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
AGCO CORP COM 001084102 12,018 255,000 SH   DFND 1 255,000 0 0
AGRIUM INC COM 008916108 29,062 248,625 SH   DFND 1 248,625 0 0
ALAMOS GOLD INC. CL A 011532108 39,630 3,567,050 SH   DFND 1 3,567,050 0 0
ALLERGAN PLC COM G0177J108 9,556 41,350 SH   DFND 1 41,350 0 0
ALPHABET INC CL A 02079K305 46,463 66,043 SH   DFND 1 66,043 0 0
ALPHABET INC CL C 02079K107 127,362 184,023 SH   DFND 1 184,023 0 0
AMDOCS LTD COM G02602103 31,053 538,000 SH   DFND 1 538,000 0 0
AMERICAN EXPRESS COMPANY COM 025816109 38,060 626,400 SH   DFND 1 626,400 0 0
AMERICAN TOWER CORP COM 03027X100 21,883 192,614 SH   DFND 1 192,614 0 0
AMERICAN WATER WORKS CO INC COM 030420103 6,524 77,200 SH   DFND 1 77,200 0 0
AMERISOURCEBERGEN CORP COM 03073E105 56,714 715,000 SH   DFND 1 715,000 0 0
AVALONBAY COMMUNITIES INC COM 053484101 26,005 144,160 SH   DFND 1 144,160 0 0
B2GOLD CORP COM 11777Q209 10,888 3,360,580 SH   DFND 1 3,360,580 0 0
BAIDU INC ADR 056752108 505 3,060 SH   DFND 1 3,060 0 0
BAYTEX ENERGY CORP COM 07317Q105 3,695 492,700 SH   DFND 1 492,700 0 0
BCE INC COM 05534B760 70,622 1,155,090 SH   DFND 1 1,155,090 0 0
BERKSHIRE HATHAWAY INC CL A 084670108 153,184 706 SH   DFND 1 706 0 0
BERKSHIRE HATHAWAY INC CL B 084670702 13,240 91,445 SH   DFND 1 91,445 0 0
BOSTON PROPERTIES INC COM 101121101 33,332 252,705 SH   DFND 1 252,705 0 0
BROOKFIELD ASSET MGMT INC. CL A 112585104 167,796 5,073,975 SH   DFND 1 5,073,975 0 0
BROOKFIELD BUSINESS PARTNERS L.P. LP INT UNIT G16234109 2,167 88,421 SH   DFND 1 88,421 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS L.P. LP INT UNIT G16252101 97,716 2,158,986 SH   DFND 1 2,158,986 0 0
CANADIAN NATURAL RESOURCES LTD COM 136385101 2,224 55,800 SH   DFND 1 55,800 0 0
CANADIAN NATIONAL RAILWAY CO COM 136375102 159,636 2,092,485 SH   DFND 1 2,092,485 0 0
CANADIAN PACIFIC RAILWAY LTD COM 13645T100 68,461 411,600 SH   DFND 1 411,600 0 0
CANADIAN IMPERIAL BANK OF COMMERCE COM 136069101 873 9,000 SH   DFND 1 9,000 0 0
CINEMARK HOLDINGS INC COM 17243V102 118,835 3,259,315 SH   DFND 1 3,259,315 0 0
CISCO SYSTEMS INC COM 17275R102 39,047 1,361,000 SH   DFND 1 1,361,000 0 0
CME GROUP INC COM 12572Q105 5,980 61,400 SH   DFND 1 61,400 0 0
CMS ENERGY CORPORATION COM 125896100 2,985 65,100 SH   DFND 1 65,100 0 0
COGNIZANT TECHNOLOGY SOLUTIONS CORP CL A 192446102 12,936 226,000 SH   DFND 1 226,000 0 0
COMCAST CORP CL A 20030N101 158,297 2,428,233 SH   DFND 1 2,428,233 0 0
CRESCENT POINT ENERGY CORP COM 22576C101 90,083 4,413,687 SH   DFND 1 4,413,687 0 0
CRH MEDICAL CORP COM 12626F105 1,943 386,300 SH   DFND 1 386,300 0 0
CROWN CASTLE INTERNATIONAL CORP COM 22822V101 16,795 165,580 SH   DFND 1 165,580 0 0
CROWN HOLDINGS INC COM 228368106 79,501 1,569,000 SH   DFND 1 1,569,000 0 0
CST BRANDS INC COM 12646R105 41,265 957,860 SH   DFND 1 957,860 0 0
CSX CORP COM 126408103 128,312 4,919,940 SH   DFND 1 4,919,940 0 0
CVS HEALTH CORP COM 126650100 338,211 3,532,600 SH   DFND 1 3,532,600 0 0
DISNEY WALT CO COM 254687106 37,475 383,100 SH   DFND 1 383,100 0 0
ENBRIDGE INC COM 29250N105 45,954 839,655 SH   DFND 1 839,655 0 0
EQUINIX, INC. COM 29444U700 12,020 31,000 SH   DFND 1 31,000 0 0
EQUITY RESIDENTIAL INT 29476L107 28,585 415,000 SH   DFND 1 415,000 0 0
EXELON CORPORATION COM 30161N101 5,532 152,150 SH   DFND 1 152,150 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 96,603 1,274,450 SH   DFND 1 1,274,450 0 0
FEDERAL REALTY INVESTMENT TRUST INT 313747206 23,376 141,205 SH   DFND 1 141,205 0 0
FEDEX CORPORATION COM 31428X106 10,867 71,600 SH   DFND 1 71,600 0 0
FIDELITY NATIONAL INFORMATION SV COM 31620M106 553 7,500 SH   DFND 1 7,500 0 0
FIRST REPUBLIC BANK/CA COM 33616C100 23,447 335,000 SH   DFND 1 335,000 0 0
FORTUNA SILVER MINES INC COM 349915108 11,232 1,243,900 SH   DFND 1 1,243,900 0 0
GENERAC HLDGS INC COM 368736104 1,402 40,100 SH   DFND 1 40,100 0 0
GENERAL GROWTH PROPERTIES INC COM 370023103 36,067 1,209,499 SH   DFND 1 1,209,499 0 0
GILEAD SCIENCES INC COM 375558103 58,619 702,700 SH   DFND 1 702,700 0 0
GOLDEN STAR RES LTD CDA COM 38119T104 23,077 27,803,100 SH   DFND 1 27,803,100 0 0
GRAN TIERRA ENERGY INC COM 38500T101 6,027 1,388,800 SH   DFND 1 1,388,800 0 0
CGI GROUP INC CL A 39945C109 8,229 149,100 SH   DFND 1 149,100 0 0
HEALTHSOUTH CORP. COM 421924309 232 5,965 SH   DFND 1 5,965 0 0
HSBC HOLDINGS PLC 5.625% 12/29/2049 NOTE 404280AR0 1,344,000 14,000,000 SH   DFND 1 14,000,000 0 0
INTERNATIONAL FLAVORS & FRAGRANCES INC COM 459506101 8,106 64,300 SH   DFND 1 64,300 0 0
JOHNSON & JOHNSON COM 478160104 6,623 54,600 SH   DFND 1 54,600 0 0
JPMORGAN CHASE & CO COM 46625H100 147,302 2,370,480 SH   DFND 1 2,370,480 0 0
KINDER MORGAN INC COM 49456B101 7,878 420,847 SH   DFND 1 420,847 0 0
KLONDEX MINES LTD COM 498696103 102,744 21,907,000 SH   DFND 1 21,907,000 0 0
LABORATORY CORP OF AMERICA HOLDINGS COM 50540R409 49,372 379,000 SH   DFND 1 379,000 0 0
LIBERTY GLOBAL PLC LILAC CL C G5480U153 7,772 239,216 SH   DFND 1 239,216 0 0
LIBERTY GLOBAL PLC CL C G5480U120 57,624 2,011,300 SH   DFND 1 2,011,300 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109 104,455 4,444,900 SH   DFND 1 4,444,900 0 0
LLOYDS BANKING GROUP PLC 7.500% 4/30/2049 NOTE 539439AG4 1,842,588 18,850,000 SH   DFND 1 18,850,000 0 0
MACQUARIE INFRASTRUCTURE CORP. COM 55608B105 30,146 407,108 SH   DFND 1 407,108 0 0
MAGNA INTERNATIONAL INC COM 559222401 173,391 3,823,400 SH   DFND 1 3,823,400 0 0
MARKEL CORP COM 570535104 24,010 25,200 SH   DFND 1 25,200 0 0
MASTERCARD INC CL A 57636Q104 114,369 1,298,760 SH   DFND 1 1,298,760 0 0
MCDONALD'S CORP COM 580135101 11,468 95,300 SH   DFND 1 95,300 0 0
MCKESSON CORP COM 58155Q103 193,957 1,039,150 SH   DFND 1 1,039,150 0 0
MEDTRONIC INC COM G5960L103 194,098 2,236,930 SH   DFND 1 2,236,930 0 0
MICROSOFT CORP COM 594918104 86,452 1,689,500 SH   DFND 1 1,689,500 0 0
MONDELEZ INTL INC CL A 609207105 3,054 67,100 SH   DFND 1 67,100 0 0
MOUNTAIN PROVINCE DIAMONDS INC. COM 62426E402 2,893 484,600 SH   DFND 1 484,600 0 0
NEWELL BRANDS INC COM 651229106 65,796 1,354,671 SH   DFND 1 1,354,671 0 0
NEXTERA ENERGY INC COM 65339F101 9,234 70,811 SH   DFND 1 70,811 0 0
NIELSEN HLDGS PLC COM G6518L108 11,648 224,125 SH   DFND 1 224,125 0 0
NORFOLK SOUTHERN CORP COM 655844108 9,809 115,218 SH   DFND 1 115,218 0 0
NXP SEMICONDUCTOR NV COM N6596X109 8,418 107,455 SH   DFND 1 107,455 0 0
OMNICOM GROUP INC COM 681919106 80,528 988,190 SH   DFND 1 988,190 0 0
ORACLE CORP COM 68389X105 425,378 10,392,825 SH   DFND 1 10,392,825 0 0
PARSLEY ENERGY INC CL A 701877102 5,056 186,850 SH   DFND 1 186,850 0 0
PATTERN ENERGY GROUP INC CL A 70338P100 6,429 279,887 SH   DFND 1 279,887 0 0
PEMBINA PIPELINE CORP COM 706327103 66,379 1,690,755 SH   DFND 1 1,690,755 0 0
PENSKE AUTOMOTIVE GROUP INC COM 70959W103 41,485 1,318,661 SH   DFND 1 1,318,661 0 0
PIONEER NATURAL RESOURCE CO COM 723787107 8,846 58,500 SH   DFND 1 58,500 0 0
PRAXAIR INC COM 74005P104 25,513 227,000 SH   DFND 1 227,000 0 0
PRIMERO MINING CORP COM 74164W106 37,656 13,998,676 SH   DFND 1 13,998,676 0 0
PRINCIPAL FINANCIAL GROUP INC COM 74251V102 203 4,950 SH   DFND 1 4,950 0 0
PROLOGIS INC COM 74340W103 22,891 466,790 SH   DFND 1 466,790 0 0
PTC INC COM 69370C100 201 5,350 SH   DFND 1 5,350 0 0
PUBLIC STORAGE COM 74460D109 1,106 4,328 SH   DFND 1 4,328 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 3,352 68,000 SH   DFND 1 68,000 0 0
REPUBLIC SERVICES INC COM 760759100 383,653 7,477,161 SH   DFND 1 7,477,161 0 0
RICHMONT MINES INC COM 76547T106 14,758 1,230,900 SH   DFND 1 1,230,900 0 0
ROYAL BANK OF CANADA COM 780087102 3,416 44,750 SH   DFND 1 44,750 0 0
SANDSTORM GOLD LTD COM 80013R206 49,349 8,493,784 SH   DFND 1 8,493,784 0 0
SBA COMMUNICATIONS CORP COM 78388J106 15,957 147,835 SH   DFND 1 147,835 0 0
SCHOLASTIC CORP COM 807066105 1,961 49,500 SH   DFND 1 49,500 0 0
SEMPRA ENERGY COM 816851109 13,080 114,715 SH   DFND 1 114,715 0 0
SHAW COMMUNICATIONS INC CL B 82028K200 57,109 2,302,800 SH   DFND 1 2,302,800 0 0
SILVER STANDARD RESOURCES INC. COM 82823L106 27,426 1,635,406 SH   DFND 1 1,635,406 0 0
SIMON PROPERTY GROUP INC COM 828806109 62,380 287,600 SH   DFND 1 287,600 0 0
SL GREEN REALTY CORP COM 78440X101 21,294 200,000 SH   DFND 1 200,000 0 0
SPDR GOLD TRUST COM 78463V107 11,574 91,515 SH   DFND 1 91,515 0 0
STANTEC INC COM 85472N109 40,356 1,288,100 SH   DFND 1 1,288,100 0 0
SUN LIFE FINANCIAL INC COM 866796105 2,979 70,200 SH   DFND 1 70,200 0 0
SUNCOR ENERGY INC COM 867224107 60,380 1,684,720 SH   DFND 1 1,684,720 0 0
SYNOPSYS INC COM 871607107 206 3,800 SH   DFND 1 3,800 0 0
TAHOE RESOURCES INC. COM 873868103 81,510 4,212,410 SH   DFND 1 4,212,410 0 0
TD AMERITRADE HOLDING CORPORATION COM 87236Y108 2,010 70,600 SH   DFND 1 70,600 0 0
TE CONNECTIVITY LTD COM H84989104 9,678 169,465 SH   DFND 1 169,465 0 0
TELUS CORP COM 87971M103 1,143 27,475 SH   DFND 1 27,475 0 0
THOMSON REUTERS CORP COM 884903105 16,439 314,500 SH   DFND 1 314,500 0 0
TIMMINS GOLD CORP COM 88741P103 11,734 24,702,400 SH   DFND 1 24,702,400 0 0
TJX COS INC/THE COM 872540109 93,901 1,215,860 SH   DFND 1 1,215,860 0 0
TORCHMARK CORP COM 891027104 28,252 457,000 SH   DFND 1 457,000 0 0
TORONTO DOMINION BK COM 891160509 41,072 740,300 SH   DFND 1 740,300 0 0
TRANSCANADA CORP COM 89353D107 139,182 2,380,800 SH   DFND 1 2,380,800 0 0
UBS GROUP AG COM H42097107 7,441 591,990 SH   DFND 1 591,990 0 0
UNION PACIFIC CORP COM 907818108 86,133 987,193 SH   DFND 1 987,193 0 0
UNITED PARCEL SERVICE INC CL B 911312106 315,682 2,930,579 SH   DFND 1 2,930,579 0 0
UNITED TECHNOLOGIES CORP COM 913017109 47,400 462,210 SH   DFND 1 462,210 0 0
UNITEDHEALTH GROUP INC. COM 91324P102 145,944 1,033,600 SH   DFND 1 1,033,600 0 0
US BANCORP COM 902973304 102,260 2,535,575 SH   DFND 1 2,535,575 0 0
VALERO ENERGY CORP COM 91913Y100 16,116 316,000 SH   DFND 1 316,000 0 0
VARIAN MEDICAL SYSTEMS INC COM 92220P105 16,282 198,000 SH   DFND 1 198,000 0 0
VENTAS INC COM 92276F100 1,313 18,035 SH   DFND 1 18,035 0 0
VERISIGN INC COM 92343E102 13,142 152,000 SH   DFND 1 152,000 0 0
VERMILION ENERGY INC COM 923725105 14,955 363,525 SH   DFND 1 363,525 0 0
VISA INC CL A 92826C839 107,077 1,443,672 SH   DFND 1 1,443,672 0 0
VORNADO REALTY TRUST INT 929042109 1,277 12,755 SH   DFND 1 12,755 0 0
VWR CORPORATION COM 91843L103 233 8,050 SH   DFND 1 8,050 0 0
WABTEC CORPORATION COM 929740108 702 10,000 SH   DFND 1 10,000 0 0
WASTE CONNECTIONS, INC. COM 94106B101 321,955 3,449,269 SH   DFND 1 3,449,269 0 0
WEC ENERGY GROUP INC COM 92939U106 6,360 97,400 SH   DFND 1 97,400 0 0
WELLS FARGO & CO COM 949746101 134,928 2,850,795 SH   DFND 1 2,850,795 0 0
WILLIAMS COS INC/THE COM 969457100 7,164 331,195 SH   DFND 1 331,195 0 0
ZIMMER BIOMET HOLDINGS INC COM 98956P102 97,131 806,870 SH   DFND 1 806,870 0 0