Fund Portfolio – Mackenzie Global Tactical Investment Grade Bond Fund Series F MFC4807 | Mackenzie Investments

Mackenzie Global Tactical Investment Grade Bond Fund Series F

Asset Class: Global Fixed Income

Major Holdings (%) Help Top holdings by percentage

As of August 31, 2019
Major holdings represent 35.8% of the fund.
View all holdings
Total # of
Equity Holdings
8
Total # of
Fixed Income Holdings
171
Holding name, country and sector Percentage of holding in fund
United States Treasury 1.01% 02-15-2048 Inflation Indexed
United States | Foreign Governments
5.9%
United States Treasury 2.38% 04-30-2026
United States | Foreign Governments
4.4%
United States Treasury 0.75% 07-15-2028 Inflation Indexed
United States | Foreign Governments
4.3%
United States Treasury 2.38% 05-15-2029
United States | Foreign Governments
3.8%
United States Treasury 0.87% 01-15-2029
United States | Foreign Governments
3.3%
Queensland Treasury Corp. 2.75% 08-20-2027
Australia | Foreign Governments
3.2%
Government of Japan 0% 11-11-2019
Japan | Foreign Governments
3.1%
United States Treasury 0.50% 01-15-2028 Inflation Indexed
United States | Foreign Governments
2.9%
Government of Japan 0.10% 09-20-2019
Japan | Foreign Governments
2.7%
United States Treasury 0.13% 07-15-2026 Inflation Indexed
United States | Foreign Governments
2.3%

Complete Fund Holdings Help Full holdings list

As of June 30, 2019
Holding Name No. of Shares/Units Market Value CAD (000s) % of NAV
407 International Inc. 3.14% 03-06-2030 Callable 2029 30,000 32 0.0%
407 International Inc. 3.60% 05-21-2047 Callable 150,000 165 0.2%
407 International Inc. 3.65% 09-08-2044 Callable MTN 50,000 55 0.1%
407 International Inc. 3.67% 03-08-2049 Callable 2048 50,000 56 0.1%
Abu Dhabi National Energy Co. 3.63% 06-22-2021 340,000 452 0.7%
Aimco Realty Investors LP 2.712% 06-01-2029 Callable 2029 100,000 101 0.1%
AltaGas Ltd. Pfd. Series K 4,774 97 0.1%
Anheuser-Busch InBev Finance Inc. 2.60% 05-15-2024 Callable 2024 150,000 150 0.2%
Apple Inc. 2.51% 08-19-2024 Callable 2024 870,000 885 1.3%
Asian Development Bank 6.00% 02-24-2021 18,500,000 347 0.5%
AT&T Inc. 2.85% 05-25-2024 60,000 61 0.1%
AT&T Inc. 4.00% 11-25-2025 Callable 2025 120,000 127 0.2%
AT&T Inc. 4.35% 03-01-2029 Callable 2028 40,000 56 0.1%
Ball Metalpack Finco LLC Term Loan B 1st Lien F/R 07-26-2025 19,800 26 0.0%
Bank of America Corp. 3.95% 04-21-2025 155,000 213 0.3%
Bank of America Corp. F/R 02-07-2022 Callable 2021 300,000 450 0.7%
Bank of America Corp. F/R 04-25-2025 Callable 2024 110,000 112 0.2%
Bank of America Corp. F/R 09-20-2025 Callable 2024 190,000 197 0.3%
BCPE Cycle Merger Sub II Inc. 10.63% 07-15-2027 Callable 2022 144A 20,000 27 0.0%
Brookfield Asset Management Inc. Pfd. Series 46 3,716 91 0.1%
Brookfield Asset Management Inc. Pfd. Series 48 3,160 74 0.1%
Brookfield Infrastructure Finance ULC 4.20% 09-11-2028 Callable 2028 220,000 231 0.3%
Brookfield Renewable Energy Partners ULC 3.63% 01-15-2027 Callable 2026 340,000 354 0.5%
Brookfield Renewable Partners LP Pfd. Series 11 8,666 188 0.3%
Brookfield Renewable Partners ULC 4.25% 01-15-2029 Callable 2028 120,000 129 0.2%
Bruce Power LP 3.00% 06-21-2024 Callable 2024 270,000 276 0.4%
Bruce Power LP 3.97% 06-23-2026 120,000 128 0.2%
Bulldog Purchaser Inc. Delayed Draw Term Loan 1st Lien F/R 08-31-2025 762 1 0.0%
Bulldog Purchaser Inc. Term Loan B 1st Lien F/R 08-31-2025 19,142 25 0.0%
Canadian National Railway Co. 3.60% 07-31-2048 Callable 2048 100,000 110 0.2%
Canadian Pacific Railway Ltd. 3.15% 03-13-2029 Callable 2028 80,000 83 0.1%
Cards II Trust 2.16% 10-15-2020 210,000 210 0.3%
CCL Industries Inc. 3.86% 04-13-2028 Callable 2028 130,000 138 0.2%
Chartwell Retirement Residences 4.21% 04-28-2025 Callable 2025 60,000 64 0.1%
Citadel LLC Term Loan B 1st Lien F/R 02-22-2026 140,000 184 0.3%
City of Oslo 3.65% 11-08-2023 1,000,000 165 0.2%
City of Oslo F/R 05-06-2026 4,000,000 617 0.9%
City of Stockholm F/R 02-15-2022 2,000,000 290 0.4%
Coca-Cola Femsa SAB de CV 3.88% 11-26-2023 400,000 552 0.8%
Commonwealth of Bahamas 5.75% 01-16-2024 500,000 700 1.0%
Commonwealth of Bahamas 6.95% 11-20-2029 350,000 513 0.7%
CommScope Technologies Finance LLC 8.25% 03-01-2027 Callable 2022 144A 20,000 27 0.0%
Cordelio Amalco GP I 4.09% 06-30-2034 80,000 85 0.1%
Cordelio Amalco GP I 4.09% 09-30-2034 67,145 71 0.1%
Corporacion Andina de Fomento 3.25% 02-11-2022 50,000 67 0.1%
Corporacion Andina de Fomento 4.375% 06-15-2022 160,000 221 0.3%
CU Inc. 3.96% 07-27-2045 Callable 10,000 12 0.0%
Currency Call Option EUR/CNH 07-28-2019 Strike $8.00 5,100,000 2 0.0%
Currency Call Option EUR/USD 07-22-2019 Strike $1.16 5,000,000 6 0.0%
Currency Call Option GBP/USD 08-01-2019 Strike $1.295 3,800,000 11 0.0%
Currency Put Option USD/CAD 07-05-2019 Strike $1.3250 1,650,000 26 0.0%
Currency Put Option USD/CAD 07-11-2019 Strike $1.3050 7,600,000 29 0.0%
Eagle Credit Card Trust 2.63% 10-17-2022 70,000 71 0.1%
Eastern Power LLC Term Loan B 1st Lien F/R 10-02-2023 9,690 13 0.0%
Enbridge Inc. 4.57% 03-11-2044 160,000 175 0.3%
Enbridge Inc. 5.37% 09-27-2077 Callable 2027 720,000 712 1.0%
Enbridge Inc. F/R 04-12-2078 Callable 2028 310,000 333 0.5%
EnerCare Solutions Inc. 3.38% 02-21-2022 Callable 2022 190,000 193 0.3%
EnerCare Solutions Inc. 3.99% 02-21-2024 Callable 2023 150,000 155 0.2%
Ensono LP Term Loan 1st Lien F/R 04-30-2025 49,625 65 0.1%
EPCOR Utilities Inc. 3.11% 07-08-2049 Callable 2049 110,000 111 0.2%
EPCOR Utilities Inc. 3.55% 11-27-2047 Callable 2047 130,000 142 0.2%
Export-Import Bank of Korea 1.93% 02-24-2020 144A 260,000 259 0.4%
Fairfax Financial Holdings Ltd. 4.23% 06-14-2029 Callable 2029 40,000 40 0.1%
Fairfax Financial Holdings Ltd. 4.25% 12-06-2027 Callable 2027 120,000 124 0.2%
Fairfax Financial Holdings Ltd. 8.30% 04-15-2026 190,000 303 0.4%
Federative Republic of Brazil 10.00% 01-01-2029 100,000 413 0.6%
Fortress Transportation and Infrastructure Investors LLC 6.50% 10-01-2025 Callable 2021 30,000 41 0.1%
Fresenius US Finance II Inc. 4.25% 02-01-2021 350,000 471 0.7%
Fusion Connect Inc. Term Loan 1st Lien F/R 06-03/2019 1,700 2 0.0%
Fusion Connect Inc. Term Loan B 1st Lien F/R 05-03-2023 49,116 43 0.1%
Fusion Connect Inc. Term Loan DIP 1st Lien F/R 10-03-2019 3,000 4 0.0%
Futures Contracts -287 -0.4%
General Electric Capital Corp. F/R 07-30-2019 2,000,000 282 0.4%
General Electric Co. 8.35% 09-03-2022 6,000,000 407 0.6%
Government of Argentina 6.88% 04-22-2021 230,000 263 0.4%
Government of Australia 3.25% 04-21-2029 1,130,000 1,220 1.8%
Government of Bermuda 3.72% 01-25-2027 Callable 2026 220,000 296 0.4%
Government of Bermuda 4.13% 01-03-2023 200,000 273 0.4%
Government of Bermuda 4.85% 02-06-2024 673,000 958 1.4%
Government of Cayman Islands 5.95% 11-24-2019 500,000 677 1.0%
Government of Chile 4.00% 03-01-2023 90,000,000 182 0.3%
Government of Chile 4.50% 03-01-2021 170,000,000 339 0.5%
Government of Japan 0% 08-13-2019 170,000,000 2,065 3.0%
Government of Japan 0.10% 09-20-2019 150,000,000 1,823 2.6%
Government of Mexico 7.50% 06-03-2027 5,860,000 400 0.6%
Government of Qatar 4.50% 01-20-2022 260,000 361 0.5%
Greater Toronto Airports Authority 2.73% 04-03-2029 Callable 2029 40,000 41 0.1%
Hadrian Merger Sub Inc. 8.50% 05-01-2026 Callable 2021 144A 77,000 96 0.1%
Heathrow Funding Ltd. 3.25% 05-21-2025 200,000 207 0.3%
Heathrow Funding Ltd. 3.40% 03-08-2028 210,000 219 0.3%
Heathrow Funding Ltd. 3.79% 09-04-2030 Callable 2030 120,000 127 0.2%
Heathrow Funding Ltd. 4.875% 07-15-2021 225,000 307 0.4%
Hollis Receivables Term Trust II 1.79% 02-26-2020 380,000 379 0.5%
HSBC Holdings PLC 0.45% 09-24-2021 100,000,000 1,223 1.8%
Hydro One Inc. 2.54% 04-05-2024 Callable 2024 90,000 92 0.1%
Hydro One Inc. 3.72% 11-18-2047 100,000 110 0.2%
Inter Pipeline Ltd. 2.73% 04-18-2024 Callable 2024 90,000 91 0.1%
Inter Pipeline Ltd. 3.48% 12-16-2026 Callable 2026 80,000 83 0.1%
Inter-American Development Bank 7.88% 03-14-2023 2,940,000,000 285 0.4%
International Finance Corp. 3.63% 05-20-2020 30,000 27 0.0%
International Finance Corp. 7.00% 07-20-2027 9,640,000 632 0.9%
International Finance Corp. 8.38% 05-31-2029 7,500,000 529 0.8%
Isagenix International LLC Term Loan 1st Lien F/R 04-26-2025 76,000 79 0.1%
iShares Barclays Capital TB ETF Put Option @ $116.00 Exp. 09-20-2019 95 1 0.0%
iShares Barclays Capital TB ETF Put Option @ $117.00 Exp. 09-20-2019 95 1 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $84.00 Exp. 07-19-2019 190 2 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $86.00 Exp. 07-19-2019 100 3 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $86.50 Exp. 07-19-2019 150 7 0.0%
iShares J.P. Morgan USD Emerging Markets Bond ETF 2,400 356 0.5%
Ivanhoe Cambridge II Inc. 2.91% 06-27-2023 Callable 2023 70,000 72 0.1%
Jane Street Group LLC. Term Loan B 1st Lien F/R 08-25-2022 29,925 39 0.1%
Keyera Corp. F/R 06-13-2079 Callable 2029 50,000 51 0.1%
KFW 3.75% 05-29-2020 850,000 762 1.1%
Kruger Products LP 6.00% 04-24-2025 Callable 2021 40,000 39 0.1%
Mackenzie Floating Rate Income ETF 16,108 336 0.5%
Mackenzie Global High Yield Fixed Income ETF 48,000 939 1.4%
Mackenzie US High Yield Bond Index ETF (CAD-Hedged) 5,861 572 0.8%
Mackenzie US Investment Grade Corporate Bond Index ETF (CAD-Hedged) 18,631 1,900 2.7%
Manulife Financial Corp. F/R 05-09-2028 Callable 2023 100,000 103 0.1%
McDonald's Corp. 3.13% 03-04-2025 Callable 2025 370,000 383 0.6%
Morgan Stanley 3.00% 02-07-2024 340,000 347 0.5%
Multi-Color Corp. Bridge Loan Exp. 02-25-2020 100,000 0.0%
National Bank of Canada 1.96% 06-30-2022 40,000 40 0.1%
Neenah Foundry Co. Term Loan B 1st Lien F/R 12-08-2022 43,263 56 0.1%
New Red Finance Inc. 5.00% 10-15-2025 Callable 2020 144A 40,000 53 0.1%
Nexstar Media Group Inc. Bridge Loan Exp. 11-30-2019 90,000 0.0%
Nouvelle Autoroute 30 Financement Inc. 4.11% 03-31-2042 109,975 123 0.2%
Nova Scotia Power Inc. 3.57% 04-05-2049 Callable 2048 60,000 64 0.1%
Nykredit Realkredit AS F/R 07-01-2019 4,000,000 564 0.8%
Office Depot Inc. Term Loan B 1st Lien F/R 11-08-2022 53,264 71 0.1%
OMERS Finance Trust 2.60% 05-14-2029 130,000 134 0.2%
OMERS Realty Corp. 2.47% 11-12-2019 Callable 200,000 200 0.3%
Ontario Electricity Financial Corp. 0% 11-27-2020 330,000 321 0.5%
Ontario Power Generation Inc. 4.25% 01-18-2049 Callable 2048 55,000 64 0.1%
Panther BF Aggregator 2 LP 8.50% 05-15-2027 Callable 2022 144A 70,000 94 0.1%
Parkland Fuel Corp. 5.88% 07-15-2027 Callable 2022 144A 5,000 7 0.0%
Parkland Fuel Corp. 6.00% 04-01-2026 Callable 2021 144A 47,000 63 0.1%
Pembina Pipeline Corp. 3.62% 04-03-2029 Callable 2029 70,000 73 0.1%
PepsiCo Inc. 2.50% 11-01-2022 100,000 174 0.3%
Petroleos De Venezuela SA 6.00% 05-16-2024 90,000 27 0.0%
Petroleos Mexicanos 6.50% 01-23-2029 80,000 102 0.1%
Prospect Medical Holdings Inc. Term Loan B 1st Lien F/R 02-15-2024 108,801 135 0.2%
Province of Alberta 2.20% 06-01-2026 730,000 738 1.1%
Province of Newfoundland 3.00% 06-02-2026 120,000 126 0.2%
Province of Newfoundland 3.70% 10-17-2048 120,000 141 0.2%
Province of Ontario 2.65% 12-02-2050 80,000 83 0.1%
Province of Ontario 2.70% 06-02-2029 50,000 52 0.1%
Province of Saskatchewan 3.05% 12-02-2028 620,000 666 1.0%
PS HoldCo LLC Term Loan 1st Lien F/R 03-02-2025 29,775 39 0.1%
Queensland Treasury Corp. 2.75% 08-20-2027 2,450,000 2,428 3.5%
Realkredit Danmark A/S F/R 10-01-2019 1,400,000 197 0.3%
Republic of Argentina 6.88% 01-11-2048 70,000 68 0.1%
Republic of South Africa 8.00% 01-31-2030 9,960,000 875 1.3%
Rite Aid Corp. 7.70% 02-15-2027 250,000 196 0.3%
Rogers Communications Inc. 3.25% 05-01-2029 Callable 2029 90,000 92 0.1%
Russian Federal Loan Bond - OFZ 7.05% 01-19-2028 40,500,000 829 1.2%
Santander Consumer Bank AS F/R 03-30-2020 3,000,000 424 0.6%
Saudi Arabian Oil Co. 2.88% 04-16-2024 144A 540,000 712 1.0%
Sigma Bidco BV Term Loan B 1st Lien F/R 03-07-2025 70,000 102 0.1%
SIRVA Worldwide Inc. Term Loan 1st Lien F/R 07-31-2025 27,650 35 0.1%
Source Energy Services Canada LP 10.50% 12-15-2021 Callable 2019 216,000 202 0.3%
Source Energy Services Ltd. 2,006 1 0.0%
Spirit AeroSystems Inc. 3.95% 06-15-2023 Callable 2023 80,000 108 0.2%
Sun Life Financial Inc. F/R 02-19-2026 Callable 2021 210,000 213 0.3%
Suncor Energy Inc. 3.10% 05-24-2029 Callable 2029 90,000 92 0.1%
Sysco Canada Inc. 3.65% 04-25-2025 Callable 2025 120,000 126 0.2%
TC Energy Corp. Pfd. Series 15 6,066 152 0.2%
Telus Corp. 2.75% 07-08-2026 70,000 70 0.1%
TELUS Corp. 3.30% 05-02-2029 Callable 2029 50,000 51 0.1%
Teva Pharmaceutical Industries Ltd. 2.80% 07-21-2023 5,000 6 0.0%
The Bank of Nova Scotia 2.98% 04-17-2023 700,000 724 1.0%
The Goldman Sachs Group Inc. 5.20% 12-17-2019 570,000 508 0.7%
The Goldman Sachs Group Inc. F/R 10-28-2027 Callable 2026 700,000 934 1.4%
The International Bank for Reconstruction and Development 3.50% 01-22-2021 70,000 63 0.1%
The Korea Development Bank 5.13% 11-13-2020 400,000 364 0.5%
Titan Acquisition Ltd. 7.75% 04-15-2026 Callable 2021 144A 50,000 59 0.1%
TMX Group Ltd. 2.30% 12-11-2024 Callable 2024 130,000 134 0.2%
TMX Group Ltd. 3.78% 06-05-2028 Callable 2028 80,000 86 0.1%
TMX Group Ltd. 4.46% 10-03-2023 Callable 2023 60,000 65 0.1%
Total Return Swap BKLN 05-10-2019 -3 0.0%
Total Return Swap EMB 06-12-2019 11 0.0%
Total Return Swap SHYG 05-10-2019 1 0.0%
TransAlta Corp. Pfd. Series A 7,496 81 0.1%
TransCanada Pipelines Ltd. 3.39% 03-15-2028 Callable 2027 170,000 179 0.3%
TransCanada PipeLines Ltd. 3.69% 07-19-2023 30,000 32 0.0%
TransCanada Trust F/R 05-18-2077 Callable 2027 160,000 153 0.2%
Treasury Corp. of Victoria 3.00% 10-20-2028 1,800,000 1,832 2.6%
Trico Group LLC Term Loan 1st Lien F/R 02-02-2024 67,829 86 0.1%
Trulieve Cannabis Corp. 9.75% 06-18-2024 30,000 38 0.1%
Trulieve Cannabis Corp. Warrants Exp.06-18-2022 630 2 0.0%
Uber Technologies Inc. Term Loan B 1st Lien F/R 07-13-2023 136,026 178 0.3%
United States Treasury 0.13% 07-15-2024 Inflation Indexed 730,000 1,027 1.5%
United States Treasury 0.50% 01-15-2028 Inflation Indexed 1,400,000 1,931 2.8%
United States Treasury 0.50% 04-15-2024 Inflation Indexed 530,000 712 1.0%
United States Treasury 0.75% 07-15-2028 Inflation Indexed 2,010,000 2,793 4.0%
United States Treasury 0.87% 01-15-2029 Inflation Indexed 1,020,000 1,406 2.0%
United States Treasury 1.00% 02-15-2049 Inflation Indexed 640,000 901 1.3%
United States Treasury 1.01% 02-15-2048 Inflation Indexed 2,470,000 3,530 5.2%
United States Treasury 2.38% 04-30-2026 2,130,000 2,882 4.2%
United States Treasury 2.88% 09-30-2023 120,000 164 0.2%
United States Treasury 2.88% 10-31-2023 30,000 41 0.1%
Vancouver Airport Authority 3.66% 11-23-2048 Callable 2048 110,000 129 0.2%
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF 4,800 218 0.3%
VeriFone Systems Inc. Term Loan 1st Lien F/R 08-09-2025 19,900 25 0.0%
Vistage Worldwide Inc. Term Loan 1st Lien F/R 02-01-2025 59,250 77 0.1%
Vodafone Group PLC 3.75% 01-16-2024 60,000 82 0.1%
Volkswagen Financial Services NV 1.75% 04-17-2020 200,000 334 0.5%
Vyaire Medical Inc. Term Loan B 1st Lien F/R 04-06-2025 59,400 70 0.1%
Wells Fargo & Co. 3.19% 02-08-2024 Callable 2024 120,000 123 0.2%
Welltower Inc. 4.13% 03-15-2029 Callable 2028 80,000 111 0.2%
Williams Scotsman International Inc. 7.88% 12-15-2022 Callable 2019 144A 50,000 69 0.1%
YRC Worldwide Inc. Term Loan 1st Lien F/R 07-21-2022 67,151 87 0.1%
Zotec Partners LLC Term Loan 1st Lien F/R 02-09-2024 77,500 101 0.1%
Total Investments -- 66,187 95.7%
Cash & Equivalents -- 1,583 2.3%
Currency Hedge Contracts -- 823 1.2%
Other Assets (Liabilities) -- 534 0.8%
Total Net Assets -- 69,127 100.0%

Asset Allocation (%) Help Holdings by region and sector

As of August 31, 2019
  • Regional Allocation
      United States
    38.8%
      Canada
    19.4%
      Other
    15.7%
      Japan
    5.6%
      Australia
    5.3%
      United Kingdom
    3.0%
      Germany
    2.2%
      Bahamas
    2.2%
      Luxembourg
    2.0%
      Mexico
    2.0%
      Cash & Equivalents 3.8%
  • Sector Allocation
      Foreign Fixed Income 54.1%
      Corporate Bonds 26.1%
      Mutual&Pooled 6.3%
      Other 4.2%
      Cash & Equivalents 3.8%
      Provincial Bonds 2.4%
      Bank Loans 2.1%
      Equities 1%
Credit Allocation (%)
AAA 9.2%
AA 40.3%
A 21%
BBB 16%
BB 5.9%
B 3.5%
CCC & Below 0.8%
NR 0.4%
Cash & Equivalents 1.9%
Equities 1%

Other Global Fixed Income Funds

Portfolio Managers

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

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.

Effective June 1, 2018, the management fee and/or administration fee of series F, PW, PWB, PWT, PWFB, and PWX of the fund was reduced. The new fees will not be fully reflected in the current MER until the semi-annual MER for the period ended September 30, 2019.

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 BofA Merrill Lynch Global Broad Market (Hedged to CAD) Index tracks the performance of investment grade debt publicly issued in the major domestic and eurobond markets, including sovereign, quasi-government, corporate, securitized and collateralized securities. Qualifying bonds must be rated "BBB" or higher and have a remaining term to maturity of at least one year. The foreign currency exposure is hedged back to the Canadian dollar.

†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 ratings issued by a designated rating organization.