nbi private wealth management balanced profile fund facts ... · nbi private wealth management...

NBI Private Wealth Management Balanced Profile

Fund Facts Documents

Balanced Profile

Allocation of the Private Portfolios Min Target Max

Cash and Short Term 0% 0% 10%

Fixed Income 30% 40% 50%

Canadian and Global Equities 50% 60% 70%

Fund Facts Documents

NBI Tactical Asset Allocation Fund

NBI Canadian Bond Private Portfolio

NBI Corporate Bond Private Portfolio

NBI Non-Traditional Fixed Income Private Portfolio

NBI High Yield Bond Private Portfolio

NBI Canadian Preferred Equity Private Portfolio

NBI Canadian Equity Private Portfolio

NBI Canadian High Conviction Equity Private Portfolio

NBI Canadian Small Cap Equity Private Portfolio

NBI U.S. Equity Private Portfolio

NBI U.S. High Conviction Equity Private Portfolio

NBI International Equity Private Portfolio

NBI International High Conviction Equity Private Portfolio

NBI Non-Traditional Capital Appreciation Private Portfolio

NBI Diversified Emerging Markets Equity Fund

NBI Real Assets Private Portfolio

Here are the Fund Facts Documents for the investments you made in NBI Private Wealth Management, which will be allocated to the Private Portfolios

that make up the Profile you selected based on your investor profile.

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FUND FACTSMay 14, 2019

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

Prior to May 14, 2019, units were only offered by way of private placement. On May 14, 2019, Series offered by way of prospectus were created. The fundcontinues to offer certain other Series by way of private placement.

Quick factsFund code: NBC438

Date series started: May 14, 2019

Total value of fund on March 31, 2019: $1,360.1 million

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

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

Portfolio manager: National Bank Trust Inc.

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

unless the investor chooses differently).

Minimum investment: $250,000 (initial), $100 (additional), $100(systematic)

What does the fund invest in?The fund’s objective is to ensure long-term capital growth. The fund primarily invests tactically, directly or through investments in securities of other mutualfunds (that may include exchange-traded funds ("ETFs")), in fixed-income and equity securities from around the world.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. NBI Canadian Bond Index Fund, Series O 29.3%2. NBI Canadian Equity Index Fund, Series O 28.1%3. NBI U.S. Equity Index Fund, Series O 24.9%4. iShares, Core MSCI Emerging Markets ETF 10.4%5. NBI International Equity Index Fund, Series O 5.7%6. Cash, Money Market and Other Net Assets 1.6%Total percentage of top 10 investments: 100.0 %Total number of investments: 5

Investment Mix (as at March 31, 2019)Asset AllocationCanadian Equity 27.6%US Equity 23.9%Corporate Bonds 13.6%Exchange Traded Funds 11.2%Provincial Bonds 8.0%International Equity 6.3%Federal Bonds 6.0%Cash, Money Market and Other Net Assets 2.7%Municipal Bonds 0.7%

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 to medium.Since the fund is newly offered by way of simplified prospectus, the riskrating is only an estimate by NBI. Generally, the rating is based on how muchthe fund’s returns have changed from year to year. It doesn’t tell you howvolatile the fund will be in the future. The rating can change over time. A fundwith low risk rating can still lose money.

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 Tactical Asset Allocation FundSeries N

How has the fund performed?This section tells you how Series N 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 N 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 N are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series N 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 medium to long term (at least three years);• are looking to optimize the risk-return ratio of their portfolio through

active management and a reduction in overall risk.

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 Series N units of the fund. The fees and expenses – including anycommissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment overanother. Ask about other funds and investments that may be suitable for you at a lower cost.

1. Sales ChargesThere are no charges when you purchase your securities through NBI.

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 0.25% and fixed administration fee is0.08% 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/or advice that your representativeand their firm provide to you.NBI pays the trailing commission to your representative’s firm. It is paid from the fund’s service fees and is based on the value of your investment. The ratefor this series of the fund is up to 0.51% of the value of your investment each year. This equals $5.10 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.

Service fees

Series N securities are only offered to investors who use the NBI Private Wealth Management Service. You pay the service fees directly to NBIaccording to a declining scale based on the total market value of your investments. The applicable rates are as follows:

First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%

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

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NBI Tactical Asset Allocation FundSeries N

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

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

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

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

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

National Bank Investments Inc.1155 Metcalfe Street, 5th floorMontreal, QuebecH3B 4S9

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

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

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


Date series started: October 30, 2015


Management expense ratio (MER): 0.17%


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).


What does the fund invest in?The fund's investment objective is to provide a high level of current income and sustained capital growth. The fund invests, directly or through investmentsin securities of other mutual funds, in a portfolio consisting primarily of Canadian government and Canadian corporate bonds. It is expected thatinvestments in debt securities of foreign companies will not exceed approximately 40% of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Province of Ontario, 2.60%, due June 2, 2027 7.6%2. Government of Canada, 2.00%, due June 1st, 2028 3.2%3. Canada Housing Trust, Floating, due June 15, 2019 2.9%4. Government of Canada, 2.75%, due June 1st, 2022 2.7%5. Province of Ontario, 3.50%, due June 2, 2024 2.5%6. Province of Ontario, 2.90%, due June 2, 2028 1.9%7. Cash, Money Market and Other Net Assets 1.9%8. Canada Housing Trust, 1.90%, due September 15, 2026 1.8%9. Canada Housing Trust, 2.35%, due June 15, 2027 1.7%10. Province of Ontario, 2.60%, due June 2, 2025 1.3%Total percentage of top 10 investments: 27.5 %Total number of investments: 574

Investment Mix (as at March 31, 2019)Asset AllocationCanadian Corporate Bonds 36.7%Provincial Bonds 23.6%Federal Bonds 20.4%Municipal Bonds 12.7%US Bonds 1.8%Cash, Money Market and Other Net Assets 1.8%Mortgage Backed Securities 1.7%Asset Backed Securities 1.3%


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.


HIGH HIGH



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NBI Canadian Bond Private PortfolioSeries N

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

Year-by-year returnsThis chart shows how Series N securities of the fund performed in each of the past 3 years. The series did not drop in value. The range of returns and changefrom 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 the future.

2.3%

1.3%

2.0%

-3.5 % -3.0 % -2.5 % -2.0 % -1.5 % -1.0 % -0.5 % 0.0 % 0.5 % 1.0 % 1.5 % 2.0 % 2.5 % 3.0 % 3.5 %

2016 2017 2018

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

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

Best Return 3.5% January 31, 2019 Your investment would rise to $1,035.

Worst return -2.0% July 31, 2017 Your investment would drop to $980.

Average returnThe annual compounded return of Series N securities of the fund was 2.78% since its inception. If you had invested $1,000 in this series since inception,your investment would now be worth $1,098.


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




2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2018, the fund's expenses were 0.17% ofits value. This equals $1.74 for every $1,000 invested.

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NBI Canadian Bond Private PortfolioSeries N

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 and operating expenses (including fixed rate administration fee). NBIwaived some of the fund's expenses. If it had not done so, the MER would have been higher.

0.17%

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

0.00%

Fund Expenses 0.17%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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



Total value of fund on March 31, 2019: $901.6 million







What does the fund invest in?The fund’s investment objective is to provide long-term capital growth and to generate high current income. The fund invests, directly or throughinvestments in securities of other mutual funds, in a portfolio consisting primarily of investment-grade debt securities of Canadian companies. The fund mayinvest approximately 40% of its assets in foreign debt securities.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Bank of Nova Scotia, Floating, due March 30, 2027 2.1%2. Bank of Montreal, 2.12%, due March 16, 2022 1.6%3. Capital Desjardins Inc., 5.19%, due May 5, 2020 1.5%4. AltaLink Investments LP, 2.24%, due March 7, 2022 1.5%5. Royal Bank of Canada, 1.97%, due March 2, 2022 1.5%6. Canadian Imperial Bank of Commerce, Floating, due April 4, 2023 1.5%7. Enbridge Inc., 3.20%, due June 8, 2027 1.2%8. Canadian Natural Resources Ltd., 3.42%, due December 1st, 2026 1.2%9. Laurentian Bank of Canada, 2.50%, due January 23, 2020 1.2%10. Cash, Money Market and Other Net Assets 1.2%Total percentage of top 10 investments: 14.5 %Total number of investments: 276

Investment Mix (as at March 31, 2019)Asset AllocationCanadian Corporate Bonds 91.6%US Bonds 4.6%Cash, Money Market and OtherNet Assets 1.2%

Provincial Bonds 1.0%Municipal Bonds 0.8%Asset Backed Securities 0.6%Mortgage Backed Securities 0.1%Federal Bonds 0.1%

Credit QualityAAA 1.5%AA 8.1%A 34.3%BBB 53.2%BB 2.1%not rated 0.8%




HIGH HIGH



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NBI Corporate Bond Private PortfolioSeries N



4.6%

3.1%

1.0%

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

2016 2017 2018



Best Return 4.1% March 31, 2019 Your investment would rise to $1,041.

Worst return -2.5% July 31, 2017 Your investment would drop to $975.



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

debt securities.





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NBI Corporate Bond Private PortfolioSeries N




0.17%


0.00%

Fund Expenses 0.17%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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NBI Non-Traditional Fixed Income Private PortfolioSeries NThis document contains key information you should know about the NBI Non-Traditional Fixed Income Private Portfolio. You can find more detailed informationin 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 sendan email to [email protected] or visit our website at www.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.










What does the fund invest in?The fund's investment objective is to provide current income while focusing on capital preservation. The fund invests directly, or through investments insecurities of other mutual funds, in a portfolio composed mainly of fixed-income securities of issuers around the world selected using different non-traditional investment strategies.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. NBI Unconstrained Fixed Income Fund, Series O 30.2%2. RP Strategic Income Plus Fund, Class O 30.1%3. AGF Floating Rate Income Fund , Series O 14.5%4. Manulife Strategic Income Fund, Series I 12.6%5. NBI Global Tactical Bond Fund, Series O US 12.5%6. Cash, Money Market and Other Net Assets 0.1%Total percentage of top 10 investments: 100.0 %Total number of investments: 5

Investment Mix (as at March 31, 2019)Term AllocationUnder one year 1.6%From 1 year to 5 years 11.2%From 5 years to 10 years 76.0%More than 10 years 11.2%

Credit QualityAAA 16.9%AA 4.8%A 11.8%BBB 23.7%BB 18.6%B 13.0%CCC and below 1.3%not rated 9.9%




HIGH HIGH



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NBI Non-Traditional Fixed Income Private PortfolioSeries N


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

3.8%3.5%

-2.1%

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

2016 2017 2018




Worst return -1.8% December 31, 2018 Your investment would drop to $982.



• are looking to invest for the medium term (at least three years);• are looking to diversify your investments by participating in global

markets.





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NBI Non-Traditional Fixed Income Private PortfolioSeries N




0.98%


0.03%

Fund Expenses 1.01%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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










What does the fund invest in?The fund's investment objective is to provide a high level of long-term income. The fund invests directly, or through investments in securities of othermutual funds, in a portfolio composed mainly of high-yield debt securities of issuers around the world.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Cash, Money Market and Other Net Assets 7.8%2. HCA Inc., 5.88%, due March 15, 2022 2.4%3. MGM Resorts International, 7.75%, due March 15, 2022 2.2%4. Sprint Corp., 7.63%, due February 15, 2025 1.4%5. Level 3 Financing Inc., 5.13%, due May 1st, 2023 1.4%6. CCO Holdings Capital Corp., 5.13%, due February 15, 2023 1.3%7. Superior Plus LP / Superior General Partner Inc., 7.00%, due July 15,

2026 1.3%

8. Uber Technologies Inc., 8.00%, due November 1st, 2026 1.3%9. United States Cellular Corp., 6.70%, due December 15, 2033 1.2%10. Numericable-SFR SA, 7.38%, due May 1st, 2026 1.2%Total percentage of top 10 investments: 21.5 %Total number of investments: 145

Investment Mix (as at March 31, 2019)Asset AllocationUS Bonds 56.0%Foreign Bonds 20.5%Canadian Corporate Bonds 15.5%Cash, Money Market and OtherNet Assets 6.8%

Exchange Traded Funds 0.9%Common Shares 0.2%Provincial Bonds 0.1%

Credit QualityAAA 4.4%AA 0.8%A 1.6%BBB 7.0%BB 35.6%B 39.5%CCC and below 9.2%not rated 1.9%


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


HIGH HIGH



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NBI High Yield Bond Private PortfolioSeries N



15.6%

6.3%

-4.1%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 %

2016 2017 2018



Best Return 8.5% May 31, 2016 Your investment would rise to $1,085.

Worst return -6.6% January 31, 2016 Your investment would drop to $934.



• are looking to invest for the long term (at least five years);• wish to add a source of interest income to their portfolio;• want to diversify your investment by taking advantage of high yield

debt securities.





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NBI High Yield Bond Private PortfolioSeries N




0.38%


0.00%

Fund Expenses 0.38%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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NBI Canadian Preferred Equity Private PortfolioSeries NThis document contains key information you should know about the NBI Canadian Preferred 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.










What does the fund invest in?The fund's investment objective is to provide dividend income while focusing on capital preservation. The fund invests directly, or through investments insecurities of other mutual funds, in a portfolio composed mainly of preferred shares of Canadian companies. It is expected that investments in foreignsecurities 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, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Canadian Imperial Bank of Commerce, 4.40%, Series 45 2.6%2. Toronto-Dominion Bank, 3.60%, Series 7 1.9%3. National Bank of Canada, 5.40%, Series 36 1.8%4. Royal Bank of Canada, 3.60%, Series BD 1.7%5. Toronto-Dominion Bank, 4.85%, Series 14 1.7%6. Bank of Nova Scotia, 2.59%, Series 33 1.6%7. Canadian Imperial Bank of Commerce, 3.60%, Series 43 1.4%8. Enbridge Inc., 4.00%, Series 3 1.4%9. Fortis Inc., 4.10%, Series M 1.2%10. Bank of Nova Scotia, 4.85%, Series 38 1.2%Total percentage of top 10 investments: 16.5 %Total number of investments: 262

Investment Mix (as at March 31, 2019)Sector AllocationFinancials 53.8%Energy 23.3%Utilities 10.1%Communication Services 6.1%Real Estate 2.9%Foreign Bonds 1.1%Consumer Staples 0.9%Corporate Bonds 0.9%Cash, Money Market and Other Net Assets 0.9%




HIGH HIGH



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NBI Canadian Preferred Equity Private PortfolioSeries N



9.2%

15.8%

-9.6%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 %

2016 2017 2018







• are looking to invest for the medium term (at least three years);• want to receive dividend income regularly.





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NBI Canadian Preferred Equity Private PortfolioSeries N




0.29%


0.03%

Fund Expenses 0.32%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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







Portfolio sub-advisor: CI Investments Inc.




What does the fund invest in?The fund’s investment objective is to provide long-term capital growth while focusing on the preservation of invested capital. The fund invests, directly orthrough investments in securities of other mutual funds, in a portfolio consisting primarily of common shares of Canadian companies. It is expected thatinvestments in foreign securities will not exceed approximately 10% of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Cash, Money Market and Other Net Assets 5.6%2. Toronto-Dominion Bank 5.0%3. Royal Bank of Canada 4.9%4. Keyera Corp. 4.5%5. Canadian Natural Resources Ltd. 4.3%6. Canadian Pacific Railway Co. 4.2%7. Vermilion Energy Inc. 3.9%8. Intact Financial Corp. 3.7%9. Magna International Inc. 3.6%10. Brookfield Asset Management Inc., Class A 3.5%Total percentage of top 10 investments: 43.2 %Total number of investments: 45

Investment Mix (as at March 31, 2019)Sector AllocationFinancials 26.4%Energy 18.5%Materials 8.8%Consumer Discretionary 8.1%Industrials 7.9%Consumer Staples 7.5%Utilities 6.6%Information Technology 6.6%Cash, Money Market and Other Net Assets 5.6%Communication Services 3.2%Real Estate 0.8%


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.


HIGH HIGH



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NBI Canadian Equity Private PortfolioSeries N



13.3%

5.2%

-9.9%

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

10 % 12 % 14 % 16 %

2016 2017 2018







• want to invest their money for the long term (at least five years);• wish to receive a dividend income;• wish to add a growth component to their portfolio.





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NBI Canadian Equity Private PortfolioSeries N




0.40%


0.07%

Fund Expenses 0.47%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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NBI Canadian High Conviction Equity Private PortfolioSeries NThis document contains key information you should know about the NBI Canadian 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.







Portfolio sub-advisor: Phillips, Hager & North Investment Management®




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 that consists primarily of common shares of Canadian companies selected using a high conviction investment approach. It is expected thatinvestments in foreign securities will not exceed approximately 10 % of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Royal Bank of Canada 6.4%2. Toronto-Dominion Bank 6.3%3. Cash, Money Market and Other Net Assets 6.0%4. Bank of Nova Scotia 4.3%5. Enbridge Inc. 4.1%6. Suncor Energy Inc. 3.4%7. Brookfield Asset Management Inc., Class A 3.2%8. Canadian National Railway Co. 3.1%9. TransCanada Corp. 2.4%10. Canadian Natural Resources Ltd. 2.4%Total percentage of top 10 investments: 41.6 %Total number of investments: 80

Investment Mix (as at March 31, 2019)Sector AllocationFinancials 32.5%Energy 17.8%Industrials 13.4%Materials 8.8%Communication Services 6.0%Cash, Money Market and Other Net Assets 6.0%Consumer Staples 5.6%Utilities 3.4%Consumer Discretionary 3.1%Information Technology 2.2%Real Estate 1.2%




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18.7%

8.8%

-8.7%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 %

2016 2017 2018







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





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0.40%


0.11%

Fund Expenses 0.51%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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NBI Canadian Small Cap Equity Private PortfolioSeries NThis document contains key information you should know about the NBI Canadian Small Cap 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.










What does the fund invest in?The fund's investment objective is to provide long-term capital growth while focusing on preservation of capital. The fund invests directly, or throughinvestments in securities of other mutual funds, in a portfolio composed mainly of common shares of Canadian small capitalization companies. It isexpected that investments in foreign securities will not exceed approximately 40% of the fund's assets.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. NBI Small Cap Fund, Series O 100.0%Total percentage of top 10 investments: 100.0 %Total number of investments: 1

Investment Mix (as at March 31, 2019)Sector AllocationIndustrials 26.1%Energy 12.9%Materials 12.0%Real Estate 10.6%Financials 8.1%Consumer Discretionary 7.5%Information Technology 7.5%Consumer Staples 6.5%Cash, Money Market and Other Net Assets 3.3%Health Care 3.2%Utilities 1.7%Corporate Bonds 0.4%Communication Services 0.2%


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


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20.4%

-2.4%

-19.1%

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

-5 % 0 % 5 %

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

2016 2017 2018







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





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0.54%


0.16%

Fund Expenses 0.70%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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






Portfolio manager: Montrusco Bolton Investments Inc.




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 diversified portfolio consisting primarily of common shares of U.S. companies.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Danaher Corp. 6.8%2. Microsoft Corp. 6.5%3. Alphabet Inc., Class A 5.5%4. MasterCard Inc., Class A 5.4%5. Amazon.com Inc. 4.8%6. Waste Connections Inc. 4.5%7. BlackRock Inc. 4.1%8. Johnson & Johnson 4.1%9. Tyson Foods Inc., Class A 4.0%10. TJX Companies Inc. 3.6%Total percentage of top 10 investments: 49.3 %Total number of investments: 32

Investment Mix (as at March 31, 2019)Sector AllocationInformation Technology 21.5%Industrials 16.8%Financials 13.2%Consumer Discretionary 10.5%Communication Services 10.1%Health Care 8.0%Consumer Staples 7.7%Energy 4.9%Real Estate 3.2%Materials 2.6%Cash, Money Market and Other Net Assets 1.5%




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5.8%

19.5%

7.4%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 %

2016 2017 2018







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

markets.





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0.52%


0.05%

Fund Expenses 0.57%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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NBI U.S. High Conviction Equity Private PortfolioSeries NThis 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: NBC235 (C$)

NBC259 (US$)









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, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Moody's Corp. 6.6%2. MasterCard Inc., Class A 5.6%3. Becton Dickinson and Co. 4.9%4. Johnson & Johnson 4.7%5. MSCI Inc. 4.6%6. UnitedHealth Group Inc. 4.5%7. Alphabet Inc., Class A 4.4%8. PepsiCo Inc. 4.3%9. Sherwin-Williams Co./The 4.2%10. TJX Companies Inc. 4.1%Total percentage of top 10 investments: 47.9 %Total number of investments: 33

Investment Mix (as at March 31, 2019)Sector AllocationConsumer Discretionary 19.6%Information Technology 17.5%Financials 17.3%Health Care 16.5%Industrials 12.5%Consumer Staples 6.7%Materials 5.0%Communication Services 4.4%Cash, Money Market and Other Net Assets 0.4%Corporate Bonds 0.1%




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5.7%

18.9%

8.7%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 %

2016 2017 2018







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

markets.





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0.52%


0.01%

Fund Expenses 0.53%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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






Portfolio manager: Invesco Canada Ltd.

Portfolio sub-advisor: Invesco Advisers, Inc.




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 composed mainly of common shares of companies located outside of North America.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Cash, Money Market and Other Net Assets 4.9%2. DCC PLC 3.8%3. Broadcom Inc. 3.0%4. Investor AB, Class B 2.6%5. Wolters Kluwer NV 2.3%6. Taiwan Semiconductor Manufacturing Co. Ltd. 2.3%7. Allianz AG 2.2%8. Hoya Corp. 2.1%9. Swire Properties Ltd. 2.0%10. Fomento Economico Mexicano SAB de CV, ADR 2.0%Total percentage of top 10 investments: 27.2 %Total number of investments: 65

Investment Mix (as at March 31, 2019)Geographic AllocationOther countries 40.6%United Kingdom 16.3%Germany 9.8%Japan 9.3%France 8.4%United States 6.2%Hong Kong 4.5%Cash, Money Market and OtherNet Assets 4.9%

Sector AllocationIndustrials 20.6%Financials 19.3%Consumer Staples 14.9%Information Technology 14.6%Consumer Discretionary 11.8%Cash, Money Market andOther Net Assets 4.9%

Health Care 4.6%Energy 2.3%Real Estate 2.0%Communication Services 1.9%Materials 1.6%Exchange Traded Funds 1.4%Utilities 0.1%




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-7.0%

17.8%

-8.8%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 %

2016 2017 2018



Best Return 13.5% April 30, 2017 Your investment would rise to $1,135.

Worst return -8.3% October 31, 2018 Your investment would drop to $917.



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

international markets.





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0.54%


0.19%

Fund Expenses 0.73%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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NBI International High Conviction Equity Private PortfolioSeries NThis 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.










What does the fund invest in?The fund’s investment objective is to 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 March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Keyence Corp. 6.9%2. Unilever NV, GDR 5.0%3. Nestlé SA 5.0%4. Diageo PLC 4.6%5. Intercontinental Hotels Group PLC 4.1%6. Taiwan Semiconductor Manufacturing Co. Ltd., ADR 4.1%7. Schindler Holding AG, PTG Cert 4.0%8. Roche Holding AG NPV 3.9%9. Intertek Group PLC 3.5%10. HDFC Bank Ltd., ADR 3.4%Total percentage of top 10 investments: 44.5 %Total number of investments: 34

Investment Mix (as at March 31, 2019)Geographic AllocationUnited Kingdom 25.1%Other countries 20.9%Switzerland 17.9%Japan 14.2%France 9.5%Germany 6.4%Denmark 5.1%Cash, Money Market and OtherNet Assets 0.9%

Sector AllocationIndustrials 21.8%Consumer Staples 21.2%Financials 14.7%Information Technology 14.3%Consumer Discretionary 14.3%Health Care 9.1%Materials 3.6%Cash, Money Market andOther Net Assets 0.9%

Corporate Bonds 0.1%




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-2.7%

23.9%

0.2%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 % 30 %

2016 2017 2018







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

international markets.





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0.52%


0.04%

Fund Expenses 0.56%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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NBI Non-Traditional Capital Appreciation Private PortfolioSeries NThis document contains key information you should know about the NBI Non-Traditional Capital Appreciation 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.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.










What does the fund invest in?The fund's investment objective is to provide long-term capital appreciation. The fund invests directly, or through investments in securities of other mutualfunds, in a portfolio composed mainly of equity securities of companies located around the world selected using different non-traditional investmentstrategies.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. NBI SmartBeta Global Equity Fund, Series O 62.6%2. Globevest Capital Secured Put Writing Fund, Series IH 22.2%3. BlueBay Global Convertible Bond Fund, Series O 15.1%4. Cash, Money Market and Other Net Assets 0.1%Total percentage of top 10 investments: 100.0 %Total number of investments: 3

Investment Mix (as at March 31, 2019)Asset AllocationGlobal Equity 62.6%Options Strategies 22.2%Convertible Bonds 15.1%Cash, Money Market and Other Net Assets 0.1%




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-0.1%

9.2%

-2.8%

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

10 % 12 %

2016 2017 2018







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

markets.





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1.14%


0.11%

Fund Expenses 1.25%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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







Portfolio sub-advisor: Goldman Sachs Asset Management L.P., NewtonInvestment Management (North America) Limited.




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 composed mainly of common shares of issues located in emerging markets.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Tencent Holdings Ltd. 4.6%2. Alibaba Group Holding Ltd., ADR 4.4%3. Naspers Ltd. 3.6%4. Samsung SDI Co. Ltd. 2.8%5. New Oriental Education & Technology Group, ADR 2.7%6. Taiwan Semiconductor Manufacturing Co. Ltd. 2.6%7. Samsung Electronics Co. Ltd. 2.3%8. AIA Group Ltd. 2.3%9. British American Tobacco PLC 1.9%10. Housing Development Finance Corp. 1.8%Total percentage of top 10 investments: 29.0 %Total number of investments: 265

Investment Mix (as at March 31, 2019)Geographic AllocationOther countries 23.1%China 23.9%India 18.1%South Korea 12.2%Taiwan 8.3%South Africa 6.6%Hong Kong 6.5%Cash, Money Market and OtherNet Assets 1.3%

Sector AllocationInformation Technology 22.5%Financials 17.4%Consumer Discretionary 15.5%Consumer Staples 11.3%Communication Services 11.2%Materials 5.5%Industrials 5.2%Real Estate 2.7%Energy 2.6%Utilities 2.5%Health Care 2.3%Cash, Money Market andOther Net Assets 1.3%




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8.6%

21.2%

-8.9%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 % 30 %

2016 2017 2018







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

markets.





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1.21%


0.37%

Fund Expenses 1.58%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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


Date series started: November 3, 2015




Portfolio manager: BNY Mellon Asset Management Canada Ltd.

Portfolio sub-advisor: Mellon Investments Corporation




What does the fund invest in?The fund's investment objective is to provide income and long-term capital growth while focusing on hedging against inflation. The fund invests directly, orthrough investments in securities of other mutual funds, in a portfolio composed mainly of common shares of companies in industry sectors associatedwith real assets and located around the world.The charts below give you a snapshot of the fund’s investments on March 31, 2019. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2019)1. Atlantia SPA 7.7%2. Inter Pipeline Ltd. 6.6%3. Enagas SA 5.8%4. Omega Healthcare Investors Inc. 5.7%5. PPL Corp. 5.3%6. Medical Properties Trust Inc. 5.3%7. Enel SPA 4.9%8. Southern Co. 4.8%9. ACS, Actividades de Construcion Y Servicios SA 4.6%10. Pennon Group PLC 4.5%Total percentage of top 10 investments: 55.2 %Total number of investments: 28

Investment Mix (as at March 31, 2019)Geographic AllocationUnited States 40.4%Italy 16.8%Spain 13.9%Other countries 5.9%United Kingdom 7.5%Canada 6.6%France 5.4%Cash, Money Market and OtherNet Assets 3.5%

Sector AllocationUtilities 45.7%Industrials 19.1%Real Estate 12.8%Energy 12.8%Communication Services 6.1%Cash, Money Market andOther Net Assets 3.5%




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3.5%

8.6%

2.1%

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

10 % 12 %

2016 2017 2018




Worst return -5.6% February 28, 2018 Your investment would drop to $944.



• are looking to invest for the long term (at least five years);• wish to get exposure to global real asset markets;• want to add a source of dividend income to their portfolio.





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1.09%


0.21%

Fund Expenses 1.30%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










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