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National Bank Conservative Strategic Portfolio

Fund Facts Documents

Conservative Strategic Portfolio

Allocation

Fixed Income

NBI Floating Rate Income Fund 5%

NBI Bond Fund 25%

NBI Dividend Fund 10%

NBI Global Bond Fund 5%

NBI Global Tactical Bond Fund 5%

NBI Corporate Bond Fund 10%

NBI High Yield Bond Fund 10%

Canadian Equities

NBI Canadian Equity Fund 3%

NBI Canadian All Cap Equity Fund 4%

NBI Canadian Equity Growth Fund 3%

Global Equities

NBI Global Equity Fund 10%

NBI Global Diversified Equity Fund 10%

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.

FUND FACTSMay 14, 2020

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.nbinvestments.ca.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, 2020: $130.8 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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Cash, Money Market and Other Net Assets 11.1%2. Morgan Stanley, 3.00%, due February 7, 2024 3.3%3. Husky Energy Inc., 3.95%, due April 15, 2022 2.6%4. Citigroup Inc., 4.09%, due June 9, 2025 2.3%5. Wells Fargo & Co., 3.87%, due May 21, 2025 2.3%6. Smart Real Estate Investment Trust, 2.99%, due August 28, 2024 2.1%7. Alimentation Couche-Tard Inc., 3.60%, due June 2, 2025 2.1%8. Empire Life Insurance, 3.38%, due December 16, 2026 2.1%9. H&R Real Estate Investment Trust, 3.37%, due January 30, 2024 2.0%10. Sun Life Financial Inc., Floating, due September 19, 2023 2.0%Total percentage of top 10 investments: 31.9 %Total number of investments: 204

Investment Mix (as at March 31, 2020)Asset AllocationCanadian Corporate Bonds 67.7%Preferred Shares 16.8%Cash, Money Market and Other Net Assets 13.7%US Bonds 12.2%Mortgage Backed Securities 1.0%Municipal Bonds 0.2%Derivative Products -11.6%

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 5 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 5 years. The fund dropped in value in 2 of the 5 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%

-3.0%

3.7%

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

2015 2016 2017 2018 2019

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 5 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 -9.8% March 31, 2020 Your investment would drop to $902.

Average returnThe annual compounded return of Advisor Series securities of the fund was -0.58% since its inception. If you had invested $1,000 in this series sinceinception, your investment would now be worth $964.

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 go 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, 2019, the fund's expenses were 1.50% ofits value. This equals $15.00 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 90 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 your representative or NBI 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.1155 Metcalfe Street, 5th floorMontreal, QuebecH3B 4S9

Phone: 514-871-2082Toll-free: 1-888-270-3941Email: investments@nbc.cawww.nbinvestments.cawww.nbinvestments.cawww.nbinvestments.ca

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.nbinvestments.ca.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, 2020: $2,121.1 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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Province of Ontario, 2.90%, due June 2, 2028 7.4%2. Province of Ontario, 2.70%, due June 2, 2029 3.7%3. Province of Ontario, 3.15%, due June 2, 2022 2.6%4. Province of Ontario, 2.60%, due June 2, 2027 2.2%5. Government of Canada, 2.75%, due December 1st, 2048 1.6%6. Province of Ontario, 5.60%, due June 2, 2035 1.6%7. Province of Quebec, 3.50%, due December 1st, 2045 1.4%8. Province of Alberta, 2.90%, due December 1st, 2028 1.4%9. Royal Office Finance LP, 5.21%, due November 12, 2032 1.3%10. Province of Ontario, 4.60%, due June 2, 2039 1.3%Total percentage of top 10 investments: 24.5 %Total number of investments: 564

Investment Mix (as at March 31, 2020)Asset AllocationProvincial Bonds 39.3%Canadian Corporate Bonds 30.3%Federal Bonds 12.3%Municipal Bonds 11.3%Mortgage Backed Securities 3.2%US Bonds 2.0%Asset Backed Securities 0.8%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.

4.6%

7.9%

2.7%

-3.1%

6.6%

1.4%0.2%

1.4%0.1%

5.3%

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

10 %

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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 2.65% over the past 10 years. If you had invested $1,000 in this series 10 yearsago, your investment would now be worth $1,299.


• 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 Dividend FundInvestor SeriesThis document contains key information you should know about the NBI Dividend 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: August 10, 1992





Portfolio sub-advisor: Fiera Capital Corporation

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 high dividend income while preserving capital. The fund invests primarily in preferred and common shares ofCanadian corporations that pay dividend income. It is expected that investments in foreign securities will not exceed approximately 20% of the fund'sassets.The charts below give you a snapshot of the fund’s investments on March 31, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. NBI Strategic U.S. Income and Growth Fund, Series O 19.1%2. NBI Bond Fund, Series O 13.8%3. Cash, Money Market and Other Net Assets 7.3%4. Toronto-Dominion Bank, 4.85%, Series 14 1.4%5. Canadian Imperial Bank of Commerce, 4.40%, Series 45 1.1%6. BCE Inc., 3.11%, Series AF 1.0%7. Toronto-Dominion Bank 1.0%8. Royal Bank of Canada 1.0%9. TC Energy Corp., 3.27%, Series 1 0.9%10. Enbridge Inc., 4.00%, Series 3 0.8%Total percentage of top 10 investments: 47.4 %Total number of investments: 203

Investment Mix (as at March 31, 2020)Asset AllocationPreferred Shares 44.0%Canadian Equity 15.7%US Bonds 8.0%Cash, Money Market and OtherNet Assets 8.0%

US Equity 5.8%Corporate Bonds 5.4%Provincial Bonds 5.4%Foreign Bonds 2.5%Federal Bonds 1.7%Municipal Bonds 1.6%International Equity 1.4%Mortgage Backed Securities 0.4%Asset Backed Securities 0.1%

Sector AllocationFinancials 32.5%Bonds 24.7%Energy 11.4%Cash, Money Market andOther Net Assets 8.0%

Utilities 6.5%Communication Services 4.5%Consumer Staples 3.0%Industrials 3.0%Information Technology 1.8%Real Estate 1.2%Health Care 1.2%Consumer Discretionary 0.9%Materials 0.8%Mortgage Backed Securities 0.4%Asset Backed Securities 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 Dividend FundInvestor Series



7.1%

2.9%3.7%

1.0%

5.0%

-9.7%

9.4% 9.0%

-8.1%

6.9%

-12 % -10 % -8 % -6 % -4 % -2 % 0 % 2 % 4 % 6 % 8 %

10 % 12 %

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







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





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1.89%


0.02%

Fund Expenses 1.91%



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.nbinvestments.ca.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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Cash, Money Market and Other Net Assets 14.2%2. Government of the United States, 2.88%, due November 15, 2046 8.5%3. Government of the United States, 1.63%, due February 15, 2026 6.6%4. Government of the United States, 5.00%, due May 15, 2037 5.6%5. Government of the United Kingdom, 3.75%, due September 7, 2021 5.3%6. Government of the United States, 2.25%, due August 15, 2027 4.9%7. Government of the United States, 2.25%, due November 15, 2024 4.0%8. Government of the United States, 2.00%, due February 15, 2025 3.7%9. Government of Mexico, 6.50%, due June 10, 2021 3.6%10. Government of Spain, 0.60%, due October 31, 2029 3.2%Total percentage of top 10 investments: 59.6 %Total number of investments: 40

Investment Mix (as at March 31, 2020)Asset AllocationUS Bonds 38.4%Foreign Bonds 37.2%Cash, Money Market and OtherNet Assets 18.1%

Municipal Bonds 5.8%Federal Bonds 2.2%Canadian Corporate Bonds 2.2%Derivative Products -3.9%

Currency AllocationAmerican Dollar 42.2%Euro 24.6%Japanese Yen 19.1%Pound Sterling 7.2%Canadian dollar 3.8%Australian Dollar 2.9%Other currencies 0.2%




HIGH HIGH



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-0.5%

8.2%

-1.9%-0.3%

7.5%

14.6%

-3.8%

0.0%

5.5%

-1.5%

-16 % -14 % -12 % -10 % -8 % -6 % -4 % -2 % 0 % 2 % 4 % 6 % 8 %

10 % 12 % 14 % 16 %

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



Best Return 12.6% March 31, 2020 Your investment would rise to $1,126.

Worst return -7.3% January 31, 2017 Your investment would drop to $927.



• 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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1.95%


0.00%

Fund Expenses 1.95%



Fee What you pay











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NBI Global Tactical Bond FundInvestor SeriesThis document contains key information you should know about the NBI Global Tactical Bond 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: May 24, 2016




Portfolio manager: BNY Mellon Asset Management Canada Ltd.

Portfolio sub-advisor: Mellon Investments Corporation




What does the fund invest in?The fund’s investment objective is to generate income and capital growth, while focusing on capital preservation. To do this the fund invests directly, orindirectly through investments in securities of other mutual funds or through the use of derivatives, in a diverse portfolio mainly composed of bonds andother foreign fixed income securities with various maturities and credit ratings.The charts below give you a snapshot of the fund’s investments on March 31, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Cash, Money Market and Other Net Assets 8.1%2. Government of the United States, 0.83%, due April 16, 2020 3.3%3. Government of Japan, 0.10%, due March 10, 2028 2.5%4. Government of the United States, 1.50%, due February 15, 2030 2.2%5. Malaysia Government Bond, 3.89%, due August 15, 2029 2.0%6. Government of the United States, 1.13%, due February 28, 2025 1.8%7. Korea Treasury Bond, 2.38%, due December 10, 2028 1.5%8. Government of the United Kingdom, 3.25%, due January 22, 2044 1.3%9. Republic of Portugal, 3.88%, due February 15, 2030 1.2%10. Government of Spain, 0.60%, due October 31, 2029 1.1%Total percentage of top 10 investments: 25.0 %Total number of investments: 402

Investment Mix (as at March 31, 2020)Asset AllocationForeign Bonds 39.1%US Bonds 31.7%Asset Backed Securities 15.1%Derivative Products 5.0%Mortgage Backed Securities 4.6%Cash, Money Market and OtherNet Assets 3.1%

Federal Bonds 1.1%Canadian Corporate Bonds 0.3%

Term AllocationUnder one year 6.7%From 1 year to 5 years 20.2%From 5 years to 10 years 41.0%More than 10 years 32.1%




HIGH HIGH



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NBI Global Tactical Bond FundInvestor Series

How has the fund performed?This section tells you how Investor Series securities of the fund have performed over the past 3 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 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.

2.1%

-3.0%

6.5%

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

10 %

2017 2018 2019



Best Return 3.9% August 31, 2019 Your investment would rise to $1,039.


Average returnThe annual compounded return of Investor Series securities of the fund was 0.18% since its inception. If you had invested $1,000 in this series sinceinception, your investment would now be worth $1,007.


• are looking to invest for the medium term (at least three years);• are looking to diversify their fixed income investments outside of

Canada;• are looking for an investment with the potential for moderate capital

growth.





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2.06%


0.01%

Fund Expenses 2.07%



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.nbinvestments.ca.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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Bank of Nova Scotia, 1.83%, due April 27, 2022 2.0%2. Canadian Utilities Ltd., 4.54%, due October 24, 2041 1.9%3. Canadian Imperial Bank of Commerce, 2.30%, due July 11, 2022 1.3%4. Bank of Montreal, Floating, due June 1st, 2027 1.1%5. Bank of Montreal, 2.28%, due July 29, 2024 1.1%6. Health Montreal Collective LP, 6.72%, due September 30, 2049 1.0%7. Bank of Nova Scotia, Floating, due July 3, 2024 0.9%8. SNC-Lavalin Innisfree McGill Finance Inc., 6.63%, due June 30, 2044 0.9%9. Bank of Montreal, 2.85%, due March 6, 2024 0.9%10. Enbridge Inc., 4.57%, due March 11, 2044 0.8%Total percentage of top 10 investments: 11.9 %Total number of investments: 312

Investment Mix (as at March 31, 2020)Asset AllocationCanadian Corporate Bonds 90.0%US Bonds 5.6%Provincial Bonds 1.6%Asset Backed Securities 1.0%Cash, Money Market and OtherNet Assets 0.7%

Mortgage Backed Securities 0.6%Municipal Bonds 0.3%Foreign Bonds 0.2%

Credit QualityAAA 1.7%AA 11.2%A 36.5%BBB 47.0%BB 3.6%




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How has the fund performed?This section tells you how Investor Series securities of the fund have performed over the past 9 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 9 years. The fund dropped in value in 2 of the 9 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%

-0.7%

6.3%

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

10 %

2011 2012 2013 2014 2015 2016 2017 2018 2019



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


Average returnThe annual compounded return of Investor Series securities of the fund was 2.77% since its inception. If you had invested $1,000 in this series sinceinception, your investment would now be worth $1,309.


• 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.nbinvestments.ca.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





Portfolio sub-advisor: J.P. Morgan Investment Management Inc.




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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. NBI HIGH YIELD BOND ETF 98.1%2. Valeant Pharmaceuticals International Inc., 7.00%, due March 15,

2024 1.8%

3. iHeartMedia Inc., warrants due May 1st, 2039 0.1%4. Cash, Money Market and Other Net Assets 0.0%Total percentage of top 10 investments: 100.0 %Total number of investments: 3

Investment Mix (as at March 31, 2020)Term AllocationUnder one year 3.2%From 1 year to 5 years 28.6%From 5 years to 10 years 64.3%More than 10 years 3.9%

Credit QualityAAA 3.2%BBB 2.5%BB 39.3%B 43.0%CCC and below 12.0%not rated 0.0%




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13.2%

3.2%

12.6%

6.2%

1.2%

-6.2%

14.1%

4.5%

-5.7%

11.9%

-16 % -14 % -12 % -10 % -8 % -6 % -4 % -2 % 0 % 2 % 4 % 6 % 8 %

10 % 12 % 14 % 16 %

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







• 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.nbinvestments.ca.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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Brookfield Asset Management Inc., Class A 6.1%2. Toronto-Dominion Bank 5.7%3. Enbridge Inc. 5.6%4. Bank of Nova Scotia 5.0%5. Canadian National Railway Co. 4.7%6. Manulife Financial Corp. 4.6%7. Thomson Reuters Corp. 4.6%8. Alimentation Couche-Tard Inc., Class B 4.4%9. Nutrien Ltd. 3.9%10. Open Text Corp. 3.8%Total percentage of top 10 investments: 48.4 %Total number of investments: 33

Investment Mix (as at March 31, 2020)Asset AllocationCanadian Equity 96.9%Cash, Money Market and OtherNet Assets 3.1%

Sector AllocationFinancials 30.3%Industrials 21.5%Consumer Staples 12.6%Energy 9.7%Information Technology 8.6%Materials 7.5%Consumer Discretionary 6.2%Cash, Money Market andOther Net Assets 3.1%

Real Estate 0.5%


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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9.3%

-11.5%

7.2%

12.6%

5.7%

-8.6%

14.0%

5.4%

-10.1%

15.1%

-25 % -20 % -15 % -10 %

-5 % 0 % 5 %

10 % 15 % 20 % 25 %

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







• 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%


0.03%

Fund Expenses 2.54%



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.nbinvestments.ca.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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Cash, Money Market and Other Net Assets 6.8%2. Enbridge Inc. 4.7%3. Power Corporation of Canada 4.3%4. Imperial Tobacco Group PLC 4.2%5. Fairfax Financial Holdings Ltd. 4.2%6. Dollarama Inc. 4.1%7. Empire Company Ltd., Class A 3.7%8. McKesson Corp. 3.6%9. Anthem Inc. 3.3%10. Hydro One Inc. 3.1%Total percentage of top 10 investments: 42.0 %Total number of investments: 41

Investment Mix (as at March 31, 2020)Asset AllocationCanadian Equity 75.0%US Equity 14.0%Cash, Money Market and OtherNet Assets 6.8%

International Equity 4.2%

Sector AllocationFinancials 18.5%Energy 15.7%Consumer Staples 14.9%Health Care 9.3%Consumer Discretionary 9.2%Utilities 7.3%Industrials 7.0%Materials 6.8%Cash, Money Market andOther Net Assets 6.8%

Communication Services 2.8%Information Technology 0.9%Real Estate 0.8%




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10.9%

-4.9%

18.1%

35.6%

11.1%

0.1%

23.2%

2.2%

-12.6%

17.9%

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

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

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







• 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%


0.14%

Fund Expenses 2.64%



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.nbinvestments.ca.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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Cash, Money Market and Other Net Assets 8.5%2. Quebecor Inc., Class B 6.0%3. Canadian Pacific Railway Co. 5.1%4. Intact Financial Corp. 4.9%5. Royal Bank of Canada 4.6%6. Accenture PLC, Class A 4.6%7. TMX Group Ltd. 4.5%8. Automatic Data Processing Inc. 4.4%9. Aon PLC 4.4%10. Becton Dickinson and Co. 4.2%Total percentage of top 10 investments: 51.2 %Total number of investments: 31

Investment Mix (as at March 31, 2020)Asset AllocationCanadian Equity 52.2%US Equity 25.1%International Equity 14.2%Cash, Money Market and OtherNet Assets 8.5%

Sector AllocationFinancials 20.0%Industrials 14.8%Information Technology 13.6%Health Care 13.5%Consumer Staples 11.0%Cash, Money Market andOther Net Assets 8.5%

Consumer Discretionary 6.5%Communication Services 6.0%Materials 3.8%Real Estate 2.3%




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14.9%

-15.8%

-1.7%

14.4%11.5%

-5.5%

15.0%

2.1%

-5.1%

24.3%

-35 % -30 % -25 % -20 % -15 % -10 %

-5 % 0 % 5 %

10 % 15 % 20 % 25 % 30 % 35 %

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







• 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%


0.10%

Fund Expenses 2.57%



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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.










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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Moody's Corp. 6.5%2. Keyence Corp. 5.7%3. MasterCard Inc., Class A 5.3%4. MSCI Inc. 4.5%5. Johnson & Johnson 4.1%6. Nestlé SA 3.9%7. Alphabet Inc., Class A 3.8%8. Becton Dickinson and Co. 3.8%9. Roche Holding AG NPV 3.8%10. Taiwan Semiconductor Manufacturing Co. Ltd., ADR 3.4%Total percentage of top 10 investments: 44.8 %Total number of investments: 35

Investment Mix (as at March 31, 2020)Geographic AllocationUnited States 59.0%Switzerland 13.8%United Kingdom 12.4%Japan 7.1%Taiwan 3.4%France 2.1%Other countries 2.0%Cash, Money Market and OtherNet Assets 0.2%

Sector AllocationInformation Technology 19.8%Financials 17.3%Industrials 16.1%Health Care 13.4%Consumer Staples 13.2%Consumer Discretionary 13.0%Communication Services 3.8%Materials 3.2%Cash, Money Market andOther Net Assets 0.2%




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2.9%

-5.3%

14.1%

33.6%

13.4%18.1%

0.0%

20.3%

2.3%

24.4%

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

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

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



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

Worst return -11.0% September 30, 2011 Your investment would drop to $890.



• 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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2.86%


0.01%

Fund Expenses 2.87%



Fee What you pay











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NBI Global Diversified Equity FundInvestor 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.nbinvestments.ca.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








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, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. NBI SmartData U.S. Equity Fund, Series O 64.0%2. NBI SmartData International Equity Fund, Series O 26.8%3. NBI International Equity Index Fund, Series O 9.6%4. Cash, Money Market and Other Net Assets -0.4%Total percentage of top 10 investments: 100.0 %Total number of investments: 3

Investment Mix (as at March 31, 2020)Sector AllocationInformation Technology 19.3%Health Care 15.1%Financials 13.0%Consumer Discretionary 10.2%Industrials 9.7%Consumer Staples 9.1%Communication Services 7.8%Utilities 4.0%Materials 3.9%Real Estate 3.4%Energy 2.6%Cash, Money Market and OtherNet Assets 1.4%

Exchange Traded Funds 0.5%

Geographic AllocationAmericas 61.1%Europe 23.4%Japan 9.5%Asia Ex-Japan 4.2%Exchange Traded Funds 0.5%Cash, Money Market andOther Net Assets 1.3%




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4.9%

-7.7%

13.5%

33.6%

11.8%16.7%

-1.9%

14.3%

-3.1%

16.8%

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

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

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







• 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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2.55%


0.10%

Fund Expenses 2.65%



Fee What you pay











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