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 7,977 1,020,100 SH   DFND 1 7,977 0 0
Agco Corp COM 001084102 16,156 219,000 SH   DFND 1 16,156 0 0
Agrium Inc COM 008916108 11,380 85,100 SH   DFND 1 11,380 0 0
Alamos Gold Inc. CL A 011532108 16,547 1,962,850 SH   DFND 1 16,547 0 0
Albemarle Corp COM 012653101 3,817 28,000 SH   DFND 1 3,817 0 0
Algonquin Power and Utilities Corp. COM 015857105 59,687 4,525,170 SH   DFND 1 59,687 0 0
Alibaba Group Holding Ltd ADR 01609W102 1,382 8,004 SH   DFND 1 1,382 0 0
Alio Gold Inc COM 01627X108 6,210 1,129,070 SH   DFND 1 6,210 0 0
Alphabet Inc CL A 02079K305 26,561 27,278 SH   DFND 1 26,561 0 0
Alphabet Inc CL C 02079K107 266,400 277,758 SH   DFND 1 266,400 0 0
AMC Entertainment Holdings Inc. CL A 00165C104 1,147 78,000 SH   DFND 1 1,147 0 0
Amdocs Ltd COM G02602103 33,215 516,400 SH   DFND 1 33,215 0 0
American Express Company COM 025816109 53,326 589,500 SH   DFND 1 53,326 0 0
American Tower Corp COM 03027X100 29,665 217,043 SH   DFND 1 29,665 0 0
American Water Works Co Inc COM 030420103 10,316 127,500 SH   DFND 1 10,316 0 0
Amerisourcebergen Corp COM 03073E105 67,176 811,800 SH   DFND 1 67,176 0 0
Apple Inc COM 037833100 12,940 83,960 SH   DFND 1 12,940 0 0
Applied Materials Inc. CALL 038222905 374 107,500 SH Call DFND 1 374 0 0
Autozone Inc COM 053332102 138,613 232,920 SH   DFND 1 138,613 0 0
Avalonbay Communities Inc COM 053484101 23,553 132,010 SH   DFND 1 23,553 0 0
B2Gold Corp COM 11777Q209 5,016 1,458,280 SH   DFND 1 5,016 0 0
Bank of Nova Scotia COM 064149107 47,045 586,600 SH   DFND 1 47,045 0 0
BCE Inc COM 05534B760 148,499 2,540,180 SH   DFND 1 148,499 0 0
Becton Dickinson and Co COM 075887109 333 1,700 SH   DFND 1 333 0 0
Berkshire Hathaway Inc CL A 084670108 178,581 650 SH   DFND 1 178,581 0 0
Berkshire Hathaway Inc CL B 084670702 18,738 102,215 SH   DFND 1 18,738 0 0
Blackrock Inc COM 09247X101 5,589 12,500 SH   DFND 1 5,589 0 0
Boston Properties Inc COM 101121101 26,647 216,855 SH   DFND 1 26,647 0 0
Brookfield Asset Mgmt Inc. CL A 112585104 241,879 5,856,625 SH   DFND 1 241,879 0 0
Brookfield Business Partners LP LP INT UNIT G16234109 21,359 577,274 SH   DFND 1 21,359 0 0
Brookfield Infrastructure Partners LP LP INT UNIT G16252101 144,539 3,350,465 SH   DFND 1 144,539 0 0
Brookfield Property Partners LP LP INT UNIT G16249107 320 11,000 SH   DFND 1 320 0 0
CandJ Energy Services Inc. COM 12674R100 1,355 45,200 SH   DFND 1 1,355 0 0
Cabot Oil and Gas Corp COM 127097103 3,023 113,000 SH   DFND 1 3,023 0 0
Canadian Natural Resources Ltd COM 136385101 9,599 229,700 SH   DFND 1 9,599 0 0
Canadian National Railway Ltd COM 136375102 128,548 1,243,450 SH   DFND 1 128,548 0 0
Canadian Pacific Railway Ltd COM 13645T100 116,998 558,250 SH   DFND 1 116,998 0 0
Canadian Imperial Bank of Commerce COM 136069101 11,496 105,300 SH   DFND 1 11,496 0 0
Cigna Corporation COM 125509109 124,868 667,960 SH   DFND 1 124,868 0 0
Cimarex Energy Co COM 171798101 2,592 22,800 SH   DFND 1 2,592 0 0
Cinemark Holdings Inc COM 17243V102 123,028 3,397,623 SH   DFND 1 123,028 0 0
Cisco Systems Inc COM 17275R102 71,497 2,126,000 SH   DFND 1 71,497 0 0
Citigroup Inc. COM 172967424 8,191 112,600 SH   DFND 1 8,191 0 0
Cme Group Inc. CL A 12572Q105 1,791 13,200 SH   DFND 1 1,791 0 0
CMS Energy Corporation COM 125896100 10,800 233,150 SH   DFND 1 10,800 0 0
Cognizant Technology Solutions Corp CL A 192446102 50,843 700,900 SH   DFND 1 50,843 0 0
Comcast Corp CL A 20030N101 67,557 1,755,649 SH   DFND 1 67,557 0 0
Concho Resources Inc. COM 20605P101 2,595 19,700 SH   DFND 1 2,595 0 0
Crescent Point Energy Corp COM 22576C101 6,251 623,887 SH   DFND 1 6,251 0 0
Crown Castle International Corp COM 22822V101 11,301 113,030 SH   DFND 1 11,301 0 0
Crown Holdings Inc COM 228368106 79,947 1,338,700 SH   DFND 1 79,947 0 0
Cvs Health Corp COM 126650100 475,893 5,852,100 SH   DFND 1 475,893 0 0
Edison International COM 281020107 8,076 104,650 SH   DFND 1 8,076 0 0
Enbridge Inc COM 29250N105 223,144 4,281,355 SH   DFND 1 223,144 0 0
Enerplus Corp COM 292766102 3,704 300,900 SH   DFND 1 3,704 0 0
Enstar Group Limited COM G3075P101 9,539 42,900 SH   DFND 1 9,539 0 0
EOG Resources Inc COM 26875P101 2,651 27,400 SH   DFND 1 2,651 0 0
Equity Residential INT 29476L107 27,552 417,900 SH   DFND 1 27,552 0 0
Extra Space Storage Inc. COM 30225T102 11,189 140,000 SH   DFND 1 11,189 0 0
Facebook Inc CL A 30303M102 44,841 262,430 SH   DFND 1 44,841 0 0
Federal Realty Investment Trust INT 313747206 19,228 154,805 SH   DFND 1 19,228 0 0
Fedex Corporation COM 31428X106 6,767 29,999 SH   DFND 1 6,767 0 0
First Republic Bank/ca COM 33616C100 22,877 219,000 SH   DFND 1 22,877 0 0
Fortis Inc COM 349553107 24,071 537,655 SH   DFND 1 24,071 0 0
Fortuna Silver Mines Inc COM 349915108 3,850 705,200 SH   DFND 1 3,850 0 0
Franco-Nevada Corporation COM 351858105 6,824 70,600 SH   DFND 1 6,824 0 0
Franklin Resources Inc COM 354613101 1,549 34,800 SH   DFND 1 1,549 0 0
Gazit Globe Ltd COM M4793C102 30,609 900,000 SH   DFND 1 30,609 0 0
General Electric Co COM 369604103 339 14,000 SH   DFND 1 339 0 0
GGP Inc COM 36174X101 36,883 1,775,799 SH   DFND 1 36,883 0 0
Gildan Activewear Inc COM 375916103 78,284 2,007,800 SH   DFND 1 78,284 0 0
Gilead Sciences Inc COM 375558103 75,786 935,400 SH   DFND 1 75,786 0 0
Golden Star Res Ltd Cda COM 38119T104 14,044 14,628,848 SH   DFND 1 14,044 0 0
Gran Tierra Energy Inc COM 38500T101 2,642 933,400 SH   DFND 1 2,642 0 0
CGI Group Inc CL A 39945C109 99,969 1,927,300 SH   DFND 1 99,969 0 0
HD Supply Holdings Inc. PUT 40416M955 1 11,500 SH Put DFND 1 1 0 0
HSBC Holdings Plc 6.875 percent 12/29/2049 NOTE 404280BC2 1,704,184 15,675,000 PRN   DFND 1 1,704,184 0 0
ishares iBoxx $ High Yield Corporate Bond ETF ETF 464288513 1,413 15,915 SH   DFND 1 1,413 0 0
Johnson and Johnson COM 478160104 8,139 62,600 SH   DFND 1 8,139 0 0
Johnson Controls International Plc COM G51502105 302 7,500 SH   DFND 1 302 0 0
Jpmorgan Chase and Co COM 46625H100 157,604 1,650,130 SH   DFND 1 157,604 0 0
Kilroy Realty Corp COM 49427F108 16,500 232,000 SH   DFND 1 16,500 0 0
Kinder Morgan Inc COM 49456B101 12,535 653,547 SH   DFND 1 12,535 0 0
Kirkland Lake Gold Ltd. COM 49741E100 94,533 5,878,944 SH   DFND 1 94,533 0 0
Klondex Mines Ltd COM 498696103 59,732 13,128,000 SH   DFND 1 59,732 0 0
Laboratory Corp Of America Holdings COM 50540R409 130,088 861,680 SH   DFND 1 130,088 0 0
Liberty Expedia Holdings, Inc. CL A 53046P109 27,261 513,300 SH   DFND 1 27,261 0 0
Liberty Global Plc LiLAC CL C G5480U153 79,832 3,426,250 SH   DFND 1 79,832 0 0
Liberty Global Plc CL C G5480U120 173,820 5,315,600 SH   DFND 1 173,820 0 0
Live Nation Entertainment Inc COM 538034109 197,649 4,538,450 SH   DFND 1 197,649 0 0
Macquarie Infrastructure Corp. COM 55608B105 20,049 277,768 SH   DFND 1 20,049 0 0
Magna International Inc COM 559222401 231,833 3,481,500 SH   DFND 1 231,833 0 0
Manulife Financial Corp. COM 56501R106 9,048 357,500 SH   DFND 1 9,048 0 0
Markel Corp COM 570535104 23,602 22,100 SH   DFND 1 23,602 0 0
Mastercard Inc CL A 57636Q104 123,255 872,910 SH   DFND 1 123,255 0 0
Mckesson Corp COM 58155Q103 151,068 983,450 SH   DFND 1 151,068 0 0
Medtronic Inc COM G5960L103 35,805 460,400 SH   DFND 1 35,805 0 0
Microsoft Corp COM 594918104 72,970 979,600 SH   DFND 1 72,970 0 0
Mitel Networks Corp COM 60671Q104 14,108 1,350,000 SH   DFND 1 14,108 0 0
Molson Coors Brewing Co CL B 60871R209 310 3,800 SH   DFND 1 310 0 0
Mountain Province Diamonds Inc. COM 62426E402 3,096 762,500 SH   DFND 1 3,096 0 0
Nevsun Res Ltd COM 64156L101 1,958 725,000 SH   DFND 1 1,958 0 0
Newell Brands Inc COM 651229106 116,405 2,728,021 SH   DFND 1 116,405 0 0
Nextera Energy Inc COM 65339F101 13,858 94,561 SH   DFND 1 13,858 0 0
Nice Ltd COM 653656108 1,403 17,250 SH   DFND 1 1,403 0 0
Omnicom Group Inc COM 681919106 105,186 1,420,090 SH   DFND 1 105,186 0 0
Open Text Corp COM 683715106 46,082 1,144,600 SH   DFND 1 46,082 0 0
Oracle Corp COM 68389X105 204,033 4,219,925 SH   DFND 1 204,033 0 0
Park Hotels Resorts Inc COM 700517105 13,003 471,800 SH   DFND 1 13,003 0 0
Pembina Pipeline Corp COM 706327103 119,561 2,730,955 SH   DFND 1 119,561 0 0
Penske Automotive Group Inc COM 70959W103 18,279 384,261 SH   DFND 1 18,279 0 0
Pepsico Inc COM 713448108 334 3,000 SH   DFND 1 334 0 0
Pfizer Inc COM 717081103 99,624 2,790,600 SH   DFND 1 99,624 0 0
PG and E Corporation Com COM 69331C108 9,073 133,250 SH   DFND 1 9,073 0 0
Philip Morris International Inc COM 718172109 255 2,300 SH   DFND 1 255 0 0
Precision Drilling Corp COM 74022D308 1,050 270,500 SH   DFND 1 1,050 0 0
Priceline Group Inc/The COM 741503403 58,815 32,125 SH   DFND 1 58,815 0 0
Prologis Inc COM 74340W103 26,799 422,290 SH   DFND 1 26,799 0 0
ProPetro Holding Corp COM 74347M108 1,669 116,300 SH   DFND 1 1,669 0 0
Public Storage COM 74460D109 1,515 7,078 SH   DFND 1 1,515 0 0
Raytheon Co. COM 755111507 373 2,000 SH   DFND 1 373 0 0
Regency Centers Corp COM 758849103 1,390 22,400 SH   DFND 1 1,390 0 0
Republic Services Inc COM 760759100 213,484 3,231,661 SH   DFND 1 213,484 0 0
Richmont Mines Inc COM 76547T106 19,471 1,674,180 SH   DFND 1 19,471 0 0
Rogers Communications Inc CL B 775109200 50,069 778,200 SH   DFND 1 50,069 0 0
Royal Bank of Canada COM 780087102 89,613 928,250 SH   DFND 1 89,613 0 0
SandP Global Inc COM 78409V104 6,534 41,800 SH   DFND 1 6,534 0 0
Sandstorm Gold Ltd COM 80013R206 27,447 4,866,470 SH   DFND 1 27,447 0 0
Sba Communications Corp CL A 78410G104 11,464 79,585 SH   DFND 1 11,464 0 0
Scholastic Corp COM 807066105 4,419 118,800 SH   DFND 1 4,419 0 0
Sempra Energy COM 816851109 11,489 100,665 SH   DFND 1 11,489 0 0
Sensata Technologies Holding N.V. COM N7902X106 60,890 1,266,700 SH   DFND 1 60,890 0 0
Shaw Communications Inc CL B 82028K200 1,292 45,000 SH   DFND 1 1,292 0 0
Simon Property Group Inc COM 828806109 36,685 227,845 SH   DFND 1 36,685 0 0
SL Green Realty Corp COM 78440X101 17,934 177,000 SH   DFND 1 17,934 0 0
Sociedad Quimica y Minera de Chile S.A. COM 833635105 2,700 48,500 SH   DFND 1 2,700 0 0
Spdr Gold Trust COM 78463V107 7,304 60,079 SH   DFND 1 7,304 0 0
SPDR Series Trust Bloomberg Barclays ETF ETF 78464A417 1,401 37,550 SH   DFND 1 1,401 0 0
SSR Mining Inc. COM 784730103 9,866 746,308 SH   DFND 1 9,866 0 0
Stantec Inc COM 85472N109 42,536 1,228,300 SH   DFND 1 42,536 0 0
Stericycle Inc Preferred Series A 5.250 percent Sep 15/2018 PFD 858912207 5,090 86,500 PRN   DFND 1 5,090 0 0
Sun Life Financial Inc COM 866796105 26,296 529,200 SH   DFND 1 26,296 0 0
Suncor Energy Inc. COM 867224107 16,276 372,200 SH   DFND 1 16,276 0 0
Symantec Corp COM 871503108 361 11,000 SH   DFND 1 361 0 0
Tahoe Resources Inc. COM 873868103 13,022 1,985,062 SH   DFND 1 13,022 0 0
Telus Corp COM 87971M103 48,318 1,076,600 SH   DFND 1 48,318 0 0
Thomson Reuters Corp COM 884903105 88,371 1,543,600 SH   DFND 1 88,371 0 0
Tjx Cos Inc/the COM 872540109 7,024 95,260 SH   DFND 1 7,024 0 0
Torchmark Corp COM 891027104 27,671 345,500 SH   DFND 1 27,671 0 0
Toronto Dominion Bk COM 891160509 54,057 769,500 SH   DFND 1 54,057 0 0
TransAlta Corporation COM 89346D107 6,913 947,000 SH   DFND 1 6,913 0 0
Transcanada Corp COM 89353D107 34,745 563,400 SH   DFND 1 34,745 0 0
Union Pacific Corp COM 907818108 12,663 109,193 SH   DFND 1 12,663 0 0
United Parcel Service Inc CL B 911312106 125,672 1,046,479 SH   DFND 1 125,672 0 0
Unitedhealth Group Inc. COM 91324P102 150,981 770,900 SH   DFND 1 150,981 0 0
Us Bancorp COM 902973304 50,137 935,575 SH   DFND 1 50,137 0 0
Ventas Inc COM 92276F100 12,592 193,335 SH   DFND 1 12,592 0 0
Vermilion Energy Inc COM 923725105 3,850 86,800 SH   DFND 1 3,850 0 0
Visa Inc CL A 92826C839 164,616 1,564,192 SH   DFND 1 164,616 0 0
Waste Connections, Inc. COM 94106B101 255,995 2,933,699 SH   DFND 1 255,995 0 0
WEC Energy Group Inc COM 92939U106 6,466 103,000 SH   DFND 1 6,466 0 0
Wells Fargo and Co COM 949746101 126,452 2,292,870 SH   DFND 1 126,452 0 0
Williams Cos Inc/the COM 969457100 19,083 635,894 SH   DFND 1 19,083 0 0
Willis Towers Watson Pub Ltd COM G96629103 56,649 367,300 SH   DFND 1 56,649 0 0
Zimmer Biomet Holdings Inc COM 98956P102 14,929 127,500 SH   DFND 1 14,929 0 0
Equinix Inc COM 29444U700 32,446 72,700 SH   DFND 1 32,446 0 0
Healthcare Realty Trust Inc COM 421946104 9,489 293,400 SH   DFND 1 9,489 0 0
WGL Holdings Inc COM 92924F106 23,062 273,900 SH   DFND 1 23,062 0 0