Fund Portfolio – Mackenzie Strategic Income Fund Series F MFC3233 | Mackenzie Investments

Mackenzie Strategic Income Fund Series F

Asset Class: Canadian Balanced

Major Holdings (%) Help Top holdings by percentage

As of August 31, 2019
Major holdings represent 23% of the fund.
View all holdings
Total # of
Equity Holdings
136
Total # of
Fixed Income Holdings
571
Holding name, country and sector Percentage of holding in fund
Mackenzie Global High Yield Fixed Income ETF
Canada | Exchange Traded Funds
6.5%
United States Treasury 1.75% 06-30-2024
United States | Foreign Governments
3.5%
Toronto-Dominion Bank/The
Canada | Diversified Banks
2.2%
Bank of Nova Scotia/The
Canada | Diversified Banks
2.2%
Royal Bank of Canada
Canada | Diversified Banks
2.0%
United States Treasury 0.50% 04-15-2024 Inflation Indexed
United States | Foreign Governments
1.4%
United States Treasury 0.75% 07-15-2028 Inflation Indexed
United States | Foreign Governments
1.4%
TC Energy Corp
Canada | Oil & Gas Storage & Transport
1.4%
Shaw Communications Inc
Canada | Cable & Satellite
1.3%
Fairfax Financial Holdings Ltd. 5.84% 10-14-2022
Canada | Corporate - Non Convertible
1.1%

Complete Fund Holdings Help Full holdings list

As of July 31, 2019
Holding Name No. of Shares/Units Market Value CAD (000s) % of NAV
407 International Inc. 3.14% 03-06-2030 Callable 2029 248 0.0%
407 International Inc. 3.43% 06-01-2033 MTN 38 0.0%
407 International Inc. 3.65% 09-08-2044 Callable MTN 311 0.0%
407 International Inc. 3.67% 03-08-2049 Callable 2048 383 0.0%
407 International Inc. 3.72% 05-11-2048 Callable 2047 1,303 0.1%
AAC holdings Inc. Term Loan 1st Lien F/R 06-30-2023 1,610 0.1%
Acproducts Inc. Term Loan 1st Lien F/R 02-14-2024 2,481 0.1%
Adtalem Global Education Inc. Term Loan B 1st Lien F/R 04-09-2025 1,655 0.1%
Advanced Micro Devices Inc. 7.50% 08-15-2022 2 0.0%
Aegis Toxicology Sciences Corp. Term Loan B 1st Lien F/R 05-09-2025 559 0.0%
Aena SA 7,043 0.4%
AerCap Ireland Capital Designated Activity Co. 3.30% 01-23-2023 Callable 2022 220 0.0%
AerCap Ireland Capital Designated Activity Co. 4.88% 01-16-2024 Callable 2023 2,410 0.1%
AI Ladder Luxembourg Term Loan B 1st Lien F/R 05-04-2025 1,545 0.1%
AIA Group Ltd. 3,480 0.2%
AIMCo Realty Investors LP 2.27% 06-26-2024 Callable 2024 242 0.0%
Aimco Realty Investors LP 2.712% 06-01-2029 Callable 2029 689 0.0%
AIMCo Realty Investors LP 3.04% 06-01-2028 Callable 2028 537 0.0%
Air Canada 5,182 0.3%
Air Liquide SA 6,756 0.4%
AL Midcoast Holdings LLC Term Loan B 1st Lien F/R 06-28-2025 896 0.0%
Alcami Carolinas Corp. Term Loan 1st Lien F/R 07-06-2025 1,789 0.1%
Alchemy US Holdco LLC Term Loan B 1st Lien F/R 10-01-2025 1,634 0.1%
Alcoa Nederland Holding BV 6.13% 05-15-2028 Callable 2023 144A 2 0.0%
Algonquin Power & Utilities Corp. 4.09% 02-17-2027 Callable 1,023 0.1%
Algonquin Power & Utilities Corp. 4.65% 02-15-2022 314 0.0%
Alibaba Group Holding Ltd. ADR 3,908 0.2%
Alimentation Couche-Tard Inc. Class B Sub. voting 7,083 0.4%
Allegiant Travel Co. Term Loan B 1st Lien F/R 01-29-2024 2,255 0.1%
Allergan PLC 7,247 0.4%
Allied Properties Real Estate Investment Trust 4,542 0.2%
Alphabet Inc. Class A 5,951 0.3%
AltaGas Ltd. Pfd. Series K 2,222 0.1%
AltaLink LP 3.40% 06-06-2024 Callable 2024 199 0.0%
AltaLink LP 3.72% 12-03-2046 Callable MTN 487 0.0%
Altice France SA Term Loan B13 1st Lien F/R 01-31-2026 1,633 0.1%
Altice SA 7.75% 05-15-2022 Callable 144A 270 0.0%
Altria Group Inc. 4,270 0.2%
Amazon.com Inc. 7,727 0.4%
AMC Entertainment Holdings Inc. 5.88% 11-15-2026 Callable 1,601 0.1%
American Teleconferencing Services Ltd. Term Loan 1st Lien F/R 12-08-2021 1,997 0.1%
Anheuser-Busch InBev Finance Inc. 2.60% 05-15-2024 Callable 2024 1,243 0.1%
APFS Staffing Holdings Inc. Term Loan 1st Lien F/R 04-10-2026 1,443 0.1%
Apple Inc. 5,682 0.3%
ARC Resources Ltd. 2,734 0.1%
ArcelorMittal SA 5.13% 06-01-2020 3 0.0%
Arcos Dorados Holdings Inc. 5.88% 04-04-2027 Callable 2022 6 0.0%
Arcos Dorados Holdings Inc. 6.63% 09-27-2023 3 0.0%
Ardonagh Midco 3 PLC 8.63% 07-15-2023 Callable 2020 2 0.0%
Aristocrat International Pty Ltd. Term Loan B 1st Lien F/R 10-19-2024 4 0.0%
Aroundtown SA 4.63% 09-18-2025 Callable 2025 749 0.0%
Artis Real Estate Investment Trust 3.68% 02-22-2021 395 0.0%
Artis Real Estate Investment Trust F/R 02-07-2020 143 0.0%
Asahi Group Holdings Ltd. 1,104 0.1%
Ashtead Capital Inc. 4.13% 08-15-2025 Callable 2020 144A 6 0.0%
AT&T Inc. 2.85% 05-25-2024 1,153 0.1%
AT&T Inc. 4.00% 11-25-2025 Callable 2025 1,012 0.1%
AT&T Inc. 4.35% 03-01-2029 Callable 2028 410 0.0%
Atlantic Power Corp. 5.95% 06-23-2036 2,505 0.1%
Atlas Copco AB A 3,904 0.2%
B3 SA- Brasil Bolsa Balcao 4,055 0.2%
Baker Hughes a GE Co. 3,074 0.2%
Ball Metalpack Finco LLC Term Loan B 1st Lien F/R 07-26-2025 1,381 0.1%
Bank of America Corp. 3.30% 04-24-2024 Callable 2023 793 0.0%
Bank of America Corp. F/R 04-24-2022 Callable 2021 172 0.0%
Bank of America Corp. F/R 04-25-2025 Callable 2024 1,392 0.1%
Bank of America Corp. F/R 09-20-2025 Callable 2024 1,899 0.1%
Bank of Montreal 15,225 0.9%
Bank of Montreal 2.27% 07-11-2022 352 0.0%
Bank of Montreal 2.28% 07-29-2024 767 0.0%
Bank of Montreal 2.70% 09-11-2024 DPNT 226 0.0%
Bank of Montreal 2.85% 03-06-2024 665 0.0%
Bank of Montreal 2.89% 06-20-2023 1,140 0.1%
Bank of Montreal 3.19% 03-01-2028 983 0.1%
Bank of Montreal 3.32% 06-01-2026 379 0.0%
Bausch Health Cos Inc. 5.75% 08-15-2027 Callable 2022 144A 280 0.0%
Bausch Health Cos Inc. 7.00% 01-15-2028 Callable 2023 144A 166 0.0%
Bausch Health Cos Inc. 8.50% 01-31-2027 Callable 2022 144A 293 0.0%
Bausch Health Cos Inc. 9.00% 12-15-2025 Callable 2021 3 0.0%
Bausch Health Cos Inc. Term Loan B 1st Lien F/R 05-24-2025 1,105 0.1%
Bayer AG 3,160 0.2%
Baytex Energy Corp. 5.63% 06-01-2024 Callable 2019 144A 1,451 0.1%
bcIMC Realty Corp. 3.00% 03-31-2027 Callable 2026 1,124 0.1%
BCPE Cycle Merger Sub II Inc. 10.63% 07-15-2027 Callable 2022 144A 2,404 0.1%
Becton, Dickinson and Co. 11,933 0.7%
Bell Canada 3.00% 10-03-2022 Callable 1,191 0.1%
Bell Canada 3.80% 08-21-2028 Callable 2028 687 0.0%
Berry Global Escrow Corp. 4.88% 07-15-2026 Callable 2022 144A 856 0.0%
BMC Acquisition Inc. Term Loan 1st Lien F/R 12-15-2024 1,362 0.1%
Boardriders Inc. Term Loan B 1st Lien F/R 03-21-2024 644 0.0%
BP Capital Markets PLC 3.47% 05-15-2025 1,245 0.1%
Brenntag AG 3,411 0.2%
Bright Bidco BV Term Loan B 1st Lien F/R 06-30-2024 2,070 0.1%
British American Tobacco PLC 3,263 0.2%
Broadcom Inc. 5,973 0.3%
Brookfield Asset Management Inc. Pfd. Series 46 1,217 0.1%
Brookfield Asset Management Inc. Pfd. Series 48 1,011 0.1%
Brookfield Infrastructure Finance ULC 4.20% 09-11-2028 Callable 2028 1,381 0.1%
Brookfield Infrastructure Partners LP 2,369 0.1%
Brookfield Renewable Energy Partners ULC 3.63% 01-15-2027 Callable 2026 1,512 0.1%
Brookfield Renewable Partners LP Pfd. Series 11 3,585 0.2%
Brookfield Renewable Partners ULC 4.25% 01-15-2029 Callable 2028 861 0.0%
Bruce Power LP 2.84% 06-23-2021 228 0.0%
Bruce Power LP 3.97% 06-23-2026 13 0.0%
Bulldog Purchaser Inc. Delayed Draw Term Loan 1st Lien F/R 08-31-2025 66 0.0%
Bulldog Purchaser Inc. Term Loan B 1st Lien F/R 08-31-2025 1,648 0.1%
BWAY Holding Co. 7.25% 04-15-2025 144A 917 0.0%
C&D Technologies Inc. Term Loan B 1st Lien F/R 12-13-2025 1,594 0.1%
C&W Senior Financing Designated Activity Co. 7.50% 10-15-2026 Callable 2021 144A 10 0.0%
Cabot Oil & Gas Corp. 1,432 0.1%
Calceus Acquisition Inc. Term Loan B1 1st Lien F/R 02-08-2025 1,701 0.1%
Calfrac Holdings LP 8.50% 06-15-2026 Callable 2021 144A 336 0.0%
California Resources Corp. 8.00% 12-15-2022 Callable 2019 144A 1,478 0.1%
Camelot Finance LP Term Loan 1st Lien F/R 10-03-2023 1,028 0.1%
Camelot Finance SA 7.88% 10-15-2024 Callable 2019 144A 2,214 0.1%
Can Am Construction Inc./Canada Term Loan B 1st Lien F/R 07-01-2024 4,993 0.3%
Canada Goose Inc. Term Loan 1st Lien F/R 12-02-2024 1,409 0.1%
Canada Housing Trust 2.35% 06-15-2023 1,288 0.1%
Canada Housing Trust 2.90% 06-15-2024 1,576 0.1%
Canada Housing Trust F/R 03-15-2024 2,960 0.2%
Canadian Imperial Bank of Commerce 4,361 0.2%
Canadian Imperial Bank of Commerce 2.47% 12-05-2022 158 0.0%
Canadian Imperial Bank of Commerce 2.90% 09-14-2021 226 0.0%
Canadian Imperial Bank of Commerce 2.97% 07-11-2023 358 0.0%
Canadian Imperial Bank of Commerce 3.29% 01-15-2024 580 0.0%
Canadian Imperial Bank of Commerce 3.30% 05-26-2025 482 0.0%
Canadian Imperial Bank of Commerce 3.42% 01-26-2026 Callable 2021 277 0.0%
Canadian Imperial Bank of Commerce F/R 06-19-2029 Callable 2024 717 0.0%
Canadian Mortgage Pools 1.75% 06-01-2024 94 0.0%
Canadian National Railway Co. 10,879 0.6%
Canadian National Railway Co. 3.00% 02-08-2029 Callable 2028 696 0.0%
Canadian National Railway Co. 3.60% 07-31-2048 Callable 2048 678 0.0%
Canadian Natural Resources Ltd. 13,026 0.8%
Canadian Natural Resources Ltd. 3.55% 06-03-2024 99 0.0%
Canadian Pacific Railway Ltd. 5,940 0.3%
Canadian Pacific Railway Ltd. 3.15% 03-13-2029 Callable 2028 531 0.0%
Canadian Tire Corp. Ltd. Class A non-voting 1,059 0.1%
Canadian Utilities Ltd. Class A non-voting 1,241 0.1%
Capital Power Corp. 4.28% 09-18-2024 Callable 2024 318 0.0%
Capital Power Corp. 4.99% 01-23-2026 Callable 2025 61 0.0%
Cards II Trust 2.16% 10-15-2020 475 0.0%
CareCentrix Inc. Term Loan 1st Lien F/R 03-22-2025 2,126 0.1%
Casablanca US Holdings Inc. Term Loan 1st Lien F/R 03-31-2024 2,705 0.1%
CBS Corp. 4.20% 06-01-2029 Callable 2029 880,764 1,239 0.1%
CCL Industries Inc. 3.86% 04-13-2028 Callable 2028 560,000 597 0.0%
CCL Industries Inc. Class B non-voting 34,240 2,260 0.1%
CCO Holdings LLC 4.00% 03-01-2023 Callable 2019 144A 200,518 267 0.0%
CCO Holdings LLC 5.88% 04-01-2024 Callable 2019 144A 500,706 689 0.0%
CCS-CMGC Holdings Inc. Term Loan 1st Lien F/R 09-25-2025 914,773 1,197 0.1%
Celestica Inc. Term Loan B 1st Lien F/R 06-27-2025 437,987 569 0.0%
Centennial Resource Production LLC 5.38% 01-15-2026 Callable 2021 144A 881,130 1,078 0.1%
CenturyLink Inc. Term Loan B 1st Lien F/R 01-31-2025 1,202,197 1,579 0.1%
CEVA Logistics Finance BV Term Loan B 1st Lien F/R 08-03-2025 1,485,585 1,726 0.1%
Charter Communications Operating LLC 4.50% 02-01-2024 Callable 2024 600,000 842 0.0%
Charter Communications Operating LLC 5.05% 03-30-2029 Callable 2028 777,416 1,125 0.1%
Charter Communications Operating LLC Term Loan B 1st Lien F/R 04-15-2025 139,293 184 0.0%
Chartwell Retirement Residences 3.79% 12-11-2023 Callable 2023 120,134 125 0.0%
Chartwell Retirement Residences 4.21% 04-28-2025 Callable 2025 363,348 386 0.0%
Chemtrade Logistics Income Fund 4.75% 05-31-2024 Conv. Callable 2022 1,690,000 1,512 0.1%
Chloe Ox Parent LLC Term Loan 1st Lien F/R 12-19-2024 434,500 573 0.0%
Choice Properties Real Estate Investment Trust 218,959 3,006 0.2%
Choice Properties Real Estate Investment Trust 3.54% 06-11-2029 Callable 2029 800,764 820 0.0%
Choice Properties Real Estate Investment Trust 4.18% 03-08-2028 Callable 2027 1,090,000 1,173 0.1%
Cisco Systems Inc. 60,500 4,425 0.2%
Citadel LLC Term Loan B 1st Lien F/R 02-22-2026 5,925,957 7,863 0.4%
Civitas Solutions Inc. Term Loan 1st Lien F/R 02-05-2026 628,846 836 0.0%
Clarity Telecom LLC Term Loan 1st Lien F/R 06-27-2026 980,801 1,297 0.1%
CME Group Inc. 30,400 7,803 0.4%
Coca-Cola Femsa SAB de CV 3.88% 11-26-2023 3,767 5 0.0%
Coeur Mining Inc. 5.88% 06-01-2024 Callable 2020 921,201 1,189 0.1%
Colliers International Group Inc. 6,004 576 0.0%
Comber Wind Financial Corp. 5.13% 11-15-2030 3,822,318 4,234 0.2%
Commercial Vehicle Group Inc. Term Loan B 1st Lien F/R 03-30-2023 1,557,527 2,067 0.1%
Commonwealth of Bahamas 5.75% 01-16-2024 9,359 13 0.0%
Commonwealth of Bahamas 6.00% 11-21-2028 Callable 2028 1,690,000 2,468 0.1%
Commonwealth of Bahamas 6.95% 11-20-2029 5,951 9 0.0%
CommScope Inc. Term Loan B2 1st Lien F/R 02-07-2026 930,000 1,232 0.1%
CommScope Technologies Finance LLC 8.25% 03-01-2027 Callable 2022 144A 897,369 1,174 0.1%
CommScope Technologies LLC 5.00% 03-15-2027 Callable 2022 144A 884,191 986 0.1%
Concrete Pumping Merger Sub Inc. Term Loan 1st Lien F/R 11-14-2025 1,689,065 2,199 0.1%
Constellation Brands Inc. Class A 21,800 5,665 0.3%
Constellium NV 4.25% 02-15-2026 Callable 2020 510,848 785 0.0%
Constellium NV 5.88% 02-15-2026 Callable 2020 144A 1,314,285 1,807 0.1%
Constellium NV 6.63% 03-01-2025 Callable 2020 144A 280,000 388 0.0%
Conterra Ultra Broadband Holdings Inc. Term Loan B 1st Lien F/R 04-26-2026 1,011,183 1,342 0.1%
Cook & Boardman Group LLC Term Loan 1st Lien F/R 10-12-2025 635,072 833 0.0%
Cordelio Amalco GP I 4.09% 06-30-2034 471,386 500 0.0%
Cordelio Amalco GP I 4.09% 09-30-2034 479,604 507 0.0%
Credit Acceptance Corp. 6.63% 03-15-2026 Callable 2022 650,895 931 0.0%
Crew Energy Inc. 6.50% 03-14-2024 Callable 1,690,000 1,463 0.1%
Crombie Real Estate Investment Trust 4.80% 01-31-2025 Callable 2024 316,315 337 0.0%
Crown Subsea Communications Holding Inc. Term Loan 1st Lien F/R 11-02-2025 1,872,217 2,481 0.1%
CSC Holdings LLC 6.50% 02-01-2029 Callable 2024 144A 1,021,460 1,486 0.1%
CU Inc. 3.96% 07-27-2045 Callable 100,000 117 0.0%
CVR Partners LP 9.25% 06-15-2023 Callable 2019 144A 813,801 1,125 0.1%
CVS Health Corp. F/R 03-09-2020 136,449 180 0.0%
DaVita Healthcare Partners Inc. 5.00% 05-01-2025 Callable 2020 972,307 1,269 0.1%
Dawn Acquisition LLC Term Loan 1st Lien F/R 10-25-2025 1,115,584 1,453 0.1%
Dentsply Sirona Inc. 106,800 7,678 0.4%
Deutsche Boerse AG 57,500 10,617 0.6%
DHX Media Ltd. 5.88% 09-30-2024 Conv. 262,703 193 0.0%
Diageo PLC 73,000 4,019 0.2%
Diamond (BC) BV Term Loan 1st Lien F/R 09-06-2024 1,300,200 1,560 0.1%
Diamond 1 Finance Corp. 4.42% 06-15-2021 Callable 2021 144A 13,348 18 0.0%
Diamond Sports Group LLC 5.38% 08-15-2026 Callable 2022 144A 2,355 3 0.0%
Diamond Sports Group LLC 6.63% 08-15-2027 Callable 2022 144A 690,942 940 0.0%
Diamond Sports Group LLC Term Loan B 1st Lien F/R 07-18-2026 1,527,094 2,023 0.1%
DISH DBS Corp. 5.88% 11-15-2024 951,601 1,176 0.1%
DMT Solutions Global Corp. Term Loan 1st Lien F/R 06-25-2024 465,724 600 0.0%
Dollarama Inc. F/R 03-16-2020 978,873 981 0.1%
Drax Group PLC 6.63% 11-01-2025 Callable 2021 144A 1,953,391 2,687 0.1%
Drive Chassis Holdco LLC. Term Loan 2nd Lien F/R 04-12-2026 640,518 825 0.0%
Eagle Credit Card Trust 2.63% 10-17-2022 374,112 379 0.0%
Eagle Credit Card Trust 3.04% 07-17-2023 250,651 258 0.0%
EagleTree-Carbide Acquisition Corp. Term Loan 1st Lien F/R 08-28-2024 3,236,583 4,225 0.2%
Eastern Power LLC Term Loan B 1st Lien F/R 10-02-2023 757,205 1,004 0.1%
eG Global Finance PLC 6.75% 02-07-2025 Callable 2021 144A 2,693,579 3,588 0.2%
Electrical Components International Inc. Term Loan 1st Lien F/R 06-22-2025 1,658,876 2,048 0.1%
Electrical Components International Inc. Term Loan 2nd Lien F/R 06-22-2026 300,141 374 0.0%
Emera Inc. 134,374 7,364 0.4%
Emera Inc. 2.90% 06-16-2023 911,573 927 0.0%
Enbridge Inc. 363,659 16,030 0.9%
Enbridge Inc. 3.19% 12-05-2022 640,717 659 0.0%
Enbridge Inc. 4.57% 03-11-2044 880,000 973 0.1%
Enbridge Inc. 5.37% 09-27-2077 Callable 2027 13,167,280 13,231 0.8%
Enbridge Inc. F/R 04-12-2078 Callable 2028 3,143,880 3,425 0.2%
ENC Holding Corp. Term Loan 1st Lien F/R 05-30-2025 614,154 801 0.0%
EnCana Corp. 570,800 3,442 0.2%
EnerCare Solutions Inc. 3.38% 02-21-2022 Callable 2022 980,000 996 0.1%
EnerCare Solutions Inc. 3.99% 02-21-2024 Callable 2023 158,696 164 0.0%
Ensono LP Term Loan 1st Lien F/R 04-30-2025 1,328,446 1,752 0.1%
Enterprise Merger Sub Inc. Term Loan 1st Lien F/R 09-28-2025 169,665 193 0.0%
EnTrans International LLC Term Loan 1st Lien F/R 10-29-2025 1,341,778 1,736 0.1%
EPCOR Utilities Inc. 1.95% 07-08-2022 482,021 481 0.0%
EPCOR Utilities Inc. 3.11% 07-08-2049 Callable 2049 730,000 742 0.0%
EPCOR Utilities Inc. 3.55% 11-27-2047 Callable 2047 650,000 714 0.0%
EPR Properties 4.95% 04-15-2028 Callable 2028 500,000 708 0.0%
Equifax Inc. 42,000 7,713 0.4%
Eurofins Scientific 7,300 4,105 0.2%
Exela Intermediate LLC 10.00% 07-15-2023 Callable 2020 144A 2,020,830 2,192 0.1%
Exela Intermediate LLC Term Loan B 1st Lien F/R 07-12-2023 575,832 665 0.0%
Facebook Inc. 18,200 4,667 0.2%
FAGE International SA / FAGE USA Dairy Industry Inc. 5.63% 08-15-2026 Callable 2021 144A 1,017,417 1,171 0.1%
Fairfax Financial Holdings Ltd. 4.23% 06-14-2029 Callable 2029 287,416 292 0.0%
Fairfax Financial Holdings Ltd. 4.50% 03-22-2023 601,787 640 0.0%
Fairfax Financial Holdings Ltd. 4.95% 03-03-2025 268,551 293 0.0%
Fairfax Financial Holdings Ltd. 5.84% 10-14-2022 22,413,348 24,651 1.4%
Fairfax Financial Holdings Ltd. 8.30% 04-15-2026 966,741 1,571 0.1%
Fédération des Caisses Desjardins du Québec 2.09% 01-17-2022 882,853 884 0.0%
Fédération des Caisses Desjardins du Québec 2.39% 08-25-2022 499,818 505 0.0%
Fédération des Caisses Desjardins du Québec 3.06% 09-11-2023 234,336 243 0.0%
Fédération des Caisses Desjardins du Québec F/R 08-22-2019 317,392 317 0.0%
Federative Republic of Brazil 10.00% 01-01-2029 471 2 0.0%
Finning International Inc. 96,700 2,207 0.1%
First Eagle Holdings Inc. Term Loan B 1st Lien F/R 12-01-2024 1,592,843 2,110 0.1%
First Quantum Minerals Ltd. 7.25% 04-01-2023 Callable 2019 144A 2,073,108 2,705 0.1%
Ford Auto Securitization Trust 1.42% 04-15-2021 17-R2 162,494 162 0.0%
Forming Machining Industries Holdings LLC Term Loan 1st Lien F/R 10-03-2025 1,156,405 1,481 0.1%
Fortified Trust 1.67% 07-23-2021 1,379,415 1,369 0.1%
Fortified Trust 2.56% 03-23-2024 818,988 831 0.0%
Fortis Inc. 164,104 8,537 0.4%
Fortress Transportation and Infrastructure Investors LLC 6.50% 10-01-2025 Callable 2021 144A 1,702,307 2,340 0.1%
Fortress Transportation and Infrastructure Investors LLC 6.75% 03-15-2022 Callable 2020 144A 1,253,344 1,734 0.1%
Foundation Building Materials LLC Term Loan B 1st Lien F/R 05-11-2025 783,479 1,038 0.1%
Fresenius US Finance II Inc. 4.25% 02-01-2021 144A 3,767 5 0.0%
Frontera Generation Holdings LLC Term Loan B 1st Lien F/R 04-25-2025 1,338,953 1,729 0.1%
Fusion Connect Inc. Term Loan 1st Lien F/R 06-03/2019 2 0.0%
Fusion Connect Inc. Term Loan B 1st Lien F/R 05-03-2023 286 0.0%
Fusion Connect Inc. Term Loan DIP 1st Lien F/R 10-03-2019 26 0.0%
Futures Contracts 116 0.0%
FXI Holdings Inc. 7.88% 11-01-2024 Callable 2020 144A 1,071,271 1,275 0.1%
FXI Holdings Inc. Bridge Loan Exp. 03-04-2020 10,330,000 0.0%
Garda World Security Corp. 7.25% 11-15-2021 Callable 144A 2,375,000 3,153 0.2%
Garda World Security Corp. Term Loan B 1st Lien F/R 05-26-2024 3,537,800 3,538 0.2%
Gateway Casinos & Entertainment Ltd. Term Loan B 1st Lien F/R 03-13-2025 1,796,038 2,356 0.1%
GEMS MENASA (Cayman) Ltd. Term Loan B 1st Lien F/R 07-30-2026 849,558 1,110 0.1%
George Weston Ltd. 156,192 16,303 1.0%
GFL Environmental Inc. 5.38% 03-01-2023 Callable 2020 144A 1,576,837 2,113 0.1%
GFL Environmental Inc. 5.63% 05-01-2022 Callable 2019 144A 867,027 1,159 0.1%
GFL Environmental Inc. 7.00% 06-01-2026 Callable 2021 144A 2,133,932 2,926 0.2%
GFL Environmental Inc. Term Loan B 1st Lien F/R 05-31-2025 1,804,687 2,369 0.1%
Gibson Energy Inc. 5.25% 07-15-2024 Callable 2020 REGS 6,707,644 7,131 0.4%
GLOBALFOUNDRIES Inc. Term Loan B 1st Lien F/R 05/24/2026 3,256,608 4,257 0.2%
Golden Entertainment Inc. 7.63% 04-15-2026 Callable 2022 144A 620,801 845 0.0%
Government of Bermuda 4.13% 01-03-2023 25,213 35 0.0%
Government of Bermuda 4.85% 02-06-2024 330 0.0%
Government of Canada 1.00% 06-01-2027 47,461 46 0.0%
Government of Canada 1.00% 09-01-2022 69,708 69 0.0%
Government of Canada 1.50% 06-01-2026 2,966 3 0.0%
Government of Canada 1.50% 09-01-2024 5,312,264 5,323 0.3%
Government of Canada 1.75% 05-01-2021 986,289 989 0.1%
Government of Canada 2.00% 09-01-2023 57,842 59 0.0%
Government of Canada 2.75% 12-01-2048 12,570,000 15,612 0.9%
Government of Cayman Islands 5.95% 11-24-2019 330 0.0%
Government of Dominican Republic 7.45% 04-30-2044 2,166 3 0.0%
Government of El Salvador 7.38% 12-01-2019 1,366 2 0.0%
Government of Mexico 7.50% 06-03-2027 130,821 9 0.0%
Gray Escrow Inc. 7.00% 05-15-2027 Callable 2022 144A 230,330 333 0.0%
Greater Toronto Airports Authority 2.73% 04-03-2029 Callable 2029 255,933 265 0.0%
Greenhill & Co. Inc. Term Loan B 1st Lien F/R 04-05-2024 630,518 831 0.0%
Grifols Worldwide Operations USA Inc. Term Loan B 1st Lien F/R 01-31-2025 3,030 4 0.0%
Guala Closures SpA F/R 04-15-2024 Callable 2019 3,579 5 0.0%
H&R Real Estate Investment Trust 2.92% 05-06-2022 2,422,292 2,442 0.1%
H&R Real Estate Investment Trust 3.37% 01-30-2024 Callable 2023 145,348 148 0.0%
H&R Real Estate Investment Trust 3.42% 01-23-2023 Callable 2022 460,045 470 0.0%
Hadrian Merger Sub Inc. 8.50% 05-01-2026 Callable 2021 144A 3,134,321 3,997 0.2%
Halo Buyer Inc. Term Loan 1st Lien F/R 06-28-2025 728,985 953 0.0%
HCA Holdings Inc. 5.25% 06-15-2026 Callable 2025 1,695 2 0.0%
HCA Inc. 5.88% 02-01-2029 Callable 2028 931,271 1,368 0.1%
Heartland Dental LLC Delay Draw Term Loan 1st Lien F/R 04-17-2025 21,409 27 0.0%
Heartland Dental LLC Term Loan 1st Lien F/R 04-17-2025 954,245 1,215 0.1%
Heathrow Funding Ltd. 3.00% 06-17-2023 398,965 405 0.0%
Heathrow Funding Ltd. 3.25% 05-21-2025 3,695,557 3,826 0.2%
Heathrow Funding Ltd. 3.40% 03-08-2028 1,000,471 1,044 0.1%
Heathrow Funding Ltd. 3.79% 09-04-2030 Callable 2030 770,188 820 0.0%
Heineken Holding NV A 50,500 6,751 0.4%
Heritage Power LLC Term Loan B 1st Lien F/R 07-08-2026 1,830,147 2,382 0.1%
Honeywell International Inc. 27,900 6,353 0.3%
Horizon Therapeutics PLC 5.50% 08-01-2027 Callable 2022 144A 501,884 678 0.0%
Hornblower Sub LLC Term Loan 1st Lien F/R 04-28-2025 2,262,845 3,004 0.2%
HSBC Bank Canada 2.17% 06-29-2022 689,660 689 0.0%
HSBC Bank Canada 2.25% 09-15-2022 428,944 429 0.0%
HSBC Bank Canada 3.25% 09-15-2023 902,674 937 0.0%
HSBC Holdings PLC 297,600 3,128 0.2%
HSBC Holdings PLC 3.20% 12-05-2023 1,567,919 1,609 0.1%
Husky Energy Inc. 4.45% 12-31-2049 Pfd. Series 1 12,046 149 0.0%
Hydro One Inc. 2.54% 04-05-2024 Callable 2024 870,696 887 0.0%
Hydro One Inc. 2.57% 06-25-2021 398,965 403 0.0%
Hydro One Inc. 3.72% 11-18-2047 760,000 846 0.0%
Hyster-Yale Group Inc. Term Loan B 1st Lien F/R 05-30-2023 952,395 1,247 0.1%
IEA Energy Services LLC Term Loan 1st Lien F/R 09-25-2024 2,061,801 2,586 0.1%
II-VI Inc. Term Loan B 1st Lien F/R 05-08-2026 2,275,520 3,001 0.2%
INEOS Enterprises Holdings US Finco LLC Term Loan B 1st Lien F/R 07-29-2026 1,830,296 2,413 0.1%
Ineos US Finance LLC Term Loan B 1st Lien F/R 03-31-2024 3,381 4 0.0%
Innovative Water Care Global Corp. Term Loan 1st Lien F/R 02-27-2026 1,722,844 2,162 0.1%
Institutional Shareholder Services Inc. Term Loan 1st Lien F/R 02-26-2026 1,471,896 1,924 0.1%
Integro Ltd. United States Term Loan B1 1st Lien F/R 10-31-2022 534,059 691 0.0%
Intelsat Jackson Holdings SA 8.50% 10-15-2024 Callable 2020 144A 290,377 385 0.0%
Intelsat Jackson Holdings SA Term Loan B3 1st Lien F/R 11-27-2023 3,061 4 0.0%
Inter Pipeline Ltd. 2.73% 04-18-2024 Callable 2024 90,472 91 0.0%
Inter Pipeline Ltd. 3.17% 03-24-2025 Callable 2024 MTN 169,078 173 0.0%
Inter Pipeline Ltd. 3.48% 12-16-2026 Callable 2026 40,045 42 0.0%
Inter Pipeline Ltd. F/R 03-26-2079 Callable 2029 5,371,848 5,661 0.3%
Interior Logic Group Holdings IV LLC Term Loan B 1st Lien F/R 05-21-2025 784,449 1,027 0.1%
Intermedia Holdings Inc. Term Loan B 1st Lien F/R 07-13-2025 619,037 819 0.0%
International Finance Corp. 3.63% 05-20-2020 176,494 156 0.0%
International Finance Corp. 7.00% 07-20-2027 55,945 4 0.0%
iQor US Inc. Term Loan 2nd Lien F/R 04-01-2022 1,870,000 1,987 0.1%
iQor US Inc. Term Loan B 1st Lien F/R 04-01-2021 945,151 1,192 0.1%
Iron Mountain Canada Operations ULC 5.38% 09-15-2023 Callable 2019 832,920 858 0.0%
Isagenix International LLC Term Loan 1st Lien F/R 04-26-2025 2,242,726 2,354 0.1%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $84.00 Exp. 09-20-2019 1,918 71 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $84.00 Exp. 11-15-2019 1,271 117 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $85.00 Exp. 01-17-2020 579 116 0.0%
iShares iBoxx $ High Yield Corporate Bond ETF Put Option @ $85.00 Exp. 11-15-2019 579 71 0.0%
Ivanhoe Cambridge II Inc. 2.91% 06-27-2023 Callable 2023 620,606 638 0.0%
Jane Street Group LLC. Term Loan B 1st Lien F/R 08-25-2022 1,694,847 2,230 0.1%
Janus International Group LLC Term Loan 1st Lien F/R 02-15-2025 817,950 1,087 0.1%
Japan Exchange Group Inc. 253,200 4,895 0.3%
JBS Investments II GmbH 5.75% 01-15-2028 Callable 2022 144A 1,884 3 0.0%
JBS USA Lux SA 5.88% 07-15-2024 Callable 2019 144A 1,837 2 0.0%
Jefferies Finance LLC Term Loan 1st Lien F/R 05-21-2026 650,518 859 0.0%
Johnson & Johnson 41,900 7,204 0.4%
JP Intermediate B LLC Term Loan 1st Lien F/R 10-19-2025 788,598 906 0.0%
JPMorgan Chase & Co. 57,700 8,837 0.5%
JPMorgan Chase & Co. 3.19% 03-05-2021 726,739 739 0.0%
Keane Group Holdings LLC Term Loan B 1st Lien F/R 05-18-2025 1,956,895 2,559 0.1%
Kestra Advisor Services Holdings A Inc. Term Loan 1st Lien F/R 04-29-2026 1,040,848 1,368 0.1%
Kestrel Acquisition LLC Term Loan B 1st Lien F/R 05-02-2025 1,103,750 1,431 0.1%
Keyence Corp. 4,700 3,540 0.2%
Keyera Corp. F/R 06-13-2079 Callable 2029 4,583,543 4,735 0.2%
Keystone Peer Review Organization Holdings Inc. Term Loan 1st Lien F/R 05-01-2024 817,322 1,057 0.1%
Kinder Morgan Inc. 323,700 8,812 0.5%
Koninklijke Philips NV 138,401 8,568 0.4%
Kruger Products LP 6.00% 04-24-2025 Callable 2021 1,903,393 1,850 0.1%
Kweichow Moutai Co. Ltd. Class A 23,752 4,409 0.2%
L&W Inc. Term Loan 1st Lien F/R 05-17-2025 1,335,121 1,714 0.1%
LABL Escrow Issuer LLC 10.50% 07-15-2027 Callable 2022 144A 3,764,391 5,031 0.3%
LABL Escrow Issuer LLC 6.75% 07-15-2026 Callable 2022 144A 2,366,487 3,199 0.2%
Lamb Weston Holdings Inc. 4.63% 11-01-2024 Callable 2021 144A 1,642,213 2,268 0.1%
Lamb Weston Holdings Inc. 4.88% 11-01-2026 Callable 2021 144A 1,611,271 2,218 0.1%
Las Vegas Sands Corp. 3.20% 08-08-2024 Callable 2024 17,798 24 0.0%
Laurentian Bank of Canada 2.55% 06-20-2022 96,404 96 0.0%
LBM Borrower LLC Term Loan 1st Lien F/R 08-20-2022 1,954,312 2,586 0.1%
Lee Enterprises Inc. 9.50% 03-15-2022 Callable 2020 144A 1,182,825 1,580 0.1%
LifeMiles Ltd. Term Loan B 1st Lien F/R 08-18-2022 1,527,168 1,953 0.1%
LifeScan Global Corp. Term Loan 1st Lien F/R 06-19-2024 2,512,764 3,170 0.2%
LifeScan Global Corp. Term Loan 2nd Lien F/R 06-19-2025 750,377 906 0.0%
Linde PLC 14,100 3,561 0.2%
Lions Gate Capital Holdings LLC 6.38% 02-01-2024 Callable 2021 144A 320,471 447 0.0%
Loblaw Companies Ltd. 97,688 6,690 0.4%
Lockheed Martin Corp. 15,600 7,459 0.4%
Logibec Groupe Informatique Ltd. Term Loan 1st Lien F/R 01-15-2020 978,272 929 0.0%
London Stock Exchange Group PLC 49,000 5,217 0.3%
LVMH Moet Hennessy Louis Vuitton SE 8,000 4,367 0.2%
Mackenzie Credit Absolute Return Fund Series R 22,692 233 0.0%
Mackenzie Global High Yield Fixed Income ETF 6,342,884 124,131 6.6%
Mackenzie Global Tactical Bond Fund Series R 1,247,698 11,672 0.7%
Mackenzie International Dividend Fund Series R 455,098 5,551 0.3%
Mackenzie Unconstrained Fixed Income Fund Series R 21,416 214 0.0%
Mackenzie US Investment Grade Corporate Bond Index ETF (CAD-Hedged) 171,134 17,469 1.0%
Magna International Inc. 65,039 4,329 0.2%
Mallinckrodt International Finance SA 4.88% 04-15-2020 144A 550,753 678 0.0%
Manulife Bank of Canada 1.92% 09-01-2021 173,527 173 0.0%
Manulife Bank of Canada 2.84% 01-12-2023 2,124,291 2,169 0.1%
Manulife Bank of Canada F/R 01-27-2020 Callable 2019 102,337 102 0.0%
Manulife Financial Corp. 1,049,234 25,077 1.4%
Manulife Financial Corp. F/R 05-09-2028 Callable 2023 623,909 642 0.0%
Manulife Financial Corp. F/R 08-20-2029 Callable 2024 1,530,898 1,568 0.1%
Manulife Financial Corp. Pfd. Series 13 55,946 1,037 0.1%
Mattamy Group Corp. 6.50% 10-01-2025 Callable 2020 1,496,436 1,565 0.1%
Mattel Inc. 2.35% 08-15-2021 Callable 2021 1,662,166 2,144 0.1%
Mattel Inc. 3.15% 03-15-2023 Callable 2022 540,706 689 0.0%
Mattel Inc. 5.45% 11-01-2041 Callable 2041 420,565 470 0.0%
Matterhorn Merger Sub LLC 8.50% 06-01-2026 Callable 2021 144A 1,981,114 2,155 0.1%
McDonald's Corp. 16,936 4,712 0.2%
McDonald's Corp. 3.13% 03-04-2025 Callable 2025 2,018,201 2,093 0.1%
MEG Energy Corp. 6.38% 01-30-2023 Callable 144A 641,177 802 0.0%
MEG Energy Corp. 7.00% 03-31-2024 Callable 2019 144A 820,498 1,034 0.1%
Mercer International Inc. 7.38% 01-15-2025 Callable 2021 480,659 669 0.0%
Meredith Corp. 6.88% 02-01-2026 Callable 2021 1,761,837 2,471 0.1%
Meredith Corp. Term Loan B 1st Lien F/R 01-31-2025 1,489,640 1,976 0.1%
Methanex Corp. 50,805 2,639 0.1%
Metro Inc. 2.68% 12-05-2022 Callable 2022 88,988 90 0.0%
Micro Focus International PLC 190,884 5,279 0.3%
Microsoft Corp. 71,198 12,809 0.8%
Milk Specialties Co. Term Loan 1st Lien F/R 08-16-2023 452,972 585 0.0%
Millar Western Forest Products Ltd. 9.50% 06-20-2023 Callable 2020 991,366 1,009 0.1%
Minotaur Acquisition Inc. Term Loan 1st Lien F/R 02-27-2026 1,915,422 2,485 0.1%
Moody's Corp. 26,000 7,358 0.4%
Morgan Stanley 3.00% 02-07-2024 2,045,909 2,086 0.1%
Mowi ASA 116,100 3,684 0.2%
Multi-Color Corp. Term Loan B 1st Lien F/R 06-17-2026 1,395,470 1,848 0.1%
Murata Manufacturing Co. Ltd. 43,000 2,503 0.1%
MyNEXUS Inc. Term Loan 1st Lien F/R 06-19-2024 1,284,189 1,662 0.1%
Natel Engineering Co. Inc. Term Loan B 1st Lien F/R 04-29-2026 991,183 1,314 0.1%
National Bank of Canada 1.96% 06-30-2022 600,672 599 0.0%
National Bank of Canada 2.55% 07-12-2024 228,404 230 0.0%
National Bank of Canada 2.98% 03-04-2024 149,797 154 0.0%
Neenah Foundry Co. Term Loan B 1st Lien F/R 12-08-2022 857,597 1,121 0.1%
Nestlé SA Reg. 91,100 12,759 0.8%
Netflix Inc. 3.88% 11-15-2029 3,155 5 0.0%
New Red Finance Inc. 5.00% 10-15-2025 Callable 2020 144A 1,024,159 1,381 0.1%
Nexstar Escrow Inc. 5.63% 07-15-2027 Callable 2022 144A 2,149,792 2,959 0.2%
Nexstar Media Group Inc. Bridge Loan Exp. 11-30-2019 9,440,000 0.0%
Nike Inc. Class B 26,425 3,001 0.2%
Nine Energy Service Inc. 8.75% 11-01-2023 Callable 2020 144A 1,072,825 1,388 0.1%
NMN Holdings III Corp. Term Loan 1st Lien F/R 10-26-2025 698,009 920 0.0%
NMN Holdings III Corp. Term Loan Delayed Draw 1st Lien F/R 10-26-2025 148,750 196 0.0%
Nokia OYJ 3.38% 06-12-2022 848 1 0.0%
Nokia OYJ ADR 508,400 3,631 0.2%
Norbord Inc. 5.75% 07-15-2027 Callable 2022 144A 1,588,894 2,124 0.1%
NORDAM Group Inc. Term Loan B-Exit 1st Lien F/R 04-04-2026 628,942 832 0.0%
North Battleford Power LP 4.96% 12-31-2032 1,516,490 1,715 0.1%
North West Redwater Partnership 2.80% 06-01-2027 Callable 2027 752,719 762 0.0%
Northern Trust Corp. 29,000 3,752 0.2%
Northland Power Inc. 87,180 2,190 0.1%
Nouvelle Autoroute 30 Financement Inc. 4.11% 03-31-2042 579,867 647 0.0%
Nova Scotia Power Inc. 3.57% 04-05-2049 Callable 2048 360,000 388 0.0%
Novo Nordisk AS B 103,600 6,564 0.3%
NRG Yield Operating LLC 5.38% 08-15-2024 Callable 391,554 531 0.0%
Nufarm Australia Ltd. 5.75% 04-30-2026 Callable 2021 144A 1,724,285 2,160 0.1%
Numericable-SFR 7.38% 05-01-2026 Callable 2021 144A 1,582,166 2,200 0.1%
Nutrien Ltd. 218,007 15,775 0.9%
NuVista Energy Ltd. 6.50% 03-02-2023 Callable 2020 1,411,695 1,378 0.1%
NVA Holdings Inc. 6.88% 04-01-2026 Callable 2021 706 1 0.0%
Oaktree Capital Group LLC 89,805 6,007 0.3%
Occidental Petroleum Corp. 66,800 4,530 0.2%
OCI Beaumont LLC Term Loan B 1st Lien F/R 02-16-2025 1,635,977 2,165 0.1%
OCI NV 6.63% 04-15-2023 Callable 2020 144A 3,296 5 0.0%
Office Depot Inc. Term Loan B 1st Lien F/R 11-08-2022 2,178,986 2,919 0.2%
Omega Healthcare Investors Inc. 4.50% 01-15-2025 Callable 2024 29,663 41 0.0%
OMERS Finance Trust 2.60% 05-14-2029 860,764 885 0.0%
OMERS Realty Corp. 2.47% 11-12-2019 Callable 394,515 395 0.0%
OMERS Realty Corp. 3.24% 10-04-2027 Callable 2027 309,976 329 0.0%
OMERS Realty Corp. 3.63% 06-05-2030 Callable 2030 1,028,899 1,133 0.1%
Ontario Electricity Financial Corp. 0% 11-27-2020 258,066 251 0.0%
Ontario Power Generation Inc. 3.32% 10-04-2027 Callable 2027 830,000 870 0.0%
Ontario Power Generation Inc. 4.25% 01-18-2049 Callable 2048 325,742 376 0.0%
Open Text Corp. 158,263 8,909 0.5%
Oracle Corp. 50,540 3,757 0.2%
Otsuka Corp. 60,900 3,164 0.2%
Owens & Minor Inc. Term Loan B 1st Lien F/R 05-01-2025 1,895,675 2,035 0.1%
Panther BF Aggregator 2 LP 6.25% 05-15-2026 144A 1,321,789 1,817 0.1%
Panther BF Aggregator 2 LP 8.50% 05-15-2027 Callable 2022 144A 2,604,380 3,493 0.2%
Panther BF Aggregator 2 LP Term Loan B 1st Lien F/R 03-18-2026 1,486,056 1,965 0.1%
Park Aerospace Holdings Ltd. 5.25% 08-15-2022 144A 383,484 535 0.0%
Parkland Fuel Corp. 123,570 5,330 0.3%
Parkland Fuel Corp. 5.75% 09-16-2024 Callable 2019 2,165,000 2,222 0.1%
Parkland Fuel Corp. 5.88% 07-15-2027 Callable 2022 144A 201,452 275 0.0%
Parkland Fuel Corp. 6.00% 04-01-2026 Callable 2021 144A 2,091,877 2,866 0.2%
Parkland Fuel Corp. 6.00% 11-21-2022 Callable 5,557 6 0.0%
Pembina Pipeline Corp. 112,691 5,397 0.3%
Pembina Pipeline Corp. 3.54% 02-03-2025 Callable 59,326 62 0.0%
Pembina Pipeline Corp. 3.62% 04-03-2029 Callable 2029 461,865 482 0.0%
Penske Automotive Group Inc. 3.75% 08-15-2020 1,742 2 0.0%
Pernod Ricard SA* 16,100 3,721 0.2%
Petroleos De Venezuela SA 6.00% 05-16-2024 2,154,612 402 0.0%
Philip Morris International Inc. 76,000 8,389 0.4%
Pisces Midco Inc. 8.00% 04-15-2026 Callable 2021 144A 1,652,614 2,137 0.1%
PLH Group Inc. Term Loan 1st Lien F/R 08-06-2023 834,482 1,096 0.1%
Pluto Acquisition I Inc. Term Loan 1st Lien F/R 06-18-2026 1,425,813 1,861 0.1%
Polymer Process Holdings Inc. Term Loan 1st Lien F/R 04-29-2026 1,526,056 1,985 0.1%
Power Corp. of Canada Sub. Voting* 110,753 3,099 0.2%
Power Financial Corp.* 84,100 2,430 0.1%
Prairie ECI Acquiror LP Term Loan 1st Lien F/R 03-07-2026 392,313 521 0.0%
PrairieSky Royalty Ltd. 49,250 871 0.0%
Premier Dental Services Inc. Term Loan B 1st Lien F/R 06-30-2023 711 1 0.0%
Project Leopard Holdings Inc. Term Loan 1st Lien F/R 07-07-2023 1,799,649 2,374 0.1%
Province of Newfoundland 3.00% 06-02-2026 4,305,369 4,525 0.2%
Province of Newfoundland 3.70% 10-17-2048 2,010,000 2,368 0.1%
Province of Ontario 0% 06-02-2024 302,561 275 0.0%
Province of Ontario 0% 07-13-2022 5,933 6 0.0%
Province of Ontario 2.30% 09-08-2024 1,538,017 1,567 0.1%
Province of Ontario 2.65% 02-05-2025 35,595 37 0.0%
Province of Ontario 2.65% 12-02-2050 1,840,000 1,917 0.1%
Province of Ontario 2.70% 06-02-2029 3,081,910 3,231 0.2%
Province of Ontario 2.80% 06-02-2048 370,000 395 0.0%
Province of Ontario 2.90% 06-02-2028 118,651 126 0.0%
Province of Ontario 2.90% 06-02-2049 1,760,000 1,919 0.1%
Province of Ontario Generic Coupon Strip 0% 12-02-2023 31,146 29 0.0%
Province of Quebec 0% 04-01-2026 Generic Strip 180,943 157 0.0%
Province of Quebec 2.25% 02-22-2024 149,797 152 0.0%
Province of Quebec 3.10% 12-01-2051 590,000 679 0.0%
Province of Quebec 3.50% 12-01-2048 1,620,000 1,978 0.1%
PS HoldCo LLC Term Loan 1st Lien F/R 03-02-2025 850,985 1,114 0.1%
PSC Industrial Outsourcing LP Term Loan 2nd Lien F/R 10-05-2025 650,000 828 0.0%
PSC Industrial Outsourcing LP Term Loan B 1st Lien F/R 10-05-2024 2,359,661 3,104 0.2%
Puma International Financing SA 5.00% 01-24-2026 Callable 2021 6,122 8 0.0%
Pure Multi-Family REIT LP 184,816 1,861 0.1%
Quad/Graphics Inc. 7.00% 05-01-2022 1,251,413 1,691 0.1%
Quebecor Media Inc. 6.63% 01-15-2023 144A 1,929,017 2,095 0.1%
R.R. Donnelley & Sons Co. Term Loan B 1st Lien F/R 01-04-2024 1,669,447 2,192 0.1%
Rackspace Hosting Inc. 8.63% 11-15-2024 Callable 2019 144A 2,481,185 3,019 0.2%
Rackspace Hosting Inc. Term Loan B 1st Lien F/R 11-03-2023 1,994,911 2,451 0.1%
Radiate Holdco LLC Term Loan 1st Lien F/R 02-01-2024 1,061,675 1,398 0.1%
Rayonier AM Products Inc. 5.50% 06-01-2024 Callable 2019 144A 1,031,413 1,080 0.1%
Reliance Intermediate Holdings LP 6.50% 04-01-2023 Callable 2020 144A 1,593,920 2,176 0.1%
Renfro Corp. Term Loan B 1st Lien F/R 03-31-2021 1,738,929 2,273 0.1%
Republic of Argentina 5.88% 01-11-2028 4,262 4 0.0%
Republic of Argentina 6.88% 01-11-2048 801 1 0.0%
Republic of South Africa 8.00% 01-31-2030 22,510 2 0.0%
Research Now Group Inc. Term Loan 2nd Lien F/R 12-20-2025 230,000 301 0.0%
Resolute Forest Products Inc. 5.88% 05-15-2023 271,283 363 0.0%
Resolute Investment Managers Inc. Term Loan 2nd Lien F/R 04-30-2023 560,000 745 0.0%
Restaurant Brands International Inc. 70,061 6,810 0.4%
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issue Lu 5.125% 07-15-2023 1,884 3 0.0%
RioCan Real Estate Investment Trust 216,555 5,635 0.3%
Rite Aid Corp. 6.13% 04-01-2023 Callable 2020 144A 531,271 594 0.0%
Rite Aid Corp. 7.70% 02-15-2027 1,954,803 1,623 0.1%
Roche Holding AG Genusscheine 20,400 7,209 0.4%
Rogers Communications Inc. 3.25% 05-01-2029 Callable 2029 836,315 862 0.0%
Royal Bank of Canada 374,005 38,979 2.1%
Royal Bank of Canada 2.35% 07-02-2024 803,438 803 0.0%
Royal Bank of Canada 2.95% 05-01-2023 680,762 701 0.0%
Royal Bank of Canada 3.30% 09-26-2023 300,427 312 0.0%
Royal Bank of Canada F/R 07-25-2029 711,761 712 0.0%
Russel Metals Inc. 6.00% 03-16-2026 Callable 2021 1,431,742 1,492 0.1%
Russell Investments US Institutional Holdings Term Loan B 1st Lien F/R 06-01-2023 480,010 630 0.0%
Russian Federal Loan Bond - OFZ 7.05% 01-19-2028 386,152 8 0.0%
Sabre Corp. 120,557 3,742 0.2%
Sabre Industries Inc. Term Loan B 1st Lien F/R 04-09-2026 449,251 595 0.0%
Saffron Borrowco LLC Term Loan 1st Lien F/R 06-20-2025 790,612 971 0.1%
Safran SA 56,400 10,669 0.6%
Sands China Ltd. 786,573 5,019 0.3%
SAP AG 41,400 6,779 0.4%
Savage Enterprises LLC Term Loan B 1st Lien F/R 07-02-2025 761,453 1,010 0.1%
Schlumberger Ltd. 53,500 2,823 0.1%
Scientific Games International Inc. 3.38% 02-15-2026 Callable 2021 3,179 5 0.0%
Scientific Games International Inc. 6.63% 05-15-2021 Callable 2019 1,413 2 0.0%
Scripps Escrow Inc. 5.88% 07-15-2027 Callable 2022 144A 2,025 3 0.0%
Sea to Sky Highway Investment LP 2.63% 08-31-2030 115,009 115 0.0%
Shaw Communications Inc. 4.40% 11-02-2028 Callable 2028 983,775 1,087 0.1%
Shaw Communications Inc. Class B non-voting 962,049 24,888 1.4%
Shaw Communications Inc. Pfd Series A 18,919 272 0.0%
Sienna Senior Living Inc. 3.47% 02-03-2021 47,461 48 0.0%
Sigma Bidco BV Term Loan B 1st Lien F/R 03-07-2025 1,590,706 2,285 0.1%
Sika AG 32,500 6,198 0.3%
Sinclair Television Group Inc. Term Loan B 1st Lien F/R 07-18-2026 528,123 700 0.0%
Sinclair Television Group Inc. Term Loan B2 1st Lien F/R 07-18-2026 452,677 600 0.0%
SIRVA Worldwide Inc. Term Loan 1st Lien F/R 07-31-2025 617,959 798 0.0%
SIWF Holdings Inc. Term Loan 1st Lien F/R 05-25-2025 920,700 1,215 0.1%
SMI Acquisition Inc. Term Loan 1st Lien F/R 10-27-2024 837,250 1,008 0.1%
SoftBank Group Corp. 5.38% 07-30-2022 Callable 2022 471 1 0.0%
Sony Corp. 66,500 4,985 0.3%
Sorenson Communications LLC Term Loan 1st Lien F/R 03-14-2024 790,659 1,048 0.1%
Source Energy Services Canada LP 10.50% 12-15-2021 Callable 2019 144A 2,802,230 2,673 0.1%
Source Energy Services Ltd. 758 1 0.0%
Sprint Corp. 7.13% 06-15-2024 560,753 811 0.0%
Sprint Corp. 7.88% 09-15-2023 630,801 929 0.0%
SRS Distribution Inc. Term Loan B 1st Lien F/R 05-17-2025 386,595 495 0.0%
SS&C Technologies Inc. Term Loan B5 1st Lien F/R 04-16-2025 932,234 1,232 0.1%
St. Joseph Energy Center LLC Term Loan 1st Lien F/R 04-06-2025 1,312,288 1,724 0.1%
Star West Generation LLC Term Loan B 1st Lien F/R 03-13-2020 690,571 892 0.0%
Starbucks Corp. 48,000 6,001 0.3%
Starfruit US Holdco LLC 8.00% 10-01-2026 Callable 2021 144A 570,547 748 0.0%
Stars Group Holdings BV Term Loan B 1st Lien F/R 07-10-2025 796,480 1,057 0.1%
Stonegate Pub Company Financing PLC 4.88% 03-15-2022 Callable 2019 3,767 6 0.0%
Sun Life Financial Inc. 187,200 10,266 0.5%
Sun Life Financial Inc. F/R 02-19-2026 Callable 2021 177,977 180 0.0%
Sun Life Financial Inc. F/R 09-19-2028 Callable 2023 1,415,864 1,454 0.1%
Sun Life Financial Inc. F/R 11-23-2027 Callable 2022 692,292 702 0.0%
Suncor Energy Inc. 475,109 17,992 1.0%
Suncor Energy Inc. 3.10% 05-24-2029 Callable 2029 604,831 621 0.0%
Superior Plus LP 5.25% 02-27-2024 Callable 2020 4,047,770 4,092 0.2%
Superior Plus LP 7.00% 07-15-2026 Callable 2021 144A 2,019,572 2,813 0.1%
Suzuki Motor Corp. 47,900 2,469 0.1%
Sydney Airport Finance Co. Pty. Ltd. 3.63% 04-28-2026 Callable 2026 144A 3,673 5 0.0%
Syniverse Holdings Inc. Term Loan 1st Lien F/R 02-09-2023 917,288 1,112 0.1%
Sysco Canada Inc. 3.65% 04-25-2025 Callable 2025 830,764 873 0.0%
Taiwan Semiconductor Manufacturing Co. Ltd. 382,500 4,169 0.2%
Talen Energy Supply LLC 6.63% 01-15-2028 Callable 2023 144A 640,848 818 0.0%
Talen Energy Supply LLC 7.25% 05-15-2027 Callable 2022 144A 540,753 714 0.0%
TC Energy Corp. 344,432 22,257 1.3%
TC Energy Corp. Pfd. Series 15 111,443 2,851 0.1%
Telenet Finance Luxembourg Notes Sarl 5.50% 03-01-2028 Callable 2022 144A 942 1 0.0%
Telenet Financing USD LLC Term Loan AN 1st Lien F/R 08-15-2026 3,061 4 0.0%
TELUS Corp. 394,019 18,692 1.1%
Telus Corp. 2.75% 07-08-2026 501,865 504 0.0%
TELUS Corp. 3.30% 05-02-2029 Callable 2029 358,899 369 0.0%
TELUS Corp. 3.35% 04-01-2024 Callable 238,786 248 0.0%
Tencent Holdings Ltd. 84,900 5,243 0.3%
Teneo Holdings LLC Term Loan B 1st Lien F/R 07-12-2025 1,830,147 2,338 0.1%
Tenet Healthcare Corp. 6.25% 02-01-2027 Callable 2022 144A 1,121,601 1,534 0.1%
Tenet Healthcare Corp. 6.75% 06-15-2023 2,967 4 0.0%
Tensar International Corp. Term Loan 2nd Lien F/R 07-09-2022 927,866 1,110 0.1%
TerraForm Power Operating LLC 5.00% 01-31-2028 Callable 2027 144A 1,963,909 2,636 0.1%
Teva Pharmaceutical Industries Ltd. 2.80% 07-21-2023 2,869,483 3,299 0.2%
Texas Instruments Inc. 30,400 5,017 0.3%
The Bank of Nova Scotia 590,161 41,583 2.3%
The Bank of Nova Scotia 1.90% 12-02-2021 DPNT 333,707 332 0.0%
The Bank of Nova Scotia 2.29% 06-28-2024 636,921 641 0.0%
The Bank of Nova Scotia 2.36% 11-08-2022 1,606,831 1,619 0.1%
The Bank of Nova Scotia 2.98% 04-17-2023 363,369 375 0.0%
The Bank of Nova Scotia F/R 07-03-2029 Callable 2024 711,573 712 0.0%
The Goldman Sachs Group Inc. 2.43% 04-26-2023 Callable 1,876,494 1,876 0.1%
The Goldman Sachs Group Inc. F/R 07-27-2022 Callable 2021 77,123 77 0.0%
The International Bank for Reconstruction and Development 3.50% 01-22-2021 544,313 486 0.0%
The Manufacturers Life Insurance Co. 2.39% 01-05-2026 Callable 2021 176,494 177 0.0%
The Pasha Group Term Loan B 1st Lien F/R 12-13-2022 1,236,184 1,649 0.1%
The Sherwin-Williams Co. 13,200 8,941 0.5%
The Toronto-Dominion Bank 585,257 45,153 2.5%
The Toronto-Dominion Bank 1.91% 07-18-2023 DPNT 4,098,267 4,071 0.2%
The Toronto-Dominion Bank 2.50% 12-02-2024 1,189,663 1,197 0.1%
The Toronto-Dominion Bank 2.85% 03-08-2024 1,152,719 1,179 0.1%
The Toronto-Dominion Bank 3.01% 05-30-2023 750,809 776 0.0%
The Toronto-Dominion Bank F/R 07-25-2029 Callable 2024 451,910 463 0.0%
Thor Industries Inc. Term Loan B 1st Lien F/R 11-01-2025 783,796 1,024 0.1%
TMX Group Ltd. 2.30% 12-11-2024 Callable 2024 433,056 444 0.0%
TMX Group Ltd. 3.78% 06-05-2028 Callable 2028 385,933 415 0.0%
TMX Group Ltd. 4.46% 10-03-2023 Callable 2023 71,191 77 0.0%
TransAlta Corp. Pfd. Series A 178,320 1,940 0.1%
TransCanada Pipelines Ltd. 3.39% 03-15-2028 Callable 2027 873,011 919 0.0%
TransCanada PipeLines Ltd. 3.69% 07-19-2023 198,899 209 0.0%
TransCanada Trust F/R 05-18-2077 Callable 2027 6,160,883 5,993 0.3%
Transurban Finance Co. Pty. Ltd. 4.56% 11-14-2028 Callable 2028 1,331,476 1,475 0.1%
Travelport Finance Luxembourg Sarl Term Loan 1st Lien F/R 03-18-2026 2,972,112 3,822 0.2%
Trico Group LLC Term Loan 1st Lien F/R 02-02-2024 439,943 561 0.0%
TriMark USA LLC Term Loan 1st Lien F/R 09-15-2024 798,627 904 0.0%
Trivium Packaging Finance BV 3.75% 08-15-2026 Callable 2022 144A 1,837 3 0.0%
Trivium Packaging Finance BV 5.50% 08-15-2026 Callable 2022 144A 942 1 0.0%
Trivium Packaging Finance BV 8.50% 08-15-2026 Callable 2022 144A 942 1 0.0%
Trulieve Cannabis Corp. 9.75% 06-18-2024 2,257,463 2,876 0.2%
Trulieve Cannabis Corp. Warrants Exp.06-18-2022 47,407 131 0.0%
Uber Technologies Inc. 8.00% 11-01-2026 Callable 2021 144A 3,020,482 4,250 0.2%
Uber Technologies Inc. Term Loan B 1st Lien F/R 07-13-2023 2,937,978 3,894 0.2%
Ultra Clean Holdings Inc. Term Loan B 1st Lien F/R 08-27-2025 2,425,982 3,139 0.2%
Unilever NV CVA 67,200 5,117 0.3%
Unimin Corp. Term Loan 1st Lien F/R 05-21-2025 2,418,090 2,730 0.1%
Union Gas Ltd. 3.59% 11-22-2047 Callable 2047 720,000 794 0.0%
United States Treasury 0.50% 04-15-2024 Inflation Indexed 21,530,828 29,171 1.6%
United States Treasury 0.75% 07-15-2028 Inflation Indexed 19,770,000 27,797 1.6%
United States Treasury 1.75% 06-30-2024 55,326,602 72,755 3.9%
United States Treasury 2.50% 03-31-2024 2,315,213 3,095 0.2%
United States Treasury 2.88% 09-30-2023 108,269 149 0.0%
United States Treasury 2.88% 10-31-2023 16,315 22 0.0%
United Technologies Corp. 49,400 8,713 0.5%
US Renal Care Inc. Term Loan B 1st Lien F/R 06-14-2026 2,042,365 2,648 0.1%
USA Compression Partners LP 6.88% 09-01-2027 Callable 2022 560,942 778 0.0%
Vail Resorts Inc. 8,330 2,711 0.1%
Vancouver Airport Authority 3.66% 11-23-2048 Callable 2048 680,000 797 0.0%
Ventas Canada Finance Ltd. 2.55% 03-15-2023 Callable 2023 1,428,651 1,426 0.1%
VeriFone Systems Inc. Term Loan 1st Lien F/R 08-09-2025 1,052,943 1,356 0.1%
VeriFone Systems Inc. Term Loan 1st Lien F/R 08-20-2025 471,000 607 0.0%
Vertex Aerospace Services Corp. Term Loan B 1st Lien F/R 06-14-2025 888,861 1,181 0.1%
Vesta Energy Corp. 8.13% 07-24-2023 Callable 2020 144A 1,471,413 1,378 0.1%
Vidéotron Ltée 5.63% 06-15-2025 Callable 2025 5,997,589 6,436 0.3%
Vidéotron Ltée 5.75% 01-15-2026 Callable 2020 901,413 952 0.0%
Visa Inc. Class A 29,600 6,956 0.4%
Vistage Worldwide Inc. Term Loan 1st Lien F/R 02-01-2025 576,442 759 0.0%
Vodafone Group PLC 3.75% 01-16-2024 476,112 658 0.0%
VRX Escrow Corp. 5.88% 05-15-2023 Callable 2018 144A 2,132,873 2,855 0.1%
VRX Escrow Corp. 6.13% 04-15-2025 Callable 2020 144A 240,659 327 0.0%
VVC Holding Corp. Term Loan B 1st Lien F/R 02-07-2026 2,701,245 3,585 0.2%
Vyaire Medical Inc. Term Loan B 1st Lien F/R 04-06-2025 787,209 969 0.1%
Waste Pro USA Inc. 5.50% 02-15-2026 Callable 2021 144A 680,895 926 0.0%
WellDyneDx Inc. Term Loan 1st Lien F/R 08-16-2022 1,446,306 1,900 0.1%
Wells Fargo & Co. 76,824 4,910 0.3%
Wells Fargo & Co. 2.98% 05-19-2026 1,000,000 1,013 0.1%
Wells Fargo & Co. 3.19% 02-08-2024 Callable 2024 1,609,123 1,655 0.1%
Welltower Inc. 3.63% 03-15-2024 Callable 2024 44,494 61 0.0%
Welltower Inc. 4.13% 03-15-2029 Callable 2028 500,000 706 0.0%
Welltower Inc. 4.25% 04-15-2028 Callable 2028 480,000 683 0.0%
Werner FinCo LP Term Loan 1st Lien F/R 06-23-2024 1,635,990 2,103 0.1%
West Fraser Timber Co. Ltd. 30,044 1,550 0.1%
Westcoast Energy Inc. 5.20% Cum. Red. First Pfd. Series 12 38,220 978 0.1%
Williams Scotsman International Inc. 7.88% 12-15-2022 Callable 2019 144A 671,479 929 0.0%
Xilinx Inc. 23,200 3,498 0.2%
Xplornet Communications Inc. 9.63% 06-01-2022 Callable 2019 144A 2,202 3 0.0%
Yak Access LLC Term Loan B 1st Lien F/R 06-26-2025 1,908,394 2,354 0.1%
YRC Worldwide Inc. Term Loan 1st Lien F/R 07-21-2022 805,302 1,053 0.1%
Ziggo Secured Finance Partnership Term Loan E 1st Lien F/R 04-27-2025 6,828 9 0.0%
Zotec Partners LLC Term Loan 1st Lien F/R 02-09-2024 1,733,350 2,291 0.1%
Total Investments -- 1,897,110 99.5%
Cash & Equivalents -- 14,405 0.8%
Currency Hedge Contracts -- 940 0.0%
Other Assets (Liabilities) -- -6,151 -0.3%
Total Net Assets -- 1,906,304 100.0%

Asset Allocation (%) Help Holdings by region and sector

As of August 31, 2019
  • Regional Allocation
      Canada
    EQ : 24.2% | FI : 24.3%
    48.5%
      United States
    EQ : 12.3% | FI : 24.2%
    36.5%
      Other
    EQ : 7.7% | FI : 1.4%
    9.1%
      Switzerland
    EQ : 1.4%
    1.4%
      France
    EQ : 1.4%
    1.4%
      United Kingdom
    FI : 0.8%
    0.8%
      Netherlands
    FI : 0.4%
    0.4%
      Cash & Equivalents 1.9%
  • Sector Allocation
      Fixed Income 51.4%
      Financials 13%
      Energy 5.8%
      Consumer Staples 5%
      Information Technology 4.7%
      Industrials 4.2%
      Health Care 3.4%
      Communication Serv. 3.1%
      Consumer Discretionary 2.7%
      Materials 2.5%
      Other 2.3%
      Cash & Equivalents 1.9%
Credit Allocation (%)
AAA 2.1%
AA 8.3%
A 4.7%
BBB 8%
BB 8.3%
B 13.1%
CCC & Below 2.8%
NR 0.8%
Cash & Equivalents 3.7%
Equities 48.1%

Other Canadian Balanced Funds

Portfolio Managers

Steve Locke, MBA, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Fixed Income Team

Investment experience since 1995

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

Martin Downie, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie North American Equities Team

Investment experience since 1984

Tim Johal, CFA

Vice President, Portfolio Manager

Mackenzie North American Equities Team

Investment experience since 2000

Darren McKiernan, CFA

Senior Vice President, Portfolio Manager, Head of Team

Mackenzie Global Equity & Income Team

Investment experience since 1995

You can no longer purchase this fund under the US dollar settlement option.

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 blended index is composed of 50% S&P/TSX Composite Index and 50% FTSE 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 ratings issued by a designated rating organization.