<SEC-DOCUMENT>0001140361-17-017459.txt : 20170501
<SEC-HEADER>0001140361-17-017459.hdr.sgml : 20170501
<ACCEPTANCE-DATETIME>20170501085849
ACCESSION NUMBER:		0001140361-17-017459
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170501
DATE AS OF CHANGE:		20170501
EFFECTIVENESS DATE:		20170501

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ING GROEP NV
		CENTRAL INDEX KEY:			0001039765
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			P7
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-13263
		FILM NUMBER:		17798718

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 1800
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1000 BV
		BUSINESS PHONE:		01131205639111

	MAIL ADDRESS:	
		STREET 1:		PO BOX 1800
		CITY:			AMSTERDAM
		STATE:			P7
		ZIP:			1000 BV
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
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  <headerData>
    <submissionType>13F-HR</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <flags>
        <confirmingCopyFlag>false</confirmingCopyFlag>
        <returnCopyFlag>true</returnCopyFlag>
        <overrideInternetFlag>false</overrideInternetFlag>
      </flags>
      <filer>
        <credentials>
          <cik>0001039765</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>03-31-2017</periodOfReport>
    </filerInfo>
  </headerData>
  <formData>
    <coverPage>
      <reportCalendarOrQuarter>03-31-2017</reportCalendarOrQuarter>
      <filingManager>
        <name>ING GROEP NV</name>
        <address>
          <com:street1>PO BOX 1800</com:street1>
          <com:city>AMSTERDAM</com:city>
          <com:stateOrCountry>P7</com:stateOrCountry>
          <com:zipCode>1000 BV</com:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-13263</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Fred Severin</name>
      <title>Compliance Officer</title>
      <phone>31-20-576 6539</phone>
      <signature>/s/ Fred Severin</signature>
      <city>AMSTERDAM</city>
      <stateOrCountry>P7</stateOrCountry>
      <signatureDate>04-25-2017</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>569</tableEntryTotal>
      <tableValueTotal>5515357</tableValueTotal>
      <isConfidentialOmitted>false</isConfidentialOmitted>
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<DOCUMENT>
<TYPE>INFORMATION TABLE
<SEQUENCE>2
<FILENAME>form13fInfoTable.xml
<TEXT>
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			<nameOfIssuer>3-D SYS CORP DEL</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>88554D205</cusip>
			<value>182</value>
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				<sshPrnamt>12141</sshPrnamt>
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				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>3M CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88579Y101</cusip>
			<value>7011</value>
			<shrsOrPrnAmt>
				<sshPrnamt>36646</sshPrnamt>
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		<infoTable>
			<nameOfIssuer>ABBOTT LABS</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>002824100</cusip>
			<value>7626</value>
			<shrsOrPrnAmt>
				<sshPrnamt>171711</sshPrnamt>
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		<infoTable>
			<nameOfIssuer>ABERCROMBIE &amp; FITCH CO</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>002896207</cusip>
			<value>2119</value>
			<shrsOrPrnAmt>
				<sshPrnamt>177600</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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		<infoTable>
			<nameOfIssuer>ACADIA PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>004225108</cusip>
			<value>388</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11300</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ACELRX PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00444T100</cusip>
			<value>123</value>
			<shrsOrPrnAmt>
				<sshPrnamt>39000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>39000</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ACTIVISION BLIZZARD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00507V109</cusip>
			<value>3028</value>
			<shrsOrPrnAmt>
				<sshPrnamt>60734</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>60734</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADOBE SYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00724F101</cusip>
			<value>14143</value>
			<shrsOrPrnAmt>
				<sshPrnamt>108683</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>108683</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ADVANCED MICRO DEVICES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>007903107</cusip>
			<value>127</value>
			<shrsOrPrnAmt>
				<sshPrnamt>47556</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<None>0</None>
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			<nameOfIssuer>AES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00130H105</cusip>
			<value>376</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33639</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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				<None>0</None>
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			<nameOfIssuer>AETNA INC NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00817Y108</cusip>
			<value>3453</value>
			<shrsOrPrnAmt>
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				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>AFLAC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>001055102</cusip>
			<value>1484</value>
			<shrsOrPrnAmt>
				<sshPrnamt>20492</sshPrnamt>
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				<Sole>20492</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>AGILENT TECHNOLOGIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00846U101</cusip>
			<value>1318</value>
			<shrsOrPrnAmt>
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			<nameOfIssuer>AGNC INVT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>00123Q104</cusip>
			<value>669</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33659</sshPrnamt>
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			<votingAuthority>
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				<None>0</None>
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			<nameOfIssuer>AGRIUM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>008916108</cusip>
			<value>4913</value>
			<shrsOrPrnAmt>
				<sshPrnamt>51419</sshPrnamt>
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		<infoTable>
			<nameOfIssuer>AIR PRODS &amp; CHEMS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>009158106</cusip>
			<value>1504</value>
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			<nameOfIssuer>AKAMAI TECHNOLOGIES INC</nameOfIssuer>
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			<nameOfIssuer>AKORN INC</nameOfIssuer>
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			<nameOfIssuer>ALAMOS GOLD INC</nameOfIssuer>
			<titleOfClass>NEW COM CL A</titleOfClass>
			<cusip>011532108</cusip>
			<value>88</value>
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			<nameOfIssuer>ALASKA AIR GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>011659109</cusip>
			<value>580</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6293</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ALCOA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>013872106</cusip>
			<value>298</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8659</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ALEXANDRIA REAL ESTATE EQ IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>015271109</cusip>
			<value>500</value>
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				<None>0</None>
			</votingAuthority>
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			<nameOfIssuer>ALEXION PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>1001</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8257</sshPrnamt>
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		<infoTable>
			<nameOfIssuer>ALIBABA GROUP HLDG LTD</nameOfIssuer>
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			<cusip>01609W102</cusip>
			<value>6710</value>
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			<nameOfIssuer>ALLIANT ENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>461</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>11627</Sole>
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				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ALLSTATE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>020002101</cusip>
			<value>1763</value>
			<shrsOrPrnAmt>
				<sshPrnamt>21629</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>21629</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>ALPHABET INC CAP STK</nameOfIssuer>
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			<cusip>02079K107</cusip>
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			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>104021</Sole>
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				<None>0</None>
			</votingAuthority>
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		<infoTable>
			<nameOfIssuer>ALPHABET INC CAP STK</nameOfIssuer>
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			<cusip>02079K305</cusip>
			<value>70200</value>
			<shrsOrPrnAmt>
				<sshPrnamt>82802</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>82802</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMAZON COM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023135106</cusip>
			<value>97032</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109450</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>109450</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMEREN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>023608102</cusip>
			<value>676</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12381</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>12381</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICA MOVIL SAB DE CV</nameOfIssuer>
			<titleOfClass>SPON ADR L SHS</titleOfClass>
			<cusip>02364W105</cusip>
			<value>4078</value>
			<shrsOrPrnAmt>
				<sshPrnamt>287800</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
			</shrsOrPrnAmt>
			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>287800</Sole>
				<Shared>0</Shared>
				<None>0</None>
			</votingAuthority>
		</infoTable>
		<infoTable>
			<nameOfIssuer>AMERICAN AIRLS GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>02376R102</cusip>
			<value>2214</value>
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			<nameOfIssuer>ANHEUSER BUSCH INBEV SA/NV</nameOfIssuer>
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			<nameOfIssuer>ANTERO MIDSTREAM PARTNERS LP</nameOfIssuer>
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			<nameOfIssuer>ARCELORMITTAL SA LUXEMBOURG</nameOfIssuer>
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			<nameOfIssuer>ARCHER DANIELS MIDLAND CO</nameOfIssuer>
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			<nameOfIssuer>BECTON DICKINSON &amp; CO</nameOfIssuer>
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			<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
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			<nameOfIssuer>BERKSHIRE HATHAWAY INC DEL</nameOfIssuer>
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			<nameOfIssuer>BEST BUY INC</nameOfIssuer>
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			<nameOfIssuer>BIOGEN IDEC INC</nameOfIssuer>
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			<nameOfIssuer>BLACKBERRY LTD</nameOfIssuer>
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			<nameOfIssuer>BLACKSTONE GROUP L P</nameOfIssuer>
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			<nameOfIssuer>BOARDWALK PIPELINE PARTNERS</nameOfIssuer>
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			<nameOfIssuer>BRISTOL MYERS SQUIBB CO</nameOfIssuer>
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			<nameOfIssuer>BROWN FORMAN CORP</nameOfIssuer>
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			<nameOfIssuer>CA INC</nameOfIssuer>
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			<nameOfIssuer>CAMPBELL SOUP CO</nameOfIssuer>
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			<nameOfIssuer>CANADIAN NATL RY CO</nameOfIssuer>
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			<nameOfIssuer>CAPITAL ONE FINL CORP</nameOfIssuer>
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			<nameOfIssuer>CARDINAL HEALTH INC</nameOfIssuer>
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			<nameOfIssuer>CARLYLE GROUP L P</nameOfIssuer>
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			<nameOfIssuer>CATERPILLAR INC DEL</nameOfIssuer>
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			<nameOfIssuer>CBOE HLDGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>CBS CORP NEW</nameOfIssuer>
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			<nameOfIssuer>CEDAR FAIR L P</nameOfIssuer>
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			<nameOfIssuer>CENTERPOINT ENERGY INC</nameOfIssuer>
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			<nameOfIssuer>CENTURY ALUM CO</nameOfIssuer>
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			<nameOfIssuer>CENTURYLINK INC</nameOfIssuer>
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			<nameOfIssuer>CF INDS HLDGS INC</nameOfIssuer>
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			<nameOfIssuer>CHIPOTLE MEXICAN GRILL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>CIGNA CORPORATION</nameOfIssuer>
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			<cusip>125509109</cusip>
			<value>2900</value>
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				<Sole>19799</Sole>
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				<None>0</None>
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			<nameOfIssuer>CIMAREX ENERGY CO</nameOfIssuer>
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			<value>581</value>
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				<Sole>4861</Sole>
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			<nameOfIssuer>CINCINNATI FINL CORP</nameOfIssuer>
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			<nameOfIssuer>CINTAS CORP</nameOfIssuer>
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			<nameOfIssuer>CIRRUS LOGIC INC</nameOfIssuer>
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			<nameOfIssuer>CISCO SYS INC</nameOfIssuer>
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			<nameOfIssuer>CITIGROUP INC</nameOfIssuer>
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			<nameOfIssuer>CITRIX SYS INC</nameOfIssuer>
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			<nameOfIssuer>CLOROX CO DEL</nameOfIssuer>
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			<nameOfIssuer>CME GROUP INC</nameOfIssuer>
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			<nameOfIssuer>CMS ENERGY CORP</nameOfIssuer>
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			<nameOfIssuer>COACH INC</nameOfIssuer>
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			<nameOfIssuer>COCA COLA CO</nameOfIssuer>
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			<nameOfIssuer>COLGATE PALMOLIVE CO</nameOfIssuer>
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			<nameOfIssuer>COMCAST CORP NEW</nameOfIssuer>
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			<nameOfIssuer>COMERICA INC</nameOfIssuer>
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			<nameOfIssuer>COMPANHIA DE SANEAMENTO BASI</nameOfIssuer>
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			<nameOfIssuer>COMPANHIA SIDERURGICA NACION</nameOfIssuer>
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			<nameOfIssuer>COMPANIA DE MINAS BUENAVENTU</nameOfIssuer>
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			<nameOfIssuer>CONAGRA FOODS INC</nameOfIssuer>
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			<nameOfIssuer>CONCORDIA INTL CORP</nameOfIssuer>
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			<nameOfIssuer>CONOCOPHILLIPS</nameOfIssuer>
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			<nameOfIssuer>CONSOLIDATED COMM HLDGS INC</nameOfIssuer>
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			<nameOfIssuer>CONSOLIDATED EDISON INC</nameOfIssuer>
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			<nameOfIssuer>CONTINENTAL RESOURCES INC</nameOfIssuer>
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			<cusip>212015101</cusip>
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			<nameOfIssuer>COOPER COS INC</nameOfIssuer>
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			<nameOfIssuer>CORNING INC</nameOfIssuer>
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			<nameOfIssuer>CRESTWOOD EQUITY PARTNERS LP</nameOfIssuer>
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			<nameOfIssuer>CROSSAMERICA PARTNERS LP</nameOfIssuer>
			<titleOfClass>UT LTD PTN INT</titleOfClass>
			<cusip>22758A105</cusip>
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			<nameOfIssuer>CSRA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>CSX CORP</nameOfIssuer>
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			<nameOfIssuer>CTRIP COM INTL LTD</nameOfIssuer>
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			<cusip>22943F100</cusip>
			<value>367</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>CUMMINS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>231021106</cusip>
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			<nameOfIssuer>CVR REFNG LP</nameOfIssuer>
			<titleOfClass>COMUNIT REP LT</titleOfClass>
			<cusip>12663P107</cusip>
			<value>3391</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>CVS CAREMARK CORPORATION</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>126650100</cusip>
			<value>3754</value>
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			<nameOfIssuer>DANAHER CORP DEL</nameOfIssuer>
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			<nameOfIssuer>DARDEN RESTAURANTS INC</nameOfIssuer>
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			<nameOfIssuer>DAVITA HEALTHCARE PARTNERS I</nameOfIssuer>
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			<nameOfIssuer>DEERE &amp; CO</nameOfIssuer>
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			<nameOfIssuer>DENTSPLY SIRONA INC</nameOfIssuer>
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			<nameOfIssuer>DEVON ENERGY CORP NEW</nameOfIssuer>
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			<nameOfIssuer>DIREXION SHS ETF TR</nameOfIssuer>
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			<nameOfIssuer>DISCOVER FINL SVCS</nameOfIssuer>
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			<nameOfIssuer>DISCOVERY COMMUNICATNS NEW</nameOfIssuer>
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			<nameOfIssuer>DISH NETWORK CORP</nameOfIssuer>
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			<nameOfIssuer>DISNEY WALT CO</nameOfIssuer>
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			<nameOfIssuer>DOLLAR GEN CORP NEW</nameOfIssuer>
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			<nameOfIssuer>DOVER CORP</nameOfIssuer>
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			<nameOfIssuer>DOW CHEM CO</nameOfIssuer>
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			<nameOfIssuer>DTE ENERGY CO</nameOfIssuer>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>DU PONT E I DE NEMOURS &amp; CO</nameOfIssuer>
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			<nameOfIssuer>DUN &amp; BRADSTREET CORP DEL NE</nameOfIssuer>
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			<nameOfIssuer>E TRADE FINANCIAL CORP</nameOfIssuer>
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			<nameOfIssuer>EASTMAN CHEM CO</nameOfIssuer>
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			<nameOfIssuer>ECOLAB INC</nameOfIssuer>
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			<nameOfIssuer>EDISON INTL</nameOfIssuer>
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			<nameOfIssuer>EDWARDS LIFESCIENCES CORP</nameOfIssuer>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>ELDORADO GOLD CORP NEW</nameOfIssuer>
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			<nameOfIssuer>EMERSON ELEC CO</nameOfIssuer>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>ENBRIDGE ENERGY PARTNERS L P</nameOfIssuer>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>475000</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ENTERGY CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29364G103</cusip>
			<value>8331</value>
			<shrsOrPrnAmt>
				<sshPrnamt>109675</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>109675</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>ENTERPRISE PRODS PARTNERS L</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>293792107</cusip>
			<value>114524</value>
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				<sshPrnamt>4147900</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>4147900</Sole>
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				<None>0</None>
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			<nameOfIssuer>ENVISION HEALTHCARE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>29414D100</cusip>
			<value>368</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6001</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>6001</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EQT GP HLDGS LP</nameOfIssuer>
			<titleOfClass>COM UNIT REP</titleOfClass>
			<cusip>26885J103</cusip>
			<value>7530</value>
			<shrsOrPrnAmt>
				<sshPrnamt>275000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>275000</Sole>
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				<None>0</None>
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			<nameOfIssuer>EQT MIDSTREAM PARTNERS LP</nameOfIssuer>
			<titleOfClass>UNIT LTD PARTN</titleOfClass>
			<cusip>26885B100</cusip>
			<value>15342</value>
			<shrsOrPrnAmt>
				<sshPrnamt>199500</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>199500</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EQUINIX INC</nameOfIssuer>
			<titleOfClass>COM PAR $0.001</titleOfClass>
			<cusip>29444U700</cusip>
			<value>1589</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3970</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>3970</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EQUITY RESIDENTIAL</nameOfIssuer>
			<titleOfClass>SH BEN INT</titleOfClass>
			<cusip>29476L107</cusip>
			<value>1166</value>
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				<sshPrnamt>18741</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>18741</Sole>
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				<None>0</None>
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			<nameOfIssuer>EVERSOURCE ENERGY</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30040W108</cusip>
			<value>951</value>
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				<sshPrnamt>16174</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>16174</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EXELON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30161N101</cusip>
			<value>16372</value>
			<shrsOrPrnAmt>
				<sshPrnamt>455018</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>455018</Sole>
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				<None>0</None>
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			<nameOfIssuer>EXTRA SPACE STORAGE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30225T102</cusip>
			<value>478</value>
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				<sshPrnamt>6430</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>6430</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>EXXON MOBIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>30231G102</cusip>
			<value>5496</value>
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				<sshPrnamt>67011</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>67011</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>F M C CORP</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>302491303</cusip>
			<value>474</value>
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				<sshPrnamt>6813</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>6813</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FACEBOOK INC</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>30303M102</cusip>
			<value>78402</value>
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				<sshPrnamt>551929</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>551929</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FASTENAL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>311900104</cusip>
			<value>580</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11257</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>11257</Sole>
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				<None>0</None>
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			<nameOfIssuer>FEDERAL REALTY INVT TR</nameOfIssuer>
			<titleOfClass>SH BEN INT NEW</titleOfClass>
			<cusip>313747206</cusip>
			<value>491</value>
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				<sshPrnamt>3677</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>3677</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FEDEX CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31428X106</cusip>
			<value>3420</value>
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				<sshPrnamt>17525</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>17525</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FIDELITY NATL INFORMATION SV</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>31620M106</cusip>
			<value>1910</value>
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				<sshPrnamt>23991</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>23991</Sole>
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				<None>0</None>
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			<nameOfIssuer>FIRST HORIZON NATL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>320517105</cusip>
			<value>370</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>20000</Sole>
				<Shared>0</Shared>
				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FIRSTENERGY CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>337932107</cusip>
			<value>1067</value>
			<shrsOrPrnAmt>
				<sshPrnamt>33526</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>33526</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FLIR SYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>302445101</cusip>
			<value>275</value>
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				<sshPrnamt>7578</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>7578</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FLOWSERVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34354P105</cusip>
			<value>591</value>
			<shrsOrPrnAmt>
				<sshPrnamt>12203</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>12203</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FLUOR CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>343412102</cusip>
			<value>374</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7110</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>7110</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FORD MTR CO DEL</nameOfIssuer>
			<titleOfClass>COM PAR $0.01</titleOfClass>
			<cusip>345370860</cusip>
			<value>8923</value>
			<shrsOrPrnAmt>
				<sshPrnamt>766592</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>766592</Sole>
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		<infoTable>
			<nameOfIssuer>FORTIVE CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34959J108</cusip>
			<value>925</value>
			<shrsOrPrnAmt>
				<sshPrnamt>15359</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FORTRESS TRANS INFRST INVS L</nameOfIssuer>
			<titleOfClass>COM REP LTD LIAB</titleOfClass>
			<cusip>34960P101</cusip>
			<value>446</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>29892</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FORTUNE BRANDS HOME &amp; SEC IN</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>34964C106</cusip>
			<value>475</value>
			<shrsOrPrnAmt>
				<sshPrnamt>7810</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>7810</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FREEPORT-MCMORAN COPPER &amp; GO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35671D857</cusip>
			<value>2627</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>225464</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>FRONTIER COMMUNICATIONS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>35906A108</cusip>
			<value>2398</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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		<infoTable>
			<nameOfIssuer>GALLAGHER ARTHUR J &amp; CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>363576109</cusip>
			<value>515</value>
			<shrsOrPrnAmt>
				<sshPrnamt>9109</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>9109</Sole>
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		<infoTable>
			<nameOfIssuer>GAP INC DEL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>364760108</cusip>
			<value>4538</value>
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				<sshPrnamt>186819</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>186819</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>GENERAL COMMUNICATION INC</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>369385109</cusip>
			<value>9632</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>GENERAL DYNAMICS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369550108</cusip>
			<value>2720</value>
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				<sshPrnamt>14532</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>14532</Sole>
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		<infoTable>
			<nameOfIssuer>GENERAL ELECTRIC CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>369604103</cusip>
			<value>6936</value>
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				<sshPrnamt>232739</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>232739</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>GENERAL MLS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>370334104</cusip>
			<value>2553</value>
			<shrsOrPrnAmt>
				<sshPrnamt>43270</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>43270</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>GENERAL MTRS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>37045V100</cusip>
			<value>18576</value>
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				<sshPrnamt>525347</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>525347</Sole>
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		<infoTable>
			<nameOfIssuer>GENUINE PARTS CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>372460105</cusip>
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				<sshPrnamt>11452</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>11452</Sole>
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		<infoTable>
			<nameOfIssuer>GILEAD SCIENCES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>375558103</cusip>
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			<nameOfIssuer>GLOBAL PMTS INC</nameOfIssuer>
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			<nameOfIssuer>GOLD FIELDS LTD NEW</nameOfIssuer>
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			<nameOfIssuer>GOLDMAN SACHS GROUP INC</nameOfIssuer>
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			<nameOfIssuer>GOODYEAR TIRE &amp; RUBR CO</nameOfIssuer>
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			<nameOfIssuer>HARTFORD FINL SVCS GROUP INC</nameOfIssuer>
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			<nameOfIssuer>HCA HOLDINGS INC</nameOfIssuer>
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			<nameOfIssuer>HEALTHCARE RLTY TR</nameOfIssuer>
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			<nameOfIssuer>HEWLETT PACKARD ENTERPRISE C</nameOfIssuer>
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			<nameOfIssuer>HI-CRUSH PARTNERS LP</nameOfIssuer>
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			<nameOfIssuer>INTERCONTINENTALEXCHANGE GRO</nameOfIssuer>
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			<nameOfIssuer>INTERNATIONAL BUSINESS MACHS</nameOfIssuer>
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				<Sole>114853</Sole>
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			<nameOfIssuer>INTL PAPER CO</nameOfIssuer>
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				<Sole>5287</Sole>
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			<nameOfIssuer>INTUIT</nameOfIssuer>
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			<nameOfIssuer>ITAU UNIBANCO HLDG SA</nameOfIssuer>
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			<nameOfIssuer>JABIL CIRCUIT INC</nameOfIssuer>
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			<nameOfIssuer>JACOBS ENGR GROUP INC DEL</nameOfIssuer>
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			<nameOfIssuer>KELLOGG CO</nameOfIssuer>
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			<nameOfIssuer>KEYCORP NEW</nameOfIssuer>
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			<nameOfIssuer>KIMBERLY CLARK CORP</nameOfIssuer>
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			<nameOfIssuer>KIMCO RLTY CORP</nameOfIssuer>
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			<nameOfIssuer>KINDER MORGAN INC DEL</nameOfIssuer>
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			<nameOfIssuer>KINROSS GOLD CORP</nameOfIssuer>
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			<nameOfIssuer>KKR &amp; CO L P DEL</nameOfIssuer>
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			<nameOfIssuer>KLA-TENCOR CORP</nameOfIssuer>
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			<nameOfIssuer>KOHLS CORP</nameOfIssuer>
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			<nameOfIssuer>KRAFT HEINZ CO</nameOfIssuer>
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			<nameOfIssuer>KROGER CO</nameOfIssuer>
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			<nameOfIssuer>L BRANDS INC</nameOfIssuer>
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			<nameOfIssuer>LABORATORY CORP AMER HLDGS</nameOfIssuer>
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			<nameOfIssuer>LAS VEGAS SANDS CORP</nameOfIssuer>
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			<nameOfIssuer>LAUDER ESTEE COS INC</nameOfIssuer>
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			<nameOfIssuer>LEGGETT &amp; PLATT INC</nameOfIssuer>
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			<nameOfIssuer>LENDINGCLUB CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>52603A109</cusip>
			<value>578</value>
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			<nameOfIssuer>LEUCADIA NATL CORP</nameOfIssuer>
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			<cusip>527288104</cusip>
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			<nameOfIssuer>LEVEL 3 COMMUNICATIONS INC</nameOfIssuer>
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			<nameOfIssuer>LIBERTY INTERACTIVE CORP</nameOfIssuer>
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			<nameOfIssuer>LILLY ELI &amp; CO</nameOfIssuer>
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			<nameOfIssuer>LINCOLN NATL CORP IND</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>LOCKHEED MARTIN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>LOEWS CORP</nameOfIssuer>
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			<nameOfIssuer>LOWES COS INC</nameOfIssuer>
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			<nameOfIssuer>MACERICH CO</nameOfIssuer>
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			<nameOfIssuer>MACYS INC</nameOfIssuer>
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			<nameOfIssuer>MADISON SQUARE GARDEN CO</nameOfIssuer>
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			<nameOfIssuer>MARATHON OIL CORP</nameOfIssuer>
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			<nameOfIssuer>MARATHON PETE CORP</nameOfIssuer>
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			<nameOfIssuer>MARRIOTT INTL INC NEW</nameOfIssuer>
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			<nameOfIssuer>MARSH &amp; MCLENNAN COS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>MASTERCARD INC</nameOfIssuer>
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			<nameOfIssuer>MATTEL INC</nameOfIssuer>
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			<nameOfIssuer>MAXIM INTEGRATED PRODS INC</nameOfIssuer>
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			<nameOfIssuer>MCDONALDS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>580135101</cusip>
			<value>50195</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>MCKESSON CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58155Q103</cusip>
			<value>2473</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>16678</Sole>
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				<None>0</None>
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			<nameOfIssuer>MEAD JOHNSON NUTRITION CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>582839106</cusip>
			<value>922</value>
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				<sshPrnamt>10349</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>10349</Sole>
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				<None>0</None>
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			<nameOfIssuer>MERCK &amp; CO INC NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>58933Y105</cusip>
			<value>36235</value>
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				<sshPrnamt>570277</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>570277</Sole>
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				<None>0</None>
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			<nameOfIssuer>METLIFE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59156R108</cusip>
			<value>2930</value>
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				<sshPrnamt>55477</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>55477</Sole>
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				<None>0</None>
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			<nameOfIssuer>MICRON TECHNOLOGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>595112103</cusip>
			<value>4112</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>142269</Sole>
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				<None>0</None>
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			<nameOfIssuer>MICROSOFT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>594918104</cusip>
			<value>181275</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<None>0</None>
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			<nameOfIssuer>MID-AMER APT CMNTYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>59522J103</cusip>
			<value>589</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>5794</Sole>
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				<None>0</None>
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			<nameOfIssuer>MOBILE TELESYSTEMS OJSC</nameOfIssuer>
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			<cusip>607409109</cusip>
			<value>929</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>84263</Sole>
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				<None>0</None>
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			<nameOfIssuer>MOHAWK INDS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>608190104</cusip>
			<value>1115</value>
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				<sshPrnamt>4858</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>4858</Sole>
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				<None>0</None>
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			<nameOfIssuer>MOLSON COORS BREWING CO</nameOfIssuer>
			<titleOfClass>CL B</titleOfClass>
			<cusip>60871R209</cusip>
			<value>901</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>9413</Sole>
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			<nameOfIssuer>MONDELEZ INTL INC</nameOfIssuer>
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			<cusip>609207105</cusip>
			<value>13648</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>MONSTER BEVERAGE CORP</nameOfIssuer>
			<titleOfClass>NEW COM</titleOfClass>
			<cusip>61174X109</cusip>
			<value>4729</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>MORGAN STANLEY</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>617446448</cusip>
			<value>5263</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>MOSAIC CO NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>61945C103</cusip>
			<value>1117</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>MPLX LP</nameOfIssuer>
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			<cusip>55336V100</cusip>
			<value>83911</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>MURPHY OIL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>626717102</cusip>
			<value>237</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>8274</Sole>
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				<None>0</None>
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			<nameOfIssuer>NASDAQ OMX GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>631103108</cusip>
			<value>407</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>5867</Sole>
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			<nameOfIssuer>NATIONAL OILWELL VARCO INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>637071101</cusip>
			<value>292</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>7276</Sole>
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			<nameOfIssuer>NAVIENT CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>63938C108</cusip>
			<value>219</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>14853</Sole>
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				<None>0</None>
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			<nameOfIssuer>NETEASE INC</nameOfIssuer>
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			<value>3329</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>NETFLIX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>64110L106</cusip>
			<value>6491</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>43912</Sole>
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			<nameOfIssuer>NEW GOLD INC CDA</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>644535106</cusip>
			<value>38</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>12739</Sole>
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			<nameOfIssuer>NEWFIELD EXPL CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651290108</cusip>
			<value>748</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>20274</Sole>
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			<nameOfIssuer>NEWMONT MINING CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>651639106</cusip>
			<value>19996</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>NEWS CORP NEW</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>65249B109</cusip>
			<value>272</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>20960</Sole>
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			<nameOfIssuer>NEXTERA ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65339F101</cusip>
			<value>6212</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>NEXTERA ENERGY PARTNERS LP</nameOfIssuer>
			<titleOfClass>COM UNIT PART IN</titleOfClass>
			<cusip>65341B106</cusip>
			<value>5529</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>NGL ENERGY PARTNERS LP</nameOfIssuer>
			<titleOfClass>COM UNIT REPST</titleOfClass>
			<cusip>62913M107</cusip>
			<value>25787</value>
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			<nameOfIssuer>NIKE INC</nameOfIssuer>
			<titleOfClass>CL B</titleOfClass>
			<cusip>654106103</cusip>
			<value>691</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>NISOURCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>65473P105</cusip>
			<value>403</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>NORDSTROM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655664100</cusip>
			<value>294</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>NORFOLK SOUTHERN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>655844108</cusip>
			<value>1666</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>NORTHROP GRUMMAN CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>666807102</cusip>
			<value>2122</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>8923</Sole>
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			<nameOfIssuer>NOVAVAX INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>670002104</cusip>
			<value>26</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>20000</Sole>
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		<infoTable>
			<nameOfIssuer>NRG ENERGY INC</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>629377508</cusip>
			<value>301</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>NUCOR CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>670346105</cusip>
			<value>988</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>O REILLY AUTOMOTIVE INC NEW</nameOfIssuer>
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			<nameOfIssuer>OAKTREE CAP GROUP LLC</nameOfIssuer>
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			<nameOfIssuer>ONEOK PARTNERS LP</nameOfIssuer>
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			<nameOfIssuer>OPKO HEALTH INC</nameOfIssuer>
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			<nameOfIssuer>ORACLE CORP</nameOfIssuer>
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			<nameOfIssuer>PARKERVISION INC</nameOfIssuer>
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			<nameOfIssuer>PENN WEST PETE LTD NEW</nameOfIssuer>
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			<nameOfIssuer>PHILLIPS 66</nameOfIssuer>
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			<nameOfIssuer>PINNACLE WEST CAP CORP</nameOfIssuer>
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			<nameOfIssuer>PIONEER NAT RES CO</nameOfIssuer>
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			<nameOfIssuer>PLAINS ALL AMERN PIPELINE L</nameOfIssuer>
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			<nameOfIssuer>POTASH CORP SASK INC</nameOfIssuer>
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			<nameOfIssuer>POWERSHARES QQQ TRUST</nameOfIssuer>
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			<nameOfIssuer>PPG INDS INC</nameOfIssuer>
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			<nameOfIssuer>PRICE T ROWE GROUP INC</nameOfIssuer>
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			<nameOfIssuer>PROGRESSIVE CORP OHIO</nameOfIssuer>
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			<titleOfClass>COM</titleOfClass>
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			<value>1401</value>
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				<None>0</None>
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			<nameOfIssuer>PROSHARES TR</nameOfIssuer>
			<titleOfClass>PSHS ULSHT SP500</titleOfClass>
			<cusip>74347B300</cusip>
			<value>202</value>
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				<sshPrnamt>15000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>15000</Sole>
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				<None>0</None>
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			<nameOfIssuer>PUBLIC STORAGE</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74460D109</cusip>
			<value>200</value>
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				<sshPrnamt>914</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>914</Sole>
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				<None>0</None>
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			<nameOfIssuer>PUBLIC SVC ENTERPRISE GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>744573106</cusip>
			<value>1146</value>
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				<Sole>25837</Sole>
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				<None>0</None>
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			<nameOfIssuer>PULTE GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>745867101</cusip>
			<value>373</value>
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				<sshPrnamt>15834</sshPrnamt>
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				<Sole>15834</Sole>
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			<nameOfIssuer>PVH CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>693656100</cusip>
			<value>636</value>
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				<sshPrnamt>6144</sshPrnamt>
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			<nameOfIssuer>QUALCOMM INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>QUANTA SVCS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>286</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>QUEST DIAGNOSTICS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>74834L100</cusip>
			<value>1050</value>
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			<nameOfIssuer>RADIUS HEALTH INC</nameOfIssuer>
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			<cusip>750469207</cusip>
			<value>724</value>
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			<nameOfIssuer>RALPH LAUREN CORP</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>751212101</cusip>
			<value>398</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>4875</Sole>
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			<nameOfIssuer>RANDGOLD RES LTD</nameOfIssuer>
			<titleOfClass>ADR</titleOfClass>
			<cusip>752344309</cusip>
			<value>236</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>2700</Sole>
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			<nameOfIssuer>RANGE RES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>75281A109</cusip>
			<value>280</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>RAYMOND JAMES FINANCIAL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>754730109</cusip>
			<value>498</value>
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			<nameOfIssuer>RAYTHEON CO</nameOfIssuer>
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			<cusip>755111507</cusip>
			<value>2280</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>RED HAT INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>756577102</cusip>
			<value>1195</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>13813</Sole>
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			<nameOfIssuer>REGENCY CTRS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>758849103</cusip>
			<value>643</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>9678</Sole>
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			<nameOfIssuer>REGENERON PHARMACEUTICALS</nameOfIssuer>
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			<cusip>75886F107</cusip>
			<value>4747</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>REGIONS FINL CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>7591EP100</cusip>
			<value>894</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>61514</Sole>
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			<nameOfIssuer>REPUBLIC SVCS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>760759100</cusip>
			<value>739</value>
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			<nameOfIssuer>RESTAURANT BRANDS INTL INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>76131D103</cusip>
			<value>624</value>
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			<nameOfIssuer>REYNOLDS AMERICAN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>761713106</cusip>
			<value>52830</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>RICE MIDSTREAM PARTNERS LP</nameOfIssuer>
			<titleOfClass>UNIT LTD PARTN</titleOfClass>
			<cusip>762819100</cusip>
			<value>3531</value>
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			<nameOfIssuer>RIO TINTO PLC</nameOfIssuer>
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			<cusip>767204100</cusip>
			<value>1296</value>
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			<nameOfIssuer>RITE AID CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>767754104</cusip>
			<value>221</value>
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			<nameOfIssuer>ROBERT HALF INTL INC</nameOfIssuer>
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			<cusip>770323103</cusip>
			<value>319</value>
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			<nameOfIssuer>ROCKWELL COLLINS INC</nameOfIssuer>
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			<cusip>774341101</cusip>
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			<nameOfIssuer>RYDER SYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>783549108</cusip>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>RYMAN HOSPITALITY PPTYS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>78377T107</cusip>
			<value>1244</value>
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			<nameOfIssuer>S&amp;P GLOBAL INC</nameOfIssuer>
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			<cusip>78409V104</cusip>
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			<nameOfIssuer>SALESFORCE COM INC</nameOfIssuer>
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			<nameOfIssuer>SCANA CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>80589M102</cusip>
			<value>477</value>
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			<nameOfIssuer>SCHEIN HENRY INC</nameOfIssuer>
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			<cusip>806407102</cusip>
			<value>2966</value>
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			<nameOfIssuer>SCHLUMBERGER LTD</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>806857108</cusip>
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			<nameOfIssuer>SCHWAB CHARLES CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>808513105</cusip>
			<value>2530</value>
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			<nameOfIssuer>SCRIPPS NETWORKS INTERACT IN</nameOfIssuer>
			<titleOfClass>CL A COM</titleOfClass>
			<cusip>811065101</cusip>
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			<nameOfIssuer>SEALED AIR CORP NEW</nameOfIssuer>
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			<cusip>81211K100</cusip>
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			<nameOfIssuer>SELECT SECTOR SPDR TR</nameOfIssuer>
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			<cusip>81369Y506</cusip>
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			<nameOfIssuer>SENSEONICS HLDGS INC</nameOfIssuer>
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			<nameOfIssuer>SHELL MIDSTREAM PARTNERS L P</nameOfIssuer>
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			<nameOfIssuer>SHIRE PLC</nameOfIssuer>
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			<nameOfIssuer>SILVER WHEATON CORP</nameOfIssuer>
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			<nameOfIssuer>SIMON PPTY GROUP INC NEW</nameOfIssuer>
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			<nameOfIssuer>SL GREEN RLTY CORP</nameOfIssuer>
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			<nameOfIssuer>SOUTHWEST AIRLS CO</nameOfIssuer>
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			<nameOfIssuer>SPDR GOLD TRUST</nameOfIssuer>
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			<nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
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			<cusip>78464A755</cusip>
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			<cusip>78464A730</cusip>
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			<nameOfIssuer>SPDR SERIES TRUST</nameOfIssuer>
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			<cusip>78464A698</cusip>
			<value>786</value>
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			<nameOfIssuer>SPROUTS FMRS MKT INC</nameOfIssuer>
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			<nameOfIssuer>STANLEY BLACK &amp; DECKER INC</nameOfIssuer>
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			<nameOfIssuer>STAPLES INC</nameOfIssuer>
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			<nameOfIssuer>STARBUCKS CORP</nameOfIssuer>
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			<nameOfIssuer>STATE STR CORP</nameOfIssuer>
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			<nameOfIssuer>STRYKER CORP</nameOfIssuer>
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			<nameOfIssuer>SUMMIT MIDSTREAM PARTNERS LP</nameOfIssuer>
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			<nameOfIssuer>SUNCOKE ENERGY PARTNERS L P</nameOfIssuer>
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			<nameOfIssuer>SUNCOR ENERGY INC NEW</nameOfIssuer>
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			<nameOfIssuer>SUNTRUST BKS INC</nameOfIssuer>
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			<nameOfIssuer>SYMANTEC CORP</nameOfIssuer>
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			<nameOfIssuer>SYNCHRONY FINL</nameOfIssuer>
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			<cusip>87165B103</cusip>
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			<nameOfIssuer>SYNGENTA AG</nameOfIssuer>
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			<value>4912</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>SYSCO CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>871829107</cusip>
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			<nameOfIssuer>T MOBILE US INC</nameOfIssuer>
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			<nameOfIssuer>TAIWAN SEMICONDUCTOR MFG LTD</nameOfIssuer>
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			<nameOfIssuer>TARGET CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>TEGNA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<nameOfIssuer>TEKLA HEALTHCARE INVS</nameOfIssuer>
			<titleOfClass>SH BEN INT</titleOfClass>
			<cusip>87911J103</cusip>
			<value>13009</value>
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				<None>0</None>
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			<nameOfIssuer>TELLURIAN INC NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87968A104</cusip>
			<value>680</value>
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				<sshPrnamt>58000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>58000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TELUS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>87971M103</cusip>
			<value>212</value>
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				<sshPrnamt>6540</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>6540</Sole>
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				<None>0</None>
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			<nameOfIssuer>TERADATA CORP DEL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88076W103</cusip>
			<value>227</value>
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				<sshPrnamt>7279</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>7279</Sole>
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				<None>0</None>
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			<nameOfIssuer>TEREX CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>880779103</cusip>
			<value>722</value>
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				<sshPrnamt>23000</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>23000</Sole>
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				<None>0</None>
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			<nameOfIssuer>TESLA INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88160R101</cusip>
			<value>989</value>
			<shrsOrPrnAmt>
				<sshPrnamt>3552</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TESORO CORP</nameOfIssuer>
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			<cusip>881609101</cusip>
			<value>201</value>
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				<sshPrnamt>2480</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>2480</Sole>
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				<None>0</None>
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			<nameOfIssuer>TESORO LOGISTICS LP</nameOfIssuer>
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			<cusip>88160T107</cusip>
			<value>3186</value>
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				<sshPrnamt>58500</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>58500</Sole>
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				<None>0</None>
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			<nameOfIssuer>TEVA PHARMACEUTICAL INDS LTD</nameOfIssuer>
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			<cusip>881624209</cusip>
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				<sshPrnamt>53020</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>TEXAS INSTRS INC</nameOfIssuer>
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			<cusip>882508104</cusip>
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				<sshPrnamt>151320</sshPrnamt>
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				<Sole>151320</Sole>
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			<nameOfIssuer>TEXTRON INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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			<value>656</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>13781</Sole>
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				<None>0</None>
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			<nameOfIssuer>THERAPEUTICSMD INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>88338N107</cusip>
			<value>353</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>48962</Sole>
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				<None>0</None>
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			<nameOfIssuer>THERMO FISHER SCIENTIFIC INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>883556102</cusip>
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			<nameOfIssuer>TIME WARNER INC</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>887317303</cusip>
			<value>5937</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>TJX COS INC NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>872540109</cusip>
			<value>4261</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>53879</Sole>
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				<None>0</None>
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			<nameOfIssuer>TORCHMARK CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891027104</cusip>
			<value>430</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>5579</Sole>
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				<None>0</None>
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			<nameOfIssuer>TOTAL SYS SVCS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>891906109</cusip>
			<value>686</value>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>12833</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TRACTOR SUPPLY CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>892356106</cusip>
			<value>1983</value>
			<shrsOrPrnAmt>
				<sshPrnamt>28757</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>28757</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TRANSALTA CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89346D107</cusip>
			<value>133</value>
			<shrsOrPrnAmt>
				<sshPrnamt>24732</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>24732</Sole>
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				<None>0</None>
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			<nameOfIssuer>TRAVELERS COMPANIES INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>89417E109</cusip>
			<value>23913</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>TRIBUNE MEDIA CO</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>896047503</cusip>
			<value>10063</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>TWENTY FIRST CENTY FOX INC</nameOfIssuer>
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			<cusip>90130A200</cusip>
			<value>4762</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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		<infoTable>
			<nameOfIssuer>TWENTY FIRST CENTY FOX INC</nameOfIssuer>
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			<value>7516</value>
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				<sshPrnamt>232059</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>232059</Sole>
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			<nameOfIssuer>TWITTER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90184L102</cusip>
			<value>593</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>39660</Sole>
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				<None>0</None>
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			<nameOfIssuer>TYSON FOODS INC</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>902494103</cusip>
			<value>903</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>14635</Sole>
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				<None>0</None>
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			<nameOfIssuer>UBIQUITI NETWORKS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90347A100</cusip>
			<value>1276</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>25385</Sole>
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			<nameOfIssuer>UDR INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>902653104</cusip>
			<value>495</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>13645</Sole>
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			<nameOfIssuer>ULTA SALON COSMETCS &amp; FRAG I</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>90384S303</cusip>
			<value>4340</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>15217</Sole>
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			<nameOfIssuer>ULTRAPAR PARTICIPACOES S A</nameOfIssuer>
			<titleOfClass>SP ADR REP COM</titleOfClass>
			<cusip>90400P101</cusip>
			<value>370</value>
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				<sshPrnamt>16277</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>16277</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNDER ARMOUR INC</nameOfIssuer>
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			<cusip>904311206</cusip>
			<value>185</value>
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				<sshPrnamt>10128</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>10128</Sole>
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		<infoTable>
			<nameOfIssuer>UNDER ARMOUR INC</nameOfIssuer>
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			<cusip>904311107</cusip>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>15085</Sole>
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		<infoTable>
			<nameOfIssuer>UNION PAC CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>907818108</cusip>
			<value>4406</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>41594</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNITED CONTL HLDGS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>910047109</cusip>
			<value>10640</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>150621</Sole>
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		<infoTable>
			<nameOfIssuer>UNITED PARCEL SERVICE INC</nameOfIssuer>
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			<cusip>911312106</cusip>
			<value>4524</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>42158</Sole>
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		<infoTable>
			<nameOfIssuer>UNITED RENTALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>911363109</cusip>
			<value>2464</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>19702</Sole>
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		<infoTable>
			<nameOfIssuer>UNITED STATES NATL GAS FUND</nameOfIssuer>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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		<infoTable>
			<nameOfIssuer>UNITED STATES OIL FUND LP</nameOfIssuer>
			<titleOfClass>UNITS</titleOfClass>
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				<Sole>55200</Sole>
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				<None>0</None>
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			<nameOfIssuer>UNITED TECHNOLOGIES CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>913017109</cusip>
			<value>25452</value>
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				<sshPrnamt>226827</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<Sole>226827</Sole>
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				<None>0</None>
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			<nameOfIssuer>UNITEDHEALTH GROUP INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91324P102</cusip>
			<value>44328</value>
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				<sshPrnamt>270278</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>270278</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>UNIVERSAL HLTH SVCS INC</nameOfIssuer>
			<titleOfClass>CL B</titleOfClass>
			<cusip>913903100</cusip>
			<value>856</value>
			<shrsOrPrnAmt>
				<sshPrnamt>6878</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>6878</Sole>
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				<None>0</None>
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			<nameOfIssuer>UNUM GROUP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91529Y106</cusip>
			<value>549</value>
			<shrsOrPrnAmt>
				<sshPrnamt>11703</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>11703</Sole>
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				<None>0</None>
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			<nameOfIssuer>US BANCORP DEL</nameOfIssuer>
			<titleOfClass>COM NEW</titleOfClass>
			<cusip>902973304</cusip>
			<value>2234</value>
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				<sshPrnamt>43385</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>43385</Sole>
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				<None>0</None>
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			<nameOfIssuer>V F CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>918204108</cusip>
			<value>4822</value>
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				<sshPrnamt>87726</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>87726</Sole>
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				<None>0</None>
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			<nameOfIssuer>VALEANT PHARMACEUTICALS INTL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91911K102</cusip>
			<value>2850</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>258360</Sole>
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			<nameOfIssuer>VALERO ENERGY CORP NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>91913Y100</cusip>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>3209</Sole>
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				<None>0</None>
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			<nameOfIssuer>VALERO ENERGY PARTNERS LP</nameOfIssuer>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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				<None>0</None>
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			<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
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			<cusip>92189F817</cusip>
			<value>7967</value>
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				<sshPrnamt>563867</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
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				<None>0</None>
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			<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
			<titleOfClass>INDONESIA INDEX</titleOfClass>
			<cusip>92189F833</cusip>
			<value>9877</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
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			<cusip>92189F106</cusip>
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			<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
			<titleOfClass>JR GOLD MINERS E</titleOfClass>
			<cusip>92189F791</cusip>
			<value>8282</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>214395</Sole>
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			<nameOfIssuer>VANECK VECTORS ETF TR</nameOfIssuer>
			<titleOfClass>AGRIBUSINESS ETF</titleOfClass>
			<cusip>92189F700</cusip>
			<value>987</value>
			<shrsOrPrnAmt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>VENTAS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92276F100</cusip>
			<value>1689</value>
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				<sshPrnamt>25972</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>25972</Sole>
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				<None>0</None>
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			<nameOfIssuer>VERISIGN INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343E102</cusip>
			<value>430</value>
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				<sshPrnamt>4938</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>4938</Sole>
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				<None>0</None>
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			<nameOfIssuer>VERISK ANALYTICS INC</nameOfIssuer>
			<titleOfClass>CL A</titleOfClass>
			<cusip>92345Y106</cusip>
			<value>715</value>
			<shrsOrPrnAmt>
				<sshPrnamt>8814</sshPrnamt>
				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>8814</Sole>
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				<None>0</None>
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			<nameOfIssuer>VERIZON COMMUNICATIONS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92343V104</cusip>
			<value>60783</value>
			<shrsOrPrnAmt>
				<sshPrnamt>1246833</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>1246833</Sole>
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				<None>0</None>
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			<nameOfIssuer>VERTEX PHARMACEUTICALS INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>92532F100</cusip>
			<value>4997</value>
			<shrsOrPrnAmt>
				<sshPrnamt>45696</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>45696</Sole>
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				<None>0</None>
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			<nameOfIssuer>VIPER ENERGY PARTNERS LP</nameOfIssuer>
			<titleOfClass>COM UNT RP INT</titleOfClass>
			<cusip>92763M105</cusip>
			<value>4497</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>250100</Sole>
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				<None>0</None>
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			<nameOfIssuer>VODAFONE GROUP PLC NEW</nameOfIssuer>
			<titleOfClass>SPONS ADR NEW</titleOfClass>
			<cusip>92857W308</cusip>
			<value>1640</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>62038</Sole>
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			<nameOfIssuer>WALGREENS BOOTS ALLIANCE INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>931427108</cusip>
			<value>7934</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>95538</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WASTE MGMT INC DEL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>94106L109</cusip>
			<value>890</value>
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				<sshPrnamt>12207</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>12207</Sole>
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			<nameOfIssuer>WATERS CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>941848103</cusip>
			<value>856</value>
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				<sshPrnamt>6170</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>6170</Sole>
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				<None>0</None>
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			<nameOfIssuer>WELLS FARGO &amp; CO NEW</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>949746101</cusip>
			<value>16353</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>293805</Sole>
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			<nameOfIssuer>WELLTOWER INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95040Q104</cusip>
			<value>2128</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>30476</Sole>
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			<nameOfIssuer>WESTAR ENERGY INC</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>95709T100</cusip>
			<value>10474</value>
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				<sshPrnamt>193000</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>193000</Sole>
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			<nameOfIssuer>WESTERN DIGITAL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>958102105</cusip>
			<value>3533</value>
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				<sshPrnamt>42804</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>42804</Sole>
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			<nameOfIssuer>WESTERN GAS EQUITY PARTNERS</nameOfIssuer>
			<titleOfClass>COMUNT LTD PT</titleOfClass>
			<cusip>95825R103</cusip>
			<value>23207</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
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			<nameOfIssuer>WESTERN REFNG LOGISTICS LP</nameOfIssuer>
			<titleOfClass>COM UNIT REP LTP</titleOfClass>
			<cusip>95931Q205</cusip>
			<value>3563</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
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			<nameOfIssuer>WESTERN UN CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>959802109</cusip>
			<value>283</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>13908</Sole>
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			<nameOfIssuer>WESTLAKE CHEM PARTNERS LP</nameOfIssuer>
			<titleOfClass>COM UNIT RP LP</titleOfClass>
			<cusip>960417103</cusip>
			<value>1248</value>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>49603</Sole>
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		<infoTable>
			<nameOfIssuer>WESTROCK CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>96145D105</cusip>
			<value>521</value>
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				<sshPrnamt>10019</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>10019</Sole>
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				<None>0</None>
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		<infoTable>
			<nameOfIssuer>WEYERHAEUSER CO</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>962166104</cusip>
			<value>1299</value>
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				<sshPrnamt>38228</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>38228</Sole>
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			<nameOfIssuer>WHIRLPOOL CORP</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
			<cusip>963320106</cusip>
			<value>328</value>
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				<sshPrnamt>1915</sshPrnamt>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>1915</Sole>
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		<infoTable>
			<nameOfIssuer>WHITEWAVE FOODS CO</nameOfIssuer>
			<titleOfClass>COM CL A</titleOfClass>
			<cusip>966244105</cusip>
			<value>3627</value>
			<shrsOrPrnAmt>
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				<sshPrnamtType>SH</sshPrnamtType>
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			<investmentDiscretion>DFND</investmentDiscretion>
			<votingAuthority>
				<Sole>64600</Sole>
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		<infoTable>
			<nameOfIssuer>WILLIAMS COS INC DEL</nameOfIssuer>
			<titleOfClass>COM</titleOfClass>
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