Fund Portfolio – Mackenzie Canadian All Cap Balanced Class Series A MFC3733 MFC4219 MFC7192 MFC4227 | Mackenzie Investments

Mackenzie Canadian All Cap Balanced Class Series A

Asset Class: Canadian Balanced

Major Holdings (%) Help Top holdings by percentage

As of May 31, 2018
Major holdings represent 24.1% of the fund.
View all holdings
Total # of
Equity Holdings
66
Total # of
Fixed Income Holdings
443
Holding name, country and sector Percentage of holding in fund
Toronto-Dominion Bank/The
Canada | Diversified Banks
3.9%
Royal Bank of Canada
Canada | Diversified Banks
3.9%
Bank of Nova Scotia/The
Canada | Diversified Banks
3.8%
Canadian Imperial Bank of Commerce
Canada | Diversified Banks
3.0%
Enbridge Inc
Canada | Oil & Gas Storage & Transport
2.9%
Government of Canada 2.00% 06-01-2028
Canada | Federal Government
2.4%
Government of Canada 2.75% 12-01-2048
Canada | Federal Government
1.3%
Province of Quebec 3.50% 12-01-2048
Canada | Provincial Governments
1.1%
Government of Canada 1.25% 12-01-2047 Real Return
Canada | Federal Government
0.9%
Province of Ontario 2.80% 06-02-2048
Canada | Provincial Governments
0.9%

Complete Fund Holdings Help Full holdings list

As of February 28, 2018
Holding Name No. of Shares/Units Market Value CAD (000s) % of NAV
407 International Inc. 3.43% 06-01-2033 MTN 54,040 55 0.1%
407 International Inc. 3.60% 05-21-2047 Callable 45,934 46 0.1%
AAC holdings Inc. Term Loan 1st Lien F/R 06-30-2023 2,108 3 0.0%
Advanced Micro Devices Inc. 7.50% 08-15-2022 2,014 3 0.0%
AerCap Ireland Capital Designated Activity Co. 3.30% 01-23-2023 Callable 2022 18,013 23 0.0%
AGT Food and Ingredients Inc. 10,826 210 0.3%
AIMCo Realty Investors LP 2.27% 06-26-2024 Callable 2024 31,523 30 0.0%
AIMCo Realty Investors LP 3.04% 06-01-2028 Callable 2028 18,301 18 0.0%
Algonquin Power & Utilities Corp. 4.09% 02-17-2027 Callable 49,537 51 0.1%
Algonquin Power & Utilities Corp. 4.65% 02-15-2022 66,649 71 0.1%
Alimentation Couche-Tard Inc. Class B Sub. voting 25,489 1,590 2.7%
Allied Properties Real Estate Investment Trust 3.64% 04-21-2025 Callable 2025 44,133 43 0.1%
Allied Properties Real Estate Investment Trust 3.75% 03-13-2020 40,530 41 0.1%
Allied Properties Real Estate Investment Trust 3.93% 11-14-2022 34,946 36 0.1%
AltaGas Ltd. 3.98% 10-04-2027 Callable 2027 18,914 19 0.0%
AltaGas Ltd. Pfd. Series K 675 17 0.0%
AltaLink LP 3.72% 12-03-2046 Callable MTN 52,779 54 0.1%
AMC Entertainment Holdings Inc. 5.88% 11-15-2026 Callable 3,049 4 0.0%
American Woodmark Corp. 4.88% 03-15-2026 Callable 2021 144A 690 1 0.0%
AMS FinCo SARL Term Loan 1st Lien F/R 05-27-2024 3,721 5 0.0%
Anheuser-Busch InBev Finance Inc. 2.60% 05-15-2024 Callable 2024 72,053 70 0.1%
Anheuser-Busch InBev Finance Inc. 3.30% 02-01-2023 Callable 2022 59,444 76 0.1%
Anheuser-Busch InBev Finance Inc. 4.32% 05-15-2047 Callable Series MPLE 20,715 21 0.0%
Antero Resources Corp. 5.00% 03-01-2025 3,366 4 0.0%
APT Pipelines Ltd. 4.20% 03-23-2025 Callable 2024 144A 68,451 89 0.1%
ARC Resources Ltd. 17,947 222 0.4%
ArcelorMittal SA 5.13% 06-01-2020 2,301 3 0.0%
Arch Merger Sub Inc. 8.50% 09-15-2025 Callable 2020 144A 29,248 36 0.1%
Arcos Dorados Holdings Inc. 5.88% 04-04-2027 Callable 2022 5,466 7 0.0%
Arcos Dorados Holdings Inc. 6.63% 09-27-2023 2,301 3 0.0%
Argentine Bonos del Tesoro 21.20% 09-19-2018 73,065 5 0.0%
Artis Real Estate Investment Trust 3.753% 03-27-2019 48,636 49 0.1%
Asian Development Bank 6.00% 02-24-2021 197,334 4 0.0%
Asian Development Bank 6.45% 08-08-2021 94,928 2 0.0%
ASP AMC Merger Sub Inc. 8.00% 05-15-2025 Callable 2020 144A 30,089 37 0.1%
ATS Consolidated Inc. Term Loan B 1st Lien F/R 02-23-2025 6,938 9 0.0%
Aviva PLC 4.50% 05-10-2021 36,927 39 0.1%
Bank of America Corp. 3.228% 06-22-2022 20,715 21 0.0%
Bank of America Corp. 3.95% 04-21-2025 13,510 17 0.0%
Bank of America Corp. F/R 03-15-2023 Callable 2022 59,444 59 0.1%
Bank of America Corp. F/R 09-20-2025 Callable 2024 58,585 59 0.1%
Bank of Montreal 13,556 1,321 2.3%
Bank of Montreal 2.27% 07-11-2022 53,139 52 0.1%
Bank of Montreal 3.32% 06-01-2026 4,315 4 0.0%
Bank of Montreal F/R 12-15-2032 Callable 2027 28,381 35 0.1%
Barrick Gold Corp. 34,291 507 0.8%
bcIMC Realty Corp. 3.00% 03-31-2027 Callable 2026 48,636 48 0.1%
Bell Canada 2.70% 02-27-2024 Callable 29,339 29 0.0%
Bell Canada 3.60% 09-29-2027 Callable MTN 54,040 54 0.1%
Bell Canada 4.45% 02-27-2047 Callable 72,954 74 0.1%
Bellatrix Exploration Ltd. 8.50% 05-15-2020 Callable 144A 1,151 1 0.0%
Big Ass Fans LLC Term Loan 1st Lien F/R 05-07-2024 575 1 0.0%
BMC Acquisition Inc. Term Loan 1st Lien F/R 12-15-2024 575 1 0.0%
Boardwalk Real Estate Investment Trust 26,876 1,224 2.1%
Brazil Notas do Tesouro Nacional 10.00% 01-01-2027 1,640 7 0.0%
Brookfield Asset Management Inc. Class A limited voting 6,539 325 0.5%
Brookfield Asset Management Inc. Pfd. Series 46 1,347 35 0.1%
Brookfield Asset Management Inc. Pfd. Series 48 498 13 0.0%
Brookfield Property Partners LP 11,863 305 0.5%
Brookfield Renewable Energy Partners ULC 3.63% 01-15-2027 Callable 2026 27,020 27 0.0%
Brookfield Renewable Energy Partners ULC 3.752% 06-02-2025 Callable 2025 91,868 93 0.2%
Brookfield Renewable Partners LP Pfd. Series 11 1,480 37 0.1%
Bruce Power LP 2.84% 06-23-2021 112,583 113 0.2%
Bruce Power LP 3.00% 06-21-2024 Callable 2024 37,828 37 0.1%
Bruce Power LP 3.97% 06-23-2026 27,020 28 0.0%
Burger King France SAS 6.00% 05-01-2024 Callable 2020 8,400 14 0.0%
BWAY Holding Co. 7.25% 04-15-2025 144A 1,266 2 0.0%
CAE Inc. 37,195 880 1.4%
California Resources Corp. 8.00% 12-15-2022 Callable 2018 144A 6,329 6 0.0%
Calpine Corp. 5.25% 06-01-2026 Callable 2021 144A 3,259 4 0.0%
Calpine Corp. 5.50% 02-01-2024 Callable 2019 2,014 2 0.0%
Cameco Corp. 5.67% 09-02-2019 94,570 98 0.2%
Camelot Finance LP Term Loan 1st Lien F/R 10-03-2023 1,142 1 0.0%
Camelot Finance SA 7.88% 10-15-2024 Callable 2019 144A 4,056 6 0.0%
Can Am Construction Inc./Canada Term Loan B 1st Lien F/R 07-01-2024 18,986 25 0.0%
Canaccord Genuity Group Inc. 17,438 117 0.2%
Canada Goose Inc. Term Loan 1st Lien F/R 12-22-2021 21,560 27 0.0%
Canada Housing Trust No. 1 2.65% 03-15-2028 10,808 11 0.0%
Canadian Commercial Mortgage Origination Trust 1 2.768% 11-12-2018 37,897 38 0.1%
Canadian Imperial Bank of Commerce 17,835 2,089 3.5%
Canadian Imperial Bank of Commerce 2.30% 07-11-2022 DPNT 53,139 52 0.1%
Canadian Imperial Bank of Commerce 2.47% 12-05-2022 65,481 65 0.1%
Canadian Imperial Bank of Commerce 3.42% 01-26-2026 Callable 2021 162,120 165 0.3%
Canadian National Railway Co. 15,554 1,544 2.6%
Canadian National Railway Co. 3.60% 08-01-2047 Callable 2047 28,821 29 0.0%
Canadian Natural Resources Ltd. 33,541 1,333 2.3%
Canadian Pacific Railway Ltd. 6,584 1,511 2.6%
Canadian Real Estate Investment Trust 2.95% 01-18-2023 Callable 2022 27,921 28 0.0%
Canadian Tire Corp. Ltd. Class A non-voting 4,961 865 1.4%
Canadian Western Bank 9,417 357 0.6%
Canadian Western Bank 2.74% 06-16-2022 DPNT 17,113 17 0.0%
Canadian Western Bank 2.92% 12-15-2022 30,240 30 0.0%
Capital Power Corp. 28,453 674 1.1%
Capital Power Corp. 4.28% 09-18-2024 Callable 2024 58,543 59 0.1%
CareCentrix Inc. Term Loan B 1st Lien F/R 07-08-2021 856 1 0.0%
Careerbuilder LLC Term Loan 1st Lien F/R 07-31-2023 24,300 31 0.1%
Casablanca US Holdings Inc. Term Loan 1st Lien F/R 03-29-2024 2,855 4 0.0%
Cemex Finance LLC 6.00% 04-01-2024 Callable 2019 144A 2,244 3 0.0%
Cenovus Energy Inc. 23,218 217 0.4%
Centennial Resource Production LLC 5.38% 01-15-2026 Callable 2021 144A 1,381 2 0.0%
Central 1 Credit Union F/R 02-05-2021 12,609 13 0.0%
CenturyLink Inc. Term Loan B 1st Lien F/R 01-31-2025 4,430 6 0.0%
CES Energy Solutions Corp. 56,856 316 0.5%
Chartwell Retirement Residences 3.79% 12-11-2023 Callable 2023 28,821 29 0.0%
Chassix Inc. Term Loan B 1st Lien F/R 11-10-2023 15,849 21 0.0%
CHIP Mortgage Trust 2.98% 11-15-2021 22,517 22 0.0%
Chloe Ox Parent LLC Term Loan 1st Lien F/R 12-19-2024 1,093 1 0.0%
Choice Properties Real Estate Investment Trust 3.01% 03-21-2022 Callable 2022 11,881 12 0.0%
Choice Properties Real Estate Investment Trust 3.55% 01-10-2025 Callable 2024 19,259 19 0.0%
CHS/Community Health Systems Inc. 5.13% 08-01-2021 2,071 2 0.0%
Citigroup Inc. 4.09% 06-09-2025 107,179 110 0.2%
Coca-Cola Femsa SAB de CV 3.88% 11-26-2023 4,603 6 0.0%
Coeur Mining Inc. 5.88% 06-01-2024 Callable 2020 2,589 3 0.0%
Colbun SA 4.50% 07-10-2024 Callable 2024 2,531 3 0.0%
Comber Wind Financial Corp. 5.132% 11-15-2030 116,504 125 0.2%
Comfort Holding LLC Term Loan 1st Lien F/R 02-05-2024 27,239 34 0.1%
Commonwealth of Bahamas 5.75% 01-16-2024 28,897 39 0.1%
Commonwealth of Bahamas 6.95% 11-20-2029 20,563 29 0.0%
Communications Sales & Leasing Inc. 7.13% 12-15-2024 Callable 2019 144A 3,740 4 0.0%
Communications Sales & Leasing Inc. 8.25% 10-15-2023 Callable 2019 1,553 2 0.0%
Communications Sales & Leasing Inc. Term Loan B 1st Lien F/R 10-24-2022 31,661 39 0.1%
Conn's Inc. 7.25% 07-15-2022 Callable 1,294 2 0.0%
Constellium NV 4.25% 02-15-2026 Callable 2020 1,036 2 0.0%
Constellium NV 5.88% 02-15-2026 Callable 2020 144A 2,589 3 0.0%
ConvergeOne Holdings Corp. Term Loan B 1st Lien F/R 06-20-2024 3,587 5 0.0%
Corus Entertainment Inc. Class B non-voting 21,104 170 0.3%
Crescent Point Energy Corp. 48,897 451 0.7%
Crosslinx Transit Solutions General Partnership 4.651% 09-30-2046 71,153 73 0.1%
CSC Holdings LLC Term Loan B 1st Lien F/R 01-12-2026 12,859 17 0.0%
CSM NV Term Loan B F/R 07-03-2020 2,027 3 0.0%
CSP Technologies North America LLC Term Loan B 1st Lien F/R 01-29-2022 55,659 72 0.1%
CT Real Estate Investment Trust 15,412 200 0.3%
CU Inc. 3.76% 11-19-2046 Callable 2046 25,219 26 0.0%
CU Inc. 3.964% 07-27-2045 Callable 13,510 14 0.0%
CVR Partners LP 9.25% 06-15-2023 Callable 2019 144A 4,027 5 0.0%
Danske Bank AS 2.75% 09-17-2020 144A 18,914 24 0.0%
Danske Bank AS 2.80% 03-10-2021 144A 45,033 57 0.1%
Daseke Inc. Term Loan 1st Lien F/R 02-27-2024 37,697 49 0.1%
DaVita Healthcare Partners Inc. 5.00% 05-01-2025 Callable 2020 3,567 4 0.0%
Deerfield Holdings Corp. Term Loan B 1st Lien F/R 12-06-2024 575 1 0.0%
Denbury Resources Inc. 5.50% 05-01-2022 Callable 2017 518 1 0.0%
Denbury Resources Inc. 9.00% 05-15-2021 Callable 144A 921 1 0.0%
DHX Media Ltd. 5.88% 09-30-2024 Conv. 3,567 3 0.0%
DHX Media Ltd. Term Loan B 1st Lien F/R 12-29-2023 1 0.0%
Diamond (BC) BV Term Loan 1st Lien F/R 09-06-2024 1,668 2 0.0%
Diamond 1 Finance Corp. 4.42% 06-15-2021 Callable 2021 144A 6,305 8 0.0%
Diamond 1 Finance Corp. 5.45% 06-15-2023 Callable 2023 144A 12,609 17 0.0%
Diamond 1 Finance Corp. 6.02% 06-15-2026 Callable 2026 144A 12,609 17 0.0%
Digicert Holdings Inc. Term Loan 1st Lien F/R 09-20-2024 7,953 10 0.0%
Digicert Holdings Inc. Term Loan 2nd Lien F/R 10-31-2025 288 0.0%
DISH DBS Corp. 5.875% 11-15-2024 3,222 4 0.0%
Dream Office Real Estate Investment Trust 27,098 583 1.0%
Eagle Credit Card Trust 2.63% 10-17-2022 12,609 13 0.0%
EagleTree-Carbide Acquisition Corp. Term Loan 1st Lien F/R 08-28-2024 20,875 27 0.0%
ECN Capital Corp. 225,364 787 1.3%
EIG Management Co. LLC Term Loan B 1st Lien F/R 01-30-2025 690 1 0.0%
Elo Touch Solutions Inc. Term Loan B 1st Lien F/R 10-25-2023 1,148 1 0.0%
Empire Co. Ltd. Class A non-voting 39,430 937 1.5%
Enbridge Gas Distribution Inc. 3.51% 11-29-2047 Callable 2047 35,126 34 0.1%
Enbridge Inc. 47,353 1,932 3.2%
Enbridge Inc. 3.20% 06-08-2027 Callable 2027 23,417 22 0.0%
Enbridge Inc. 4.57% 03-11-2044 117,086 118 0.2%
Enbridge Inc. 5.37% 09-27-2077 Callable 2027 141,488 138 0.2%
EnCana Corp. 20,292 273 0.4%
EnerCare Solutions Inc. 3.38% 02-21-2022 Callable 2022 40,530 41 0.1%
EnerCare Solutions Inc. 3.99% 02-21-2024 Callable 2023 40,530 41 0.1%
Envigo Holdings Inc. Term Loan B 1st Lien F/R 12-14-2023 14,948 19 0.0%
EPCOR Utilities Inc. 3.55% 11-27-2047 Callable 2047 23,820 24 0.0%
European Bank for Reconstruction & Development 6.00% 05-04-2020 563,812 11 0.0%
Exela Intermediate LLC 10.00% 07-15-2023 Callable 2020 144A 40,530 52 0.1%
FAGE International SA / FAGE USA Dairy Industry Inc. 5.625% 08-15-2026 Callable 2021 144A 7,450 9 0.0%
Fairfax Financial Holdings Ltd. 4.25% 12-06-2027 Callable 2027 7,205 7 0.0%
Fairfax Financial Holdings Ltd. 4.50% 03-22-2023 3,797 4 0.0%
Fairfax Financial Holdings Ltd. 8.30% 04-15-2026 54,040 85 0.1%
Federation des Caisses Desjardins du Quebec 2.09% 01-17-2022 3,049 3 0.0%
Federative Republic of Brazil 5.63% 02-21-2047 7,048 9 0.0%
First Quantum Minerals Ltd. 6.88% 03-01-2026 Callable 2021 144A 1,956 3 0.0%
First Quantum Minerals Ltd. 7.25% 04-01-2023 Callable 2019 144A 2,589 3 0.0%
Fortis Inc. 21,644 908 1.5%
Fortress Transportation and Infrastructure Investors LLC 6.75% 03-15-2022 Callable 2020 144A 1,899 3 0.0%
Fresenius US Finance II Inc. 4.25% 02-01-2021 144A 4,603 6 0.0%
Freshii Inc. 15,379 108 0.2%
Frontier Communications Corp. 9.25% 07-01-2021 1,438 2 0.0%
Futures Contracts -10 0.0%
FXI Holdings Inc. 7.88% 11-01-2024 Callable 2020 144A 16,158 20 0.0%
Garda World Security Corp. Term Loan B 1st Lien F/R 05-26-2024 20,477 27 0.0%
Gateway Casinos & Entertainment Ltd. 8.25% 03-01-2024 Callable 2020 144A 5,983 8 0.0%
Gavilan Resources LLC Term Loan 2nd Lien F/R 02-23-2024 1,151 1 0.0%
General Motors Financial of Canada Ltd. 2.60% 06-01-2022 32,424 32 0.1%
Genworth Holdings Inc. Term Loan 1st Lien F/R 02-28-2023 748 1 0.0%
Genworth MI Canada Inc. 3,768 147 0.2%
GFL Environmental Inc. 5.38% 03-01-2023 Callable 2020 144A 2,301 3 0.0%
Gibson Energy Inc. 5.25% 07-15-2021 Conv. Callable 2020 2,301 2 0.0%
Gibson Energy Inc. 5.25% 07-15-2024 Callable 2020 REGS 39,871 40 0.1%
Glacier Credit Card Trust 2.05% 09-20-2022 55,841 54 0.1%
Goldcorp Inc. 31,701 509 0.8%
Government of Canada 1.00% 06-01-2027 45,934 41 0.1%
Government of Canada 1.25% 12-01-2047 Real Return 394,491 496 0.8%
Government of Canada 2.00% 06-01-2028 1,464,482 1,430 2.4%
Government of Canada 2.25% 06-01-2025 20,715 21 0.0%
Government of Canada 2.75% 12-01-2048 440,425 477 0.8%
Government of Dominican Republic 7.50% 05-06-2021 7,191 10 0.0%
Government of Germany 0.50% 02-15-2028 2,646 4 0.0%
Government of Russia 7.05% 01-19-2028 293,412 7 0.0%
Government of Turkey 11.00% 02-24-2027 30,492 10 0.0%
Great Canadian Gaming Corp. 6.625% 07-25-2022 Callable 144A 5,868 6 0.0%
Green Plains Inc. Term Loan B 1st Lien F/R 08-29-2023 14,357 19 0.0%
Greenhill & Co. Inc. Term Loan B 1st Lien F/R 10-12-2022 8,911 12 0.0%
Greenlight Merger Corp. Term Loan B 1st Lien F/R 05-31-2024 4,007 5 0.0%
H&R Real Estate Investment Trust 2.92% 05-06-2022 28,821 28 0.0%
H&R Real Estate Investment Trust 3.37% 01-30-2024 Callable 2023 56,742 56 0.1%
H&R Real Estate Investment Trust 3.42% 01-23-2023 Callable 2022 15,541 16 0.0%
Hardwoods Acquisition Inc. 7.50% 08-01-2021 Callable 144A 2,301 3 0.0%
HCN Canadian Holdings-1 LP 3.35% 11-25-2020 44,133 45 0.1%
Heathrow Funding Ltd. 3.25% 05-21-2025 51,731 52 0.1%
HSBC Bank Canada 2.17% 06-29-2022 97,272 95 0.2%
HSBC Bank Canada 2.54% 01-31-2023 37,828 37 0.1%
HSBC Holdings PLC 3.20% 12-05-2023 62,146 63 0.1%
Husky Energy Inc. 4.45% 12-31-2049 Pfd. Series 1 301 5 0.0%
Husky IMS International Ltd. Bridge Loan Exp. 12-16-2018 2,860,000 0.0%
Hydro One Inc. 3.72% 11-18-2047 103,577 106 0.2%
Hyster-Yale Group Inc. Term Loan B 1st Lien F/R 05-30-2023 20,362 26 0.0%
I-Logic Technologies Bidco Ltd. Term Loan B 1st Lien F/R 12-20-2024 978 1 0.0%
Impala Private Holdings II LLC Term Loan 1st Lien F/R 11-10-2024 1,266 2 0.0%
Indivior Finance SARL Term Loan B 1st Lien F/R 12-14-2022 748 1 0.0%
Industrial Alliance Insurance and Financial Services Inc. 12,779 695 1.1%
Inter Pipeline Ltd. 2.73% 04-18-2024 Callable 2024 58,543 57 0.1%
Inter Pipeline Ltd. 3.48% 12-16-2026 Callable 2026 60,345 59 0.1%
Interior Logic Group Inc. Term Loan B 1st Lien F/R 03-01-2024 14,593 19 0.0%
International Finance Corp. 3.625% 05-20-2020 74,755 71 0.1%
International Finance Corp. 6.30% 11-25-2024 359,689 7 0.0%
International Finance Corp. 7.00% 07-20-2027 222,073 14 0.0%
iQor US Inc. Term Loan B 1st Lien F/R 04-01-2021 55,636 72 0.1%
IRB Holding Corp. 6.75% 02-15-2026 Callable 2021 144A 5,961 8 0.0%
Iron Mountain Canada Operations ULC 5.38% 09-15-2023 Callable 2019 3,567 4 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $85.00 Exp. 03-16-2018 9 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $85.00 Exp. 06/15/2018 22 4 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $86.00 Exp. 03/16/2018 9 1 0.0%
Itron Inc. 5.00% 01-15-2026 Callable 2021 144A 3,603 5 0.0%
Jaguar Land Rover Automotive PLC 4.25% 11-15-2019 144A 2,301 3 0.0%
Jamieson Wellness Inc. 10,717 221 0.4%
Jane Street Group LLC Term Loan B 1st Lien F/R 08-25-2022 23,598 31 0.0%
JBS USA Lux SA Term Loan B 1st Lien F/R 10-30-2022 3,997 5 0.0%
Jefferies Finance LLC 6.88% 04-15-2022 Callable 2,301 3 0.0%
JPMorgan Chase & Co. 3.19% 03-05-2021 45,033 46 0.1%
KEMET Corp. Term Loan B 1st Lien F/R 04-26-2024 33,503 44 0.1%
Keystone Peer Review Organization Holdings Inc. Term Loan 1st Lien F/R 05-01-2024 4,017 5 0.0%
Kinross Gold Corp. 76,845 354 0.6%
Kronos Acquisition Holdings Inc. 9.00% 08-15-2023 144A 345 0.0%
Lamb Weston Holdings Inc. 4.88% 11-01-2026 Callable 2021 144A 1,553 2 0.0%
Lannett Co. Inc. Term Loan B 1st Lien F/R 11-25-2022 807 1 0.0%
Lantheus Medical Imaging Inc. Term Loan B 1st Lien F/R 06-30-2022 19,286 25 0.0%
Laurentian Bank of Canada 6,220 316 0.5%
Laurentian Bank of Canada 3.00% 09-12-2022 51,338 51 0.1%
Laurentian Bank of Canada F/R 10-22-2019 31,140 31 0.1%
LBM Borrower LLC Term Loan 1st Lien F/R 08-20-2022 43,073 56 0.1%
LD Intermediate Holdings Inc. Term Loan B 1st Lien F/R 12-09-2022 1,819 2 0.0%
Lee Enterprises Inc. 9.50% 03-15-2022 Callable 2018 144A 4,603 6 0.0%
LifeMiles Ltd. Term Loan B 1st Lien F/R 08-18-2022 12,052 16 0.0%
Lifetime Brands Inc. Term Loan B 1st Lien F/R 03-31-2025 633 1 0.0%
Linamar Corp. 2,881 202 0.3%
Livingston International Inc. Term Loan 1st Lien F/R 03-18-2020 856 1 0.0%
Loblaw Companies Ltd. 16,545 1,091 1.9%
Logibec Groupe Informatique Ltd. Term Loan 1st Lien F/R 12-31-2018 1,368 1 0.0%
MacDonald, Dettwiler & Associates Ltd. Term Loan B 1st Lien F/R 10-04-2024 1,323 2 0.0%
Mackenzie Global Tactical Bond Fund Series R 29,424 282 0.5%
Mackenzie Unconstrained Fixed Income Fund Series R 20,431 206 0.3%
Mackenzie US Investment Grade Corporate Bond Index ETF (CAD-Hedged) 2,364 232 0.4%
Manulife Bank of Canada 2.08% 05-26-2022 49,537 48 0.1%
Manulife Bank of Canada 2.84% 01-12-2023 22,919 23 0.0%
Manulife Financial Corp. 49,067 1,198 2.1%
Manulife Financial Corp. F/R 08-20-2029 Callable 2024 52,239 51 0.1%
Mattamy Group Corp. 6.50% 10-01-2025 Callable 2020 13,917 15 0.0%
Mattamy Group Corp. 6.50% 10-01-2025 Callable 2020 144A 10,715 14 0.0%
McAfee LLC Term Loan B 1st Lien F/R 09-30-2024 24,813 32 0.1%
McDonald's Corp. 3.13% 03-04-2025 Callable 2025 61,245 61 0.1%
MEG Energy Corp. 7.00% 03-31-2024 Callable 2018 144A 2,071 2 0.0%
Meredith Corp. 6.88% 02-01-2026 Callable 2021 144A 1,496 2 0.0%
Meredith Corp. Term Loan B 1st Lien F/R 01-18-2025 23,860 31 0.1%
Methanex Corp. 4,287 304 0.5%
Metro Inc. 2.68% 12-05-2022 Callable 2022 173 0.0%
Metro Inc. 3.39% 12-06-2027 Callable 2027 23,820 23 0.0%
Mexican Udibonos Inflation Indexed Bonds 4.50% 12-04-2025 22,725 10 0.0%
Morgan Stanley 3.00% 02-07-2024 69,718 69 0.1%
Mountain Province Diamonds Inc. 8.00% 12-15-2022 Callable 2019 144A 748 1 0.0%
National Bank of Canada 1.96% 06-30-2022 161,219 156 0.3%
Neenah Foundry Co. Term Loan B 1st Lien F/R 12-08-2022 9,927 13 0.0%
New Red Finance Inc. 4.25% 05-15-2024 Callable 2020 144A 1,438 2 0.0%
New Red Finance Inc. 5.00% 10-15-2025 Callable 2020 144A 2,014 3 0.0%
Newell Brands Inc. 4.20% 04-01-2026 Callable 2026 12,839 16 0.0%
Nokia OYJ 3.38% 06-12-2022 1,036 1 0.0%
Nokia OYJ 5.38% 05-15-2019 3,929 5 0.0%
North Battleford Power LP 4.958% 12-31-2032 51,099 56 0.1%
North West Redwater Partnership 2.80% 06-01-2027 Callable 2027 71,153 68 0.1%
North West Redwater Partnership 3.65% 06-01-2035 Callable 2034 24,318 24 0.0%
Northland Power Inc. 44,888 988 1.7%
Numericable-SFR 6.00% 05-15-2022 Callable 144A 12,312 15 0.0%
Nutrien Ltd. 22,643 1,428 2.4%
NuVista Energy Ltd. 6.50% 03-02-2023 Callable 2020 1,783 2 0.0%
OCI Beaumont LLC Term Loan B 1st Lien F/R 02-16-2025 9,026 12 0.0%
Odebrecht Finance Ltd. 5.25% 06-27-2029 47,735 14 0.0%
Office Depot Inc. Term Loan B 1st Lien F/R 11-08-2022 16,922 22 0.0%
Olin Corp. 5.00% 02-01-2030 Callable 2024 1,438 2 0.0%
Omega Healthcare Investors Inc. 4.50% 01-15-2025 Callable 2024 27,921 35 0.1%
OMERS Realty Corp. 3.24% 10-04-2027 Callable 2027 61,245 62 0.1%
Ontario Power Generation Inc. 3.32% 10-04-2027 Callable 2027 36,027 36 0.1%
OPB Finance Trust 2.98% 01-25-2027 37,828 38 0.1%
Osteon Merger Sub Inc. Term Loan B 1st Lien F/R 02-06-2025 5,979 8 0.0%
Parkland Fuel Corp. 6.00% 11-21-2022 Callable 7,939 8 0.0%
Pembina Pipeline Corp. 2.99% 01-22-2024 Callable 2023 23,327 23 0.0%
Penske Automotive Group Inc. 3.75% 08-15-2020 2,129 3 0.0%
Petrobras Global Finance BV 7.38% 01-17-2027 4,603 6 0.0%
Petroleos De Venezuela SA 6.00% 05-16-2024 34,535 11 0.0%
PetSmart Inc. 5.88% 06-01-2025 Callable 2020 144A 3,912 4 0.0%
PetSmart Inc. Term Loan B2 1st Lien F/R 03-10-2022 13,322 14 0.0%
Pilgrim's Pride Corp. 5.88% 09-30-2027 Callable 2022 144A 2,992 4 0.0%
Pioneer Holding LLC 9.00% 11-01-2022 Callable 2019 144A 5,404 7 0.0%
PNI Canada Acquireco Corp. Term Loan B 1st Lien F/R 08-23-2022 8,984 12 0.0%
Precision Drilling Corp. 57,300 231 0.4%
Premier Foods Finance PLC 6.50% 03-15-2021 Callable 3,912 7 0.0%
Prospect Medical Holdings Inc. Term Loan B 1st Lien F/R 02-15-2024 22,959 30 0.0%
Province of Newfoundland 3.70% 10-17-2048 124,292 133 0.2%
Province of Ontario 2.40% 06-02-2026 182,385 178 0.3%
Province of Ontario 2.60% 06-02-2027 126,994 125 0.2%
Province of Ontario 2.60% 09-08-2023 279,206 281 0.5%
Province of Ontario 2.80% 06-02-2048 316,134 298 0.5%
Province of Ontario 2.90% 12-02-2046 234,173 225 0.4%
Province of Ontario 4.60% 06-02-2039 72,053 89 0.1%
Province of Quebec 2.50% 09-01-2026 31,523 31 0.1%
Province of Quebec 2.75% 09-01-2027 12,609 13 0.0%
Province of Quebec 3.50% 12-01-2045 882,652 950 1.6%
Province of Quebec 3.50% 12-01-2048 74,755 81 0.1%
PSC Industrial Outsourcing LP Term Loan 2nd Lien F/R 10-05-2025 403 1 0.0%
PSC Industrial Outsourcing LP Term Loan B 1st Lien F/R 10-05-2024 13,990 18 0.0%
Puma International Financing SA 5.00% 01-24-2026 Callable 2021 7,479 9 0.0%
Q Holding Co. Term Loan B 1st Lien F/R 12-17-2021 3,996 5 0.0%
QCP SNF West 8.13% 11-01-2023 Callable 2019 144A 2,215 3 0.0%
Quad Graphics Inc. 7.00% 05-01-2022 2,877 4 0.0%
Quebecor Media Inc. 6.625% 01-15-2023 144A 840 1 0.0%
Quinpario Acquisition Corp. 2 B Term Loan 1st Lien F/R 06-30-2023 1,658 2 0.0%
Quintiles IMS Inc. 2.88% 09-15-2025 Callable 2020 1,438 2 0.0%
Rackspace Hosting Inc. 8.63% 11-15-2024 Callable 2019 144A 2,646 4 0.0%
Red Ventures LLC Term Loan B 1st Lien F/R 11-08-2024 18,849 24 0.0%
Refresco Group NV Term Loan B 1st Lien F/R 09-27-2024 288 0.0%
Reliance Intermediate Holdings LP 6.50% 04-01-2023 Callable 2018 144A 11,989 16 0.0%
Reliance LP 3.84% 03-15-2025 Callable 2025 26,580 26 0.0%
Republic of Argentina 4.63% 01-11-2023 2,589 3 0.0%
Republic of Argentina 5.88% 01-11-2028 5,207 6 0.0%
Republic of Argentina 6.88% 01-11-2048 978 1 0.0%
Research Now Group Inc. Term Loan 1st Lien F/R 12-20-2024 25,719 33 0.1%
Research Now Group Inc. Term Loan 2nd Lien F/R 12-20-2025 403 0.0%
Resolute Forest Products Inc. 5.875% 05-15-2023 2,762 4 0.0%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issue Lu 5.125% 07-15-2023 2,301 3 0.0%
Rite Aid Corp. 7.70% 02-15-2027 5,868 7 0.0%
Robertshaw Holdings Corp. Term Loan 2nd Lien F/R 02-02-2025 173 0.0%
Robertshaw US Holding Corp. Term Loan 1st Lien F/R 02-15-2025 403 1 0.0%
Rogers Communications Inc. Class B non-voting 5,933 343 0.6%
Royal Bank of Canada 26,467 2,675 4.5%
Royal Bank of Canada 2.36% 12-05-2022 24,721 24 0.0%
Royal Bank of Canada 4.65% 01-27-2026 GMTN 37,828 50 0.1%
Sage Automotive Holdings Inc. Term Loan 1st Lien F/R 11-04-2022 12,389 16 0.0%
Scientific Games International Inc. 6.25% 09-01-2020 Callable 4,603 6 0.0%
Sea to Sky Highway Investment LP 2.63% 08-31-2030 61,019 59 0.1%
Shaw Communications Inc. Pfd Series A 145 3 0.0%
ShawCor Ltd. 17,707 467 0.8%
Sinclair Television Group Inc. Term Loan B 1st Lien F/R 12-12-2024 11,901 15 0.0%
SmartCentres Real Estate Investment Trust 3.83% 12-21-2027 Callable 2027 8,106 8 0.0%
SMI Acquisition Inc. Term Loan 1st Lien F/R 10-27-2024 460 1 0.0%
SNC-Lavalin Group Inc. 9,970 555 0.9%
SNC-Lavalin Group Inc. 2.69% 11-24-2020 115 0.0%
SoftBank Group Corp. 4.75% 09-19-2024 Callable 2024 1,438 2 0.0%
SoftBank Group Corp. 5.38% 07-30-2022 Callable 2022 575 1 0.0%
Source Energy Services Canada LP 10.50% 12-15-2021 Callable 2018 144A 10,586 12 0.0%
Source Energy Services Ltd. 371 2 0.0%
Sprint Capital Corp. 6.875% 11-15-2028 3,049 4 0.0%
Sprint Corp. 7.63% 02-15-2025 Callable 2024 921 1 0.0%
Sprint Corp. 7.875% 09-15-2023 978 1 0.0%
Spy Hill Power LP 4.14% 03-31-2036 40,338 41 0.1%
Stantec Inc. 11,547 372 0.6%
Staples Inc. Term Loan 1st Lien F/R 08-15-2024 21,507 27 0.0%
Stonegate Pub Company Financing PLC 4.88% 03-15-2022 Callable 2019 4,603 8 0.0%
Sun Life Financial Inc. 24,240 1,281 2.2%
Sun Life Financial Inc. F/R 02-19-2026 Callable 2021 82,861 84 0.1%
Sun Life Financial Inc. F/R 09-19-2028 Callable 2023 98,173 98 0.2%
Sun Life Financial Inc. F/R 11-23-2027 Callable 2022 22,919 23 0.0%
Suncor Energy Inc. 7,729 326 0.5%
Sunshine Investments BV Term Loan B3 1st Lien F/R 12-15-2024 1,093 1 0.0%
Superior Plus LP 5.25% 02-27-2024 Callable 2020 10,643 11 0.0%
Sydney Airport Finance Co. Pty. Ltd. 3.625% 04-28-2026 Callable 2026 144A 73,839 93 0.2%
Syniverse Holdings Inc. Term Loan 1st Lien F/R 02-09-2023 9,870 13 0.0%
Talen Energy Supply LLC 10.50% 01-15-2026 Callable 2022 144A 2,894 3 0.0%
Talen Energy Supply LLC 9.50% 07-15-2022 Callable 2020 144A 2,244 3 0.0%
Team Health Holdings Inc. 6.38% 02-01-2025 Callable 2020 144A 3,394 4 0.0%
Teck Resources Ltd. Class B 22,805 837 1.4%
Telenet Finance Luxembourg Notes Sarl 5.50% 03-01-2028 Callable 2022 144A 1,151 1 0.0%
TELUS Corp. 18,811 871 1.4%
TELUS Corp. 3.35% 04-01-2024 Callable 32,424 33 0.1%
TELUS Corp. 3.63% 03-01-2028 Callable 2027 18,301 18 0.0%
TELUS Corp. 4.70% 03-06-2048 Callable 2047 50,437 52 0.1%
Tenet Healthcare Corp. 6.75% 06-15-2023 3,625 5 0.0%
TerraForm Power Operating LLC 5.00% 01-31-2028 Callable 2027 144A 14,970 19 0.0%
TerraForm Power Operating LLC Term Loan B 1st Lien F/R 11-02-2022 3,452 4 0.0%
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10-01-2026 Callable 7,177 8 0.0%
The Bank of Nova Scotia 32,539 2,586 4.3%
The Bank of Nova Scotia 1.90% 12-02-2021 DPNT 47,735 47 0.1%
The Bank of Nova Scotia 2.29% 06-28-2024 59,444 57 0.1%
The Bank of Nova Scotia 2.36% 11-08-2022 72,954 72 0.1%
The Bank of Nova Scotia 4.50% 12-16-2025 24,318 32 0.1%
The Bank of Nova Scotia F/R 04-12-2066 Callable 2022 40,742 51 0.1%
The Goldman Sachs Group Inc. 2.43% 04-26-2023 Callable 67,550 66 0.1%
The Goldman Sachs Group Inc. 3.31% F/R 10-31-2025 Callable 2024 81,060 80 0.1%
The International Bank for Reconstruction and Development 3.50% 01-22-2021 230,570 219 0.4%
The Manufacturers Life Insurance Co. 2.389% 01-05-2026 Callable 2021 93,669 93 0.2%
The Men's Wearhouse Inc. 7.00% 07-01-2022 Callable 921 1 0.0%
The Neiman Marcus Group Ltd. LLC 8.00% 10-15-2021 Callable 144A 1,381 1 0.0%
The Pasha Group Term Loan B 1st Lien F/R 12-13-2022 1,381 2 0.0%
The Toronto-Dominion Bank 29,449 2,178 3.7%
The Toronto-Dominion Bank 1.91% 07-18-2023 DPNT 3,970 4 0.0%
The Toronto-Dominion Bank 2.05% 12-01-2022 39,233 39 0.1%
The Toronto-Dominion Bank F/R 07-25-2029 Callable 2024 150,411 149 0.2%
Thomas Cook Group PLC 6.25% 06-15-2022 Callable 2019 4,603 8 0.0%
TMX Group Ltd. 2.30% 12-11-2024 Callable 2024 23,820 23 0.0%
TMX Group Ltd. 4.46% 10-03-2023 Callable 2023 58,543 63 0.1%
Tortoise Borrower LLC Term Loan 1st Lien F/R 11-20-2024 575 1 0.0%
Tourmaline Oil Corp. 11,818 221 0.4%
TransAlta Corp. 86,110 617 1.0%
TransAlta Corp. Pfd. Series A 1,576 24 0.0%
TransCanada Corp. 19,102 1,060 1.8%
TransCanada Corp. Pfd. Series 15 1,636 42 0.1%
TransCanada Pipelines Ltd. 3.39% 03-15-2028 Callable 2027 43,232 44 0.1%
TransCanada Trust F/R 05-18-2077 Callable 2027 52,354 52 0.1%
Traverse Midstream Partners LLC Term Loan B 1st Lien F/R 09-21-2024 6,938 9 0.0%
Trico Products Corp. Term Loan 1st Lien F/R 02-02-2024 11,959 15 0.0%
Trillium Windpower LP 5.80% 02-15-2033 41,650 47 0.1%
Uber Technologies Inc. Term Loan B 1st Lien F/R 07-13-2023 2,851 4 0.0%
Union Gas Ltd. 3.59% 11-22-2047 Callable 2047 26,119 26 0.0%
United States Treasury Inflation Indexed 0.89% 02-15-2047 260,292 332 0.5%
Valeant Pharmaceuticals International Inc. 5.63% 12-01-2021 Callable 144A 1,220 1 0.0%
Valeant Pharmaceuticals International Inc. 9.00% 12-15-2025 Callable 2021 2,531 3 0.0%
Vanguard Mid-Cap Value ETF 7,791 1,102 1.9%
Ventas Canada Finance Ltd. 2.55% 03-15-2023 Callable 2023 44,133 43 0.1%
Ventas Realty LP 4.00% 03-01-2028 Callable 2027 16,212 21 0.0%
Verizon Communications Inc. 2.63% 08-15-2026 Callable 2026 98,173 115 0.2%
Videotron Ltee 5.625% 06-15-2025 Callable 2025 719 1 0.0%
Videotron Ltee 5.75% 01-15-2026 Callable 2020 2,129 2 0.0%
Vistage Worldwide Inc. Term Loan 1st Lien F/R 02-01-2025 9,985 13 0.0%
VRX Escrow Corp. 5.375% 03-15-2020 Callable 144A 2,992 4 0.0%
Waste Pro USA Inc. 5.50% 02-15-2026 Callable 2021 144A 2,071 3 0.0%
Western Dental Services Inc. Term Loan B 1st Lien F/R 06-23-2023 1,660 2 0.0%
WestJet Airlines Ltd. 29,281 757 1.2%
Williams Scotsman International Inc. 7.88% 12-15-2022 Callable 2019 144A 13,667 18 0.0%
Wind Tre SPA 5.00% 01-20-2026 Callable 2020 4,430 5 0.0%
Xplornet Communications Inc. 9.63% 06-01-2022 Callable 2019 144A 2,303 3 0.0%
YRC Worldwide Inc. Term Loan 1st Lien F/R 07-21-2022 16,243 21 0.0%
Zotec Partners LLC Term Loan 1st Lien F/R 02-09-2024 14,833 19 0.0%
Total Investments -- 60,976 99.5%
Cash & Equivalents -- 394 0.6%
Currency Hedge Contracts -- -35 -0.1%
Other Assets (Liabilities) -- 8 0.0%
Total Net Assets -- 61,343 100.0%

Asset Allocation (%) Help Holdings by region and sector

As of May 31, 2018
  • Regional Allocation
      Canada
    EQ : 68.5% | FI : 18.1%
    86.6%
      United States
    EQ : 2.3% | FI : 6.4%
    8.7%
      Other
    FI : 1.3%
    1.3%
      United Kingdom
    FI : 0.5%
    0.5%
      New Zealand
    FI : 0.4%
    0.4%
      Cash & Equivalents 2.5%
  • Sector Allocation
      Fixed Income 26.7%
      Financials 24.3%
      Energy 11.8%
      Industrials 9%
      Consumer Staples 6.2%
      Materials 5.3%
      Utilities 5%
      Real Estate 3.6%
      Cash & Equivalents 2.5%
      Index Participation Units 1.9%
      Telecommunication Serv. 1.9%
      Consumer Discretionary 1.8%
Credit Allocation (%)
AAA 5.7%
AA 5.2%
A 4.2%
BBB 5.2%
BB 1.4%
B 3.5%
CCC & Below 0.4%
NR 1.1%
Cash & Equivalents 2.5%
Equities 70.7%

Other Canadian Balanced Funds

Portfolio Managers

Hovig Moushian, MBA, CFA

Senior Vice President, Portfolio Manager

Mackenzie North American Equities Team

Investment experience since 1996

William Aldridge, MBA, CFA

Vice President, Portfolio Manager

Mackenzie North American Equities Team

Investment experience since 2002

Steve Locke, MBA, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Fixed Income Team

Investment experience since 1995

Felix Wong, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 1988

Konstantin Boehmer, MBA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Dan Cooper, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2003

Movin Mokbel, MBA, CFA

Vice President, Portfolio Manager

Mackenzie Fixed Income Team

Investment experience since 2000

Alain Bergeron, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Asset Allocation Team

Investment experience since 2000

Series I version of this fund is closed to new investments.

Effective September 29, 2016, Mackenzie Investments will no longer permit purchases of securities in Series O, O6, PWX, and PWX8  in the Corporate Class version of this fund.

Fund Risk Measures:
  • Annualized Standard Deviation: A measure of how widely returns varied over a period. A lower standard deviation means the returns of the fund have historically been less volatile and vice-versa. Standard deviation is a measure of historical risk; future risk may be different.
  • Annualized Standard Deviation Benchmark: A measure of how widely returns varied over a period. A lower standard deviation means the returns of the benchmark have historically been less volatile, and vice-versa.
  • Alpha: A measure of the difference between a portfolio's actual return and its expected return given its level of risk. Risk is measured by beta. A positive number indicates that it has performed better than beta would predict.
  • Beta: A measure of the tendency of the value of the fund and the value of the benchmark to move together. The market has a beta of 1. If beta of a fund is higher than 1, the movement in value compared to the benchmark tends to be amplified. A beta less than 1 means the movement in value tends to be dampened.
  • R2: A measure that represents the percentage of a fund's movements that can be attributed to movements of a benchmark index.
  • Sharpe Ratio: A measure of how much of a fund's excess return is achieved for a certain level of risk. The greater a fund's Sharpe Ratio, the higher the risk-adjusted returns.

Commissions, trailing commissions, management fees, brokerage fees and expenses may be associated with investment funds. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and does not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

For changes in the business, operations or affairs of an investment fund, and reorganization or acquisition of assets in an investment fund during the most recent 10 years that could have materially affected the performance of the investment fund, please refer to the "Major Changes During the Last 10 Years” section in the most recent Annual Information Form.

Mutual Fund US Dollar Settlement Option details.

Index performance does not include the impact of fees, commissions, and expenses that would be payable by investors in the investment products that seek to track an index.

The rate of return is used only to illustrate the effects of the compound growth rate and is not intended to reflect future values of the investment fund or asset allocation service or returns on investment in the investment fund or from the use of the asset allocation service.

* The blended index is composed of 70% S&P/TSX Composite Index and 30% FTSE TMX Canada Universe Bond Index.

†The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are selected for their overall significance in evaluating the investment portfolio. Please see mackenzieinvestments.com/currency to view the funds/products using currency derivatives to hedge exchange risk.

‡ Credit ratings and rating categories are based on Standard & Poor’s or DBRS (or equivalent ratings issued by other approved credit rating organizations).