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 17,037 209,500 SH   DFND 1 209,500 0 0
AGCO CORP COM 001084102 20,443 449,700 SH   DFND 1 449,700 0 0
AGNICO EAGLE MINES LTD COM 008474108 4,639 159,808 SH   DFND 1 159,808 0 0
AGRIUM INC COM 008916108 27,897 313,450 SH   DFND 1 313,450 0 0
ALAMOS GOLD INC COM 011527108 12,759 1,602,950 SH   DFND 1 1,602,950 0 0
ALLERGAN INC COM 018490102 1,782 10,000 SH   DFND 1 10,000 0 0
AMDOCS LTD SHS G02602103 25,555 557,000 SH   DFND 1 557,000 0 0
AMERICAN CAMPUS COMMUNITIES INC COM 024835100 8,529 234,000 SH   DFND 1 234,000 0 0
AMERICAN RESIDENTIAL PROPERTIES INC COM 02927E303 23,805 1,298,000 SH   DFND 1 1,298,000 0 0
AMERICAN TOWER CORP COM 03027X100 44,331 473,471 SH   DFND 1 473,471 0 0
AMERICAN WATER WORKS CO INC COM 030420103 8,054 167,000 SH   DFND 1 167,000 0 0
AMERISOURCEBERGEN CORP COM 03073E105 75,564 977,540 SH   DFND 1 977,540 0 0
ASML HOLDING NV SHS N07059210 4,200 42,500 SH   DFND 1 42,500 0 0
AVALONBAY COMMUNITIES INC COM 053484101 28,214 200,145 SH   DFND 1 200,145 0 0
B2GOLD CORP COM 11777Q209 33,542 16,523,080 SH   DFND 1 16,523,080 0 0
BAIDU INC SPON ADR REP A 056752108 5,259 2,410 SH   DFND 1 2,410 0 0
BANK OF NOVA SCOTIA COM 064149107 7,546 122,000 SH   DFND 1 122,000 0 0
BARRICK GOLD CORP COM 067901108 3,708 252,930 SH   DFND 1 252,930 0 0
BAXTER INTERNATIONAL INC COM 071813109 108,122 1,506,500 SH   DFND 1 1,506,500 0 0
BAYTEX ENERGY CORP COM 07317Q105 207,360 5,477,029 SH   DFND 1 5,477,029 0 0
BECTON DICKINSON AND CO COM 075887109 104,102 914,700 SH   DFND 1 914,700 0 0
BELLATRIX EXPLORATION LTD COM 078314101 7,823 1,272,100 SH   DFND 1 1,272,100 0 0
BEMIS INC COM 081437105 13,877 365,000 SH   DFND 1 365,000 0 0
BERKSHIRE HATHAWAY INC CL B 084670702 2,452 17,750 SH   DFND 1 17,750 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 87,105 421 SH   DFND 1 421 0 0
BOSTON PROPERTIES INC COM 101121101 37,950 327,835 SH   DFND 1 327,835 0 0
BROOKFIELD ASSET MANAGEMENT INC CL A 112585104 3,166 70,422 SH   DFND 1 70,422 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS L.P. LP UNIT G16252101 8,197 215,717 SH   DFND 1 215,717 0 0
BROOKFIELD RENEWABLE ENERGY PARTNERS L.P. LP UNIT G16258108 6,109 200,500 SH   DFND 1 200,500 0 0
CABOT OIL & GAS CORP COM 127097103 1,569 48,000 SH   DFND 1 48,000 0 0
CAE INC COM 124765108 1,041 85,800 SH   DFND 1 85,800 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 231,248 5,953,855 SH   DFND 1 5,953,855 0 0
CANADIAN NATIONAL RAILWAY CO COM 136375102 118,941 1,676,167 SH   DFND 1 1,676,167 0 0
CATAMARAN CORP COM 148887102 30,226 717,100 SH   DFND 1 717,100 0 0
CENOVUS ENERGY INC COM 15135U109 3,767 140,137 SH   DFND 1 140,137 0 0
CINEMARK HOLDINGS INC COM 17243V102 83,599 2,455,900 SH   DFND 1 2,455,900 0 0
CISCO SYSTEMS INC COM 17275R102 47,697 1,895,000 SH   DFND 1 1,895,000 0 0
CME GROUP INC COM 12572Q105 8,195 102,500 SH   DFND 1 102,500 0 0
CMS ENERGY CORP COM 125896100 5,504 185,566 SH   DFND 1 185,566 0 0
COMCAST CORP CL A 20030N101 62,554 1,163,144 SH   DFND 1 1,163,144 0 0
COTY INC CL A 222070203 9,831 594,000 SH   DFND 1 594,000 0 0
CRESCENT POINT ENERGY CORP COM 22576C101 235,659 6,527,937 SH   DFND 1 6,527,937 0 0
CROWN CASTLE INTERNATIONAL CORP COM 228227104 13,568 168,481 SH   DFND 1 168,481 0 0
CROWN HOLDINGS INC COM 228368106 29,695 667,000 SH   DFND 1 667,000 0 0
CST BRANDS INC COM 12646R105 60,790 1,690,960 SH   DFND 1 1,690,960 0 0
CSX CORP COM 126408103 166,757 5,201,396 SH   DFND 1 5,201,396 0 0
CVS CAREMARK CORP COM 126650100 87,453 1,098,800 SH   DFND 1 1,098,800 0 0
DANAHER CORP COM 235851102 9,649 127,000 SH   DFND 1 127,000 0 0
DEERE & CO COM 244199105 38,789 473,100 SH   DFND 1 473,100 0 0
DIRECTV COM 25490A309 75,255 869,800 SH   DFND 1 869,800 0 0
DOMINION RES INC VA NEW COM 25746U109 6,563 94,994 SH   DFND 1 94,994 0 0
DOW CHEMICAL CO/THE COM 260543103 27,164 518,000 SH   DFND 1 518,000 0 0
DUN & BRADSTREET CORP/THE COM 26483E100 1,880 16,000 SH   DFND 1 16,000 0 0
EASTMAN CHEMICAL CO COM 277432100 2,216 27,400 SH   DFND 1 27,400 0 0
ENBRIDGE INC COM 29250N105 16,664 348,034 SH   DFND 1 348,034 0 0
ENCANA CORP COM 292505104 3,973 187,333 SH   DFND 1 187,333 0 0
EQUIFAX INC COM 294429105 7,399 99,000 SH   DFND 1 99,000 0 0
EQUITY RESIDENTIAL COM 29476L107 15,087 245,000 SH   DFND 1 245,000 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 88,789 1,257,100 SH   DFND 1 1,257,100 0 0
FEDEX CORP COM 31428X106 1,195 7,400 SH   DFND 1 7,400 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 15,160 307,000 SH   DFND 1 307,000 0 0
FISERV INC COM 337738108 14,556 225,200 SH   DFND 1 225,200 0 0
FORTUNA SILVER MINES INC COM 349915108 31,907 7,858,900 SH   DFND 1 7,858,900 0 0
FRANKLIN RESOURCES INC COM 354613101 46,921 859,200 SH   DFND 1 859,200 0 0
GENERAL ELECTRIC CO COM 369604103 98,317 3,837,500 SH   DFND 1 3,837,500 0 0
GENERAL GROWTH PROPERTIES INC COM 370023103 39,986 1,697,909 SH   DFND 1 1,697,909 0 0
GOLDEN STAR RESOURCES LTD COM 38119T104 11,742 28,280,600 SH   DFND 1 28,280,600 0 0
GOOGLE INC CL A 38259P508 32,215 54,750 SH   DFND 1 54,750 0 0
GOOGLE INC CL C 38259P706 25,958 44,960 SH   DFND 1 44,960 0 0
INTERNATIONAL BUSINESS MACHINES CORP COM 459200101 87,810 462,570 SH   DFND 1 462,570 0 0
JPMORGAN CHASE & CO COM 46625H100 113,050 1,876,660 SH   DFND 1 1,876,660 0 0
KINDER MORGAN INC COM 49456B101 11,529 300,700 SH   DFND 1 300,700 0 0
LABORATORY CORP OF AMERICA HOLDINGS COM 50540R409 17,196 169,000 SH   DFND 1 169,000 0 0
LAKE SHORE GOLD CORP COM 510728108 530 525,000 SH   DFND 1 525,000 0 0
LEUCADIA NATIONAL CORP COM 527288104 73,146 3,068,200 SH   DFND 1 3,068,200 0 0
MACQUARIE INFRASTRUCTURE CO LLC MEMBERSHIP INT 55608B105 21,879 328,024 SH   DFND 1 328,024 0 0
MAGNA INTERNATIONAL INC COM 559222401 64,577 680,400 SH   DFND 1 680,400 0 0
MANULIFE FINL CORP COM 56501R106 4,029 209,285 SH   DFND 1 209,285 0 0
MARKEL CORP COM 570535104 25,637 40,300 SH   DFND 1 40,300 0 0
MASTERCARD INC CL A 57636Q104 17,039 230,500 SH   DFND 1 230,500 0 0
MATTEL INC COM 577081102 14,617 476,900 SH   DFND 1 476,900 0 0
MCDONALD'S CORP COM 580135101 169,975 1,792,800 SH   DFND 1 1,792,800 0 0
MCKESSON CORP COM 58155Q103 73,949 379,870 SH   DFND 1 379,870 0 0
MEDTRONIC INC COM 585055106 138,928 2,242,590 SH   DFND 1 2,242,590 0 0
MICROSOFT CORP COM 594918104 59,234 1,277,700 SH   DFND 1 1,277,700 0 0
NASDAQ OMX GROUP INC/THE COM 631103108 976 23,000 SH   DFND 1 23,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 86,375 1,135,020 SH   DFND 1 1,135,020 0 0
NEXTERA ENERGY INC COM 65339F101 9,264 98,676 SH   DFND 1 98,676 0 0
NORFOLK SOUTHERN CORP COM 655844108 50,425 451,833 SH   DFND 1 451,833 0 0
NXP SEMICONDUCTOR NV COM N6596X109 8,445 123,413 SH   DFND 1 123,413 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 72,372 752,700 SH   DFND 1 752,700 0 0
OMNICOM GROUP INC COM 681919106 29,930 434,650 SH   DFND 1 434,650 0 0
ONEOK INC COM 682680103 13,124 200,221 SH   DFND 1 200,221 0 0
ORACLE CORP COM 68389X105 309,216 8,077,750 SH   DFND 1 8,077,750 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 6,974 225,542 SH   DFND 1 225,542 0 0
PEMBINA PIPELINE CORP COM 706327103 10,509 249,388 SH   DFND 1 249,388 0 0
PENSKE AUTOMOTIVE GROUP INC COM 70959W103 29,037 715,361 SH   DFND 1 715,361 0 0
PERFORMANCE SPORTS GROUP LTD COM 71377G100 29,978 1,865,475 SH   DFND 1 1,865,475 0 0
PHILIP MORRIS INTERNATIONAL INC COM 718172109 59,338 711,490 SH   DFND 1 711,490 0 0
PRIMERO MINING CORP COM 74164W106 42,869 8,838,989 SH   DFND 1 8,838,989 0 0
PROGRESSIVE WASTE SOLUTIONS LTD COM 74339G101 229,736 8,914,850 SH   DFND 1 8,914,850 0 0
PROLOGIS INC COM 74340W103 52,354 1,388,700 SH   DFND 1 1,388,700 0 0
PROSHARES SHORT 20+ YEAR TREASURY TRE 74347X849 6,380 230,000 SH   DFND 1 230,000 0 0
PVH CORP COM 693656100 21,444 177,000 SH   DFND 1 177,000 0 0
QUALCOMM INC COM 747525103 56,451 755,000 SH   DFND 1 755,000 0 0
QUANTA SERVICES INC COM 74762E102 21,485 592,024 SH   DFND 1 592,024 0 0
QUEST DIAGNOSTICS INC COM 74834L100 8,089 133,300 SH   DFND 1 133,300 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 2,518 47,000 SH   DFND 1 47,000 0 0
REPUBLIC SERVICES INC COM 760759100 399,329 10,233,961 SH   DFND 1 10,233,961 0 0
RIO ALTO MINING LTD COM 76689T104 64,820 27,008,400 SH   DFND 1 27,008,400 0 0
ROCK-TENN CO CL A 772739207 8,564 180,000 SH   DFND 1 180,000 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 62,894 1,680,766 SH   DFND 1 1,680,766 0 0
SANDSTORM GOLD LTD COM 80013R206 40,648 9,452,984 SH   DFND 1 9,452,984 0 0
SBA COMMUNICATIONS CORP COM 78388J106 12,992 117,150 SH   DFND 1 117,150 0 0
SCHLUMBERGER LTD COM 806857108 9,894 97,300 SH   DFND 1 97,300 0 0
SCHOLASTIC CORP COM 807066105 2,899 89,700 SH   DFND 1 89,700 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 2,153 88,000 SH   DFND 1 88,000 0 0
SILVER WHEATON CORP COM 828336107 33,358 1,673,750 SH   DFND 1 1,673,750 0 0
SILVERCORP METALS INC COM 82835P103 3,211 2,019,700 SH   DFND 1 2,019,700 0 0
SIMON PROPERTY GROUP INC COM 828806109 53,741 326,850 SH   DFND 1 326,850 0 0
SPDR GOLD TRUST SHS 78463V107 11,621 100,000 SH   DFND 1 100,000 0 0
STANTEC INC COM 85472N109 29,001 444,600 SH   DFND 1 444,600 0 0
STARWOOD HOTELS & RESORTS WORLDWIDE INC COM 85590A401 31,393 377,275 SH   DFND 1 377,275 0 0
STATE STREET CORP COM 857477103 66,757 906,900 SH   DFND 1 906,900 0 0
STURM RUGER & CO INC COM 864159108 438 9,000 SH   DFND 1 9,000 0 0
SUN LIFE FINANCIAL INC COM 866796105 95,943 2,645,251 SH   DFND 1 2,645,251 0 0
SUNCOR ENERGY INC COM 867224107 204,429 5,655,011 SH   DFND 1 5,655,011 0 0
TASEKO MINES LTD COM 876511106 48 28,100 SH   DFND 1 28,100 0 0
TEEKAY CORPORATION COM Y8564W103 13,272 200,000 SH   DFND 1 200,000 0 0
TELUS CORP COM 87971M103 115,951 3,392,350 SH   DFND 1 3,392,350 0 0
TIM HORTONS INC COM 88706M103 192,815 2,446,585 SH   DFND 1 2,446,585 0 0
TIMMINS GOLD CORP COM 88741P103 35,821 27,767,900 SH   DFND 1 27,767,900 0 0
TJX COS INC/THE COM 872540109 103,645 1,751,650 SH   DFND 1 1,751,650 0 0
TRANSCANADA CORP COM 89353D107 13,181 255,800 SH   DFND 1 255,800 0 0
UNION PACIFIC CORP COM 907818108 344,806 3,180,279 SH   DFND 1 3,180,279 0 0
UNITED PARCEL SERVICE INC CL B 911312106 371,387 3,778,486 SH   DFND 1 3,778,486 0 0
UNITED TECHNOLOGIES CORP COM 913017109 40,943 387,720 SH   DFND 1 387,720 0 0
US BANCORP COM 902973304 95,888 2,292,330 SH   DFND 1 2,292,330 0 0
VALERO ENERGY CORP NEW COM 91913Y100 18,938 409,300 SH   DFND 1 409,300 0 0
VARIAN MEDICAL SYSTEMS INC COM 92220P105 22,674 283,000 SH   DFND 1 283,000 0 0
VERISIGN INC COM 92343E102 62,924 1,141,580 SH   DFND 1 1,141,580 0 0
VERMILION ENERGY INC COM 923725105 113,905 1,874,359 SH   DFND 1 1,874,359 0 0
VIACOM INC CL B 92553P201 30,430 395,500 SH   DFND 1 395,500 0 0
VISA INC CL A 92826C839 59,961 281,020 SH   DFND 1 281,020 0 0
WAL-MART STORES INC COM 931142103 112,820 1,475,350 SH   DFND 1 1,475,350 0 0
WASTE CONNECTIONS INC COM 941053100 3,479 71,700 SH   DFND 1 71,700 0 0
WATERS CORP COM 941848103 16,157 163,000 SH   DFND 1 163,000 0 0
WELLS FARGO & CO COM 949746101 161,813 3,119,580 SH   DFND 1 3,119,580 0 0
WILLIAMS COS INC/THE COM 969457100 13,611 245,899 SH   DFND 1 245,899 0 0
ZIMMER HOLDINGS INC COM 98956P102 69,613 692,320 SH   DFND 1 692,320 0 0