nbi private wealth management stable income profile

NBI Private Wealth Management Stable Income Profile (Retirement Option) Fund Facts Documents

Stable Income Profile (Retirement Option)

Allocation of the Private Portfolios Min Target Max

Cash and Short Term 0% 0% 10%

Fixed Income 70% 80% 90%

Canadian and Global Equities 10% 20% 30%

Fund Facts Documents

NBI High Yield Bond Fund

NBI Tactical Asset Allocation Fund

NBI Small Cap Fund

NBI Sustainable Canadian Equity Fund

NBI Global Real Assets Income Fund

NBI SmartData International Equity Fund

NBI Diversified Emerging Markets Equity Fund

NBI Sustainable Global Equity Fund

NBI Canadian Bond Private Portfolio

NBI Corporate Bond Private Portfolio

NBI Non-Traditional Fixed Income Private Portfolio

NBI Canadian Preferred Equity Private Portfolio

NBI Canadian Equity Private Portfolio

NBI Canadian High Conviction Equity Private Portfolio

NBI U.S. Equity Private Portfolio

NBI U.S. High Conviction Equity Private Portfolio

NBI International High Conviction Equity Private Portfolio

NBI Non-Traditional Capital Appreciation Private Portfolio

Here are the Fund Facts Documents for the investments you made in NBI Private Wealth Management, which will be allocated to the Funds and Private Portfolios that make up the Profile you selected based on your investor profile.

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FUND FACTSJune 17, 2021

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

Quick factsFund code: NBC414

Date series started: May 14, 2020

Total value of fund on April 30, 2021: $816.9 million

Management expense ratio (MER): n/a Series NR units have only beendistributed since March 10, 2021.

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

Portfolio manager: National Bank Trust Inc.

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

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).

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

What does the fund invest in?The fund aims to achieve high total income return. The fund invests primarily in high yield debt securities of foreign (U.S.A. and Western Europe) andCanadian companies, such as corporate bonds with medium to long terms. The fund may also invest in convertible debentures, prefered shares andmortgage-backed securities.The charts below give you a snapshot of the fund’s investments on April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. NBI High Yield Bond ETF 100.1%2. iHeartMedia Inc., warrants due May 1st, 2039 0.1%3. Cash, Money Market and Other Net Assets -0.2%Total percentage of top 10 investments: 100.0%Total number of investments: 2

Investment Mix (as at April 30, 2021)Term AllocationUnder one year 5.3%From 1 year to 5 years 32.1%From 5 years to 10 years 59.5%More than 10 years 3.1%

Credit QualityAAA 3.3%BBB 1.1%BB 48.5%B 33.9%CCC and below 10.0%not rated 3.2%

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.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 High Yield Bond FundSeries NR

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

Please note that the returns presented in this section are calculated since March 10, 2021, the date Series NR securities began to be offered.

Year-by-year returnsThe year-by-year returns are not available for the Series NR as this series has not been in circulation or issued for a full calendar year.

Best and worst 3-month returnsThe best and worst returns over a 3-month period for the Series NR are not available as this series has not been in circulation or issued for a full calendaryear of performance

Average returnThe average return is not available for this series as Series NR have only been distributed since March 10, 2021.

Who is this fund for?Investors who:

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

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

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 NR 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 the fixed administration fee) and trading costs. The series' annual management fee is 0.25% and fixed administration fee is0.05% of the series' value. Because the Series NR securities have only been distributed since March 10, 2021, its operating expenses and trading costs arenot 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 90 days of purchase may be charged by NBI. This fee goes to the fund.

Service fees

Series NR 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 High Yield Bond FundSeries NR

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 Tactical Asset Allocation FundSeries NRThis 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.



Total value of fund on April 30, 2021: $4,641.8 million

Management expense ratio (MER): 0.46%







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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Horizons S&P/TSX Index ETF 28.4%2. Horizons S&P 500 Index ETF 20.3%3. Horizons Cdn Select Universe Bond ETF 18.1%4. Horizons International Developed Markets Equity Index ETF 12.6%5. iShares, Core MSCI Emerging Markets ETF 9.7%6. Horizons Emerging Markets Equity Index ETF 6.0%7. iShares Core MSCI EAFE ETF 3.3%8. NBI Canadian Bond Index Fund, Series O 1.3%9. Cash, Money Market and Other Net Assets 0.3%Total percentage of top 10 investments: 100.0%Total number of investments: 10

Investment Mix (as at April 30, 2021)Asset AllocationExchange Traded Funds 50.4%Canadian Equity 28.3%US Equity 19.8%Corporate Bonds 0.6%Provincial Bonds 0.3%Federal Bonds 0.3%Cash, Money Market and Other Net Assets 0.3%




HIGH HIGH



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NBI Tactical Asset Allocation FundSeries NR

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

Year-by-year returnsThis chart shows how Series NR securities of the fund performed in the past year. The series did not drop in value. The range of returns and change fromyear 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.

9.5%

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

10% 12%

2020

Best and worst 3-month returnsThis table shows the best and worst returns for Series NR securities of the fund in a 3-month period over the past year. 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 9.7% June 30, 2020 Your investment would rise to $1,097.

Worst return -8.9% March 31, 2020 Your investment would drop to $911.

Average returnThe annual compounded return of Series NR securities of the fund was 9.15% since its inception. If you had invested $1,000 in this series since inception,your investment would now be worth $1,186.


• 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.




2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2020, the fund's expenses were 0.58% ofits value. This equals $5.80 for every $1,000 invested.

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NBI Tactical Asset Allocation FundSeries NR

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.

0.46%

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

0.12%

Fund Expenses 0.58%



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 Small Cap FundSeries NRThis document contains key information you should know about the NBI Small Cap Fund. You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.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: Fiera Capital Corporation





What does the fund invest in?The fund's investment objective is to provide long-term capital growth and preservation. The fund invests primarily in common shares of companies chosenfor their growth potential. The fund may also invest in money market instruments and securities of Canadian federal and provincial governments. The fundmay invest approximately 25% of its assets in foreign equities.The charts below give you a snapshot of the fund’s investments on April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Boyd Group Services Inc. 3.8%2. Cargojet Inc. 3.6%3. FirstService Corp. 3.5%4. Tricon Capital Group Inc. 3.5%5. ECN Capital Corp. 3.4%6. Parex Resources Inc. 3.3%7. Morneau Shepell Inc. 3.1%8. Héroux-Devtek Inc. 2.9%9. Park Lawn Corp. 2.9%10. Colliers International Group Inc. 2.8%Total percentage of top 10 investments: 32.8%Total number of investments: 59

Investment Mix (as at April 30, 2021)Asset AllocationCanadian Equity 91.2%US Equity 6.0%International Equity 1.5%Cash, Money Market and OtherNet Assets 1.3%

Sector AllocationIndustrials 27.8%Financials 12.6%Materials 12.6%Information Technology 10.3%Energy 9.8%Real Estate 9.2%Consumer Discretionary 6.8%Consumer Staples 5.2%Health Care 4.4%Cash, Money Market andOther Net Assets 1.3%


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.


HIGH HIGH



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NBI Small Cap FundSeries NR







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

portfolio.







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 Small Cap FundSeries NR









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FUND FACTSDecember 10, 2021

NBI Sustainable Canadian Equity FundSeries NRThis document contains key information you should know about the NBI Sustainable 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. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: December 10, 2021

Total value of fund on October 31, 2021: $0.3 million

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



Portfolio sub-advisor: Fiera Capital Corporation





What does the fund invest in?The fund’s investment objective is to provide long-term capital growth while following a sustainable approach to investing. To do this, it invests, directly orindirectly through investments in securities of other mutual funds, in a portfolio comprised primarily of equity securities of Canadian companies. It isexpected that investments in foreign securities will not exceed approximately 10% of the fund’s net assets.The charts below give you a snapshot of the fund’s investments on October 31, 2021. The fund’s investments will change over time.

Top 10 Investments (as at October 31, 2021)1. NBI Sustainable Canadian Equity ETF 97.4%2. Cash, Money Market and Other Net Assets 2.6%Total percentage of top 10 investments: 100.0%Total number of investments: 2

Investment Mix (as at October 31, 2021)Sector AllocationFinancials 28.8%Industrials 25.2%Information Technology 15.4%Consumer Staples 11.0%Consumer Discretionary 9.4%Communication Services 5.4%Cash, Money Market and Other Net Assets 4.8%


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




Year-by-year returnsThe year-by-year returns are not available for the Series NR 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 NR are not available as it has not completed a full calendar year of performance.

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

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NBI Sustainable Canadian Equity FundSeries NR


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




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 0.20% and fixed administration fee is0.14% of the series’ value. Because this series of the fund is new, its operating expenses and trading costs are not yet available.



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






Portfolio manager: BNY Mellon Asset Management Canada Ltd.

Portfolio sub-advisor: Mellon Investments Corporation





What does the fund invest in?The fund’s investment objective is to generate income and 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Oneok Inc. 8.3%2. PPL Corp. 7.6%3. Enagas SA 7.6%4. Enbridge Inc. 7.5%5. Endesa SA 5.6%6. Deutsche Post AG 4.9%7. Clearway Energy Inc., Class C 4.6%8. Exelon Corp. 4.2%9. France Telecom 4.1%10. Scottish & Southern Energy PLC 4.1%Total percentage of top 10 investments: 58.5%Total number of investments: 26

Investment Mix (as at April 30, 2021)Sector AllocationUtilities 56.3%Industrials 13.8%Energy 11.5%Communication Services 11.5%Real Estate 5.0%Cash, Money Market and OtherNet Assets 1.9%

Geographic AllocationUnited States 39.0%Spain 18.2%Italy 10.3%Other countries 10.1%France 8.1%Canada 7.5%Germany 4.9%Cash, Money Market andOther Net Assets 1.9%




HIGH HIGH



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NBI Global Real Assets Income FundSeries NR







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







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 SmartData International Equity FundSeries NRThis document contains key information you should know about the NBI SmartData International 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.




Management expense ratio (MER): n/a Series NR units have only beendistributed since May 5, 2021.


Portfolio manager: Goldman Sachs Asset Management, L.P.





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 mainly composed of equities of foreign companies located outside North America and in American Depository Receipts (ADR) traded onrecognized stock exchanges.The charts below give you a snapshot of the fund’s investments on April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. ASML Holding NV 2.1%2. Cash, Money Market and Other Net Assets 1.8%3. Roche Holding AG NPV 1.6%4. AIA Group Ltd. 1.3%5. Commonwealth Bank of Australia 1.2%6. Sony Corp. 1.2%7. Allianz AG 1.1%8. L'Oréal SA 1.1%9. Louis Vuitton Moet Hennessy 1.1%10. Softbank Corp. 1.1%Total percentage of top 10 investments: 13.6%Total number of investments: 306

Investment Mix (as at April 30, 2021)Geographic AllocationEurope 57.0%Japan 26.4%Asia Ex-Japan 13.9%Americas 0.9%Cash, Money Market and OtherNet Assets 1.8%

Sector AllocationFinancials 15.8%Industrials 15.6%Consumer Discretionary 14.2%Information Technology 10.6%Materials 10.0%Health Care 9.8%Consumer Staples 9.2%Communication Services 5.1%Real Estate 2.9%Cash, Money Market andOther Net Assets 2.6%

Energy 2.2%Utilities 2.0%




HIGH HIGH



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NBI SmartData International Equity FundSeries NR


Please note that the returns presented in this section are calculated since May 5, 2021, the date Series NR securities began to be offered.



Average returnThe average return is not available for this series as Series NR have only been distributed since May 5, 2021.


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

international markets.




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 the fixed administration fee) and trading costs. The series' annual management fee is 0.30% and fixed administration fee is0.15% of the series' value. Because the Series NR securities have only been distributed since May 5, 2021, its operating expenses and trading costs are notyet available.



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 FundSeries NRThis 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.


Date series started: October 30, 2015





Portfolio sub-advisor: Goldman Sachs Asset Management L.P., NewtonInvestment Management 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Taiwan Semiconductor Manufacturing Co. Ltd. 5.4%2. Tencent Holdings Ltd. 4.4%3. Alibaba Group Holding Ltd. 2.5%4. Samsung SDI Co. Ltd. 2.4%5. Alibaba Group Holding Ltd., ADR 2.4%6. AIA Group Ltd. 2.2%7. Samsung Electronics Co. Ltd. 2.1%8. Housing Development Finance Corp. 2.0%9. New Oriental Education & Technology Group, ADR 2.0%10. Info Edge India Ltd. 1.9%Total percentage of top 10 investments: 27.3%Total number of investments: 278

Investment Mix (as at April 30, 2021)Geographic AllocationChina 32.9%Other countries 18.7%India 15.1%South Korea 11.9%Taiwan 11.2%United States 5.0%Brazil 3.4%Cash, Money Market and OtherNet Assets 1.8%

Sector AllocationInformation Technology 29.4%Consumer Discretionary 20.7%Financials 15.9%Materials 10.2%Communication Services 9.5%Industrials 5.0%Consumer Staples 4.3%Cash, Money Market andOther Net Assets 1.8%

Energy 1.5%Health Care 1.3%Real Estate 0.3%Utilities 0.1%




HIGH HIGH



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NBI Diversified Emerging Markets Equity FundSeries NR

How has the fund performed?This section tells you how Series NR securities of the fund have performed over the past 5 years. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThis chart shows how Series NR securities of the fund performed in each of the past 5 years. The fund dropped in value in 1 of the 5 years. The range ofreturns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in thefuture.

8.6%

21.2%

-8.9%

13.2%

37.7%

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

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

2016 2017 2018 2019 2020

Best and worst 3-month returnsThis table shows the best and worst returns for Series NR securities of the fund in a 3-month period over the past 5 years. The best and worst3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a short period of time.


Best Return 19.2% January 31, 2021 Your investment would rise to $1,192.




• 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%


0.27%

Fund Expenses 1.48%



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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FUND FACTSDecember 10, 2021

NBI Sustainable Global Equity FundSeries NRThis document contains key information you should know about the NBI Sustainable 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. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.


Date series started: December 10, 2021

Total value of fund on October 31, 2021: $0.3 million

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



Portfolio sub-advisor: AllianceBernstein Canada, Inc. has delegated itsfunctions to AllianceBernstein L.P.





What does the fund invest in?The fund’s investment objective is to provide long-term capital growth while following a sustainable approach to investing. To do this, it invests, directly orindirectly through investments in securities of other mutual funds, in a portfolio comprised primarily of equity securities of companies located around theworld.The charts below give you a snapshot of the fund’s investments on October 31, 2021. The fund’s investments will change over time.

Top 10 Investments (as at October 31, 2021)1. NBI Sustainable Global Equity ETF 94.8%2. Cash, Money Market and Other Net Assets 5.2%Total percentage of top 10 investments: 100.0%Total number of investments: 1

Investment Mix (as at October 31, 2021)Geographic AllocationUnited States 55.2%Europe 26.3%Asia Ex-Japan 11.2%Cash, Money Market and OtherNet Assets 3.4%

Japan 3.2%Brazil 0.7%

Sector AllocationInformation Technology 27.2%Industrials 21.3%Health Care 19.5%Financials 14.2%Consumer Discretionary 5.9%Utilities 3.9%Cash, Money Market andOther Net Assets 3.4%

Materials 2.9%Consumer Staples 1.0%Communication Services 0.7%




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NBI Sustainable Global Equity FundSeries NR


Year-by-year returnsThe year-by-year returns are not available for the Series NR 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 NR are not available as it has not completed a full calendar year of performance.

Average returnThe average return is not available for Series NR 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 five years);• are seeking to diversify their investments with exposure to global

markets.




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 0.30% and fixed administration fee is0.20% of the series’ value. Because this series of the fund is new, its operating expenses and trading costs are not yet available.



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 Sustainable Global Equity FundSeries NR









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NBI Canadian Bond Private PortfolioSeries NRThis 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.











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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Province of Ontario, 4.65%, due June 2, 2041 4.0%2. Government of Canada, 2.00%, due December 1st, 2051 2.8%3. Government of Canada, 0.50%, due December 1st, 2030 2.1%4. Government of Canada, 1.25%, due June 1st, 2030 1.7%5. Canada Housing Trust, Floating, due June 15, 2021 1.7%6. Province of Ontario, 2.60%, due June 2, 2027 1.6%7. Cash, Money Market and Other Net Assets 1.4%8. Province of Alberta, 3.10%, due June 1st, 2050 1.3%9. Province of Ontario, 2.90%, due June 2, 2049 1.2%10. Toronto-Dominion Bank, Floating, due April 22, 2030 1.2%Total percentage of top 10 investments: 19.0%Total number of investments: 1253

Investment Mix (as at April 30, 2021)Asset AllocationCanadian Corporate Bonds 36.0%Provincial Bonds 28.9%Federal Bonds 16.2%Municipal Bonds 14.4%US Bonds 2.0%Cash, Money Market and Other Net Assets 1.4%Asset Backed Securities 0.7%Mortgage Backed Securities 0.4%


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.


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NBI Canadian Bond Private PortfolioSeries NR


Year-by-year returnsThis chart shows how Series NR securities of the fund performed in each of the past 5 years. The series did not drop in value. The range of returns andchange 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 the future.

2.3%1.3% 1.9%

5.1%

9.9%

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

10% 12%

2016 2017 2018 2019 2020







• 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.





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NBI Canadian Bond Private PortfolioSeries NR




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 Corporate Bond Private PortfolioSeries NRThis 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.











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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Bank of Nova Scotia, Floating, due March 30, 2027 1.4%2. Bank of Montreal, 2.28%, due July 29, 2024 1.2%3. Cash, Money Market and Other Net Assets 1.2%4. Canadian Imperial Bank of Commerce, Floating, due April 4, 2023 1.1%5. Hydro One Inc., 6.93%, due June 1st, 2032 1.0%6. AltaLink Investments LP, 2.24%, due March 7, 2022 1.0%7. Bank of Montreal, 2.85%, due March 6, 2024 1.0%8. Canadian Natural Resources Ltd., 3.42%, due December 1st, 2026 0.9%9. Enbridge Inc., 3.20%, due June 8, 2027 0.9%10. H&R Real Estate Investment Trust, 3.37%, due January 30, 2024 0.8%Total percentage of top 10 investments: 10.5%Total number of investments: 435

Investment Mix (as at April 30, 2021)Asset AllocationCanadian Corporate Bonds 88.2%US Bonds 5.7%Municipal Bonds 1.9%Cash, Money Market and OtherNet Assets 1.2%

Asset Backed Securities 1.1%Federal Bonds 0.9%Provincial Bonds 0.5%Foreign Bonds 0.3%Mortgage Backed Securities 0.2%

Credit QualityAAA 1.5%AA 5.7%A 36.5%BBB 52.0%BB 3.7%not rated 0.5%




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NBI Corporate Bond Private PortfolioSeries NR



4.7%2.9%

1.1%

8.2%9.0%

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

10% 12%

2016 2017 2018 2019 2020







• 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 NR




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 NRThis 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. NBI Unconstrained Fixed Income Fund, Series O 37.2%2. Purpose Structured Equity Yield Portfolio II 20.9%3. Purpose Structured Equity Yield Portfolio 13.3%4. RP Strategic Income Plus Fund, Class O 12.4%5. Manulife Strategic Income Fund, Series I 9.6%6. NBI Global Tactical Bond Fund, Series O US 6.3%7. Cash, Money Market and Other Net Assets 0.3%Total percentage of top 10 investments: 100.0%Total number of investments: 6

Investment Mix (as at April 30, 2021)Term AllocationUnder one year 0.7%From 1 year to 5 years 1.0%From 5 years to 10 years 96.1%More than 10 years 2.2%

Credit QualityAAA 37.1%AA 6.5%A 21.0%BBB 22.6%BB 8.1%B 1.6%not rated 3.2%




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NBI Non-Traditional Fixed Income Private PortfolioSeries NR



3.8% 3.4%

-2.1%

9.2%

4.4%

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

10% 12%

2016 2017 2018 2019 2020







• 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 NR




0.92%


0.06%

Fund Expenses 0.98%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










Page 3333 of 3333


NBI Canadian Preferred Equity Private PortfolioSeries NRThis 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. NBI Bond Fund, Series O 36.1%2. Canadian Imperial Bank of Commerce, 4.40%, Series 45 2.3%3. Enbridge Inc., 4.00%, Series 3 1.6%4. Royal Bank of Canada, 3.60%, Series BD 1.4%5. Toronto-Dominion Bank, 3.60%, Series 7 1.3%6. Canadian Imperial Bank of Commerce, 3.60%, Series 43 1.1%7. Sun Life Financial Inc., 4.75%, Series 1 1.0%8. Great-West Lifeco Inc., 4.85%, Series H 1.0%9. Pembina Pipeline Corporation, 4.75%, Series 9 1.0%10. Sun Life Financial Inc., 4.80%, Series 2 0.8%Total percentage of top 10 investments: 47.6%Total number of investments: 185

Investment Mix (as at April 30, 2021)Sector AllocationBonds 35.6%Financials 32.8%Energy 15.6%Utilities 7.8%Communication Services 3.9%Real Estate 1.7%Cash, Money Market and Other Net Assets 1.3%Consumer Staples 0.7%Mortgage Backed Securities 0.3%Asset Backed Securities 0.3%




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NBI Canadian Preferred Equity Private PortfolioSeries NR



9.3%

15.8%

-9.6%

2.3%

6.8%

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

-5% 0% 5%

10% 15% 20% 25%

2016 2017 2018 2019 2020



Best Return 16.4% August 31, 2020 Your investment would rise to $1,164.




• 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 NR




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%










Page 3333 of 3333

FUND FACTSMarch 9, 2022

NBI Canadian Equity Private PortfolioSeries NRThis 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.

Effective on or about April 28, 2022, Manulife Investment Management Limited will become the portfolio sub-advisor.



Total value of fund on January 31, 2022: $1,711.5 million




Portfolio sub-advisor: CI Investments Inc. (see above text box)





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 January 31, 2022. The fund’s investments will change over time.

Top 10 Investments (as at January 31, 2022)1. Royal Bank of Canada 4.4%2. Brookfield Asset Management Inc., Class A 4.2%3. Canadian Pacific Railway Co. 3.8%4. Intact Financial Corp. 3.5%5. Fortis Inc. 3.1%6. Alimentation Couche-Tard Inc. 3.1%7. Sun Life Financial Inc. 3.0%8. TELUS Corp. 3.0%9. Canadian Imperial Bank of Commerce 3.0%10. Constellation Software Inc. 3.0%Total percentage of top 10 investments: 34.1%Total number of investments: 42

Investment Mix (as at January 31, 2022)Sector AllocationFinancials 29.6%Industrials 16.2%Information Technology 11.2%Energy 9.9%Consumer Discretionary 8.2%Consumer Staples 7.1%Utilities 5.5%Real Estate 4.8%Materials 3.0%Communication Services 3.0%Cash, Money Market and Other Net Assets 1.5%




HIGH HIGH



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NBI Canadian Equity Private PortfolioSeries NR



13.2%

5.3%

-10.0%

19.7%

2.4%

30.3%

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

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

2016 2017 2018 2019 2020 2021



Best Return 16.3% January 31, 2021 Your investment would rise to $1,163.




• 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.




2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. As of June 30, 2021, the fund's expenses were 0.44% of itsvalue. This equals $4.40 for every $1,000 invested.

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NBI Canadian Equity Private PortfolioSeries NR




0.40%


0.04%

Fund Expenses 0.44%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










Page 3333 of 3333


NBI Canadian High Conviction Equity Private PortfolioSeries NRThis 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Royal Bank of Canada 6.6%2. Toronto-Dominion Bank 4.8%3. Brookfield Asset Management Inc., Class A 4.3%4. Bank of Nova Scotia 3.4%5. Enbridge Inc. 3.4%6. Canadian National Railway Co. 3.3%7. Bank of Montreal 3.0%8. Canadian Pacific Railway Co. 2.9%9. Cash, Money Market and Other Net Assets 2.7%10. Power Corporation of Canada 2.5%Total percentage of top 10 investments: 36.9%Total number of investments: 84

Investment Mix (as at April 30, 2021)Sector AllocationFinancials 36.0%Energy 13.9%Industrials 13.7%Materials 10.0%Communication Services 5.4%Information Technology 4.5%Consumer Staples 4.2%Consumer Discretionary 3.2%Utilities 3.2%Cash, Money Market and Other Net Assets 2.7%Real Estate 2.5%Health Care 0.7%




HIGH HIGH



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NBI Canadian High Conviction Equity Private PortfolioSeries NR



18.5%

8.8%

-8.6%

20.1%

-1.1%

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

-5% 0% 5%

10% 15% 20% 25% 30%

2016 2017 2018 2019 2020



Best Return 13.9% April 30, 2021 Your investment would rise to $1,139.




• 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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NBI Canadian High Conviction Equity Private PortfolioSeries NR




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%










Page 3333 of 3333


NBI U.S. Equity Private PortfolioSeries NRThis 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Microsoft Corp. 8.7%2. Amazon.com Inc. 8.2%3. Adobe Systems Inc. 5.8%4. Waste Connections Inc. 5.5%5. Apple Inc. 5.2%6. Alphabet Inc., Class A 5.0%7. Charles River Laboratories International Inc. 5.0%8. Facebook Inc., Class A 4.6%9. BlackRock Inc. 4.6%10. Danaher Corp. 4.2%Total percentage of top 10 investments: 56.8%Total number of investments: 27

Investment Mix (as at April 30, 2021)Sector AllocationInformation Technology 27.7%Consumer Discretionary 13.5%Health Care 12.6%Communication Services 11.5%Financials 11.4%Industrials 8.7%Consumer Staples 5.7%Materials 3.6%Real Estate 2.2%Energy 1.9%Cash, Money Market and Other Net Assets 1.2%




HIGH HIGH



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NBI U.S. Equity Private PortfolioSeries NR



5.7%

19.6%

7.4%

28.1% 27.5%

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

-5% 0% 5%

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

2016 2017 2018 2019 2020




Worst return -8.9% December 31, 2018 Your investment would drop to $911.



• 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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NBI U.S. Equity Private PortfolioSeries NR




0.52%


0.06%

Fund Expenses 0.58%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










Page 3333 of 3333


NBI U.S. High Conviction Equity Private PortfolioSeries NRThis 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: NBC272 (C$)

NBC266 (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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Microsoft Corp. 8.5%2. Alphabet Inc., Class A 7.1%3. Moody's Corp. 6.7%4. MasterCard Inc., Class A 5.0%5. UnitedHealth Group Inc. 4.9%6. Johnson & Johnson 4.7%7. Sherwin-Williams Co./The 4.3%8. MSCI Inc. 4.1%9. PepsiCo Inc. 4.1%10. AutoZone Inc. 3.9%Total percentage of top 10 investments: 53.3%Total number of investments: 35

Investment Mix (as at April 30, 2021)Sector AllocationInformation Technology 23.9%Financials 15.5%Consumer Discretionary 13.5%Health Care 12.8%Industrials 10.9%Materials 9.0%Communication Services 7.1%Consumer Staples 6.5%Cash, Money Market and Other Net Assets 0.8%




HIGH HIGH



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NBI U.S. High Conviction Equity Private PortfolioSeries NR



5.7%

19.0%

8.7%

27.6%

19.7%

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

-5% 0% 5%

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

2016 2017 2018 2019 2020







• 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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NBI U.S. High Conviction Equity Private PortfolioSeries NR




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%










Page 3333 of 3333


NBI International High Conviction Equity Private PortfolioSeries NRThis 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. Taiwan Semiconductor Manufacturing Co. Ltd., ADR 6.9%2. Nestlé SA 5.8%3. Keyence Corp. 5.1%4. IHS Markit Ltd. 4.6%5. Louis Vuitton Moet Hennessy 4.4%6. Roche Holding AG NPV 4.2%7. Novo Nordisk A/S, Class B 4.1%8. Diageo PLC 3.9%9. Schindler Holding AG, PTG Cert 3.2%10. Intercontinental Hotels Group PLC 3.2%Total percentage of top 10 investments: 45.4%Total number of investments: 35

Investment Mix (as at April 30, 2021)Geographic AllocationUnited Kingdom 29.3%Switzerland 20.0%Other countries 13.1%Japan 11.8%France 11.5%Taiwan 6.9%Denmark 5.6%Cash, Money Market and OtherNet Assets 1.8%

Sector AllocationIndustrials 23.4%Consumer Staples 19.0%Information Technology 15.2%Consumer Discretionary 14.3%Health Care 13.2%Financials 10.8%Materials 2.3%Cash, Money Market andOther Net Assets 1.8%




HIGH HIGH



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NBI International High Conviction Equity Private PortfolioSeries NR



-2.7%

24.0%

0.1%

25.5%

17.5%

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

-5% 0% 5%

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

2016 2017 2018 2019 2020



Best Return 15.2% May 31, 2017 Your investment would rise to $1,152.




• 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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NBI International High Conviction Equity Private PortfolioSeries NR




0.52%


0.02%

Fund Expenses 0.54%



Fee What you pay


Service fees


First $250,000 1.50%

Next $250,000 0.85%

In excess of $500,000 0.75%










Page 3333 of 3333


NBI Non-Traditional Capital Appreciation Private PortfolioSeries NRThis 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 April 30, 2021. The fund’s investments will change over time.

Top 10 Investments (as at April 30, 2021)1. NBI SmartBeta Global Equity Fund, Series O 76.7%2. NBI SmartBeta Canadian Equity Fund, Series O 22.9%3. Cash, Money Market and Other Net Assets 0.4%Total percentage of top 10 investments: 100.0%Total number of investments: 2

Investment Mix (as at April 30, 2021)Asset AllocationGlobal Equity 73.8%Canadian Equity 25.5%Cash, Money Market and Other Net Assets 0.7%




HIGH HIGH



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NBI Non-Traditional Capital Appreciation Private PortfolioSeries NR



-0.2%

9.2%

-2.8%

12.6%

6.7%

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

10% 12% 14% 16%

2016 2017 2018 2019 2020







• 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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