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
Accenture PLC Ireland SHS CL A G1151C101 60,493 748,300 SH   DFND 1 1 0 0
Agco Corp COM 001084102 23,820 423,700 SH   DFND 1 1 0 0
Agnico Eagle Mines Ltd COM 008474108 6,121 159,808 SH   DFND 1 1 0 0
Alamos Gold Inc COM 011527108 16,223 1,599,900 SH   DFND 1 1 0 0
Allergan Inc COM 018490102 1,692 10,000 SH   DFND 1 1 0 0
Amdocs Ltd ORD G02602103 25,806 557,000 SH   DFND 1 1 0 0
American Campus Communities Inc COM 024835100 11,587 303,000 SH   DFND 1 1 0 0
American Residential Properties Inc COM 02927E303 24,338 1,298,000 SH   DFND 1 1 0 0
American Tower Corp COM 03027X100 59,207 658,000 SH   DFND 1 1 0 0
American Water Works Co Inc COM 030420103 8,258 167,000 SH   DFND 1 1 0 0
Amerisourcebergen Corp COM 03073E105 70,989 977,000 SH   DFND 1 1 0 0
Avalonbay Communities Inc COM 053484101 35,548 250,000 SH   DFND 1 1 0 0
Bce Inc COM 05534B760 4,472 98,583 SH   DFND 1 1 0 0
Baidu Inc Sponsor ADR REP A 056752108 598 3,200 SH   DFND 1 1 0 0
Bank Of N S Halifax COM 064149107 11,189 168,000 SH   DFND 1 1 0 0
Cr Bard Inc COM 067383109 30,147 210,800 SH   DFND 1 1 0 0
Barrick Gold Corp COM 067901108 4,910 268,318 SH   DFND 1 1 0 0
Baxter International Inc COM 071813109 108,732 1,503,900 SH   DFND 1 1 0 0
Baytex Energy Corp COM 07317Q105 250,651 5,431,229 SH   DFND 1 1 0 0
Becton Dickinson And Co COM 075887109 108,209 914,700 SH   DFND 1 1 0 0
Bellatrix Exploration Ltd COM 078314101 13,040 1,497,100 SH   DFND 1 1 0 0
Berkshire Hathaway Inc CL A 084670108 103,306 544 SH   DFND 1 1 0 0
Berkshire Hathaway Inc CL B 084670702 2,177 17,200 SH   DFND 1 1 0 0
Boston Properties Inc COM 101121101 29,852 252,600 SH   DFND 1 1 0 0
Brookfield Property Partners L.P. LP UNIT G16249107 13,083 626,860 SH   DFND 1 1 0 0
Brookfield Infrastructure Partners L.P. LP UNIT G16252101 11,694 280,300 SH   DFND 1 1 0 0
Brookfield Renewable Energy Partners L.P. LP UNIT G16258108 5,941 200,500 SH   DFND 1 1 0 0
B2gold Corp COM 11777Q209 53,386 18,282,780 SH   DFND 1 1 0 0
Cme Group Inc COM 12572Q105 7,272 102,500 SH   DFND 1 1 0 0
Cms Energy Corp COM 125896100 8,878 285,000 SH   DFND 1 1 0 0
Csx Corp COM 126408103 160,560 5,211,300 SH   DFND 1 1 0 0
Cst Brands Inc COM 12646R105 68,282 1,979,179 SH   DFND 1 1 0 0
Cvs Caremark Corp COM 126650100 77,993 1,034,800 SH   DFND 1 1 0 0
Canadian National Railway Co COM 136375102 92,738 1,426,300 SH   DFND 1 1 0 0
Canadian Natural Resources Ltd COM 136385101 268,347 5,845,063 SH   DFND 1 1 0 0
Cardinal Health Inc COM 14149Y108 5,231 76,300 SH   DFND 1 1 0 0
Catamaran Corp COM 148887102 4,094 92,700 SH   DFND 1 1 0 0
Cenovus Energy Inc COM 15135U109 63,847 1,972,418 SH   DFND 1 1 0 0
Cinemark Holdings Inc COM 17243V102 87,590 2,477,100 SH   DFND 1 1 0 0
Cisco Systems Inc COM 17275R102 47,091 1,895,000 SH   DFND 1 1 0 0
Coca-cola Co COM 191216100 29,860 704,900 SH   DFND 1 1 0 0
Comcast Corp CL A 20030N101 61,174 1,139,600 SH   DFND 1 1 0 0
Coty Inc CL A 222070203 14,423 842,000 SH   DFND 1 1 0 0
Crescent Point Energy Corp COM 22576C101 260,245 5,873,287 SH   DFND 1 1 0 0
Crown Castle International Corp COM 228227104 14,347 193,200 SH   DFND 1 1 0 0
Crown Holdings Inc COM 228368106 32,344 650,000 SH   DFND 1 1 0 0
Danaher Corp COM 235851102 8,818 112,000 SH   DFND 1 1 0 0
Deere & Co COM 244199105 41,336 456,500 SH   DFND 1 1 0 0
Disney Walt Co COM DISNEY 254687106 14,790 172,500 SH   DFND 1 1 0 0
Directv COM 25490A309 80,742 949,800 SH   DFND 1 1 0 0
Dow Chem Co COM 260543103 15,695 305,000 SH   DFND 1 1 0 0
Duke Energy Corp COM 26441C204 4,859 65,500 SH   DFND 1 1 0 0
Dun & Bradstreet Corp COM 26483E100 1,763 16,000 SH   DFND 1 1 0 0
Eog Resources Inc COM 26875P101 8,461 72,400 SH   DFND 1 1 0 0
Eastman Chemical Co COM 277432100 1,957 22,400 SH   DFND 1 1 0 0
Encana Corp COM 292505104 1,494 63,000 SH   DFND 1 1 0 0
Enbridge Inc COM 29250N105 21,941 462,204 SH   DFND 1 1 0 0
Equifax Inc COM 294429105 7,181 99,000 SH   DFND 1 1 0 0
Equinix Inc COM 29444U502 7,563 36,000 SH   DFND 1 1 0 0
Express Scripts Holding Co COM 30219G108 85,158 1,228,300 SH   DFND 1 1 0 0
Federal Realty Investment Trust UNIT 313747206 6,046 50,000 SH   DFND 1 1 0 0
Fedex Corp COM 31428X106 1,120 7,400 SH   DFND 1 1 0 0
First Republic Bnk San Francisco COM 33616C100 6,709 122,000 SH   DFND 1 1 0 0
Fiserv Inc COM 337738108 13,584 225,200 SH   DFND 1 1 0 0
Fortuna Silver Mines Inc COM 349915108 43,268 7,852,600 SH   DFND 1 1 0 0
Franklin Resources Inc COM 354613101 48,372 836,300 SH   DFND 1 1 0 0
General Electric Co COM 369604103 58,053 2,209,000 SH   DFND 1 1 0 0
General Growth Properties Inc COM 370023103 31,737 1,347,059 SH   DFND 1 1 0 0
Gildan Activewear Inc COM 375916103 2,473 42,000 SH   DFND 1 1 0 0
Goldcorp Inc COM 380956409 9,420 337,500 SH   DFND 1 1 0 0
Golden Star Resources Ltd COM 38119T104 16,686 28,280,600 SH   DFND 1 1 0 0
Google Inc CL A 38259P508 33,887 57,960 SH   DFND 1 1 0 0
Google Inc CL C 38259P706 25,865 44,960 SH   DFND 1 1 0 0
International Business Machines Corp COM 459200101 83,241 459,210 SH   DFND 1 1 0 0
Jpmorgan Chase & Co COM 46625H100 107,966 1,873,760 SH   DFND 1 1 0 0
Kansas City Southern COM 485170302 1,688 15,700 SH   DFND 1 1 0 0
Kinder Morgan Inc COM 49456B101 9,090 250,700 SH   DFND 1 1 0 0
Laboratory Corp Of America Holdings COM 50540R409 17,306 169,000 SH   DFND 1 1 0 0
Leucadia National Corp COM 527288104 65,529 2,499,200 SH   DFND 1 1 0 0
Macquarie Infrastructure Co LLC MEMBERSHIP INT 55608B105 25,385 407,000 SH   DFND 1 1 0 0
Magna International Inc COM 559222401 115,187 1,069,017 SH   DFND 1 1 0 0
Markel Corp COM 570535104 26,422 40,300 SH   DFND 1 1 0 0
Mastercard Inc CL A 57636Q104 12,967 176,500 SH   DFND 1 1 0 0
Mattel Inc COM 577081102 18,090 464,200 SH   DFND 1 1 0 0
Mcdonald's Corp COM 580135101 119,800 1,189,200 SH   DFND 1 1 0 0
Mckesson Corp COM 58155Q103 70,294 377,500 SH   DFND 1 1 0 0
Medtronic Inc COM 585055106 134,126 2,103,600 SH   DFND 1 1 0 0
Microsoft Corp COM 594918104 187,863 4,505,100 SH   DFND 1 1 0 0
Nasdaq Omx Group Inc COM 631103108 2,201 57,000 SH   DFND 1 1 0 0
National Oilwell Varco Inc COM 637071101 91,763 1,114,300 SH   DFND 1 1 0 0
Nextera Energy Inc COM 65339F101 8,762 85,500 SH   DFND 1 1 0 0
Norfolk Southern Corp COM 655844108 46,508 451,400 SH   DFND 1 1 0 0
Nxp Semiconductor Nv COM N6596X109 503 7,600 SH   DFND 1 1 0 0
Occidental Petroleum Corp COM 674599105 74,376 724,700 SH   DFND 1 1 0 0
Omnicom Group Inc COM 681919106 26,138 367,000 SH   DFND 1 1 0 0
Oneok Inc COM 682680103 13,614 199,976 SH   DFND 1 1 0 0
Oracle Corp COM 68389X105 336,804 8,310,000 SH   DFND 1 1 0 0
Pvh Corp COM 693656100 13,292 114,000 SH   DFND 1 1 0 0
Pattern Energy Group Inc CL A 70338P100 7,450 225,000 SH   DFND 1 1 0 0
Pembina Pipeline Corp COM 706327103 41,213 958,445 SH   DFND 1 1 0 0
Penske Automotive Group Inc COM 70959W103 33,925 685,361 SH   DFND 1 1 0 0
Philip Morris International Inc COM 718172109 59,514 705,900 SH   DFND 1 1 0 0
Primero Mining Corp COM 74164W106 67,372 8,411,000 SH   DFND 1 1 0 0
Progressive Waste Solutions Ltd COM 74339G101 218,029 8,493,550 SH   DFND 1 1 0 0
Prologis Inc COM 74340W103 41,624 1,013,000 SH   DFND 1 1 0 0
Proshares TR SHRT 20+YR TRE 74347X849 7,488 260,000 SH   DFND 1 1 0 0
Qualcomm Inc COM 747525103 59,796 755,000 SH   DFND 1 1 0 0
Quanta Services Inc COM 74762E102 20,489 592,500 SH   DFND 1 1 0 0
Quest Diagnostics Inc COM 74834L100 33,036 562,883 SH   DFND 1 1 0 0
Raymond James Financial Inc COM 754730109 2,384 47,000 SH   DFND 1 1 0 0
Republic Services Inc COM 760759100 373,601 9,839,361 SH   DFND 1 1 0 0
Rio Alto Mining Ltd COM 76689T104 66,737 28,890,400 SH   DFND 1 1 0 0
Rogers Communications Inc CL B 775109200 66,213 1,645,048 SH   DFND 1 1 0 0
Sba Communications Corp COM 78388J106 9,412 92,000 SH   DFND 1 1 0 0
Spdr Gold Trust GOLD SHS 78463V107 12,804 100,000 SH   DFND 1 1 0 0
Sandstorm Gold Ltd COM 80013R206 67,275 9,721,784 SH   DFND 1 1 0 0
Schlumberger Ltd COM 806857108 8,669 73,500 SH   DFND 1 1 0 0
Scholastic Corp COM 807066105 2,949 86,500 SH   DFND 1 1 0 0
Shaw Communications Inc CL B CONV 82028K200 2,258 88,000 SH   DFND 1 1 0 0
Silver Wheaton Corp COM 828336107 45,793 1,743,150 SH   DFND 1 1 0 0
Silvercorp Metals Inc COM 82835P103 4,282 2,019,700 SH   DFND 1 1 0 0
Simon Property Group Inc COM 828806109 57,275 344,450 SH   DFND 1 1 0 0
Stantec Inc COM 85472N109 27,565 444,600 SH   DFND 1 1 0 0
Starwood Hotels & Resorts Wrld COM 85590A401 22,791 282,000 SH   DFND 1 1 0 0
State Street Corp COM 857477103 63,588 945,400 SH   DFND 1 1 0 0
Sun Life Financial Inc COM 866796105 80,640 2,196,673 SH   DFND 1 1 0 0
Suncor Energy Inc COM 867224107 231,404 5,428,187 SH   DFND 1 1 0 0
Tjx Cos Inc New COM 872540109 52,592 989,500 SH   DFND 1 1 0 0
Telus Corp COM 87971M103 121,637 3,266,300 SH   DFND 1 1 0 0
3m Co COM 88579Y101 7,893 55,100 SH   DFND 1 1 0 0
Tim Hortons Inc COM 88706M103 153,593 2,806,385 SH   DFND 1 1 0 0
Timmins Gold Corp COM 88741P103 48,594 27,767,900 SH   DFND 1 1 0 0
Transalta Corp COM 89346D107 4,644 378,481 SH   DFND 1 1 0 0
Transcanada Corp COM 89353D107 12,207 255,800 SH   DFND 1 1 0 0
Us Bancorp COM 902973304 88,269 2,037,600 SH   DFND 1 1 0 0
Union Pacific Corp COM 907818108 274,871 2,755,600 SH   DFND 1 1 0 0
United Parcel Service Inc CL B 911312106 267,351 2,604,236 SH   DFND 1 1 0 0
United Technologies Corp COM 913017109 42,278 366,200 SH   DFND 1 1 0 0
Varian Medical Systems Inc COM 92220P105 19,646 236,300 SH   DFND 1 1 0 0
Verisign Inc COM 92343E102 31,429 643,900 SH   DFND 1 1 0 0
Verizon Communications Inc COM 92343V104 4,159 85,000 SH   DFND 1 1 0 0
Vermilion Energy Inc COM 923725105 120,229 1,723,959 SH   DFND 1 1 0 0
Viacom Inc CL B 92553P201 34,302 395,500 SH   DFND 1 1 0 0
Visa Inc CL A 92826C839 24,379 115,700 SH   DFND 1 1 0 0
Wal-mart Stores Inc COM 931142103 124,800 1,662,450 SH   DFND 1 1 0 0
Waste Connections Inc COM 941053100 3,190 65,700 SH   DFND 1 1 0 0
Wells Fargo & Co COM 949746101 162,127 3,084,600 SH   DFND 1 1 0 0
Weyerhaeuser Co COM 962166104 2,962 89,500 SH   DFND 1 1 0 0
Williams Cos Inc Del COM 969457100 14,291 245,500 SH   DFND 1 1 0 0
Yamana Gold Inc COM 98462Y100 3,965 482,362 SH   DFND 1 1 0 0
Zimmer Holdings Inc COM 98956P102 68,122 655,900 SH   DFND 1 1 0 0