national bank balanced strategic portfolio · national bank balanced strategic portfolio ......

National Bank Balanced Strategic PortfolioFund Facts Documents

Balanced Strategic Portfolio

Allocation

Fixed Income

NBI Floating Rate Income Fund 5%

NBI Bond Fund 15%

NBI Global Bond Fund 5%

NBI Corporate Bond Fund 10%

NBI High Yield Bond Fund 5%

Canadian Equities

NBI Canadian Equity Fund 4%

NBI Canadian All Cap Equity Fund 4%

NBI Canadian Equity Growth Fund 4%

NBI Small Cap Fund 8%

Global Equities

NBI Global Equity Fund 17.5%

NBI Global Diversified Equity Fund 17.5%

NBI Westwood Emerging Markets Fund 5%

Here are the Fund Facts Documents for the investments you made in your National Bank Strategic Portfolio, which will be automatically allocated to the

Funds that make up the Strategic Portfolio you selected based on your investor profile, according to the weighting indicated below for each of the Funds

contained in your selected Strategic Portfolio.

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FUND FACTSMay 14, 2018

NBI Floating Rate Income FundAdvisor SeriesThis document contains key information you should know about the NBI Floating Rate Income Fund. You can find more detailed information in the fund’ssimplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: ISC: NBC429 DSC: NBC529 LSC: NBC629

Date series started: January 8, 2014

Total value of fund on March 31, 2018: $330.7 million

Management expense ratio (MER): 1.49%

Fund manager: National Bank Investments Inc. ("NBI")

Portfolio manager: National Bank Trust Inc.

Portfolio sub-advisor: Fiera Capital Corporation

Distribution: Net income, end of each month and net realized capital gainsfor the year, December (automatically reinvested in additional

securities, unless the investor chooses differently).

Minimum investment: $500 (initial), $50 (additional), $25 (systematic)

What does the fund invest in?The fund’s investment objective is to generate interest income while minimizing the effects of interest-rate fluctuations. The fund invests directly, or throughinvestments in securities of other mutual funds, in a portfolio composed mainly of fixed-rate Canadian bonds (either corporate, governmental or municipal)and/or preferred shares issued by North-American companies and enters into derivatives transactions to generate a floating rate of income. Floating-rateincome can therefore be obtained by swapping, through the use of derivatives, the rate of a fixed-income security for the short-term floating rate in effect atthe time of the swap less the fees payable to the counterparty in relation to the derivative transactions. The short-term floating rate used will correspond,depending on the securities covered, to the 3-month Canadian Dealer Offered Rate (CDOR) or the 3-month London Interbank Offered Rate (LIBOR). Thederivatives will be entered into with counterparties having a designated rating. It is expected that investments in foreign securities will not exceedapproximately 40% of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Cash, Money Market and Other Net Assets 16.7%2. Bell Canada, 3.15%, due September 29, 2021 3.1%3. Bank of America Corp., Floating, due October 23, 2024 2.7%4. Toronto-Dominion Bank, Floating, due June 24, 2020 2.2%5. Bank of Montreal, Floating, due June 1st, 2021 1.7%6. Bank of Montreal, 2.27%, due July 11, 2022 1.6%7. Leisureworld Senior Care LP, 3.47%, due February 3, 2021 1.6%8. Laurentian Bank of Canada, 2.81%, due June 13, 2019 1.5%9. Great-West Lifeco Delaware Finance LP, Floating, due June 26, 2018 1.5%10. HSBC Bank Canada, 2.91%, due September 29, 2021 1.5%Total percentage of top 10 investments: 34.1 %Total number of investments: 313

Investment Mix (as at March 31, 2018)Asset AllocationCorporate Bonds 64.6%Preferred Shares 19.7%Cash, Money Market and Other Net Assets 16.1%US Bonds 12.9%Asset Backed Securities 0.5%Mortgage Backed Securities 0.2%Derivative Products -14.0%

How risky is it?The value of the fund can go down as well as up. You could lose money. Oneway to gauge risk is to look at how much a fund’s returns change over time.This is called “volatility”.In general, funds with higher volatility will have returns that change moreover time. They typically have a greater chance of losing money and mayhave a greater chance of higher returns. Funds with lower volatility tend tohave returns that change less over time. They typically have lower returnsand may have a lower chance of losing money.

Risk ratingNBI has rated the volatility of this fund as low.This rating is based on how much the fund’s returns have changed from yearto year. It doesn’t tell you how volatile the fund will be in the future. Thisrating can change over time. A fund with a low risk rating can still losemoney.

LOW LOW TOMEDIUM MEDIUM MEDIUM TO

HIGH HIGH

For more information about the risk rating and specific risks that can affectthe fund’s returns, see the Risk section of the fund’s simplified prospectus.

No guaranteesLike most mutual funds, this fund doesn’t have any guarantees. You may notget back the money you invest.

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NBI Floating Rate Income FundAdvisor Series

How has the fund performed?This section tells you how Advisor Series securities of the fund have performed over the past 3 years. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThis chart shows how Advisor Series securities of the fund performed in each of the past 3 years. The fund dropped in value in 1 of the 3 years. The range ofreturns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in thefuture.

-3.7%

3.1%

4.6%

-7 % -6 % -5 % -4 % -3 % -2 % -1 % 0 % 1 % 2 % 3 % 4 % 5 % 6 % 7 %

2015 2016 2017

Best and worst 3-month returnsThis table shows the best and worst returns for Advisor Series securities of the fund in a 3-month period over the past 3 years. The best and worst3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a short period of time.

Return 3 months ending If you invested $1,000 at the beginning of the period

Best Return 4.5% May 31, 2016 Your investment would rise to $1,045.

Worst return -3.9% February 29, 2016 Your investment would drop to $961.

Average returnThe annual compounded return of Advisor Series securities of the fund was 1.43% since its inception. If you had invested $1,000 in this series sinceinception, your investment would now be worth $1,062.

Who is this fund for?Investors who:

• are looking to invest for the short to medium term (at least one year);• are looking for an investment that takes interest rate fluctuations into

account and provides a source of interest income.

A word about taxIn general, you’ll have to pay income tax on any money you make on afund. How much you pay depends on the tax laws where you live andwhether or not you hold the fund in a registered plan, such as a RegisteredRetirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA).Keep in mind that if you hold your fund in a non-registered account, funddistributions are included in your taxable income, whether you get them incash or have them reinvested.

How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Advisor Series units of the fund. The fees and expenses – including anycommissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment overanother. Ask about other funds and investments that may be suitable for you at a lower cost.

1. Sales ChargesYou have to choose a sales charge option when you buy securities of the fund. Ask about the pros and cons of each option.

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How much does it cost? (cont’d)

Sales chargeoption

What you pay

In percent (%) In dollars ($)How it works

Initial salescharge

0% to 5% of the amount you buy $0 to $50 on every$1,000 you buy

• You negotiate the fees with your representative.• We deduct the fees from the amount you are investing and pay it to your

representative's firm.• There are no fees when you purchase securities through NBI or National Bank Direct

Brokerage (a division of National Bank Financial Inc.).

Deferred salescharge

If you sell within:

1 year of buying 6.0%

2 years of buying 5.5%





After 6 years 0%

Upon redemption$0 to $60 on every$1,000 of securitiespurchased

• We pay your representative's firm a commission equal to 5% of the amount youinvest.

• You do not pay any fee unless you redeem your securities within six years of theirpurchase.

• The redemption fees are only charged if you request the redemption of more than10% of the securities you hold within the same calendar year. You cannot carryforward any unused free redemption securities to the next year.

• The redemption fees are based on the initial cost of your securities and the amountof time you hold them.

• The redemption fees are at a fixed rate. They are deducted from the value of thesecurities sold and goes to NBI.

• There are no redemption fees when you switch securities for securities of anotherNBI Fund bought under the deferred sales charge option. The deferred sales chargeschedule will be based on the date that the original securities were purchased.

Low salescharge

If you sell within:

1 year of buying 3.0%



After 3 years 0%

Upon redemption$0 to $30 on every$1,000 of securitiespurchased

• We pay your representative's firm a commission equal to 2.5% of the amount youinvest.

• You do not pay any fee unless you redeem your securities within three years of theirpurchase.

• The redemption fees are based on the initial cost of your securities and the amountof time you hold them.

• The redemption fees are at a fixed rate. They are deducted from the value of thesecurities sold and goes to NBI.

• There are no redemption fees when you switch securities for securities of anotherNBI Fund bought under the low sales charge option. The low sales charge schedulewill be based on the date that the original securities were purchased.

2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2017, the fund's expenses were 1.50% ofits value. This equals $14.99 for every $1,000 invested.

Annual rate (as a % of the fund’s value)

Management expense ratio (MER)This is the total of the fund’s management fee (including the trailing commission) and operating expenses (includingfixed rate administration fee). NBI waived some of the fund's expenses. If it had not done so, the MER would have beenhigher.

1.49%

Trading expense ratio (TER)These are the fund's trading costs.

0.01%

Fund Expenses 1.50%

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How much does it cost? (cont’d)More about the trailing commissionThe trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and/or advice that your representativeand their firm provide to you.NBI pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on the value of your investment. Therate depends on the sales charge option you choose.

Sales charge optionAmount of trailing commission

In percent (%) In dollars ($)

Initial sales chargeUp to 0.65% of the value of your investment each year. Maximum of $6.50 each year on every

$1,000 invested.

Deferred sales charge

Up to 0.25% of the value of your investment each year within the first six years.

Up to 0.65% of the value of your investment each year for the following years for newpurchase after May 14, 2015, excluding securities purchased under a systematicinvestment plan started before May 14, 2015 and reinvested distributions. Forswitches, the trailing commission schedule applicable is the one in force at the timeof the initial purchase.

Maximum of $2.50 each year on every$1,000 invested.


Low sales charge

Up to 0.25% of the value of your investment each year within the first three years.

Up to 0.65% of the value of your investment each year for the following years.



3. Other feesYou may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund.

Fee What you pay

Short-term trading fee 2% of the value of the securities you redeem or switch within 30 days of purchase may be charged by NBI. This fee goes to the fund.

Switch feeThere are no fees when you switch securities through NBI or National Bank Direct Brokerage (a division of National Bank Financial Inc.). If youswitch securities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiatethese fees with your representative.

Conversion feeThere are no fees when you convert securities through NBI or National Bank Direct Brokerage (a division of National Bank Financial Inc.). If youconvert securities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiatethese fees with your representative.

Other fees Registered Account termination fee, only if the registered investment account is with NBI. $100

What if I change my mind?Under the securities law in some provinces and territories, you have theright to:

• withdraw from an agreement to buy mutual fund securities within twobusiness days after you receive a simplified prospectus or Fund Factsdocument; or

• cancel your purchase within 48 hours after you receive confirmation ofthe purchase.

In some provinces and territories, you also have the right to cancel apurchase, or in some jurisdictions, claim damages, if the simplifiedprospectus, annual information form, Fund Facts document or financialstatements contain a misrepresentation. You must act within the time limitset by the securities law in your province or territory.For more information, see the securities law of your province or territory orask a lawyer.

For more informationContact NBI or your representative for a copy of the fund’s simplifiedprospectus and other disclosure documents. These documents and theFund Facts make up the fund’s legal documents.

National Bank Investments Inc.1100 Robert-Bourassa Blvd. 10th floorMontreal, QuebecH3B 2G7

Phone: 514-871-2082Toll-free: 1-888-270-3941Email: [email protected]/investmentswww.nbc.ca/investmentswww.nbc.ca/investments

To learn more about investing in mutual funds, see the brochureUnderstanding mutual funds, which is available on the website of theCanadian Securities Administrators atwww.securities-administrators.ca.

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NBI Bond FundInvestor SeriesThis document contains key information you should know about the NBI Bond Fund. You can find more detailed information in the fund’s simplified prospectus.Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email to [email protected] orvisit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: NBC840

Date series started: November 18, 1966

Total value of fund on March 31, 2018: $2,021.1 million



Portfolio manager: Fiera Capital Corporation




What does the fund invest in?The fund's objective is to provide a high level of current income, reasonable unit price stability and sustained capital growth. The fund invests primarily inCanadian federal and provincial bonds. It is expected that investments in dept securities of foreign companies will not exceed approximately 30% of thefund’s assets.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Government of Canada, 0.50%, due February 1st, 2019 3.8%2. Canada Housing Trust, 2.35%, due September 15, 2023 2.4%3. Province of Quebec, 2.75%, due September 1st, 2025 2.3%4. Province of Ontario, 2.60%, due June 2, 2027 2.0%5. Canada Housing Trust, 2.35%, due June 15, 2027 2.0%6. Canada Housing Trust, 2.00%, due December 15, 2019 1.5%7. Royal Office Finance LP, 5.21%, due November 12, 2032 1.5%8. Province of Ontario, 2.60%, due June 2, 2025 1.5%9. Province of Ontario, 4.65%, due June 2, 2041 1.4%10. Province of Quebec, 3.50%, due December 1st, 2045 1.3%Total percentage of top 10 investments: 19.7 %Total number of investments: 270

Investment Mix (as at March 31, 2018)Asset AllocationCanadian Corporate Bonds 36.6%Provincial Bonds 24.9%Federal Bonds 18.6%Municipal Bonds 8.0%Mortgage Backed Securities 6.9%US Bonds 3.4%Asset Backed Securities 0.7%Foreign Bonds 0.1%Cash, Money Market and Other Net Assets 0.8%




HIGH HIGH



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NBI Bond FundInvestor Series

How has the fund performed?This section tells you how Investor Series securities of the fund have performed over the past 10 years. Returns are after expenses have been deducted.These expenses reduce the funds' returns.

Year-by-year returnsThis chart shows how Investor Series securities of the fund performed in each of the past 10 years. The fund dropped in value in 1 of the 10 years. The rangeof returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in thefuture.

4.7% 4.9% 4.6%

7.9%

2.7%

-3.1%

6.6%

1.4%0.2%

1.4%

-10 % -8 % -6 % -4 % -2 % 0 % 2 % 4 % 6 % 8 %

10 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Best and worst 3-month returnsThis table shows the best and worst returns for Investor Series securities of the fund in a 3-month period over the past 10 years. The best and worst3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a short period of time.


Best Return 5.5% January 31, 2015 Your investment would rise to $1,055.

Worst return -4.1% July 31, 2013 Your investment would drop to $959.

Average returnThe annual compounded return of Investor Series securities of the fund was 2.82% over the past 10 years. If you had invested $1,000 in this series 10 yearsago, your investment would now be worth $1,321.


• are looking to invest for the short to medium term (at least one year);• want to receive interest income regularly;• wish to add a source of interest income to their portfolio.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Investor Series units of the fund. The fees and expenses – includingany commissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investmentover another. Ask about other funds and investments that may be suitable for you at a lower cost.

1. Sales ChargesThere are no charges when you purchase your securities through NBI or National Bank Direct Brokerage (a division of National Bank Financial Inc.). Otherrepresentative's firm may charge you a fee.


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NBI Bond FundInvestor Series




1.59%


0.00%

Fund Expenses 1.59%

More about the trailing commissionThe trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and/or advice that your representativeand their firm provide to you.NBI pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on the value of your investment. Therate for this series of the fund is up to 0.50% of the value of your investment each year. This equals $5.00 each year for every $1,000 invested.


Fee What you pay











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NBI Global Bond FundInvestor SeriesThis document contains key information you should know about the NBI Global Bond Fund . You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.







Distribution: Net income at the end of each quarter (March, June,September and December) and net realized capital gains forthe year in December (automatically reinvested in additional



What does the fund invest in?The fund's investment objective is to provide an attractive rate of current income while providing long-term capital growth and preserving capital. The fundinvests primarily in high-quality debt securities denominated in foreign currencies.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Cash, Money Market and Other Net Assets 12.1%2. Government of the United States, 2.38%, due January 31, 2023 8.5%3. 5yr United States Notes Index, June 18 6.2%4. Government of the United States, 2.00%, due October 31, 2022 5.6%5. Government of France, 0.10%, due July 25, 2021 5.4%6. Government of the United States, 2.25%, due August 15, 2027 4.6%7. Government of the United States, 2.13%, due December 31, 2022 4.3%8. Government of the United States, 1.88%, due September 30, 2022 4.3%9. Government of the United States, 5.00%, due May 15, 2037 4.0%10. Government of the United States, 2.88%, due November 15, 2046 3.9%Total percentage of top 10 investments: 58.9 %Total number of investments: 65

Investment Mix (as at March 31, 2018)Asset AllocationUS Bonds 47.6%Foreign Bonds 38.6%Cash, Money Market and OtherNet Assets 13.4%

Municipal Bonds 5.5%Federal Bonds 1.8%Corporate Bonds 0.6%Derivative Products -7.5%

Currency AllocationAmerican Dollar 36.2%Euro 29.7%Japanese Yen 23.2%Pound Sterling 6.3%Canadian dollar 3.0%Mexican Peso 0.8%New Turkish Lira 0.5%New Zealand Dollar 0.2%Australian Dollar 0.1%


Risk ratingNBI has rated the volatility of this fund as low to medium.This rating is based on how much the fund’s returns have changed from yearto year. It doesn’t tell you how volatile the fund will be in the future. Thisrating can change over time. A fund with a low risk rating can still losemoney.


HIGH HIGH



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NBI Global Bond FundInvestor Series



32.5%

-13.9%

-0.5%

8.2%

-1.9% -0.3%

7.5%14.6%

-3.8%

0.0%

-50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017



Best Return 23.1% December 31, 2008 Your investment would rise to $1,231.

Worst return -9.1% May 31, 2009 Your investment would drop to $909.



• are looking to invest for the medium to long term (three years or more);• wish to balance their portfolio with securities that hedge against the

value of the Canadian dollar.





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NBI Global Bond FundInvestor Series




1.95%


0.00%

Fund Expenses 1.95%



Fee What you pay











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NBI Corporate Bond FundInvestor SeriesThis document contains key information you should know about the NBI Corporate Bond Fund. You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: June 1, 2010








What does the fund invest in?The fund's investment objective is to ensure long-term capital growth and to generate high income. The fund invests directly, or through investments insecurities of other mutual funds, in a portfolio comprised mainly of debt securities of Canadian and U.S. companies. The fund may invest approximately25% of its assets in foreign dept securities.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Royal Bank of Canada, 2.03%, due March 15, 2021 2.6%2. Canadian Utilities Ltd., 4.54%, due October 24, 2041 2.0%3. Bank of Montreal, 3.19%, due March 1st, 2028 1.5%4. Bank of Nova Scotia, Floating, due October 18, 2019 1.4%5. Bank of Nova Scotia, 2.40%, due October 28, 2019 1.4%6. Health Montreal Collective LP, 6.72%, due September 30, 2049 1.3%7. Bank of Montreal, Floating, due June 1st, 2027 1.2%8. Cash, Money Market and Other Net Assets 1.2%9. Enbridge Inc., 4.57%, due March 11, 2044 1.1%10. Home Trust Co., 3.40%, due December 10, 2018 1.1%Total percentage of top 10 investments: 14.8 %Total number of investments: 259

Investment Mix (as at March 31, 2018)Asset AllocationCorporate Bonds 90.9%US Bonds 4.4%Municipal Bonds 1.2%Cash, Money Market and OtherNet Assets 1.2%

Federal Bonds 1.0%Foreign Bonds 0.9%Asset Backed Securities 0.2%Provincial Bonds 0.1%Mortgage Backed Securities 0.1%

Credit QualityAAA 2.2%AA 11.4%A 34.1%BBB 47.0%BB and Below 5.3%




HIGH HIGH



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NBI Corporate Bond FundInvestor Series

How has the fund performed?This section tells you how Investor Series securities of the fund have performed over the past 7 years. Returns are after expenses have been deducted.These expenses reduce the fund’s returns.

Year-by-year returnsThis chart shows how Investor Series securities of the fund performed in each of the past 7 years. The fund dropped in value in 1 of the 7 years. The range ofreturns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in thefuture.

6.3%5.6%

-0.9%

5.7%

0.7%

2.3% 2.1%

-10 % -8 % -6 % -4 % -2 % 0 % 2 % 4 % 6 % 8 %

10 %

2011 2012 2013 2014 2015 2016 2017



Best Return 4.1% January 31, 2015 Your investment would rise to $1,041.

Worst return -3.1% July 31, 2013 Your investment would drop to $969.

Average returnThe annual compounded return of Investor Series securities of the fund was 3.20% since its inception. If you had invested $1,000 in this series sinceinception, your investment would now be worth $1,279.


• are looking to invest for the medium to long term (at least three years);• want to receive interest income regularly;• want to diversify your investment by taking advantage of corporate

debt securities.





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1.94%


0.00%

Fund Expenses 1.94%



Fee What you pay











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NBI High Yield Bond FundInvestor SeriesThis document contains key information you should know about the NBI High Yield Bond Fund. You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: December 19, 2001








What does the fund invest in?The fund aims to achieve high total income return. The fund invests primarily in high yield debt securities of foreign (U.S.A. and Western Europe) andCanadian companies, such as corporate bonds with medium to long terms. The fund may also invest in convertible debentures, prefered shares andmortgage-backed securities.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. NBI Money Market Fund, Series O 2.5%2. MGM Resorts International, 7.75%, due March 15, 2022 2.2%3. HCA Inc., 5.88%, due March 15, 2022 1.8%4. DISH DBS Corp., 5.88%, due July 15, 2022 1.7%5. CCO Holdings Capital Corp., 5.13%, due February 15, 2023 1.4%6. SLM Corp., 6.13%, due March 25, 2024 1.4%7. Sprint Corp., 7.63%, due February 15, 2025 1.4%8. XPO Logistics Inc., 6.50%, due June 15, 2022 1.2%9. Frontier Communications Corp., 8.75%, due April 15, 2022 1.2%10. Level 3 Financing Inc., 5.13%, due May 1st, 2023 1.2%Total percentage of top 10 investments: 16.0 %Total number of investments: 168

Investment Mix (as at March 31, 2018)Asset AllocationUS Bonds 63.0%Foreign Bonds 20.4%Corporate Bonds 13.2%Cash, Money Market and OtherNet Assets 2.0%

Exchange Traded Funds 1.0%Common Shares 0.3%Provincial Bonds 0.1%

Credit QualityAAA 2.1%AA 0.4%A 1.1%BBB 5.8%BB and Below 90.6%


Risk ratingNBI has rated the volatility of this fund as low to medium.This rating is based on how much the fund’s returns have changed from yearto year. It doesn’t tell you how volatile the fund will be in the future. Thisrating can change over time. A fund with a low risk rating can still losemoney.


HIGH HIGH



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NBI High Yield Bond FundInvestor Series



-23.9%

36.6%

13.2%

3.2%

12.6%6.2%

1.2%

-6.2%

14.1%

4.5%

-50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017



Best Return 14.2% June 30, 2009 Your investment would rise to $1,142.

Worst return -25.4% November 30, 2008 Your investment would drop to $746.



• are looking to invest for the long term (at least five years);• want to diversify their investment by taking advantage of high yield

securities;• wish to add a source of interest income to their portfolio.





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2.06%


0.00%

Fund Expenses 2.06%



Fee What you pay











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NBI Canadian Equity FundInvestor SeriesThis document contains key information you should know about the NBI Canadian Equity Fund. You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: November 14, 1988




Portfolio manager: Jarislowsky, Fraser Limited

Distribution: Net income and net realized capital gains for the year,December (automatically reinvested in additional securities,

unless the investor chooses differently).


What does the fund invest in?The fund's investment objective is to ensure long-term capital growth while applying policies focused on protection of invested capital. The fund investsprimarily in equity securities of a variety of Canadian companies traded on recognized markets such as common shares, preferred shares and convertiblesecurities which, when exercised, will enable the purchase of these types of shares. It is expected that investments in foreign securities will not exceedapproximately 30% of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Toronto-Dominion Bank 9.3%2. Royal Bank of Canada 7.4%3. Bank of Nova Scotia 6.5%4. Enbridge Inc. 4.7%5. Manulife Financial Corp. 4.4%6. Nutrien Ltd. 4.0%7. Canadian Natural Resources Ltd. 3.9%8. Canadian Western Bank 3.7%9. Open Text Corp. 3.3%10. CGI Group Inc., Class A 3.3%Total percentage of top 10 investments: 50.5 %Total number of investments: 34

Investment Mix (as at March 31, 2018)Sector AllocationFinancials 35.4%Energy 17.5%Industrials 12.0%Consumer Staples 10.6%Consumer Discretionary 9.3%Information Technology 6.7%Materials 6.6%Cash, Money Market and Other Net Assets 1.9%


Risk ratingNBI has rated the volatility of this fund as medium.This rating is based on how much the fund’s returns have changed from yearto year. It doesn’t tell you how volatile the fund will be in the future. Thisrating can change over time. A fund with a low risk rating can still losemoney.


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-29.4%

22.7%

9.3%

-11.5%

7.2%12.6%

5.7%

-8.6%

14.0%

5.4%

-50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017







• want to invest their money for the long term (at least five years);• wish to add a Canadian equity fund to their portfolio.





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2.51%


0.02%

Fund Expenses 2.53%



Fee What you pay











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NBI Canadian All Cap Equity FundInvestor SeriesThis document contains key information you should know about the NBI Canadian All Cap Equity Fund. You can find more detailed information in the fund’ssimplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: October 15, 2001




Portfolio manager: CI Investments Inc.




What does the fund invest in?The fund's investment objective is to ensure long-term capital growth. The fund invests directly, or through investments in securities of other mutual funds,in a portfolio comprised mainly of equity securities of Canadian companies. It is expected that investments in foreign securities will not exceedapproximately 30% of the fund’s assets.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Cash, Money Market and Other Net Assets 11.3%2. Tourmaline Oil Corp. 5.0%3. TFI International Inc. 4.7%4. Keyera Corp. 4.4%5. Symantec Corp. 3.9%6. Middleby Corp. 3.8%7. George Weston Ltd. 3.2%8. CCL Industries Inc., Class B 3.0%9. Auto Trader Group PLC 2.9%10. Boyd Group Income Fund 2.8%Total percentage of top 10 investments: 45.0 %Total number of investments: 40

Investment Mix (as at March 31, 2018)Asset AllocationCanadian Equity 58.7%US Equity 18.5%International Equity 11.5%Cash, Money Market and OtherNet Assets 11.3%

Sector AllocationIndustrials 18.9%Energy 13.7%Cash, Money Market andOther Net Assets 11.3%

Consumer Staples 11.2%Financials 10.7%Materials 9.9%Consumer Discretionary 9.7%Information Technology 9.4%Real Estate 2.0%Utilities 2.0%Health Care 1.2%




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-34.5%

23.3%

10.9%

-4.9%

18.1%

35.6%

11.1%

0.1%

23.2%

2.2%

-50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017







• are looking to invest for the long term (at least five years);• wish to add a Canadian equity fund to their portfolio.

Don't buy this fund if you need a steady source of income fromyour investment.





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2.50%


0.10%

Fund Expenses 2.60%



Fee What you pay











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NBI Canadian Equity Growth FundInvestor SeriesThis document contains key information you should know about the NBI Canadian Equity Growth Fund. You can find more detailed information in the fund’ssimplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: September 30, 1987




Portfolio manager: Mackenzie Financial Corporation




What does the fund invest in?The fund aims to provide investors with superior investment returns over the long term, having regard for the safety of capital. The fund invests in adiversified portfolio of primarily Canadian equities. It is expected that investments in foreign securities will not exceed approximately 49% of the fund's netassets.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Royal Bank of Canada 5.2%2. TELUS Corp. 4.9%3. CCL Industries Inc., Class B 4.9%4. Metro Inc. 4.4%5. CAE Inc. 4.3%6. Aon PLC 4.2%7. Heineken NV 4.2%8. Accenture PLC, Class A 4.1%9. Stryker Corp. 4.0%10. Booking Holdings Inc. 3.8%Total percentage of top 10 investments: 44.0 %Total number of investments: 36

Investment Mix (as at March 31, 2018)Sector AllocationFinancials 18.0%Health Care 13.6%Information Technology 12.7%Industrials 12.4%Consumer Staples 11.2%Consumer Discretionary 10.6%Materials 8.3%Energy 5.8%Telecommunication Services 4.9%Cash, Money Market and Other Net Assets 2.5%




HIGH HIGH



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-34.6%

36.2%

14.9%

-15.8%

-1.7%

14.4% 11.5%

-5.5%

15.0%

2.1%

-50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017







• are looking to invest for the long term (at least five years);• wish to add a growth component to their portfolio.






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2.47%


0.15%

Fund Expenses 2.62%



Fee What you pay











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NBI Small Cap FundInvestor SeriesThis document contains key information you should know about the NBI Small Cap Fund. You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: February 25, 1988








What does the fund invest in?The fund's investment objective is to provide long-term capital growth and preservation. The fund invests primarily in common shares of companies chosenfor their growth potential. The fund may also invest in money market instruments and securities of Canadian federal and provincial governments. The fundmay invest approximately 25% of its assets in foreign equities.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. NBI Money Market Fund, Series O 6.0%2. FirstService Corp. 4.3%3. Goeasy Ltd. 4.1%4. AG Growth International Inc. 4.0%5. Richelieu Hardware Ltd. 3.7%6. Altus Group Ltd. 3.5%7. Héroux-Devtek Inc. 3.5%8. TFI International Inc. 3.3%9. Enghouse Systems Ltd. 3.2%10. ECN Capital Corp. 3.1%Total percentage of top 10 investments: 38.7 %Total number of investments: 47

Investment Mix (as at March 31, 2018)Sector AllocationEnergy 18.5%Industrials 16.7%Materials 16.0%Consumer Discretionary 14.5%Real Estate 9.0%Cash, Money Market and Other Net Assets 6.6%Information Technology 6.2%Financials 5.4%Utilities 2.6%Consumer Staples 2.0%Health Care 1.7%Bonds 0.8%


Risk ratingNBI has rated the volatility of this fund as medium to high.This rating is based on how much the fund’s returns have changed from yearto year. It doesn’t tell you how volatile the fund will be in the future. Thisrating can change over time. A fund with a low risk rating can still losemoney.


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-37.6%

69.0%

21.0%

-16.7%

5.3%

25.2%13.1%

-3.1%

18.1%

-4.3%

-100 % -80 % -60 % -40 % -20 %

0 % 20 % 40 % 60 % 80 %

100 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017







• are looking to invest for the long term (at least five years);• wish to add an aggressive growth component to a fully diversified

portfolio.





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2.53%


0.19%

Fund Expenses 2.72%



Fee What you pay











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NBI Global Equity FundInvestor SeriesThis document contains key information you should know about the NBI Global Equity Fund. You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.



Total value of fund on March 31, 2018: $1,798.4 million







What does the fund invest in?The fund’s investment objective is to achieve long-term capital growth. It builds a diversified portfolio of common and preferred shares listed on recognizedstock exchanges.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Moody's Corp. 5.8%2. Keyence Corp. 5.5%3. MasterCard Inc., Class A 4.6%4. Johnson & Johnson 4.1%5. Becton Dickinson and Co. 3.9%6. Diageo PLC 3.3%7. Unilever NV, GDR 3.3%8. Sherwin-Williams Co./The 3.1%9. MSCI Inc. 3.1%10. Nestlé SA 3.0%Total percentage of top 10 investments: 39.7 %Total number of investments: 37

Investment Mix (as at March 31, 2018)Geographic AllocationUnited States 58.5%Switzerland 12.3%United Kingdom 10.5%Japan 7.8%Other countries 4.6%Netherlands 3.3%Taiwan 2.8%Cash, Money Market and OtherNet Assets 0.2%

Sector AllocationIndustrials 20.7%Information Technology 19.8%Financials 18.4%Consumer Discretionary 14.5%Consumer Staples 13.9%Health Care 12.5%Cash, Money Market andOther Net Assets 0.2%




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-29.8%

2.4% 2.9%

-5.3%

14.1%

33.6%

13.4%18.1%

0.0%

20.3%

-50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017



Best Return 14.1% April 30, 2017 Your investment would rise to $1,141.




• are looking to invest for the long term (at least five years);• are seeking to diversify their investments with exposure to global

markets;• want to hedge against a drop in the value of the Canadian dollar.






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2.85%


0.06%

Fund Expenses 2.91%



Fee What you pay











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NBI Global Diversified Equity Fund (formerly National Bank Global Diversified Equity Fund)Investor SeriesThis document contains key information you should know about the NBI Global Diversified Equity Fund. You can find more detailed information in the fund’ssimplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: October 11, 2000




Portfolio manager: National Bank Trust Inc.




What does the fund invest in?The fund's investment objective is to ensure long-term capital growth. The fund invests directly, or through investments in securities of other mutual funds,in a portfolio comprised mainly of equity securities of foreign companies located outside of Canada.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. NBI SmartData U.S. Equity Fund, Series O 56.4%2. NBI SmartData International Equity Fund, Series O 35.7%3. iShares Edge MSCI USA Momentum Factor ETF 5.4%4. Vanguard FTSE All World ex-US Small-Cap ETF 3.2%5. Cash, Money Market and Other Net Assets -0.7%Total percentage of top 10 investments: 100.0 %Total number of investments: 4

Investment Mix (as at March 31, 2018)Sector AllocationInformation Technology 16.8%Financials 15.3%Consumer Discretionary 12.8%Health Care 11.4%Industrials 10.8%Exchange Traded Funds 8.6%Consumer Staples 7.3%Energy 6.2%Materials 4.9%Real Estate 2.6%Utilities 1.6%Telecommunication Services 1.5%Cash, Money Market and OtherNet Assets 0.2%

Geographic AllocationAmericas 63.2%Europe 23.2%Japan 8.3%Asia Ex-Japan 5.1%Cash, Money Market andOther Net Assets 0.2%




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-36.1%

13.7%

4.9%

-7.7%

13.5%

33.6%

11.8%16.7%

-1.9%

14.3%

-50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017







• are looking to invest for the long term (at least five years);• are seeking to diversify your investments with exposure to global

markets.






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2.53%


0.15%

Fund Expenses 2.68%



Fee What you pay











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NBI Westwood Emerging Markets FundInvestor SeriesThis document contains key information you should know about the NBI Westwood Emerging Markets Fund . You can find more detailed information in thefund’s simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send anemail to [email protected] or visit our website at www.nbc.ca/investments.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: NBC869 (C$)

NBC899 (US$)

Date series started: September 21, 2000




Portfolio manager: Westwood International Advisors Inc.




What does the fund invest in?The fund's investment objective is to ensure long-term capital growth. The fund will invest its net assets primarily in equity securities whose issuers arelocated in emerging markets.The charts below give you a snapshot of the fund’s investments on March 31, 2018. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2018)1. Petroleo Brasileiro SA, Preferred Shares 2.2%2. Anhui Conch Cement Co. Ltd., Class H 2.1%3. Catcher Technology Co. Ltd. 2.0%4. AVI Ltd. 1.9%5. Taiwan Semiconductor Manufacturing Co. Ltd. 1.9%6. Commercial International Bank Egypt SAE 1.9%7. Sanlam Ltd. 1.9%8. Titan Industries Ltd. 1.9%9. Public Bank Bhd. 1.8%10. CNOOC Ltd. 1.8%Total percentage of top 10 investments: 19.4 %Total number of investments: 72

Investment Mix (as at March 31, 2018)Geographic AllocationAsia Ex-Japan 62.5%Americas 23.7%Africa 9.7%Europe 3.2%Cash, Money Market and OtherNet Assets 0.9%

Sector AllocationFinancials 18.8%Consumer Discretionary 16.3%Information Technology 12.0%Consumer Staples 9.6%Industrials 9.0%Utilities 8.6%Energy 7.4%Real Estate 7.0%Materials 6.4%Telecommunication Services 2.9%Health Care 1.1%Cash, Money Market andOther Net Assets 0.9%


Risk ratingNBI has rated the volatility of this fund as medium to high.This rating is based on how much the fund’s returns have changed from yearto year. It doesn’t tell you how volatile the fund will be in the future. Thisrating can change over time. A fund with a low risk rating can still losemoney.


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-44.6%

50.9%

7.0%

-18.2%

6.8%

-7.9%

11.2%

-4.8%

7.2%

20.2%

-70 % -60 % -50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 % 60 % 70 %

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017







• are looking to invest for the long term (at least five years);• are seeking an equity fund that invests in securities around the world

and therefore provides them with a wide diversification base;• want to add geographic diversification to their portfolio and hedge

against a drop in the value of the Canadian dollar.






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2.83%


0.15%

Fund Expenses 2.98%



Fee What you pay











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