nbi bond fund - series investor-2 cdn - bnc · 2020. 7. 19. · before you invest in any fund, ......

FUND FACTSMarch 20, 2017

NBI Bond Fund (formerly National Bank Bond Fund)Investor-2 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

This Series is generally closed to new purchases.

Quick factsFund code: NBC6840

Date series started: May 12, 2017

Total value of fund on January 31, 2017: $1,961.0 million

Management expense ratio (MER): Not available, series is new

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

Portfolio manager: 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 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 January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Government of Canada, 0.25%, due May 1st, 2018 15.7%2. Province of Ontario, 2.85%, due June 2, 2023 6.5%3. Government of Canada, 0.50%, due February 1st, 2019 4.3%4. NBI Unconstrained Fixed Income Fund, Series O 3.8%5. Province of Ontario, 2.90%, due December 2, 2046 3.2%6. Province of Ontario, 3.50%, due June 2, 2024 2.8%7. Province of Ontario, 2.80%, due June 2, 2048 2.4%8. Province of Quebec, 2.75%, due September 1st, 2025 2.3%9. Government of Canada, 2.75%, due December 1st, 2048 2.2%10. Canada Housing Trust, 2.35%, due December 15, 2018 2.0%Total percentage of top 10 investments: 45.2 %Total number of investments: 181

Investment Mix (as at January 31, 2017)Investment Mix

Corporate Bonds 35.7%Provincial Bonds 27.0%Federal Bonds 26.0%Municipal Bonds 8.7%Cash, Money Market and Other NetAssets 2.1%

Foreign Bonds 0.5%

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 Bond Fund (formerly National Bank Bond Fund)Investor-2 Series

How has the fund performed?This section tells you how Investor-2 Series securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Investor-2 Series as it has not been distributed to the public under a simplified prospectus for a fullcalendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Investor-2 Series are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Investor-2 Series as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

Who is this fund for?Investors who:

• 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.

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 Investor-2 Series securities of the fund. The fees and expenses –including any commissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend oneinvestment over 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 Inc. Other representative's firm may charge you afee.

2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. The fund's expenses are made up of the management fee,operating expenses (including fixed administration fee) and trading costs. The series' annual management fee is 1.00% and fixed administration fee is0.10% of the series’ value. Because this series of the fund is new, its operating expenses and trading costs are not yet available.

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 advice that your representative andtheir 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.

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.

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]/investmentwww.nbc.ca/investmentwww.nbc.ca/investment

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 Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Advisor-U.S.$ 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.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: US$ ISC: NBC5433 DSC: NBC5533 LSC: NBC5633





Portfolio manager: BNY Mellon Asset Management Canada Ltd.

Portfolio sub-advisor: Standish Mellon Asset Management Company LLC




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 January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Three years Commonwealth Government Bonds, March 17 13.1%2. Government of Australia, 2.75%, due October 21, 2019 5.8%3. Japan 10 year Bond, March 17 3.8%4. Government of Canada, 0.75%, due September 1st, 2020 3.6%5. Euro-Schatz, March 17 3.2%6. Government of the United States, 0.13%, due April 15, 2020 2.9%7. Government of Japan, 0.10%, due March 10, 2025 2.8%8. US 10-year Treasury Note, March 07 2.7%9. Government of France, 0.50%, due May 25, 2026 2.7%10. Government of Japan, 0.10%, due June 20, 2021 2.6%Total percentage of top 10 investments: 43.2 %Total number of investments: 219


Foreign Bonds 81.2%Derivative Products 17.3%Asset Backed Securities 9.0%Federal Bonds 5.7%Mortgage Backed Securities 0.5%Corporate Bonds 0.1%Cash, Money Market and Other NetAssets -13.8%


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 Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Advisor-U.S.$ Series

How has the fund performed?This section tells you how Advisor-U.S.$ Series securities of the fund have performed since inception. Returns are after expenses have been deducted.These expenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Advisor-U.S.$ Series as it has not been distributed to the public under a simplified prospectus for a fullcalendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Advisor-U.S.$ Series are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Advisor-U.S.$ Series as it has not been distributed to the public under a simplified prospectus for 12 consecutivemonths.


• 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.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Advisor-U.S.$ Series securities of the fund. The fees and expenses –including any commissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend oneinvestment over another. 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.

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.

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 anotherNational Bank Mutual Fund bought under the deferred sales charge option. Thedeferred sales charge schedule will be based on the date that the original securitieswere purchased.

Low salescharge

If you sell within:




After 3 years 0%


• 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.



• There are no redemption fees when you switch securities for securities of anotherNational Bank Mutual Fund bought under the low sales charge option. The low salescharge schedule will be based on the date that the original securities werepurchased.

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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Advisor-U.S.$ Series

How much does it cost? (cont’d)2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. The fund's expenses are made up of the management fee,operating expenses (including fixed administration fee) and trading costs. The series' annual management fee is 1.70% and fixed administration fee is0.10% of the series’ value. Because this series of the fund is new, its operating expenses and trading costs are not yet available.

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 advice that your representative andtheir 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 0.75% of the value of your investment each year. Maximum of $7.50 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 0.75% of the value of your investment each year for the following years. 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 0.75% of the value of your investment each year for the following years.




Fee What you pay


Switch feeThere are no fees when you switch securities through NBI or National Bank Direct Brokerage Inc. If you switch securities through anotherrepresentative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiate these fees with your representative.

Conversion feeThere are no fees when you convert securities through NBI or National Bank Direct Brokerage Inc. If you convert securities through anotherrepresentative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiate these fees with your representative.










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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series F-U.S.$This 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.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: NBC5733 (US$)

















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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series F-U.S.$

How has the fund performed?This section tells you how Series F-U.S.$ securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series F-U.S.$ as it has not been distributed to the public under a simplified prospectus for a full calendaryear.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series F-U.S.$ are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series F-U.S.$ as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.




growth.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series F-U.S.$ securities 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 ChargesYou pay your representative's firm an annual fee based on the asset value of your account instead of paying commissions or fees on each purchase.


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 advice that your representative andtheir firm provide to you.NBI does not pay any trailing commission to your representative’s firm with respect to Series F-U.S.$ securities.


Fee What you pay


Fee-based account feeThe Series F-U.S.$ is only offered to investors who have entered into an agreement to pay fees directly to their representative's firm. Theseinvestors pay their representative's firm annual compensation based on the asset value of their account.


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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series FT-U.S.$This 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.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.








Distribution: Net income, end of each month, may include a significantreturn of capital component (automatically reinvested in

additional securities, unless the investor chooses differently).Net income not distributed and capital gains, special

distribution in December (must be reinvested).









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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series FT-U.S.$

How has the fund performed?This section tells you how Series FT-U.S.$ securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series FT-U.S.$ as it has not been distributed to the public under a simplified prospectus for a full calendaryear.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series FT-U.S.$ are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series FT-U.S.$ as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.




growth.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series FT-U.S.$ securities of the fund. The fees and expenses –including any commissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend oneinvestment over another. Ask about other funds and investments that may be suitable for you at a lower cost.



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 advice that your representative andtheir firm provide to you.NBI does not pay any trailing commission to your representative's firm with respect to Series FT-U.S.$ securities.


Fee What you pay


Fee-based account feeThe Series FT-U.S.$ is only offered to investors who have entered into an agreement to pay fees directly to their representative's firm. Theseinvestors pay their representative's firm annual compensation based on the asset value of their account.


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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series O-U.S.$This 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.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.











Minimum investment: Determined on a contractual basis.








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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series O-U.S.$

How has the fund performed?This section tells you how Series O-U.S.$ securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series O-U.S.$ as it has not been distributed to the public under a simplified prospectus for a full calendaryear.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series O-U.S.$ are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series O-U.S.$ as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.




growth.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series O-U.S.$ securities of the fund. The fees and expenses –including any commissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend oneinvestment over 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 Inc.

2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. The fund's expenses are made up of the operating expenses(including the fixed administration fee) and trading costs. The fixed administration fee is 0.02% of the series’ value. Because this series of the fund is new,its operating expenses and trading costs are not yet available.

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 advice that your representative andtheir firm provide to you.NBI does not pay any trailing commission to your representative's firm with respect to Series O-U.S.$ securities.

3. Other feesThere are no fees when you buy, hold, sell, switch or convert securities of the fund.

Fee What you pay


NegotiatedManagement Fees

Management fees are negotiated with NBI, and paid directly by investors who have entered into a Series O-U.S.$ account agreement with us.These fees do not exceed the management fees for the Advisor-U.S.$ Series (maximum of 1.70%). These fees are in addition to the fixed rateadministration fees.


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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series T-U.S.$This 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.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: US$ ISC: NBC5434 DSC: NBC5534 LSC: NBC5634


















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NBI Global Tactical Bond Fund (formerly National Bank Global Tactical Bond Fund)Series T-U.S.$

How has the fund performed?This section tells you how Series T-U.S.$ securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series T-U.S.$ as it has not been distributed to the public under a simplified prospectus for a full calendaryear.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series T-U.S.$ are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series T-U.S.$ as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.




growth.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series T-U.S.$ securities 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.


Sales chargeoption

What you pay


Initial salescharge





If you sell within:







After 6 years 0%








Low salescharge

If you sell within:




After 3 years 0%







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$1,000 invested.






Low sales charge






Fee What you pay













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NBI Secure PortfolioInvestor-2 SeriesThis document contains key information you should know about the NBI Secure Portfolio. 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/investment.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 January 31, 2017: Not available, the fund is new

Management expense ratio (MER): Not available, the fund is new


Portfolio manager: National Bank Trust Inc.




What does the fund invest in?The investment objective of the fund is to ensure high current income and some medium term capital appreciation. To achieve this, it invests primarily in adiversified range of fixed income and equity mutual funds (which may include exchange-traded funds ("ETFs").The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)Since this fund is new, this information is not available.

Investment Mix (as at January 31, 2017)

Since this fund is new, this information is not available.


Risk ratingNBI has rated the volatility of this fund as low.Because this is a new fund, the risk rating is only an estimate by NBI.Generally, the rating is based on how much the fund's returns have changedfrom year to year. It doesn't tell you how volatile the fund will be in thefuture. The rating can change over time. A fund with low risk rating can stilllose money.


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NBI Secure PortfolioInvestor-2 Series


• are looking to invest for the short to medium term (at least one year);• are looking for a turnkey solution composed of several asset classes in

order to achieve a fully diversified portfolio;• are looking for a high level of current income and some capital

appreciation over the medium term.




2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. The fund's expenses are made up of the management fee,operating expenses (including fixed administration fee) and trading costs. The series' annual management fee is 1.25% and fixed administration fee is0.10% of the series’ value. Because the fund is new, its operating expenses and trading costs are not yet available.



Fee What you pay











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NBI Secure PortfolioSeries R-2This document contains key information you should know about the NBI Secure Portfolio. 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.







Portfolio manager: National Bank Trust Inc.





What does the fund invest in?The investment objective of the fund is to ensure high current income and some medium term capital appreciation. To achieve this, it invests primarily in adiversified range of fixed income and equity mutual funds (which may include exchange-traded funds ("ETFs").The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.







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How has the fund performed?This section tells you how Series R-2 securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series R-2 as it has not been distributed to the public under a simplified prospectus for a full calendaryear.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series R-2 are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series R-2 as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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NBI Secure PortfolioSeries R-2



order to achieve a fully diversified portfolio;• are looking for a high level of current income and some capital

appreciation over the medium term.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series R-2 securities 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.



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 advice that your representative andtheir 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 $1,000.00 invested.


Fee What you pay











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NBI Moderate PortfolioSeries R-2This document contains key information you should know about the NBI Moderate Portfolio. 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.







Portfolio manager: National Bank Trust inc.





What does the fund invest in?The investment objective of the fund is to ensure high current income and long-term capital appreciation. To achieve this, it invests primarily in a diversifiedrange of fixed income and equity mutual funds (which may include exchange-traded funds ("ETFs").The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.







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order to achieve a fully diversified portfolio;• are looking for a high level of current income and some long-term

capital appreciation.







Fee What you pay











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NBI Balanced PortfolioInvestor-2 SeriesThis document contains key information you should know about the NBI Balanced Portfolio. 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/investment.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 ensure current income and long-term capital appreciation. To achieve this, it invests primarily in a diversified range offixed income and equity mutual funds (which may include exchange-traded funds ("ETFs").The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.





Risk ratingNBI has rated the volatility of this fund as low to medium.Because this is a new fund, the risk rating is only an estimate by NBI.Generally, the rating is based on how much the fund's returns have changedfrom year to year. It doesn't tell you how volatile the fund will be in thefuture. The rating can change over time. A fund with low risk rating can stilllose money.


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• are looking to invest for the medium term (at least three years);• are looking for a turnkey solution composed of several asset classes in

order to achieve a fully diversified portfolio;• are looking for current income and long-term capital appreciation.







Fee What you pay











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NBI Balanced PortfolioAdvisor-2 SeriesThis document contains key information you should know about the NBI Balanced Portfolio. 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/investment.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: NBC6424 DSC: NBC6524 LSC: NBC6624
















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How has the fund performed?This section tells you how Advisor-2 Series securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Advisor-2 Series as it has not been distributed to the public under a simplified prospectus for a fullcalendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Advisor-2 Series are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Advisor-2 Series as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Advisor-2 Series securities of the fund. The fees and expenses –including any commissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend oneinvestment over another. Ask about other funds and investments that may be suitable for you at a lower cost.


Sales chargeoption

What you pay


Initial salescharge





If you sell within:







After 6 years 0%




• These fees are only charged if you request the redemption of more than 10% of thesecurities you hold within the same calendar year.




Low salescharge

If you sell within:




After 3 years 0%








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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 advice that your representative andtheir 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.




$1,000 invested.






Low sales charge






Fee What you pay













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NBI Balanced PortfolioSeries F-2This document contains key information you should know about the NBI Balanced Portfolio. 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


















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How has the fund performed?This section tells you how Series F-2 securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series F-2 as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series F-2 are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series F-2 as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series F-2 securities 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.



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 advice that your representative andtheir firm provide to you.NBI does not pay any trailing commission to your representative’s firm with respect to Series F-2 securities.


Fee What you pay


Fee-based account feeThe Series F-2 is only offered to investors who have entered into an agreement to pay fees directly to their representative's firm. Theseinvestors pay their representative's firm annual compensation based on the asset value of their account.










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NBI Balanced PortfolioSeries R-2This document contains key information you should know about the NBI Balanced Portfolio. 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.



















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Fee What you pay











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NBI Growth PortfolioInvestor SeriesThis document contains key information you should know about the NBI Growth Portfolio. 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/investment.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 investment objective of the fund is to provide long-term capital appreciation and some current income. To achieve this, it invests primarily in adiversified range of fixed income and equity mutual funds (which may include exchange-traded funds ("ETFs").The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.





Risk ratingNBI has rated the volatility of this fund as medium.Because this is a new fund, the risk rating is only an estimate by NBI.Generally, the rating is based on how much the fund's returns have changedfrom year to year. It doesn't tell you how volatile the fund will be in thefuture. The rating can change over time. A fund with low risk rating can stilllose money.


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How has the fund performed?This section tells you how Investor Series securities of the fund have performed since inception. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Investor Series as it has not been distributed to the public under a simplified prospectus for a full calendaryear.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Investor Series are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Investor Series as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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order to achieve a fully diversified portfolio;• are looking for long-term capital appreciation and some current

income.


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





Fee What you pay











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NBI Growth PortfolioInvestor-2 SeriesThis document contains key information you should know about the NBI Growth Portfolio. 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


















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income.







Fee What you pay











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NBI Growth PortfolioSeries RThis document contains key information you should know about the NBI Growth Portfolio. 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


















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How has the fund performed?This section tells you how Series R securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series R as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series R are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series R as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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income.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series R securities 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.





Fee What you pay











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NBI Equity PortfolioInvestor-2 SeriesThis document contains key information you should know about the NBI Equity Portfolio. 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/investment.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 investment objective of the fund is to ensure long-term capital appreciation. To achieve this, it invests primarily in a diversified range of fixed incomeand equity mutual funds (which may include exchange-traded funds ("ETFs").The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.







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• are looking to invest for the long term (at least five years);• are looking for a turnkey solution composed of several asset classes in

order to achieve a fully diversified portfolio;• are looking for long-term capital appreciation.







Fee What you pay











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NBI Equity PortfolioSeries R-2This document contains key information you should know about the NBI Equity Portfolio. 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/investment.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 investment objective of the fund is to ensure long-term capital appreciation. To achieve this, it invests primarily in a diversified range of fixed incomeand equity mutual funds (which may include exchange-traded funds ("ETFs").The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.







HIGH HIGH







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• are looking to invest for the long term (at least five years);• are looking for a turnkey solution composed of several asset classes in

order to achieve a fully diversified portfolio;• are looking for long-term capital appreciation.







Fee What you pay











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NBI Dividend Fund (formerly National Bank Dividend Fund)Investor-2 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.nbc.ca/investment.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 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 January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. National Bank Bond Fund, Series O 15.3%2. National Bank Strategic U.S. Income and Growth Fund, Series O 9.7%3. National Bank Preferred Equity Fund, Series O 2.6%4. TransCanada Corp. 1.5%5. Enbridge Inc. 1.5%6. Royal Bank of Canada 1.5%7. Bank of Nova Scotia, Floating, Series 33 1.4%8. Bank of Nova Scotia 1.4%9. Cash, Money Market and Other Net Assets 1.2%10. Toronto-Dominion Bank, 3.90 %, Class A, Series 1 1.0%Total percentage of top 10 investments: 37.1 %Total number of investments: 230


Preferred Shares 54.3%Canadian Equity 17.8%Corporate Bonds 5.6%Foreign Bonds 5.5%US Equity 4.2%Provincial Bonds 4.0%Federal Bonds 3.8%Cash, Money Market and Other NetAssets 3.6%

Municipal Bonds 1.3%International Equity 0.4%Derivative Products -0.5%




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







Fee What you pay











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NBI Canadian Equity Fund (formerly National Bank Canadian Equity Fund)Investor-2 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/investment.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 January 31, 2017: $335.8 million



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 January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Toronto-Dominion Bank 8.9%2. Royal Bank of Canada 8.0%3. Bank of Nova Scotia 6.6%4. Enbridge Inc. 5.0%5. Manulife Financial Corp. 4.8%6. Canadian Natural Resources Ltd. 3.8%7. Open Text Corp. 3.3%8. Canadian Western Bank 3.3%9. Potash Corporation of Saskatchewan Inc. 3.2%10. Canadian National Railway Co. 3.1%Total percentage of top 10 investments: 50.0 %Total number of investments: 39

Investment Mix (as at January 31, 2017)Sector Allocation

Financials 36.0%Energy 22.6%Industrials 10.8%Consumer Staples 10.3%Consumer Discretionary 8.0%Information Technology 6.7%Materials 5.4%Cash, Money Market and Other NetAssets 0.2%


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







Fee What you pay











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NBI Canadian Equity Fund (formerly National Bank Canadian Equity Fund)Advisor-2 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


















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Sales chargeoption

What you pay


Initial salescharge





If you sell within:







After 6 years 0%








Low salescharge

If you sell within:




After 3 years 0%







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$1,000 invested.






Low sales charge






Fee What you pay













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NBI Canadian Equity Fund (formerly National Bank Canadian Equity Fund)Series F-2This 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


















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Fee What you pay












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FUND FACTSJuly 29, 2016

National Bank Canadian Equity FundSeries OThis document contains key information you should know about the National Bank Canadian 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., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Effective on or about August 31, 2016, Jarislowsky, Fraser Limited will become the portfolio manager for the National Bank Canadian Equity Fund.


Date series started: February 13, 2002

Total value of fund on June 30, 2016: $321.8 million

Management expense ratio (MER): 0.02%

Fund manager: National Bank Investments Inc.


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

unless you ask to be paid in cash in a non-registered account).


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 June 30, 2016. The fund’s investments will change over time.

Top 10 Investments (as at June 30, 2016)1. Royal Bank of Canada 8.3%2. Toronto-Dominion Bank 6.7%3. Bank of Nova Scotia 6.2%4. Canadian Natural Resources Ltd. 5.3%5. BCE Inc. 4.6%6. Manulife Financial Corp. 4.1%7. Suncor Energy Inc. 4.0%8. Goldcorp Inc. 3.8%9. Alimentation Couche-Tard Inc., Class B 3.6%10. Brookfield Asset Management Inc., Class A 3.5%Total percentage of top 10 investments: 50.1 %Total number of investments: 36

Investment Mix (as at June 30, 2016)Sector Allocation

Financials 36.2%Energy 19.5%Materials 10.0%Consumer Discretionary 9.0%Industrials 7.9%Consumer Staples 6.1%Telecommunication Services 4.6%Utilities 3.6%Information Technology 2.4%Health Care 0.5%Cash, Money Market and Other NetAssets 0.2%


Risk ratingNational Bank Investments Inc. has rated the volatility of this fund asmedium.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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How has the fund performed?This section tells you how Series O securities of the fund have performed over the past 10 years. Returns are after expenses have been deducted. Theseexpenses reduce the funds' returns.

Year-by-year returnsThis chart shows how Series O securities of the fund performed in each of the past 10 years. The fund dropped in value in 3 of the 10 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.

16.8%

7.2%

-27.8%

25.5%

11.8%

-9.4%

9.7%15.3%

8.4%

-6.3%

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

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Best and worst 3-month returnsThis table shows the best and worst returns for Series O 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.

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

Best Return 24.7% May 31, 2009 Your investment would rise to $1,247.

Worst return -23.6% November 30, 2008 Your investment would drop to $764.

Average returnThe annual compounded return of O Series securities of the fund was 4.31% over the past 10 years. If you had invested $1,000 in this series 10 years ago,your investment would now be worth $1,525.


• want to invest their money for the long term (at least 5 years);• wish to add a Canadian equity fund to their portfolio.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series O securities 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 ChargesThere are no charges when you purchase your securities through National Bank Investments Inc. or National Bank Direct Brokerage Inc.

2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2015, the fund's expenses were 0.11% ofits value. This equals $1.10 for every $1,000 invested.

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How much does it cost? (cont’d)

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). National Bank Investments Inc. waived some of the fund's expenses. If it had not done so,the MER would have been higher.

0.02%

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

0.09%

Fund Expenses 0.11%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. does not pay any trailing commission to your representative's firm with respect to Series O securities.


Fee What you pay

Short-term trading fee2% of the value of the securities you redeem or switch within 30 days of purchase may be charged by National Bank Investments Inc. This feegoes to the fund.


Management fees are negotiated with National Bank Investments Inc., and paid directly by investors who have entered into a Series O accountagreement with us. These fees do not exceed the management fees for the Investor Series (maximum of 2.00%). These fees are in addition tothe fixed rate administration fees.

Other feesRegistered Account termination fee, only if the registered investment account is with NationalBank Investments Inc.

$100





For more informationContact National Bank Investments Inc. or your representative for a copy ofthe fund’s simplified prospectus and other disclosure documents. Thesedocuments and the Fund Facts make up the fund’s legal documents.




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NBI Canadian Equity Growth Fund (formerly National Bank Canadian Equity Growth Fund)Investor-2 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/investment.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 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 30% of the fund'sassets.The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Royal Bank of Canada 8.3%2. Toronto-Dominion Bank 7.9%3. Bank of Nova Scotia 6.7%4. Manulife Financial Corp. 5.1%5. CGI Group Inc., Class A 5.0%6. Canadian Natural Resources Ltd. 4.9%7. Canadian National Railway Co. 3.9%8. Enbridge Inc. 3.7%9. Seven Generations Energy Ltd., Class A 3.3%10. TransCanada Corp. 3.3%Total percentage of top 10 investments: 52.1 %Total number of investments: 36


Financials 35.5%Energy 24.1%Materials 9.5%Industrials 8.8%Consumer Discretionary 8.4%Information Technology 5.0%Consumer Staples 3.5%Real Estate 2.1%Bonds 1.3%Utilities 1.2%Health Care 0.3%Cash, Money Market and Other NetAssets 0.3%




HIGH HIGH



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NBI Canadian Equity Growth Fund (formerly National Bank Canadian Equity Growth Fund)Investor-2 Series






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

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







Fee What you pay











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FUND FACTSMay 12, 2016

National Bank Global Equity FundInvestor SeriesThis document contains key information you should know about the National Bank Global 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., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: January 28, 2000

Total value of fund on March 31, 2016: $730.8 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, 2016. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2016)1. Moody's Corp. 4.5%2. Becton, Dickinson and Co. 4.0%3. Johnson & Johnson 3.9%4. TJX Companies Inc. 3.2%5. Keyence Corp. 3.2%6. US Bancorp 3.1%7. InterContinental Hotels Group PLC 3.0%8. Schindler Holding AG 3.0%9. 3M Co. 3.0%10. Wells Fargo & Co. 2.9%Total percentage of top 10 investments: 33.8 %Total number of investments: 42

Investment Mix (as at March 31, 2016)Investment Mix

United States 55.3%Switzerland 14.1%United Kingdom 11.0%Other countries 9.6%Japan 5.1%Netherlands 2.6%Taiwan 2.3%




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National Bank Global Equity 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 3 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.

11.7%

-5.6%

-29.8%

2.4% 2.9%

-5.3%

14.1%

33.6%

13.4%18.1%

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

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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 13.3% March 31, 2015 Your investment would rise to $1,133.


Average returnThe annual compounded return of Investor Series securities of the fund was 3.09% over the past 10 years. If you had invested $1,000 in this series 10 yearsago, your investment would now be worth $1,356.


• are looking to invest for the long term (at least 5 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.




1. Sales ChargesThere are no charges when you purchase your securities through National Bank Investments Inc. or National Bank Direct Brokerage Inc. Otherrepresentative's firm may charge you a fee.


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National Bank Global Equity FundInvestor Series




2.85%


0.03%

Fund Expenses 2.88%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on thevalue of your investment. The rate for this series of the fund is up to 1.25% of the value of your investment each year. This equals $12.50 each year for every$1,000 invested.

3. Other feesYou may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National BankInvestments Inc. or National Bank Direct Brokerage Inc.

Fee What you pay



$100









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NBI Global Equity Fund (formerly National Bank Global Equity Fund)Investor-2 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/investment.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 January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Moody's Corp. 4.6%2. Keyence Corp. 4.4%3. Becton Dickinson and Co. 4.2%4. Johnson & Johnson 4.1%5. MasterCard Inc., Class A 3.4%6. Nestlé SA 3.3%7. US Bancorp 3.1%8. Sherwin-Williams Co./The 3.0%9. Schindler Holding AG 3.0%10. Unilever NV, GDR 3.0%Total percentage of top 10 investments: 36.1 %Total number of investments: 40


United States 55.4%Switzerland 15.4%United Kingdom 10.1%Other countries 7.3%Japan 6.5%Netherlands 3.0%Sweden 2.5%Cash, Money Market and Other NetAssets -0.2%




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








Fee What you pay











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National Bank Global Equity FundAdvisor SeriesThis document contains key information you should know about the National Bank Global 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., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.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 8, 2002















HIGH HIGH



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National Bank Global Equity FundAdvisor Series

How has the fund performed?This section tells you how Advisor 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 Advisor Series securities of the fund performed in each of the past 10 years. The fund dropped in value in 3 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.

11.7%

-5.6%

-29.8%

2.4% 2.9%

-5.3%

14.1%

33.6%

13.4%18.1%

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

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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 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.




Average returnThe annual compounded return of Advisor Series securities of the fund was 3.09% over the past 10 years. If you had invested $1,000 in this series 10 yearsago, your investment would now be worth $1,356.






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


Page 2222 of 4444



Sales chargeoption

What you pay


Initial salescharge





If you sell within:







After 6 years 0%






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

• When you sell your securities, any redemption fee you pay goes to National BankInvestments Inc.


Low salescharge

If you sell within:




After 3 years 0%











2.85%


0.03%

Fund Expenses 2.88%

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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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on thevalue of your investment. The rate depends on the sales charge option you choose.




$1,000 invested.



Up to 1.25% 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.



Low sales charge






Fee What you pay


Switch feeThere are no fees when you switch securities through National Bank Investments Inc. or National Bank Direct Brokerage Inc. If you switchsecurities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiate these feeswith your representative.

Conversion feeThere are no fees when you convert securities through National Bank Investments Inc. or National Bank Direct Brokerage Inc. If you convertsecurities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiate these feeswith your representative.


$100









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NBI Global Equity Fund (formerly National Bank Global Equity Fund)Advisor-2 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


















HIGH HIGH



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Sales chargeoption

What you pay


Initial salescharge





If you sell within:







After 6 years 0%








Low salescharge

If you sell within:




After 3 years 0%







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NBI Global Equity Fund (formerly National Bank Global Equity Fund)Advisor-2 Series






$1,000 invested.






Low sales charge






Fee What you pay













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NBI Global Equity Fund (formerly National Bank Global Equity Fund)Series F-2This 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/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


















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Fee What you pay












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National Bank Global Equity FundSeries OThis document contains key information you should know about the National Bank Global 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., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: March 1, 2005















HIGH HIGH



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National Bank Global Equity FundSeries O

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

Year-by-year returnsThis chart shows how Series O securities of the fund performed in each of the past 10 years. The fund dropped in value in 3 of the 10 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.

14.6%

-3.0%

-27.8%

5.0% 5.6%

-2.8%

17.3%

37.2%

16.6%21.4%

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

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Best and worst 3-month returnsThis table shows the best and worst returns for Series O 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.




Average returnThe annual compounded return of O Series securities of the fund was 5.91% over the past 10 years. If you had invested $1,000 in this series 10 years ago,your investment would now be worth $1,775.






How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series O securities 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 ChargesThere are no charges when you purchase your securities through National Bank Investments Inc. or National Bank Direct Brokerage Inc.


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National Bank Global Equity FundSeries O




0.02%


0.03%

Fund Expenses 0.05%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. does not pay any trailing commission to your representative's firm with respect to Series O securities.

3. Other feesThere are no fees when you buy, hold, sell, switch or convert securities of the fund.

Fee What you pay



Management fees are negotiated with National Bank Investments Inc., and paid directly by investors who have entered into a Series O accountagreement with us. These fees do not exceed the management fees for the Investor Series (maximum of 2.25%). These fees are in addition tothe fixed rate administration fees.


$100









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National Bank Resource FundInvestor SeriesThis document contains key information you should know about the National Bank Resource 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., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.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 10, 1989








What does the fund invest in?The fund aims to achieve capital growth primarily by investing in equities of Canadian natural resource companies and companies that support resourcecompanies. It is expected that investments in foreign securities will not exceed approximately 30% of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2016. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2016)1. Enbridge Inc. 7.5%2. Suncor Energy Inc. 6.7%3. Canadian Natural Resources Ltd. 6.5%4. Goldcorp Inc. 5.8%5. Agnico-Eagle Mines Ltd. 5.0%6. Crescent Point Energy Corp. 4.5%7. Barrick Gold Corp. 4.0%8. Vermilion Energy Inc. 3.6%9. TransCanada Corp. 3.4%10. Detour Gold Corp. 3.2%Total percentage of top 10 investments: 50.2 %Total number of investments: 40

Investment Mix (as at March 31, 2016)Sector Allocation

Oil Gas & Consumable Fuels 48.5%Metals & Mining 33.9%Chemicals 5.7%Paper & Forest Products 4.6%Cash, Money Market and Other NetAssets 2.6%

Containers & Packaging 2.5%Energy Equipment & Services 2.2%


Risk ratingNational Bank Investments Inc. has rated the volatility of this fund as 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.


HIGH HIGH



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National Bank Resource 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 6 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.

30.1%

19.0%

-31.3%

37.4% 38.1%

-20.8%

-11.1% -11.5%

-1.8%

-15.3%

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

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

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

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 25.2% May 31, 2009 Your investment would rise to $1,252.

Worst return -39.2% October 31, 2008 Your investment would drop to $608.

Average returnThe annual compounded return of Investor Series securities of the fund was 0.48% over the past 10 years. If you had invested $1,000 in this series 10 yearsago, your investment would now be worth $1,049.


• are looking to invest for the long term (at least 5 years);• are seeking to participate in the growth of the natural resources sector

within a diversified portfolio.




1. Sales ChargesThere are no charges when you purchase your securities through National Bank Investments Inc. or National Bank Direct Brokerage Inc. Otherrepresentative's firm may charge you a fee.


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National Bank Resource FundInvestor Series




2.47%


0.23%

Fund Expenses 2.70%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on thevalue of your investment. The rate for this series of the fund is up to 1.25% of the value of your investment each year. This equals $12.50 each year for every$1,000 invested.


Fee What you pay



$100









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National Bank Resource FundAdvisor SeriesThis document contains key information you should know about the National Bank Resource 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., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.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 12, 2009








What does the fund invest in?The fund aims to achieve capital growth primarily by investing in equities of Canadian natural resource companies and companies that support resourcecompanies. It is expected that investments in foreign securities will not exceed approximately 30% of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2016. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2016)1. Enbridge Inc. 7.5%2. Suncor Energy Inc. 6.7%3. Canadian Natural Resources Ltd. 6.5%4. Goldcorp Inc. 5.8%5. Agnico-Eagle Mines Ltd. 5.0%6. Crescent Point Energy Corp. 4.5%7. Barrick Gold Corp. 4.0%8. Vermilion Energy Inc. 3.6%9. TransCanada Corp. 3.4%10. Detour Gold Corp. 3.2%Total percentage of top 10 investments: 50.2 %Total number of investments: 40


Oil Gas & Consumable Fuels 48.5%Metals & Mining 33.9%Chemicals 5.7%Paper & Forest Products 4.6%Cash, Money Market and Other NetAssets 2.6%

Containers & Packaging 2.5%Energy Equipment & Services 2.2%


Risk ratingNational Bank Investments Inc. has rated the volatility of this fund as 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.


HIGH HIGH



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National Bank Resource FundAdvisor Series

How has the fund performed?This section tells you how Advisor Series securities of the fund have performed over the past 6 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 6 years. The fund dropped in value in 5 of the 6 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.

38.1%

-20.8%

-11.1% -11.5%

-1.8%

-15.3%

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

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

2010 2011 2012 2013 2014 2015

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 6 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 20.9% December 31, 2010 Your investment would rise to $1,209.

Worst return -24.3% May 31, 2012 Your investment would drop to $757.

Average returnThe annual compounded return of Advisor Series securities of the fund was -0.85% since its inception. If you had invested $1,000 in this series sinceinception, your investment would now be worth $943.


• are looking to invest for the long term (at least 5 years);• are seeking to participate in the growth of the natural resources sector

within a diversified portfolio.





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Sales chargeoption

What you pay


Initial salescharge





If you sell within:







After 6 years 0%









Low salescharge

If you sell within:




After 3 years 0%











2.47%


0.23%

Fund Expenses 2.70%

Page 3333 of 4444


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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on thevalue of your investment. The rate depends on the sales charge option you choose.




$1,000 invested.



Up to 1.25% 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.



Low sales charge






Fee What you pay





$100









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NBI U.S. High Conviction Equity Private PortfolioAdvisor SeriesThis document contains key information you should know about the NBI U.S. High Conviction Equity Private Portfolio. You can find more detailed information inthe fund’s simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.Prior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundcontinues to offer certain other Series by way of private placement.continues to offer certain other Series by way of private placement.continues to offer certain other Series by way of private placement.continues to offer certain other Series by way of private placement.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: C$ ISC: NBC4266

US$ ISC: NBC4276

Date series started: July 14, 2015








What does the fund invest in?The fund’s investment objective is to provide long-term capital growth. The fund invests directly, or through investments in securities of other mutual funds,in a portfolio consisting primarily of common shares of U.S. companies selected using a high conviction investment approach.The charts below give you a snapshot of the fund’s investments on March 31, 2016. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2016)1. Moody's Corp. 6.5%2. Johnson & Johnson 6.2%3. Becton, Dickinson and Co. 4.9%4. Wells Fargo & Co. 4.5%5. US Bancorp 4.2%6. MasterCard Inc., Class A 4.0%7. TJX Companies Inc. 3.9%8. United Technologies Corp. 3.8%9. 3M Co. 3.7%10. AutoZone Inc. 3.7%Total percentage of top 10 investments: 45.4 %Total number of investments: 38


Consumer Discretionary 23.2%Financials 18.5%Health Care 16.7%Industrials 15.4%Information Technology 12.9%Consumer Staples 7.2%Materials 4.4%Cash, Money Market and Other NetAssets 1.4%

Corporate Bonds 0.3%




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NBI U.S. High Conviction Equity Private PortfolioAdvisor Series

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

Year-by-year returnsThe year-by-year returns are not available for the Advisor Series as it has not been distributed to the public under a simplified prospectus for a full calendaryear.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Advisor Series are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Advisor Series as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.


• are looking to invest for the long term (at least 5 years);• are seeking to diversify their investments with exposure to U.S.

markets.



1. Sales ChargesThere is only the initial sales charge option available when you purchase securities of this Series.

Sales chargeoption

What you pay


Initial salescharge







2.01%


0.03%

Fund Expenses 2.04%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on thevalue of your investment.




$1,000 invested.

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NBI U.S. High Conviction Equity Private PortfolioAdvisor Series

How much does it cost? (cont’d)3. Other feesYou may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National BankInvestments Inc. or National Bank Direct Brokerage Inc.

Fee What you pay












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NBI U.S. High Conviction Equity Private PortfolioSeries FHThis document contains key information you should know about the NBI U.S. High Conviction Equity Private Portfolio. You can find more detailed information inthe 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 anemail to [email protected] or visit our website at www.nbc.ca/investment.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.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 provide long-term capital growth. The fund invests directly, or through investments in securities of other mutual funds,in a portfolio consisting primarily of common shares of U.S. companies selected using a high conviction investment approach.The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Moody's Corp. 6.1%2. Johnson & Johnson 5.9%3. Becton Dickinson and Co. 5.0%4. MasterCard Inc., Class A 4.4%5. US Bancorp 4.4%6. PepsiCo Inc. 4.1%7. Sherwin-Williams Co./The 3.9%8. UnitedHealth Group Inc. 3.9%9. AutoZone Inc. 3.9%10. United Technologies Corp. 3.7%Total percentage of top 10 investments: 45.3 %Total number of investments: 31


Consumer Discretionary 21.7%Financials 19.5%Health Care 17.1%Information Technology 15.6%Industrials 13.5%Consumer Staples 7.3%Materials 4.3%Cash, Money Market and Other NetAssets 0.9%





HIGH HIGH



How has the fund performed?This section tells you how Series FH securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series FH as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series FH are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series FH as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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NBI U.S. High Conviction Equity Private PortfolioSeries FH


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

markets;• are seeking to diversify their portfolio with exposure to foreign

investments, while minimizing their exposure to foreign currencyfluctuations against the Canadian dollar.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series FH securities 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.



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 advice that your representative andtheir firm provide to you.NBI does not pay any trailing commission to your representative's firm with respect to Series FH securities.


Fee What you pay


Fee-based account feeThe Series FH is only offered to investors who have entered into an agreement to pay fees directly to their representative's firm. Theseinvestors pay their representative's firm annual compensation based on the asset value of their account.









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NBI U.S. High Conviction Equity Private PortfolioSeries FThis document contains key information you should know about the NBI U.S. High Conviction Equity Private Portfolio. You can find more detailed information inthe fund’s simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.Prior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F units offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F units offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F units offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F units offered by way of prospectus were created. The fundcontinues to offer certain other series by way of private placement.continues to offer certain other series by way of private placement.continues to offer certain other series by way of private placement.continues to offer certain other series by way of private placement.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: NBC4066 (C$)

NBC4076 (US$)

















HIGH HIGH



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NBI U.S. High Conviction Equity Private PortfolioSeries F

How has the fund performed?This section tells you how Series F securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series F as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series F are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series F as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.



markets.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series F securities 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.





0.69%


0.03%

Fund Expenses 0.72%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. does not pay any trailing commission to your representative’s firm with respect to Series F securities.


Fee What you pay


Fee-based account feeThe Series F is only offered to investors who have entered into an agreement to pay fees directly to their representative's firm. These investorspay their representative's firm annual compensation based on the asset value of their account.

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NBI U.S. High Conviction Equity Private PortfolioSeries F









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NBI U.S. High Conviction Equity Private PortfolioSeries HThis document contains key information you should know about the NBI U.S. High Conviction Equity Private Portfolio. You can find more detailed information inthe 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 anemail to [email protected] or visit our website at www.nbc.ca/investment.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since September 5, 2003, and by way of prospectus since May 21, 2015.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: NBC5178









What does the fund invest in?The fund’s investment objective is to provide long-term capital growth. The fund invests directly, or through investments in securities of other mutual funds,in a portfolio consisting primarily of common shares of U.S. companies selected using a high conviction investment approach.The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Moody's Corp. 6.1%2. Johnson & Johnson 5.9%3. Becton Dickinson and Co. 5.0%4. MasterCard Inc., Class A 4.4%5. US Bancorp 4.4%6. PepsiCo Inc. 4.1%7. Sherwin-Williams Co./The 3.9%8. UnitedHealth Group Inc. 3.9%9. AutoZone Inc. 3.9%10. United Technologies Corp. 3.7%Total percentage of top 10 investments: 45.3 %Total number of investments: 31


Consumer Discretionary 21.7%Financials 19.5%Health Care 17.1%Information Technology 15.6%Industrials 13.5%Consumer Staples 7.3%Materials 4.3%Cash, Money Market and Other NetAssets 0.9%





HIGH HIGH



How has the fund performed?This section tells you how Series H securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series H as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series H are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series H as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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NBI U.S. High Conviction Equity Private PortfolioSeries H


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

markets;• are seeking to diversify their portfolio with exposure to foreign



How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series H securities 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.


Sales chargeoption

What you pay


Initial salescharge





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 advice that your representative andtheir 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.




$1,000 invested.


Fee What you pay











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NBI U.S. High Conviction Equity Private PortfolioSeries F5This document contains key information you should know about the NBI U.S. High Conviction Equity Private Portfolio. You can find more detailed information inthe fund’s simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.Prior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F5 units offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F5 units offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F5 units offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series F5 units offered by way of prospectus were created. The fundcontinues to offer certain other series by way of private placement.continues to offer certain other series by way of private placement.continues to offer certain other series by way of private placement.continues to offer certain other series by way of private placement.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: NBC4166 (C$)

NBC4176 (US$)






Distribution: Generally comprised of return of capital, end of each month,may include net income. Target rate of 5% of the net assetvalue per security on the last day of the previous calendar

year. Distributions will be automatically invested in additionalsecurities, unless you ask to be paid in cash in a non-registered account. Net income and capital gains not

distributed, special distribution in December (must bereinvested).










HIGH HIGH



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NBI U.S. High Conviction Equity Private PortfolioSeries F5

How has the fund performed?This section tells you how Series F5 securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series F5 as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series F5 are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series F5 as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.



markets.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series F5 securities 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.





0.69%


0.03%

Fund Expenses 0.72%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. does not pay any trailing commission to your representative's firm with respect to Series F5 securities.


Fee What you pay


Fee-based account feeThe Series F5 is only offered to investors who have entered into an agreement to pay fees directly to their representative's firm. Theseinvestors pay their representative's firm annual compensation based on the asset value of their account.

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NBI U.S. High Conviction Equity Private PortfolioSeries F5









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NBI U.S. High Conviction Equity Private PortfolioSeries T5This document contains key information you should know about the NBI U.S. High Conviction Equity Private Portfolio. You can find more detailed information inthe fund’s simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc., at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbc.ca/investment.Prior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundPrior to May 21, 2015, units were only offered by way of private placement. On May 21, 2015, Series offered by way of prospectus were created. The fundcontinues to offer certain other Series by way of private placement.continues to offer certain other Series by way of private placement.continues to offer certain other Series by way of private placement.continues to offer certain other Series by way of private placement.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: C$ ISC: NBC4366

US$ ISC: NBC4376

Date series started: July 14, 2015





Distribution: Generally comprised of return of capital, end of each month,may include net income. Target rate of 5% of the net assetvalue per security on the last day of the previous calendar

year. Distributions will be automatically invested in additionalsecurities, unless you ask to be paid in cash in a non-registered account. Net income and capital gains not

distributed, special distribution in December (must bereinvested).










HIGH HIGH



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NBI U.S. High Conviction Equity Private PortfolioSeries T5

How has the fund performed?This section tells you how Series T5 securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series T5 as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series T5 are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series T5 as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.



markets.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series T5 securities 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 ChargesThere is only the initial sales charge option available when you purchase securities of this Series.

Sales chargeoption

What you pay


Initial salescharge







2.00%


0.03%

Fund Expenses 2.03%

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 advice that your representative andtheir firm provide to you.National Bank Investments Inc. pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on thevalue of your investment.




$1,000 invested.

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NBI U.S. High Conviction Equity Private PortfolioSeries T5

How much does it cost? (cont’d)3. Other feesYou may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National BankInvestments Inc. or National Bank Direct Brokerage Inc.

Fee What you pay












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NBI International High Conviction Equity Private PortfolioSeries FHThis document contains key information you should know about the NBI International High Conviction Equity Private Portfolio. You can find more detailedinformation in the fund’s simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at1-888-270-3941 or send an email to [email protected] or visit our website at www.nbc.ca/investment.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.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 provide long-term capital growth. The fund invests, directly or through investments in securities of other mutual funds,in a portfolio comprised primarily of common shares of companies located outside of North America selected using a high conviction investment approach.The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Keyence Corp. 6.2%2. Nestlé SA 4.9%3. Intercontinental Hotels Group PLC 4.6%4. Unilever NV, GDR 4.4%5. Diageo PLC 4.0%6. Roche Holding AG 3.9%7. Intertek Group PLC 3.8%8. Schindler Holding AG 3.7%9. Novartis AG 3.6%10. Svenska Handelsbanken AB, Class A 3.6%Total percentage of top 10 investments: 42.7 %Total number of investments: 36


United Kingdom 21.7%Switzerland 21.6%Other countries 17.9%Japan 13.8%France 7.4%Germany 7.1%Denmark 4.6%Cash, Money Market and Other NetAssets 1.5%




HIGH HIGH



How has the fund performed?This section tells you how Series FH securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series FH as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series FH are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series FH as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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NBI International High Conviction Equity Private PortfolioSeries FH


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

international markets;• are seeking to diversify their portfolio with exposure to foreign



How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series FH securities 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.



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 advice that your representative andtheir firm provide to you.NBI does not pay any trailing commission to your representative's firm with respect to Series FH securities.


Fee What you pay


Fee-based account feeThe Series FH is only offered to investors who have entered into an agreement to pay fees directly to their representative's firm. Theseinvestors pay their representative's firm annual compensation based on the asset value of their account.









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NBI International High Conviction Equity Private PortfolioSeries HThis document contains key information you should know about the NBI International High Conviction Equity Private Portfolio. You can find more detailedinformation in the fund’s simplified prospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at1-888-270-3941 or send an email to [email protected] or visit our website at www.nbc.ca/investment.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.The fund offers certain series by way of private placement since April 20, 2000, and by way of prospectus since May 21, 2015.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: NBC5185









What does the fund invest in?The fund’s investment objective is to provide long-term capital growth. The fund invests, directly or through investments in securities of other mutual funds,in a portfolio comprised primarily of common shares of companies located outside of North America selected using a high conviction investment approach.The charts below give you a snapshot of the fund’s investments on January 31, 2017. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2017)1. Keyence Corp. 6.2%2. Nestlé SA 4.9%3. Intercontinental Hotels Group PLC 4.6%4. Unilever NV, GDR 4.4%5. Diageo PLC 4.0%6. Roche Holding AG 3.9%7. Intertek Group PLC 3.8%8. Schindler Holding AG 3.7%9. Novartis AG 3.6%10. Svenska Handelsbanken AB, Class A 3.6%Total percentage of top 10 investments: 42.7 %Total number of investments: 36


United Kingdom 21.7%Switzerland 21.6%Other countries 17.9%Japan 13.8%France 7.4%Germany 7.1%Denmark 4.6%Cash, Money Market and Other NetAssets 1.5%




HIGH HIGH



How has the fund performed?This section tells you how Series H securities of the fund have performed since inception. Returns are after expenses have been deducted. These expensesreduce the fund’s returns.

Year-by-year returnsThe year-by-year returns are not available for the Series H as it has not been distributed to the public under a simplified prospectus for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series H are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series H as it has not been distributed to the public under a simplified prospectus for 12 consecutive months.

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NBI International High Conviction Equity Private PortfolioSeries H


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

international markets;• are seeking to diversify their portfolio with exposure to foreign



How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series H securities 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.


Sales chargeoption

What you pay


Initial salescharge





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 advice that your representative andtheir 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.




$1,000 invested.


Fee What you pay











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nbi bond fund - series investor-2 cdn - bnc · 2020. 7. 19. · before you invest in any fund, ......

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