INC COM 368736104 2,104 45,000 SH   DFND 1 45,000 0 0
GENERAL ELECTRIC CO COM 369604103 136,112 5,386,325 SH   DFND 1 5,386,325 0 0
GENERAL GROWTH PROPERTIES INC COM 370023103 25,415 903,469 SH   DFND 1 903,469 0 0
GILDAN ACTIVEWEAR INC COM 375916103 2,825 43,000 SH   DFND 1 43,000 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 7,170 28,680,600 SH   DFND 1 28,680,600 0 0
GOOGLE INC CL A 38259P508 47,382 89,288 SH   DFND 1 89,288 0 0
GOOGLE INC CL C 38259P706 74,465 141,460 SH   DFND 1 141,460 0 0
INTERNATIONAL BUSINESS MACHINES CORP COM 459200101 48,560 302,667 SH   DFND 1 302,667 0 0
INTERNATIONAL FLAVORS & FRAGRANCES INC COM 459506101 7,197 71,000 SH   DFND 1 71,000 0 0
JPMORGAN CHASE & CO COM 46625H100 128,375 2,051,380 SH   DFND 1 2,051,380 0 0
KINDER MORGAN INC COM 49456B101 12,926 305,517 SH   DFND 1 305,517 0 0
LABORATORY CORP OF AMERICA HOLDINGS NEW 50540R409 18,990 176,000 SH   DFND 1 176,000 0 0
LEUCADIA NATIONAL CORP COM 527288104 86,363 3,852,050 SH   DFND 1 3,852,050 0 0
MACQUARIE INFRASTRUCTURE CO LLC INT 55608B105 29,575 416,023 SH   DFND 1 416,023 0 0
MAGNA INTERNATIONAL INC COM 559222401 115,454 917,100 SH   DFND 1 917,100 0 0
MARKEL CORP COM 570535104 27,518 40,300 SH   DFND 1 40,300 0 0
MASTERCARD INC CL A 57636Q104 25,483 295,760 SH   DFND 1 295,760 0 0
MATTEL INC COM 577081102 820 26,500 SH   DFND 1 26,500 0 0
MCDONALD'S CORP COM 580135101 150,745 1,608,800 SH   DFND 1 1,608,800 0 0
MCKESSON CORP COM 58155Q103 79,790 384,380 SH   DFND 1 384,380 0 0
MEDTRONIC INC COM 585055106 162,077 2,244,830 SH   DFND 1 2,244,830 0 0
MICROSOFT CORP COM 594918104 48,596 1,046,200 SH   DFND 1 1,046,200 0 0
NATIONAL OILWELL VARCO INC COM 637071101 76,416 1,166,115 SH   DFND 1 1,166,115 0 0
NEXTERA ENERGY INC COM 65339F101 10,619 99,909 SH   DFND 1 99,909 0 0
NEXTERA ENERGY PARTNERS LP LP UNIT 65341B106 5,063 150,000 SH   DFND 1 150,000 0 0
NIELSEN N V COM N63218106 85,329 1,907,645 SH   DFND 1 1,907,645 0 0
NORFOLK SOUTHERN CORP COM 655844108 48,068 438,537 SH   DFND 1 438,537 0 0
NRG YIELD INC CL A 62942X108 5,578 118,338 SH   DFND 1 118,338 0 0
NXP SEMICONDUCTOR NV COM N6596X109 9,669 126,554 SH   DFND 1 126,554 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 27,706 343,700 SH   DFND 1 343,700 0 0
OMNICOM GROUP INC COM 681919106 26,974 348,190 SH   DFND 1 348,190 0 0
ONEOK INC COM 682680103 11,206 225,071 SH   DFND 1 225,071 0 0
OPEN TEXT CORP COM 683715106 913 13,500 SH   DFND 1 13,500 0 0
ORACLE CORP COM 68389X105 431,749 9,600,825 SH   DFND 1 9,600,825 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 10,680 433,090 SH   DFND 1 433,090 0 0
PEMBINA PIPELINE CORP COM 706327103 12,269 289,778 SH   DFND 1 289,778 0 0
PENSKE AUTOMOTIVE GROUP INC COM 70959W103 36,835 750,661 SH   DFND 1 750,661 0 0
PERFORMANCE SPORTS GROUP LTD COM 71377G100 34,010 1,890,475 SH   DFND 1 1,890,475 0 0
PHILIP MORRIS INTERNATIONAL INC COM 718172109 58,330 716,150 SH   DFND 1 716,150 0 0
PRIMERO MINING CORP COM 74164W106 42,169 9,433,789 SH   DFND 1 9,433,789 0 0
PROGRESSIVE WASTE SOLUTIONS LTD COM 74339G101 296,467 8,487,450 SH   DFND 1 8,487,450 0 0
PROLOGIS INC COM 74340W103 55,680 1,293,990 SH   DFND 1 1,293,990 0 0
PROSHARES SHORT 20+ YEAR TREASURY UNIT 74347X849 5,785 230,000 SH   DFND 1 230,000 0 0
PVH CORP COM 693656100 24,096 188,000 SH   DFND 1 188,000 0 0
QUALCOMM INC COM 747525103 56,119 755,000 SH   DFND 1 755,000 0 0
QUANTA SERVICES INC COM 74762E102 19,413 683,793 SH   DFND 1 683,793 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 2,693 47,000 SH   DFND 1 47,000 0 0
REPUBLIC SERVICES INC COM 760759100 422,446 10,495,561 SH   DFND 1 10,495,561 0 0
RESTAURANT BRANDS INTERNATIONAL INC. COM 76131D103 20,044 440,537 SH   DFND 1 440,537 0 0
RIO ALTO MINING LTD COM 76689T104 51,645 18,313,900 SH   DFND 1 18,313,900 0 0
ROYAL BANK OF CANADA COM 780087102 373 4,650 SH   DFND 1 4,650 0 0
SANDSTORM GOLD LTD COM 80013R206 37,362 9,482,784 SH   DFND 1 9,482,784 0 0
SBA COMMUNICATIONS CORP COM 78388J106 13,109 118,353 SH   DFND 1 118,353 0 0
SCHLUMBERGER LTD COM 806857108 55,869 654,130 SH   DFND 1 654,130 0 0
SCHOLASTIC CORP COM 807066105 2,123 58,300 SH   DFND 1 58,300 0 0
SILVER WHEATON CORP COM 828336107 36,599 1,548,850 SH   DFND 1 1,548,850 0 0
SILVERCORP METALS INC COM 82835P103 3,090 2,019,700 SH   DFND 1 2,019,700 0 0
SIMON PROPERTY GROUP INC COM 828806109 47,910 263,085 SH   DFND 1 263,085 0 0
SPDR GOLD TRUST COM 78463V107 11,358 100,000 SH   DFND 1 100,000 0 0
STANTEC INC COM 85472N109 30,931 968,700 SH   DFND 1 968,700 0 0
STARWOOD HOTELS & RESORTS WORLDWIDE INC COM 85590A401 35,310 435,550 SH   DFND 1 435,550 0 0
STATE STREET CORP COM 857477103 32,193 410,100 SH   DFND 1 410,100 0 0
STILLWATER MINING CO COM 86074Q102 152 10,300 SH   DFND 1 10,300 0 0
SUN LIFE FINANCIAL INC COM 866796105 110,463 2,635,100 SH   DFND 1 2,635,100 0 0
SUNCOR ENERGY INC COM 867224107 205,145 5,559,486 SH   DFND 1 5,559,486 0 0
TASEKO MINES LTD COM 876511106 268 225,100 SH   DFND 1 225,100 0 0
TE CONNECTIVITY LTD COM H84989104 3,732 59,000 SH   DFND 1 59,000 0 0
TEEKAY CORPORATION COM Y8564W103 13,272 260,800 SH   DFND 1 260,800 0 0
TELUS CORP COM 87971M103 148,476 3,544,425 SH   DFND 1 3,544,425 0 0
THOMSON REUTERS CORP COM 884903105 366 7,800 SH   DFND 1 7,800 0 0
TIMMINS GOLD CORP COM 88741P103 31,193 27,362,100 SH   DFND 1 27,362,100 0 0
TJX COS INC/THE COM 872540109 126,493 1,844,460 SH   DFND 1 1,844,460 0 0
TORCHMARK CORP COM 891027104 20,639 381,000 SH   DFND 1 381,000 0 0
TORONTO DOMINION BK COM 891160509 16,997 306,200 SH   DFND 1 306,200 0 0
TRANSCANADA CORP COM 89353D107 14,606 255,800 SH   DFND 1 255,800 0 0
UNION PACIFIC CORP COM 907818108 332,882 2,794,276 SH   DFND 1 2,794,276 0 0
UNITED PARCEL SERVICE INC CL B 911312106 406,852 3,659,731 SH   DFND 1 3,659,731 0 0
UNITED TECHNOLOGIES CORP COM 913017109 46,243 402,110 SH   DFND 1 402,110 0 0
US BANCORP COM 902973304 120,245 2,675,075 SH   DFND 1 2,675,075 0 0
VALERO ENERGY CORP COM 91913Y100 20,013 404,300 SH   DFND 1 404,300 0 0
VARIAN MEDICAL SYSTEMS INC COM 92220P105 26,974 311,800 SH   DFND 1 311,800 0 0
VERISIGN INC COM 92343E102 67,266 1,180,110 SH   DFND 1 1,180,110 0 0
VERMILION ENERGY INC COM 923725105 109,869 1,927,534 SH   DFND 1 1,927,534 0 0
VIACOM INC CL B 92553P201 30,213 401,500 SH   DFND 1 401,500 0 0
VISA INC CL A 92826C839 81,090 309,268 SH   DFND 1 309,268 0 0
VORNADO REALTY TRUST UNIT 929042109 222 2,080 SH   DFND 1 2,080 0 0
WASTE CONNECTIONS INC COM 941053100 3,154 71,700 SH   DFND 1 71,700 0 0
WATERS CORP COM 941848103 19,050 169,000 SH   DFND 1 169,000 0 0
WELLS FARGO & CO COM 949746101 164,865 3,007,395 SH   DFND 1 3,007,395 0 0
WILLIAMS COS INC/THE COM 969457100 11,774 261,985 SH   DFND 1 261,985 0 0
ZIMMER HOLDINGS INC COM 98956P102 79,464 700,615 SH   DFND 1 700,615 0 0