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 20,185 444,700 SH   DFND 1 444,700 0 0
AGRIUM INC COM 008916108 40,765 329,625 SH   DFND 1 329,625 0 0
ALLERGAN PLC COM G0177J108 18,078 57,850 SH   DFND 1 57,850 0 0
ALPHABET INC CL A 02079K305 60,290 77,493 SH   DFND 1 77,493 0 0
ALPHABET INC CL C 02079K107 140,562 185,223 SH   DFND 1 185,223 0 0
AMDOCS LTD COM G02602103 31,023 568,500 SH   DFND 1 568,500 0 0
AMERICAN EXPRESS COMPANY COM 025816109 126,664 1,821,200 SH   DFND 1 1,821,200 0 0
AMERICAN TOWER CORP COM 03027X100 24,132 248,914 SH   DFND 1 248,914 0 0
AMERICAN WATER WORKS CO INC COM 030420103 6,083 101,800 SH   DFND 1 101,800 0 0
AMERISOURCEBERGEN CORP COM 03073E105 71,301 687,500 SH   DFND 1 687,500 0 0
AVALONBAY COMMUNITIES INC COM 053484101 26,664 144,810 SH   DFND 1 144,810 0 0
B2GOLD CORP COM 11777Q209 21,913 15,764,880 SH   DFND 1 15,764,880 0 0
BAIDU INC ADR 056752108 821 4,345 SH   DFND 1 4,345 0 0
BANK OF NOVA SCOTIA COM 064149107 448 8,000 SH   DFND 1 8,000 0 0
BARD C R INC COM 067383109 15,383 81,200 SH   DFND 1 81,200 0 0
BAXTER INTERNATIONAL INC COM 071813109 36,323 952,100 SH   DFND 1 952,100 0 0
BAYTEX ENERGY CORP COM 07317Q105 1,954 436,200 SH   DFND 1 436,200 0 0
BCE INC COM 05534B760 68,562 1,282,490 SH   DFND 1 1,282,490 0 0
BECTON DICKINSON AND CO COM 075887109 54,009 350,500 SH   DFND 1 350,500 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 112,944 571 SH   DFND 1 571 0 0
BERKSHIRE HATHAWAY INC CL B 084670702 19,667 148,945 SH   DFND 1 148,945 0 0
BLOCK H & R INC COM 093671105 1,036 31,100 SH   DFND 1 31,100 0 0
BOSTON PROPERTIES INC COM 101121101 27,230 213,505 SH   DFND 1 213,505 0 0
BROOKFIELD ASSET MGMT INC. CL A 112585104 218,816 5,012,965 SH   DFND 1 5,012,965 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS L.P. LP INT UNIT G16252101 34,060 650,256 SH   DFND 1 650,256 0 0
CAMDEN PROPERTY TRUST UNIT 133131102 24,947 325,000 SH   DFND 1 325,000 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 6,067 200,700 SH   DFND 1 200,700 0 0
CANADIAN NATIONAL RAILWAY CO COM 136375102 175,178 2,264,745 SH   DFND 1 2,264,745 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 27,428 155,200 SH   DFND 1 155,200 0 0
CARMAX INC COM 143130102 10,772 199,600 SH   DFND 1 199,600 0 0
CINEMARK HOLDINGS INC COM 17243V102 105,165 3,145,815 SH   DFND 1 3,145,815 0 0
CISCO SYSTEMS INC COM 17275R102 45,104 1,661,000 SH   DFND 1 1,661,000 0 0
CME GROUP INC COM 12572Q105 5,472 60,400 SH   DFND 1 60,400 0 0
COMCAST CORP CL A 20030N101 139,850 2,478,283 SH   DFND 1 2,478,283 0 0
CPI CARD GROUP INC COM 12634H101 4,931 462,600 SH   DFND 1 462,600 0 0
CRESCENT POINT ENERGY CORP COM 22576C101 8,094 502,087 SH   DFND 1 502,087 0 0
CRH MEDICAL CORP COM 12626F105 1,472 359,000 SH   DFND 1 359,000 0 0
CROWN CASTLE INTERNATIONAL CORP COM 22822V101 19,019 220,005 SH   DFND 1 220,005 0 0
CROWN HOLDINGS INC COM 228368106 94,870 1,871,200 SH   DFND 1 1,871,200 0 0
CST BRANDS INC COM 12646R105 47,158 1,204,860 SH   DFND 1 1,204,860 0 0
CSX CORP COM 126408103 152,216 5,865,740 SH   DFND 1 5,865,740 0 0
CUMMINS INC COM 231021106 3,353 38,100 SH   DFND 1 38,100 0 0
CVS HEALTH CORP COM 126650100 200,556 2,051,300 SH   DFND 1 2,051,300 0 0
DEERE & CO COM 244199105 33,185 435,100 SH   DFND 1 435,100 0 0
DELPHI AUTOMOTIVE PLC COM G27823106 16,215 189,146 SH   DFND 1 189,146 0 0
DISCOVERY COMMUNICATIONS Series A 25470F104 5,176 194,000 SH   DFND 1 194,000 0 0
DISNEY WALT CO COM 254687106 22,960 218,500 SH   DFND 1 218,500 0 0
DOMINION DIAMOND CORPORATION COM 257287102 219 15,500 SH   DFND 1 15,500 0 0
DUN & BRADSTREET CORP COM 26483E100 1,413 13,600 SH   DFND 1 13,600 0 0
ENBRIDGE INC COM 29250N105 39,606 861,005 SH   DFND 1 861,005 0 0
EXELON CORPORATION COM 30161N101 9,300 334,900 SH   DFND 1 334,900 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 122,169 1,397,650 SH   DFND 1 1,397,650 0 0
FEDERAL REALTY INVESTMENT TRUST UNIT 313747206 1,228 8,405 SH   DFND 1 8,405 0 0
FEDEX CORPORATION COM 31428X106 12,515 84,000 SH   DFND 1 84,000 0 0
FIDELITY NATIONAL INFORMATION SV COM 31620M106 2,545 42,000 SH   DFND 1 42,000 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 24,376 369,000 SH   DFND 1 369,000 0 0
FORTUNA SILVER MINES INC COM 349915108 4,300 1,382,700 SH   DFND 1 1,382,700 0 0
GENERAC HLDGS INC COM 368736104 1,277 42,900 SH   DFND 1 42,900 0 0
GENERAL GROWTH PROPERTIES INC COM 370023103 29,667 1,090,299 SH   DFND 1 1,090,299 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 6,942 30,180,600 SH   DFND 1 30,180,600 0 0
HARLEY DAVIDSON INC. COM 412822108 8,034 177,000 SH   DFND 1 177,000 0 0
HD SUPPLY HOLDINGS, INC. COM 40416M105 1,637 54,500 SH   DFND 1 54,500 0 0
HEALTHSOUTH CORP. COM 421924309 235 6,765 SH   DFND 1 6,765 0 0
HSBC HOLDINGS PLC 5.625% 12/29/2049 NOTE 404280AR0 1,051,313 10,500,000 SH   DFND 1 10,500,000 0 0
HUDBAY MINERALS INC COM 443628102 759 143,000 SH   DFND 1 143,000 0 0
HUDSON PACIFIC PROPERTIES, INC. COM 444097109 9,568 340,000 SH   DFND 1 340,000 0 0
JARDEN CORP. COM 471109108 90,381 1,582,300 SH   DFND 1 1,582,300 0 0
JOHNSON & JOHNSON COM 478160104 11,258 109,600 SH   DFND 1 109,600 0 0
JPMORGAN CHASE & CO COM 46625H100 157,916 2,391,580 SH   DFND 1 2,391,580 0 0
KANSAS CITY SOUTHERN COM 485170302 26,034 348,657 SH   DFND 1 348,657 0 0
KINDER MORGAN INC COM 49456B101 9,285 622,347 SH   DFND 1 622,347 0 0
KLONDEX MINES LTD COM 498696103 60,906 21,521,400 SH   DFND 1 21,521,400 0 0
LABORATORY CORP OF AMERICA HOLDINGS COM 50540R409 22,416 181,300 SH   DFND 1 181,300 0 0
LAKE SHORE GOLD CORP COM 510728108 25,968 23,185,400 SH   DFND 1 23,185,400 0 0
LEUCADIA NATIONAL CORP COM 527288104 1,551 89,200 SH   DFND 1 89,200 0 0
MACQUARIE INFRASTRUCTURE CORP. COM 55608B105 42,178 580,958 SH   DFND 1 580,958 0 0
MAGNA INTERNATIONAL INC COM 559222401 164,600 2,933,000 SH   DFND 1 2,933,000 0 0
MANULIFE FINANCIAL CORPORATION COM 56501R106 30,581 1,474,500 SH   DFND 1 1,474,500 0 0
MARKEL CORP COM 570535104 32,242 36,500 SH   DFND 1 36,500 0 0
MASTERCARD INC CL A 57636Q104 131,948 1,355,260 SH   DFND 1 1,355,260 0 0
MCKESSON CORP COM 58155Q103 172,655 875,400 SH   DFND 1 875,400 0 0
MEDTRONIC INC COM G5960L103 180,434 2,345,730 SH   DFND 1 2,345,730 0 0
METHANEX CORP. COM 59151K108 781 17,100 SH   DFND 1 17,100 0 0
MICROSOFT CORP COM 594918104 111,376 2,007,500 SH   DFND 1 2,007,500 0 0
MONDELEZ INTL INC CL A 609207105 2,511 56,000 SH   DFND 1 56,000 0 0
MOUNTAIN PROVINCE DIAMONDS INC. COM 62426E402 1,632 412,200 SH   DFND 1 412,200 0 0
NATIONAL OILWELL VARCO INC COM 637071101 11,216 334,900 SH   DFND 1 334,900 0 0
NEXTERA ENERGY INC COM 65339F101 12,873 123,911 SH   DFND 1 123,911 0 0
NEXTERA ENERGY PARTNERS LP LP UNIT 65341B106 7,791 261,000 SH   DFND 1 261,000 0 0
NIELSEN HLDGS PLC COM G6518L108 143,986 3,089,825 SH   DFND 1 3,089,825 0 0
NORDSON CORPORATION COM 655844108 58,063 686,403 SH   DFND 1 686,403 0 0
NRG YIELD INC CL A 62942X306 1,600 115,000 SH   DFND 1 115,000 0 0
NRG YIELD INC CL C 62942X405 6,483 439,220 SH   DFND 1 439,220 0 0
NXP SEMICONDUCTOR NV COM N6596X109 19,274 228,772 SH   DFND 1 228,772 0 0
OMNICOM GROUP INC COM 681919106 82,385 1,088,890 SH   DFND 1 1,088,890 0 0
ORACLE CORP COM 68389X105 396,596 10,856,725 SH   DFND 1 10,856,725 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 10,416 498,138 SH   DFND 1 498,138 0 0
PEMBINA PIPELINE CORP COM 706327103 37,091 1,230,205 SH   DFND 1 1,230,205 0 0
PENSKE AUTOMOTIVE GROUP INC COM 70959W103 53,571 1,265,261 SH   DFND 1 1,265,261 0 0
PEPSICO INC COM 713448108 1,289 12,900 SH   DFND 1 12,900 0 0
PERFORMANCE SPORTS GROUP LTD COM 71377G100 15,338 1,149,775 SH   DFND 1 1,149,775 0 0
PHILIP MORRIS INTERNATIONAL INC COM 718172109 49,344 561,300 SH   DFND 1 561,300 0 0
POTASH CORPORATION OF SASKATCHEWAN INC./THE COM 73755L107 13,604 574,000 SH   DFND 1 574,000 0 0
PRAXAIR INC COM 74005P104 53,463 522,100 SH   DFND 1 522,100 0 0
PRIMERO MINING CORP COM 74164W106 44,323 14,206,236 SH   DFND 1 14,206,236 0 0
PRINCIPAL FINANCIAL GROUP INC COM 74251V102 211 4,700 SH   DFND 1 4,700 0 0
PROGRESSIVE WASTE SOLUTIONS LTD COM 74339G101 251,057 7,701,128 SH   DFND 1 7,701,128 0 0
PROLOGIS INC COM 74340W103 40,505 943,740 SH   DFND 1 943,740 0 0
PTC INC COM 69370C100 216 6,250 SH   DFND 1 6,250 0 0
PUBLIC STORAGE COM 74460D109 1,878 7,583 SH   DFND 1 7,583 0 0
PVH CORP COM 693656100 15,393 209,000 SH   DFND 1 209,000 0 0
QUALCOMM INC COM 747525103 21,693 434,000 SH   DFND 1 434,000 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 3,478 60,000 SH   DFND 1 60,000 0 0
REPUBLIC SERVICES INC COM 760759100 374,164 8,505,661 SH   DFND 1 8,505,661 0 0
RICHMONT MINES INC COM 76547T106 9,395 2,115,900 SH   DFND 1 2,115,900 0 0
ROYAL BANK OF CANADA COM 780087102 25,430 342,950 SH   DFND 1 342,950 0 0
SANDSTORM GOLD LTD COM 80013R206 31,466 8,740,684 SH   DFND 1 8,740,684 0 0
SBA COMMUNICATIONS CORP COM 78388J106 16,988 161,685 SH   DFND 1 161,685 0 0
SCHOLASTIC CORP COM 807066105 1,963 50,900 SH   DFND 1 50,900 0 0
SEMPRA ENERGY COM 816851109 15,508 164,965 SH   DFND 1 164,965 0 0
SHAW COMMUNICATIONS INC CL B 82028K200 54,697 2,298,200 SH   DFND 1 2,298,200 0 0
SILVER STANDARD RESOURCES INC. COM 82823L106 9,494 1,326,000 SH   DFND 1 1,326,000 0 0
SILVER WHEATON CORP COM 828336107 1,720 100,000 SH   DFND 1 100,000 0 0
SIMON PROPERTY GROUP INC COM 828806109 55,887 287,425 SH   DFND 1 287,425 0 0
SPDR GOLD TRUST COM 78463V107 7,995 78,800 SH   DFND 1 78,800 0 0
STANTEC INC COM 85472N109 44,280 1,290,200 SH   DFND 1 1,290,200 0 0
STARWOOD HOTELS & RESORTS WORLDWIDE INC COM 85590A401 1,315 18,985 SH   DFND 1 18,985 0 0
SUN LIFE FINANCIAL INC COM 866796105 1,894 43,900 SH   DFND 1 43,900 0 0
SUNCOR ENERGY INC COM 867224107 1,204 33,720 SH   DFND 1 33,720 0 0
SYNOPSYS INC COM 871607107 219 4,800 SH   DFND 1 4,800 0 0
TAHOE RESOURCES INC. COM 873868103 32,263 2,695,309 SH   DFND 1 2,695,309 0 0
TD AMERITRADE HOLDING CORPORATION COM 87236Y108 1,590 45,800 SH   DFND 1 45,800 0 0
TE CONNECTIVITY LTD COM H84989104 16,131 249,665 SH   DFND 1 249,665 0 0
TEEKAY CORPORATION COM Y8564W103 3,472 351,766 SH   DFND 1 351,766 0 0
TELUS CORP COM 87971M103 71,775 1,875,975 SH   DFND 1 1,875,975 0 0
THOMSON REUTERS CORP COM 884903105 2,704 51,600 SH   DFND 1 51,600 0 0
TIMMINS GOLD CORP COM 88741P103 4,820 25,366,800 SH   DFND 1 25,366,800 0 0
TJX COS INC/THE COM 872540109 95,180 1,342,260 SH   DFND 1 1,342,260 0 0
TORCHMARK CORP COM 891027104 36,554 639,500 SH   DFND 1 639,500 0 0
TORONTO DOMINION BK COM 891160509 60,326 1,112,200 SH   DFND 1 1,112,200 0 0
TRANSCANADA CORP COM 89353D107 129,492 2,865,500 SH   DFND 1 2,865,500 0 0
UBS GROUP AG COM H42097107 17,535 898,290 SH   DFND 1 898,290 0 0
UNION PACIFIC CORP COM 907818108 93,239 1,192,318 SH   DFND 1 1,192,318 0 0
UNITED PARCEL SERVICE INC CL B 911312106 355,428 3,693,531 SH   DFND 1 3,693,531 0 0
UNITED TECHNOLOGIES CORP COM 913017109 50,726 528,010 SH   DFND 1 528,010 0 0
UNITEDHEALTH GROUP INC. COM 91324P102 90,277 767,400 SH   DFND 1 767,400 0 0
US BANCORP COM 902973304 142,850 3,347,775 SH   DFND 1 3,347,775 0 0
VALERO ENERGY CORP COM 91913Y100 1,061 15,000 SH   DFND 1 15,000 0 0
VARIAN MEDICAL SYSTEMS INC COM 92220P105 25,517 315,800 SH   DFND 1 315,800 0 0
VENTAS INC COM 92276F100 1,435 25,435 SH   DFND 1 25,435 0 0
VERISIGN INC COM 92343E102 85,307 976,500 SH   DFND 1 976,500 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 58,792 1,272,000 SH   DFND 1 1,272,000 0 0
VERMILION ENERGY INC COM 923725105 13,390 356,025 SH   DFND 1 356,025 0 0
VISA INC CL A 92826C839 104,318 1,345,172 SH   DFND 1 1,345,172 0 0
VORNADO REALTY TRUST INT 929042109 1,345 13,455 SH   DFND 1 13,455 0 0
VWR CORPORATION COM 91843L103 234 8,250 SH   DFND 1 8,250 0 0
WATERS CORP COM 941848103 14,131 105,000 SH   DFND 1 105,000 0 0
WELLS FARGO & CO COM 949746101 147,614 2,715,495 SH   DFND 1 2,715,495 0 0
WILLIAMS COS INC/THE COM 969457100 16,792 653,395 SH   DFND 1 653,395 0 0
XPO LOGISTICS, INC. COM 983793100 504 18,500 SH   DFND 1 18,500 0 0
ZIMMER BIOMET HOLDINGS INC COM 98956P102 100,740 981,970 SH   DFND 1 981,970 0 0