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
Advantage Oil & Gas Ltd. COM 00765F101 10,735 1,177,100 SH   DFND 1 1,177,100 0 0
Aetna Inc. COM 00817Y108 3,354 27,050 SH   DFND 1 27,050 0 0
Agco Corp COM 001084102 13,829 239,000 SH   DFND 1 239,000 0 0
Alamos Gold Inc. CL A 011532108 29,514 3,163,350 SH   DFND 1 3,163,350 0 0
Algonquin Pwr Utils Corp COM 015857105 50,869 4,466,070 SH   DFND 1 4,466,070 0 0
Allegion Pub Ltd Co COM G0176J109 6,304 98,500 SH   DFND 1 98,500 0 0
Allergan Plc COM G0177J108 8,096 38,550 SH   DFND 1 38,550 0 0
Alphabet Inc CL A 02079K305 45,576 57,513 SH   DFND 1 57,513 0 0
Alphabet Inc CL C 02079K107 193,204 250,323 SH   DFND 1 250,323 0 0
Altria Group Inc COM 02209S103 4,733 70,000 SH   DFND 1 70,000 0 0
Amdocs Ltd COM G02602103 30,232 519,000 SH   DFND 1 519,000 0 0
American Express Company COM 025816109 46,033 621,400 SH   DFND 1 621,400 0 0
American Tower Corp COM 03027X100 21,162 200,243 SH   DFND 1 200,243 0 0
American Water Works Co Inc COM 030420103 11,773 162,700 SH   DFND 1 162,700 0 0
Amerisourcebergen Corp COM 03073E105 60,754 777,000 SH   DFND 1 777,000 0 0
Avalonbay Communities Inc COM 053484101 27,194 153,510 SH   DFND 1 153,510 0 0
B2Gold Corp COM 11777Q209 9,733 3,060,580 SH   DFND 1 3,060,580 0 0
Bank of Nova Scotia COM 064149107 7,738 103,500 SH   DFND 1 103,500 0 0
Baytex Energy Corp COM 07317Q105 4,033 614,800 SH   DFND 1 614,800 0 0
Bce Inc COM 05534B760 89,168 1,536,590 SH   DFND 1 1,536,590 0 0
Berkshire Hathaway Inc CL A 084670108 172,838 708 SH   DFND 1 708 0 0
Berkshire Hathaway Inc CL B 084670702 15,759 96,695 SH   DFND 1 96,695 0 0
Boston Properties Inc COM 101121101 32,628 259,405 SH   DFND 1 259,405 0 0
Broadcom Ltd COM Y09827109 4,817 27,250 SH   DFND 1 27,250 0 0
Brookfield Asset Mgmt Inc. CL A 112585104 186,289 5,643,425 SH   DFND 1 5,643,425 0 0
Brookfield Business Partners L.P. LP INT UNIT G16234109 8,429 261,274 SH   DFND 1 261,274 0 0
Brookfield Infrastructure Partners L.P. LP INT UNIT G16252101 142,070 4,244,690 SH   DFND 1 4,244,690 0 0
Canadian Natural Resources Ltd COM 136375102 146,294 1,618,835 SH   DFND 1 1,618,835 0 0
Canadian Pacific Railway Ltd COM 13645T100 109,534 571,800 SH   DFND 1 571,800 0 0
Cenovus Energy Inc COM 15135U109 67,234 3,312,000 SH   DFND 1 3,312,000 0 0
Cigna Corporation COM 125509109 89,531 671,200 SH   DFND 1 671,200 0 0
Cinemark Holdings Inc COM 17243V102 98,287 2,562,238 SH   DFND 1 2,562,238 0 0
Cisco Systems Inc COM 17275R102 34,390 1,138,000 SH   DFND 1 1,138,000 0 0
CMS Energy Corporation COM 125896100 7,167 172,200 SH   DFND 1 172,200 0 0
Coca Cola Co COM 191216100 6,372 153,700 SH   DFND 1 153,700 0 0
Cognizant Technology Solutions Corp CL A 192446102 39,720 708,900 SH   DFND 1 708,900 0 0
Comcast Corp CL A 20030N101 62,433 904,165 SH   DFND 1 904,165 0 0
Crescent Point Energy Corp COM 22576C101 133,168 7,296,887 SH   DFND 1 7,296,887 0 0
Crown Castle International Corp COM 22822V101 11,612 133,830 SH   DFND 1 133,830 0 0
Crown Holdings Inc COM 228368106 72,137 1,372,200 SH   DFND 1 1,372,200 0 0
Cst Brands Inc COM 12646R105 40,728 845,860 SH   DFND 1 845,860 0 0
Csx Corp COM 126408103 7,966 221,700 SH   DFND 1 221,700 0 0
Cvs Health Corp COM 126650100 433,642 5,495,400 SH   DFND 1 5,495,400 0 0
Dominion Diamond Corp COM 257287102 468 36,000 SH   DFND 1 36,000 0 0
Edison International COM 281020107 7,192 99,900 SH   DFND 1 99,900 0 0
Enbridge Inc COM 29250N105 52,571 930,455 SH   DFND 1 930,455 0 0
Enbridge Inc Note 6.000percent 1/15/2077 NOTE 29250NAN5 2,023,429 20,285,000 PRN   DFND 1 20,285,000 0 0
Equinix Inc COM 29444U700 19,229 53,800 SH   DFND 1 53,800 0 0
Equity Residential INT 29476L107 27,044 420,200 SH   DFND 1 420,200 0 0
Express Scripts Holding Co COM 30219G108 64,456 937,000 SH   DFND 1 937,000 0 0
Facebook Inc CL A 30303M102 21,399 186,000 SH   DFND 1 186,000 0 0
Federal Realty Investment Trust INT 313747206 25,382 178,605 SH   DFND 1 178,605 0 0
Fedex Corporation COM 31428X106 6,945 37,300 SH   DFND 1 37,300 0 0
First Republic Bank/ca COM 33616C100 30,406 330,000 SH   DFND 1 330,000 0 0
Fortis Inc COM 349553107 18,058 435,555 SH   DFND 1 435,555 0 0
Fortuna Silver Mines Inc COM 349915108 7,066 930,900 SH   DFND 1 930,900 0 0
General Growth Properties Inc COM 370023103 34,772 1,391,999 SH   DFND 1 1,391,999 0 0
Gildan Activewear Inc COM 375916103 15,467 453,700 SH   DFND 1 453,700 0 0
Gilead Sciences Inc COM 375558103 123,907 1,730,300 SH   DFND 1 1,730,300 0 0
Goldcorp Inc COM 380956409 103,319 5,652,000 SH   DFND 1 5,652,000 0 0
Golden Star Res Ltd Cda COM 38119T104 5,063 5,062,533 SH   DFND 1 5,062,533 0 0
Gran Tierra Energy Inc COM 38500T101 7,385 1,819,000 SH   DFND 1 1,819,000 0 0
CGI Group Inc CL A 39945C109 91,299 1,416,800 SH   DFND 1 1,416,800 0 0
Hanesbrands Inc COM 410345102 6,391 296,300 SH   DFND 1 296,300 0 0
Healthsouth Corp. COM 421924309 221 5,365 SH   DFND 1 5,365 0 0
Home Depot Inc COM 437076102 8,080 60,265 SH   DFND 1 60,265 0 0
Honeywell Intl Inc COM 438516106 7,096 61,250 SH   DFND 1 61,250 0 0
HSBC Holdings Plc 6.875percent 12/29/2049 NOTE 404280BC2 1,678,463 15,650,000 PRN   DFND 1 15,650,000 0 0
International Flavors & Fragrances Inc COM 459506101 3,364 28,550 SH   DFND 1 28,550 0 0
ishares iBoxx $ High Yield Corporate Bond ETF ETF 464288513 1,220 14,100 SH   DFND 1 14,100 0 0
Johnson & Johnson COM 478160104 5,369 46,600 SH   DFND 1 46,600 0 0
Johnson Controls International Plc COM G51502105 11,125 270,091 SH   DFND 1 270,091 0 0
Jpmorgan Chase & Co COM 46625H100 155,855 1,806,180 SH   DFND 1 1,806,180 0 0
Kinder Morgan Inc COM 49456B101 14,885 718,747 SH   DFND 1 718,747 0 0
Klondex Mines Ltd COM 498696103 90,613 14,498,100 SH   DFND 1 14,498,100 0 0
Laboratory Corp Of America Holdings COM 50540R409 68,067 530,200 SH   DFND 1 530,200 0 0
Liberty Global Plc CL C G5480U120 129,098 4,346,750 SH   DFND 1 4,346,750 0 0
Live Nation Entertainment Inc COM 538034109 137,557 5,171,300 SH   DFND 1 5,171,300 0 0
Lloyds Banking Group Plc 7.500percent 4/30/2049 NOTE 539439AG4 1,726,920 16,875,000 PRN   DFND 1 16,875,000 0 0
Lowes Cos Inc COM 548661107 56,043 788,000 SH   DFND 1 788,000 0 0
Macquarie Infrastructure Corp. COM 55608B105 28,931 354,108 SH   DFND 1 354,108 0 0
Magna International Inc COM 559222401 245,711 4,214,600 SH   DFND 1 4,214,600 0 0
Markel Corp COM 570535104 20,894 23,100 SH   DFND 1 23,100 0 0
Marsh & Mclennan Companies, Inc COM 571748102 8,812 130,375 SH   DFND 1 130,375 0 0
Mastercard Inc CL A 57636Q104 137,143 1,328,260 SH   DFND 1 1,328,260 0 0
Mcdonald's Corp COM 580135101 7,194 59,100 SH   DFND 1 59,100 0 0
Mckesson Corp COM 58155Q103 115,566 822,830 SH   DFND 1 822,830 0 0
Medtronic Inc COM G5960L103 77,527 1,088,400 SH   DFND 1 1,088,400 0 0
Microsoft Corp COM 594918104 99,536 1,601,800 SH   DFND 1 1,601,800 0 0
Mondelez Intl Inc CL A 609207105 6,902 155,700 SH   DFND 1 155,700 0 0
Mountain Province Diamonds Inc. COM 62426E402 1,647 245,100 SH   DFND 1 245,100 0 0
Newell Brands Inc COM 651229106 94,353 2,113,171 SH   DFND 1 2,113,171 0 0
Nextera Energy Inc COM 65339F101 12,127 101,511 SH   DFND 1 101,511 0 0
Nielsen Hldgs Plc COM G6518L108 7,095 169,125 SH   DFND 1 169,125 0 0
Omnicom Group Inc COM 681919106 76,785 902,190 SH   DFND 1 902,190 0 0
Open Text Corp COM 683715106 55,988 675,200 SH   DFND 1 675,200 0 0
Oracle Corp COM 68389X105 290,083 7,544,425 SH   DFND 1 7,544,425 0 0
Parsley Energy Inc CL A 701877102 4,194 119,000 SH   DFND 1 119,000 0 0
Pattern Energy Group Inc CL A 70338P100 5,187 273,160 SH   DFND 1 273,160 0 0
Pembina Pipeline Corp COM 706327103 84,399 2,011,405 SH   DFND 1 2,011,405 0 0
Penske Automotive Group Inc COM 70959W103 60,820 1,173,232 SH   DFND 1 1,173,232 0 0
Pioneer Natural Resource Co COM 723787107 11,182 62,100 SH   DFND 1 62,100 0 0
Primero Mining Corp COM 74164W106 10,129 9,555,736 SH   DFND 1 9,555,736 0 0
Prologis Inc COM 74340W103 23,586 446,790 SH   DFND 1 446,790 0 0
Public Storage COM 74460D109 1,537 6,878 SH   DFND 1 6,878 0 0
Republic Services Inc COM 760759100 306,408 5,370,861 SH   DFND 1 5,370,861 0 0
Restaurant Brands International Inc. COM 76131D103 77,821 1,216,900 SH   DFND 1 1,216,900 0 0
Richmont Mines Inc COM 76547T106 16,258 1,864,400 SH   DFND 1 1,864,400 0 0
Royal Bank of Canada COM 780087102 13,862 152,550 SH   DFND 1 152,550 0 0
Sandstorm Gold Ltd COM 80013R206 31,721 6,019,210 SH   DFND 1 6,019,210 0 0
Sba Communications Corp COM 78388J106 16,308 157,935 SH   DFND 1 157,935 0 0
Scholastic Corp COM 807066105 2,085 43,900 SH   DFND 1 43,900 0 0
Sempra Energy COM 816851109 15,037 149,415 SH   DFND 1 149,415 0 0
Sensata Technologies Holding N.V. COM N7902X106 15,268 392,000 SH   DFND 1 392,000 0 0
Shaw Communications Inc CL B 82028K200 40,863 1,516,800 SH   DFND 1 1,516,800 0 0
Silver Standard Resources Inc. COM 82823L106 21,647 1,802,406 SH   DFND 1 1,802,406 0 0
Simon Property Group Inc COM 828806109 49,329 277,645 SH   DFND 1 277,645 0 0
Skyworks Solutions Inc COM 83088M102 4,278 57,300 SH   DFND 1 57,300 0 0
SL Green Realty Corp COM 78440X101 24,414 227,000 SH   DFND 1 227,000 0 0
Spdr Gold Trust COM 78463V107 51,078 466,000 SH   DFND 1 466,000 0 0
SPDR S&P 500 ETF Trust PUT 78462F953 131,212 587,000 SH Put DFND 1 587,000 0 0
SPDR Series Trust Bloomberg Barclays ETF ETF 78464A417 1,214 33,300 SH   DFND 1 33,300 0 0
Stantec Inc COM 85472N109 41,555 1,225,100 SH   DFND 1 1,225,100 0 0
Stericycle Inc COM 858912108 13,836 179,600 SH   DFND 1 179,600 0 0
Stericycle Inc Preferred Series A 5.250percent Sep 15/2018 PFD 858912207 5,545 87,641 PRN   DFND 1 87,641 0 0
Sun Life Financial Inc COM 866796105 2,608 50,600 SH   DFND 1 50,600 0 0
Tahoe Resources Inc. COM 873868103 52,033 4,113,317 SH   DFND 1 4,113,317 0 0
TE Connectivity Ltd COM H84989104 7,999 115,465 SH   DFND 1 115,465 0 0
Telus Corp COM 87971M103 427 9,975 SH   DFND 1 9,975 0 0
Thomson Reuters Corp COM 884903105 63,608 1,082,500 SH   DFND 1 1,082,500 0 0
Timmins Gold Corp COM 88741P103 7,630 18,384,700 SH   DFND 1 18,384,700 0 0
Tjx Cos Inc/the COM 872540109 12,476 166,060 SH   DFND 1 166,060 0 0
Torchmark Corp COM 891027104 30,020 407,000 SH   DFND 1 407,000 0 0
Toronto Dominion Bk COM 891160509 62,485 943,600 SH   DFND 1 943,600 0 0
Transcanada Corp COM 89353D107 25,493 421,100 SH   DFND 1 421,100 0 0
Union Pacific Corp COM 907818108 17,791 171,593 SH   DFND 1 171,593 0 0
United Parcel Service Inc CL B 911312106 238,999 2,084,779 SH   DFND 1 2,084,779 0 0
United Technologies Corp COM 913017109 16,981 154,910 SH   DFND 1 154,910 0 0
Unitedhealth Group Inc. COM 91324P102 157,607 984,800 SH   DFND 1 984,800 0 0
Us Bancorp COM 902973304 61,571 1,198,575 SH   DFND 1 1,198,575 0 0
Ventas Inc COM 92276F100 1,484 23,735 SH   DFND 1 23,735 0 0
Vermilion Energy Inc COM 923725105 8,997 159,275 SH   DFND 1 159,275 0 0
Visa Inc CL A 92826C839 114,703 1,470,172 SH   DFND 1 1,470,172 0 0
Vornado Realty Trust INT 929042109 1,728 16,555 SH   DFND 1 16,555 0 0
VWR Corporation COM 91843L103 201 8,050 SH   DFND 1 8,050 0 0
Walgreens Boots Alliance Inc COM 931427108 8,235 99,500 SH   DFND 1 99,500 0 0
Waste Connections, Inc. COM 94106B101 281,528 2,672,569 SH   DFND 1 2,672,569 0 0
Waste Mgmt Inc COM 94106L109 6,056 85,400 SH   DFND 1 85,400 0 0
WEC Energy Group Inc COM 92939U106 10,340 176,300 SH   DFND 1 176,300 0 0
Wells Fargo & Co COM 949746101 146,503 2,658,370 SH   DFND 1 2,658,370 0 0
Williams Cos Inc/the COM 969457100 18,126 582,095 SH   DFND 1 582,095 0 0
Willis Towers Watson Pub Ltd COM G96629103 24,701 202,000 SH   DFND 1 202,000 0 0
Zimmer Biomet Holdings Inc COM 98956P102 22,565 218,655 SH   DFND 1 218,655 0 0
Zoetis Inc CL A 98978V103 214 4,000 SH   DFND 1 4,000 0 0