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
ACTAVIS PLC COM G0083B108 12,054 40,500 SH   DFND 1 40,500 0 0
AGCO CORP COM 001084102 22,377 469,700 SH   DFND 1 469,700 0 0
AGNICO EAGLE MINES LTD COM 008474108 2,109 59,808 SH   DFND 1 59,808 0 0
AGRIUM INC COM 008916108 69,462 526,065 SH   DFND 1 526,065 0 0
ALAMOS GOLD INC COM 011527108 2,410 324,800 SH   DFND 1 324,800 0 0
AMDOCS LTD COM G02602103 30,192 555,000 SH   DFND 1 555,000 0 0
AMERICAN EXPRESS COMPANY COM 025816109 32,342 414,000 SH   DFND 1 414,000 0 0
AMERICAN RESIDENTIAL PROPERTIES INC COM 02927E303 14,356 798,000 SH   DFND 1 798,000 0 0
AMERICAN TOWER CORP COM 03027X100 48,914 519,534 SH   DFND 1 519,534 0 0
AMERICAN WATER WORKS CO INC COM 030420103 9,053 167,000 SH   DFND 1 167,000 0 0
AMERISOURCEBERGEN CORP COM 03073E105 101,791 895,500 SH   DFND 1 895,500 0 0
AVALONBAY COMMUNITIES INC COM 053484101 24,788 142,255 SH   DFND 1 142,255 0 0
B2GOLD CORP COM 11777Q209 34,340 18,169,380 SH   DFND 1 18,169,380 0 0
BAIDU INC ADR 056752108 1,507 7,232 SH   DFND 1 7,232 0 0
BANK OF NOVA SCOTIA COM 064149107 5,528 87,000 SH   DFND 1 87,000 0 0
BAXTER INTERNATIONAL INC COM 071813109 116,162 1,695,800 SH   DFND 1 1,695,800 0 0
BAYTEX ENERGY CORP COM 07317Q105 4,645 231,900 SH   DFND 1 231,900 0 0
BCE INC COM 05534B760 1,034 19,290 SH   DFND 1 19,290 0 0
BECTON DICKINSON AND CO COM 075887109 58,542 407,700 SH   DFND 1 407,700 0 0
BEMIS INC COM 081437105 17,274 373,000 SH   DFND 1 373,000 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 92,873 427 SH   DFND 1 427 0 0
BERKSHIRE HATHAWAY INC CL B 084670702 4,019 27,845 SH   DFND 1 27,845 0 0
BLOCK H & R INC COM 093671105 1,927 60,100 SH   DFND 1 60,100 0 0
BOSTON PROPERTIES INC COM 101121101 37,411 266,305 SH   DFND 1 266,305 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS L.P. LP INT UNIT G16252101 12,416 215,300 SH   DFND 1 215,300 0 0
BROOKFIELD REABLE ENERGY PARTNERS L.P. PARTNERSHIP UNIT G16258108 8,020 200,500 SH   DFND 1 200,500 0 0
CAMDEN PROPERTY TRUST UNIT 133131102 17,579 225,000 SH   DFND 1 225,000 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 3,510 90,400 SH   DFND 1 90,400 0 0
CANADIAN NATIONAL RAILWAY CO COM 136375102 130,199 1,535,000 SH   DFND 1 1,535,000 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 1,531 6,600 SH   DFND 1 6,600 0 0
CATAMARAN CORP COM 148887102 185,486 2,459,704 SH   DFND 1 2,459,704 0 0
CINEMARK HOLDINGS INC COM 17243V102 114,807 2,547,300 SH   DFND 1 2,547,300 0 0
CISCO SYSTEMS INC COM 17275R102 48,059 1,746,000 SH   DFND 1 1,746,000 0 0
CME GROUP INC COM 12572Q105 9,708 102,500 SH   DFND 1 102,500 0 0
COMCAST CORP CL A 20030N101 75,048 1,328,988 SH   DFND 1 1,328,988 0 0
COTY INC CL A 222070203 12,887 531,000 SH   DFND 1 531,000 0 0
CRESCENT POINT ENERGY CORP COM 22576C101 12,279 434,187 SH   DFND 1 434,187 0 0
CROWN CASTLE INTERNATIONAL CORP COM 22822V101 14,365 174,035 SH   DFND 1 174,035 0 0
CROWN HOLDINGS INC COM 228368106 88,517 1,638,600 SH   DFND 1 1,638,600 0 0
CST BRANDS INC COM 12646R105 48,299 1,101,960 SH   DFND 1 1,101,960 0 0
CSX CORP COM 126408103 176,336 5,324,140 SH   DFND 1 5,324,140 0 0
CVS HEALTH CORP COM 126650100 106,926 1,036,000 SH   DFND 1 1,036,000 0 0
DANAHER CORP COM 235851102 10,782 127,000 SH   DFND 1 127,000 0 0
DEERE & CO COM 244199105 38,154 435,100 SH   DFND 1 435,100 0 0
DELPHI AUTOMOTIVE PLC COM G27823106 11,150 139,834 SH   DFND 1 139,834 0 0
DIRECTV COM 25490A309 72,318 849,800 SH   DFND 1 849,800 0 0
DISCOVERY COMMUNICATNS COM 25470F104 36,241 1,178,200 SH   DFND 1 1,178,200 0 0
DOMINION RES INC COM 25746U109 7,138 100,725 SH   DFND 1 100,725 0 0
DOW CHEM CO COM 260543103 32,530 678,000 SH   DFND 1 678,000 0 0
DUN & BRADSTREET CORP COM 26483E100 2,054 16,000 SH   DFND 1 16,000 0 0
ENBRIDGE INC COM 29250N105 23,923 390,140 SH   DFND 1 390,140 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 108,805 1,253,950 SH   DFND 1 1,253,950 0 0
FEDERAL REALTY INVESTMENT TRUST UNIT 313747206 381 2,585 SH   DFND 1 2,585 0 0
FEDEX CORP COM 31428X106 1,224 7,400 SH   DFND 1 7,400 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 21,066 369,000 SH   DFND 1 369,000 0 0
FISERV INC COM 337738108 17,404 219,200 SH   DFND 1 219,200 0 0
FORTUNA SILVER MINES INC COM 349915108 19,454 4,069,900 SH   DFND 1 4,069,900 0 0
FRANKLIN RESOURCES INC COM 354613101 45,658 889,665 SH   DFND 1 889,665 0 0
GENERAC HLDGS INC COM 368736104 1,212 24,900 SH   DFND 1 24,900 0 0
GENERAL ELECTRIC CO COM 369604103 148,521 5,986,325 SH   DFND 1 5,986,325 0 0
GENERAL GROWTH PROPERTIES INC COM 370023103 18,124 613,319 SH   DFND 1 613,319 0 0
GILDAN ACTIVEWEAR INC COM 375916103 1,777 47,600 SH   DFND 1 47,600 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 9,204 30,680,600 SH   DFND 1 30,680,600 0 0
GOOGLE INC CL A 38259P508 51,295 92,473 SH   DFND 1 92,473 0 0
GOOGLE INC CL C 38259P706 92,118 168,560 SH   DFND 1 168,560 0 0
HUDBAY MINERALS INC COM 443628102 372 35,900 SH   DFND 1 35,900 0 0
INTERNATIONAL FLAVORS & FRAGRANCES INC COM 459506101 9,979 85,000 SH   DFND 1 85,000 0 0
JPMORGAN CHASE & CO COM 46625H100 134,674 2,223,080 SH   DFND 1 2,223,080 0 0
KANSAS CITY SOUTHERN COM 485170302 2,787 27,300 SH   DFND 1 27,300 0 0
KINDER MORGAN INC COM 49456B101 13,245 314,902 SH   DFND 1 314,902 0 0
LABORATORY CORP OF AMERICA HOLDINGS COM 50540R409 22,192 176,000 SH   DFND 1 176,000 0 0
LAKE SHORE GOLD CORP COM 510728108 14,406 13,986,500 SH   DFND 1 13,986,500 0 0
LEUCADIA NATIONAL CORP COM 527288104 94,850 4,255,250 SH   DFND 1 4,255,250 0 0
MACQUARIE INFRASTRUCTURE CO LLC INT 55608B105 35,545 431,946 SH   DFND 1 431,946 0 0
MAGNA INTERNATIONAL INC COM 559222401 127,621 1,882,600 SH   DFND 1 1,882,600 0 0
MARATHON PETE CORP COM 56585A102 1,229 12,000 SH   DFND 1 12,000 0 0
MARKEL CORP COM 570535104 30,605 39,800 SH   DFND 1 39,800 0 0
MASTERCARD INC CL A 57636Q104 92,201 1,067,260 SH   DFND 1 1,067,260 0 0
MCDONALD'S CORP COM 580135101 128,173 1,315,400 SH   DFND 1 1,315,400 0 0
MCKESSON CORP COM 58155Q103 89,548 395,880 SH   DFND 1 395,880 0 0
MEDTRONIC INC COM G5960L103 175,004 2,243,930 SH   DFND 1 2,243,930 0 0
MICROSOFT CORP COM 594918104 87,067 2,141,600 SH   DFND 1 2,141,600 0 0
NATIONAL OILWELL VARCO INC COM 637071101 58,278 1,165,800 SH   DFND 1 1,165,800 0 0
NEXTERA ENERGY INC COM 65339F101 10,704 102,874 SH   DFND 1 102,874 0 0
NEXTERA ENERGY PARTNERS LP LP UNIT 65341B106 6,573 150,000 SH   DFND 1 150,000 0 0
NIELSEN N V COM N63218106 128,025 2,872,442 SH   DFND 1 2,872,442 0 0
NORFOLK SOUTHERN CORP COM 655844108 48,655 472,748 SH   DFND 1 472,748 0 0
NRG YIELD INC CL A 62942X108 6,201 122,240 SH   DFND 1 122,240 0 0
NXP SEMICONDUCTOR NV COM N6596X109 13,947 138,970 SH   DFND 1 138,970 0 0
OCCIDENTAL PETROLEUM CORP COM 674599105 13,490 184,800 SH   DFND 1 184,800 0 0
OMNICOM GROUP INC COM 681919106 47,770 612,590 SH   DFND 1 612,590 0 0
OPEN TEXT CORP COM 683715106 1,264 18,900 SH   DFND 1 18,900 0 0
ORACLE CORP COM 68389X105 425,697 9,865,525 SH   DFND 1 9,865,525 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 13,054 460,958 SH   DFND 1 460,958 0 0
PEMBINA PIPELINE CORP COM 706327103 14,340 358,145 SH   DFND 1 358,145 0 0
PENSKE AUTOMOTIVE GROUP INC COM 70959W103 49,269 956,861 SH   DFND 1 956,861 0 0
PERFORMANCE SPORTS GROUP LTD COM 71377G100 36,026 1,847,475 SH   DFND 1 1,847,475 0 0
PHILIP MORRIS INTERNATIONAL INC COM 718172109 44,471 590,350 SH   DFND 1 590,350 0 0
PRAXAIR INC COM 74005P104 29,533 244,600 SH   DFND 1 244,600 0 0
PRIMERO MINING CORP COM 74164W106 46,103 10,796,989 SH   DFND 1 10,796,989 0 0
PROGRESSIVE WASTE SOLUTIONS LTD COM 74339G101 323,834 8,707,550 SH   DFND 1 8,707,550 0 0
PROLOGIS INC COM 74340W103 52,982 1,216,300 SH   DFND 1 1,216,300 0 0
PROSHARES SHORT 20+ YEAR TREASURY UNIT 74347X849 4,558 190,000 SH   DFND 1 190,000 0 0
PTC INC COM 69370C100 756 20,900 SH   DFND 1 20,900 0 0
PUBLIC STORAGE COM 74460D109 400 2,028 SH   DFND 1 2,028 0 0
PVH CORP COM 693656100 21,312 200,000 SH   DFND 1 200,000 0 0
QUALCOMM INC COM 747525103 52,352 755,000 SH   DFND 1 755,000 0 0
QUANTA SERVICES INC COM 74762E102 13,292 465,881 SH   DFND 1 465,881 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 2,896 51,000 SH   DFND 1 51,000 0 0
REPUBLIC SERVICES INC COM 760759100 402,001 9,911,261 SH   DFND 1 9,911,261 0 0
RICHMONT MINES INC COM 76547T106 15,345 3,788,900 SH   DFND 1 3,788,900 0 0
RIO ALTO MINING LTD COM 76689T104 53,159 17,038,100 SH   DFND 1 17,038,100 0 0
ROYAL BANK OF CANADA COM 780087102 1,012 13,250 SH   DFND 1 13,250 0 0
SANDSTORM GOLD LTD COM 80013R206 32,795 7,998,784 SH   DFND 1 7,998,784 0 0
SBA COMMUNICATIONS CORP COM 78388J106 14,171 121,017 SH   DFND 1 121,017 0 0
SCHLUMBERGER LTD COM 806857108 75,874 909,330 SH   DFND 1 909,330 0 0
SCHOLASTIC CORP COM 807066105 2,387 58,300 SH   DFND 1 58,300 0 0
SHAW COMMUNICATIONS INC Cl B 82028K200 48,641 1,711,500 SH   DFND 1 1,711,500 0 0
SILVER WHEATON CORP COM 828336107 30,913 1,284,850 SH   DFND 1 1,284,850 0 0
SILVERCORP METALS INC COM 82835P103 2,281 1,551,900 SH   DFND 1 1,551,900 0 0
SIMON PROPERTY GROUP INC COM 828806109 44,913 229,570 SH   DFND 1 229,570 0 0
SPDR GOLD TRUST COM 78463V107 11,366 100,000 SH   DFND 1 100,000 0 0
SPDR S&P 500 ETF TRUST COM 78462F953 156,618 758,700 SH Put DFND 1 758,700 0 0
STANTEC INC COM 85472N109 33,411 1,102,300 SH   DFND 1 1,102,300 0 0
STARWOOD HOTELS & RESORTS WORLDWIDE INC COM 85590A401 26,186 313,610 SH   DFND 1 313,610 0 0
STATE STREET CORP COM 857477103 30,155 410,100 SH   DFND 1 410,100 0 0
STILLWATER MINING CO COM 86074Q102 373 28,900 SH   DFND 1 28,900 0 0
SUN LIFE FINANCIAL INC COM 866796105 37,789 968,200 SH   DFND 1 968,200 0 0
SUNCOR ENERGY INC COM 867224107 36,143 976,586 SH   DFND 1 976,586 0 0
TASEKO MINES LTD COM 876511106 216 269,700 SH   DFND 1 269,700 0 0
TE CONNECTIVITY LTD COM H84989104 12,364 172,635 SH   DFND 1 172,635 0 0
TEEKAY CORPORATION COM Y8564W103 10,886 233,746 SH   DFND 1 233,746 0 0
TELUS CORP COM 87971M103 149,682 3,557,925 SH   DFND 1 3,557,925 0 0
THOMSON REUTERS CORP COM 884903105 1,037 20,200 SH   DFND 1 20,200 0 0
TIMMINS GOLD CORP COM 88741P103 23,805 27,362,100 SH   DFND 1 27,362,100 0 0
TJX COS INC/THE COM 872540109 112,743 1,609,460 SH   DFND 1 1,609,460 0 0
TORCHMARK CORP COM 891027104 36,028 656,000 SH   DFND 1 656,000 0 0
TORONTO DOMINION BK COM 891160509 22,909 422,600 SH   DFND 1 422,600 0 0
TRANSCANADA CORP COM 89353D107 13,933 257,400 SH   DFND 1 257,400 0 0
UBS GROUP AG COM H42097107 4,479 244,490 SH   DFND 1 244,490 0 0
UNION PACIFIC CORP COM 907818108 298,375 2,754,828 SH   DFND 1 2,754,828 0 0
UNITED PARCEL SERVICE INC CL B 911312106 352,147 3,632,631 SH   DFND 1 3,632,631 0 0
UNITED TECHNOLOGIES CORP COM 913017109 47,737 407,310 SH   DFND 1 407,310 0 0
US BANCORP COM 902973304 132,516 3,034,475 SH   DFND 1 3,034,475 0 0
VALERO ENERGY CORP COM 91913Y100 23,444 368,500 SH   DFND 1 368,500 0 0
VARIAN MEDICAL SYSTEMS INC COM 92220P105 29,337 311,800 SH   DFND 1 311,800 0 0
VENTAS INC COM 92276F100 424 5,810 SH   DFND 1 5,810 0 0
VERISIGN INC COM 92343E102 96,196 1,436,410 SH   DFND 1 1,436,410 0 0
VERMILION ENERGY INC COM 923725105 3,116 58,525 SH   DFND 1 58,525 0 0
VIACOM INC CL B 92553P201 36,267 531,000 SH   DFND 1 531,000 0 0
VISA INC CL A 92826C839 81,113 1,240,072 SH   DFND 1 1,240,072 0 0
VORNADO REALTY TRUST UNIT 929042109 542 4,835 SH   DFND 1 4,835 0 0
WASTE CONNECTIONS INC COM 941053100 2,975 61,800 SH   DFND 1 61,800 0 0
WATERS CORP COM 941848103 21,010 169,000 SH   DFND 1 169,000 0 0
WELLS FARGO & CO COM 949746101 135,641 2,493,395 SH   DFND 1 2,493,395 0 0
WILLIAMS COS INC/THE COM 969457100 13,685 270,500 SH   DFND 1 270,500 0 0
ZIMMER HOLDINGS INC COM 98956P102 83,629 711,615 SH   DFND 1 711,615 0 0