National Bank Income and Growth Managed Portfolio Fund Facts Documents (Retirement Option)

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1 National Bank Income and Growth Managed Portfolio Fund Facts Documents (Retirement Option) Here are the Fund Facts Documents for the investments you made in your National Bank Managed Portfolio, which will be allocated to the Funds that make up the Managed Portfolio you selected based on your investor profile. Income and Growth Portfolio National Bank Floating Rate Income Fund National Bank Bond Fund National Bank Dividend Fund National Bank Global Tactical Bond Fund National Bank High Yield Bond Fund National Bank High Dividend Fund National Bank Canadian All Cap Equity Fund National Bank Consensus American Equity Fund National Bank Consensus International Equity Fund National Bank Canadian Index Fund National Bank U.S. Currency Neutral Index Fund National Bank International Currency Neutral Index Fund

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3 FUND FACTS May 12, 2016 National Bank Floating Rate Income Fund This document contains key information you should know about the National Bank Floating Rate Income Fund. You can find more detailed information in the fund s simplified prospectus. Ask your representative for a copy, contact the manager,, at or send an to or visit our website at Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk. Quick facts Fund code: NBC223 Date series started: January 24, 2014 Total value of fund on March 31, 2016: $534.5 million Management expense ratio (MER): 1.49% Fund manager: Portfolio manager: Distribution: Minimum investment: Fiera Capital Corporation Net income, end of each month, may include a significant portion of return of capital (automatically invested in additional securities, unless you ask to be paid in cash in a non-registered account). Net income and capital gains not distributed, special distribution in December (must be reinvested). $500 (initial), $50 (additional), $25 (systematic) What does the fund invest in? The fund s investment objective is to generate interest income while minimizing the effects of interest-rate fluctuations. The fund invests directly, or through investments in securities of other mutual funds, in a portfolio composed mainly of fixed-rate Canadian bonds (either corporate, governmental or municipal) and/or preferred shares issued by North-American companies and enters into derivatives transactions to generate a floating rate of income. Floating-rate income can therefore be obtained by swapping, through the use of derivatives, the rate of a fixed-income security for the short-term floating rate in effect at the time of the swap less the fees payable to the counterparty in relation to the derivative transactions. The short-term floating rate used will correspond, depending on the securities covered, to the 3-month Canadian Dealer Offered Rate (CDOR) or the 3-month London Interbank Offered Rate (LIBOR). The derivatives will be entered into with counterparties having a designated rating. It is expected 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, The fund s investments will change over time. Top 10 Investments (as at March 31, 2016) 1. Cash, Money Market and Other Net Assets 13.4% 2. Caisse Centrale Desjardins du Québec, 2.44%, due July 17, % 3. Bell Canada, 3.15%, due September 29, % 4. Toronto-Dominion Bank, Floating, due December 14, % 5. Bank of America Corp., Floating, due October 23, % 6. TELUS Corp., 5.05%, due July 23, % 7. Great-West Lifeco Delaware Finance LP, Floating, due June 26, % 8. Toronto-Dominion Bank, Floating, due June 24, % 9. Royal Bank of Canada, 5.50 %, Series BK 1.2% 10. Laurentian Bank of Canada, 2.56%, due March 26, % Total percentage of top 10 investments: 28.4 % Total number of investments: 422 Investment Mix (as at March 31, 2016) Investment Mix Corporate Bonds 58.2% Preferred Shares 23.5% Cash, Money Market and Other Net Assets 15.4% Foreign Bonds 11.0% Municipal Bonds 4.7% Asset Backed Securities 1.0% Derivative Products -13.8% How risky is it? The value of the fund can go down as well as up. You could lose money. One way 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 more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money. Risk rating has rated the volatility of this fund as low. This rating is based on how much the fund s returns have changed from year to year. It doesn t tell you how volatile the fund will be in the future. This rating can change over time. A fund with a low risk rating can still lose money. LOW LOW TO TO For more information about the risk rating and specific risks that can affect the fund s returns, see the Risk section of the fund s simplified prospectus. No guarantees Like most mutual funds, this fund doesn t have any guarantees. You may not get back the money you invest. Page 1 of 3

4 National Bank Floating Rate Income Fund How has the fund performed? This section tells you how securities of the fund have performed over the past year. Returns are after expenses have been deducted. These expenses reduce the fund s returns. Year-by-year returns This chart shows how securities of the fund performed in the last year. The series dropped in value in the last year. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future. 5 % 4 % 3 % 2 % 1 % 0 % -1 % -2 % -3 % -4 % -5 % -3.7% 2015 Best and worst 3-month returns This table shows the best and worst returns for securities of the fund in a 3-month period over the past year. The best and worst 3-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 1.5% December 31, 2015 Your investment would rise to $1,015. Worst return -3.9% February 29, 2016 Your investment would drop to $961. Average return The annual compounded return of securities of the fund was -1.71% since its inception. If you had invested $1,000 in this series since inception, your investment would now be worth $963. Who is this fund for? Investors who: are looking to invest for the short to medium term (at least one year); are looking for an investment that takes interest rate fluctuations into account and provides a source of interest income. A word about tax In general, you ll have to pay income tax on any money you make on a fund. How much you pay depends on the tax laws where you live and whether or not you hold the fund in a registered plan, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Keep in mind that if you hold your fund in a non-registered account, fund distributions are included in your taxable income, whether you get them in cash 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 securities of the fund. The fees and expenses including any commissions can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost. 1. Sales Charges There are no charges when you purchase your securities through or National Bank Direct Brokerage Inc. Other representative's firm may charge you a fee. 2. Fund expenses You don t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2015, the fund's expenses were 1.51% of its value. This equals $15.10 for every $1,000 invested. Page 2 of 3

5 National Bank Floating Rate Income Fund How much does it cost? (cont d) Annual rate (as a % of the fund s value) Management expense ratio (MER) This is the total of the fund s management fee (including the trailing commission) and operating expenses (including fixed rate administration fee). waived some of the fund's expenses. If it had not done so, the MER would have been higher. Trading expense ratio (TER) These are the fund's trading costs. 1.49% 0.02% Fund Expenses 1.51% More about the trailing commission The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and advice that your representative and their firm provide to you. pays the trailing commission to your representative s firm. It is paid from the fund s management fee and is based on the value of your investment. The rate for this series of the fund is up to 0.65% of the value of your investment each year. This equals $6.50 each year for every $1, invested. 3. Other fees You may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National Bank Investments Inc. or National Bank Direct Brokerage Inc. Fee Short-term trading fee Other fees What you pay 2% of the value of the securities you redeem or switch within 30 days of purchase may be charged by This fee goes to the fund. Registered Account termination fee, only if the registered investment account is with National Bank Investments Inc. $100 What if I change my mind? Under the securities law in some provinces and territories, you have the right to: withdraw from an agreement to buy mutual fund securities within two business days after you receive a simplified prospectus or Fund Facts document; or cancel your purchase within 48 hours after you receive confirmation of the purchase. In some provinces and territories, you also have the right to cancel a purchase, or in some jurisdictions, claim damages, if the simplified prospectus, annual information form, Fund Facts document or financial statements contain a misrepresentation. You must act within the time limit set by the securities law in your province or territory. For more information, see the securities law of your province or territory or ask a lawyer. For more information Contact or your representative for a copy of the fund s simplified prospectus and other disclosure documents. These documents and the Fund Facts make up the fund s legal documents Robert-Bourassa Blvd. 10 th floor Montreal, Quebec H3B 2G7 Phone: Toll-free: To learn more about investing in mutual funds, see the brochure Understanding mutual funds, which is available on the website of the Canadian Securities Administrators at Page 3 of 3

6 FUND FACTS May 12, 2016 National Bank Bond Fund This document contains key information you should know about the National Bank Bond Fund. You can find more detailed information in the fund s simplified prospectus. Ask your representative for a copy, contact the manager,, at or send an to or visit our website at Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk. Quick facts Fund code: NBC219 Date series started: May 27, 2011 Total value of fund on March 31, 2016: $1,766.2 million Management expense ratio (MER): 1.60% Fund manager: Portfolio manager: Distribution: Minimum investment: Fiera Capital Corporation Net income, end of each month, may include a significant portion of return of capital (automatically invested in additional securities, unless you ask to be paid in cash in a non-registered account). Net income and capital gains not distributed, special distribution in December (must be reinvested). $500 (initial), $50 (additional), $25 (systematic) What does the fund invest in? The fund's objective is to provide a high level of current income, reasonable unit price stability and sustained capital growth. The fund invests primarily in Canadian federal and provincial bonds. It is expected that investments in dept securities of foreign companies 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, The fund s investments will change over time. Top 10 Investments (as at March 31, 2016) 1. Government of Canada, 1.25%, due February 1st, % 2. Province of Ontario, 2.85%, due June 2, % 3. Canada Housing Trust, 2.35%, due December 15, % 4. Province of Ontario, 3.15%, due June 2, % 5. Province of Ontario, 3.50%, due June 2, % 6. Province of Ontario, 3.45%, due June 2, % 7. Province of Alberta, 3.30%, due December 1st, % 8. Royal Office Finance LP, 5.21%, due November 12, % 9. Cash, Money Market and Other Net Assets 1.9% 10. Canadian Imperial Bank of Commerce, 2.35%, due October 18, % Total percentage of top 10 investments: 42.0 % Total number of investments: 144 Investment Mix (as at March 31, 2016) Investment Mix Corporate Bonds 40.8% Provincial Bonds 29.1% Federal Bonds 21.9% Municipal Bonds 6.3% Cash, Money Market and Other Net Assets 1.9% How risky is it? The value of the fund can go down as well as up. You could lose money. One way 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 more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money. Risk rating has rated the volatility of this fund as low. This rating is based on how much the fund s returns have changed from year to year. It doesn t tell you how volatile the fund will be in the future. This rating can change over time. A fund with a low risk rating can still lose money. LOW LOW TO TO For more information about the risk rating and specific risks that can affect the fund s returns, see the Risk section of the fund s simplified prospectus. No guarantees Like most mutual funds, this fund doesn t have any guarantees. You may not get back the money you invest. Page 1 of 3

7 National Bank Bond Fund How has the fund performed? This section tells you how securities of the fund have performed over the past 4 years. Returns are after expenses have been deducted. These expenses reduce the fund s returns. Year-by-year returns This chart shows how securities of the fund performed in each of the past 4 years. The fund dropped in value in 1 of the 4 years. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future. 10 % 8 % 6 % 4 % 2 % 0 % -2 % -4 % -6 % -8 % -10 % 6.6% 2.7% 1.4% -3.1% Best and worst 3-month returns This table shows the best and worst returns for securities of the fund in a 3-month period over the past 4 years. The best and worst 3-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 5.5% January 31, 2015 Your investment would rise to $1,055. Worst return -4.0% July 31, 2013 Your investment would drop to $960. Average return The annual compounded return of securities of the fund was 3.01% since its inception. If you had invested $1,000 in this series since inception, your investment would now be worth $1,155. Who is this fund for? Investors who: are looking to invest for the short to medium term (at least one year); want to receive an income distribution regularly; wish to add a source of interest income to their portfolio. A word about tax In general, you ll have to pay income tax on any money you make on a fund. How much you pay depends on the tax laws where you live and whether or not you hold the fund in a registered plan, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Keep in mind that if you hold your fund in a non-registered account, fund distributions are included in your taxable income, whether you get them in cash 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 securities of the fund. The fees and expenses including any commissions can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost. 1. Sales Charges There are no charges when you purchase your securities through or National Bank Direct Brokerage Inc. Other representative's firm may charge you a fee. 2. Fund expenses You don t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2015, the fund's expenses were 1.60% of its value. This equals $16.00 for every $1,000 invested. Page 2 of 3

8 National Bank Bond Fund How much does it cost? (cont d) Annual rate (as a % of the fund s value) Management expense ratio (MER) This is the total of the fund s management fee (including the trailing commission) and operating expenses (including fixed rate administration fee). waived some of the fund's expenses. If it had not done so, the MER would have been higher. Trading expense ratio (TER) These are the fund's trading costs. 1.60% 0.00% Fund Expenses 1.60% More about the trailing commission The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and advice that your representative and their firm provide to you. pays the trailing commission to your representative s firm. It is paid from the fund s management fee and is based on the value of your investment. The rate for this series of the fund is up to 0.50% of the value of your investment each year. This equals $5.00 each year for every $1, invested. 3. Other fees You may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National Bank Investments Inc. or National Bank Direct Brokerage Inc. Fee Short-term trading fee Other fees What you pay 2% of the value of the securities you redeem or switch within 30 days of purchase may be charged by This fee goes to the fund. Registered Account termination fee, only if the registered investment account is with National Bank Investments Inc. $100 What if I change my mind? Under the securities law in some provinces and territories, you have the right to: withdraw from an agreement to buy mutual fund securities within two business days after you receive a simplified prospectus or Fund Facts document; or cancel your purchase within 48 hours after you receive confirmation of the purchase. In some provinces and territories, you also have the right to cancel a purchase, or in some jurisdictions, claim damages, if the simplified prospectus, annual information form, Fund Facts document or financial statements contain a misrepresentation. You must act within the time limit set by the securities law in your province or territory. For more information, see the securities law of your province or territory or ask a lawyer. For more information Contact or your representative for a copy of the fund s simplified prospectus and other disclosure documents. These documents and the Fund Facts make up the fund s legal documents Robert-Bourassa Blvd. 10 th floor Montreal, Quebec H3B 2G7 Phone: Toll-free: To learn more about investing in mutual funds, see the brochure Understanding mutual funds, which is available on the website of the Canadian Securities Administrators at Page 3 of 3

9 FUND FACTS May 12, 2016 National Bank Dividend Fund This document contains key information you should know about the National Bank Dividend Fund. You can find more detailed information in the fund s simplified prospectus. Ask your representative for a copy, contact the manager,, at or send an to or visit our website at Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk. Quick facts Fund code: NBC233 Date series started: May 27, 2011 Total value of fund on March 31, 2016: $1,075.6 million Management expense ratio (MER): 1.89% Fund manager: Portfolio manager: Distribution: Minimum investment: Fiera Capital Corporation Net income, end of each month, may include a significant portion of return of capital (automatically invested in additional securities, unless you ask to be paid in cash in a non-registered account). Net income and capital gains not distributed, special distribution in December (must be reinvested). $500 (initial), $50 (additional), $25 (systematic) What does the fund invest in? The fund's investment objective is to provide high dividend income while preserving capital. The fund invests primarily in preferred and common shares of Canadian corporations that pay dividend income. It is expected that investments in foreign securities will not exceed approximately 20% of the fund's assets. The charts below give you a snapshot of the fund s investments on March 31, The fund s investments will change over time. Top 10 Investments (as at March 31, 2016) 1. National Bank Bond Fund, Series O 15.8% 2. National Bank Strategic U.S. Income and Growth Fund, Series O 9.7% 3. National Bank Preferred Equity Fund, Series O 2.0% 4. Bank of Nova Scotia 1.7% 5. BCE Inc. 1.5% 6. TransCanada Corp. 1.4% 7. Brookfield Renewable Energy Partners LP 1.2% 8. Royal Bank of Canada 1.2% 9. Bank of Nova Scotia, 1.84 %, Series % 10. Shaw Communications Inc., Class B 1.1% Total percentage of top 10 investments: 36.7 % Total number of investments: 248 Investment Mix (as at March 31, 2016) Investment Mix Preferred Shares 53.8% Canadian Equity 19.2% Corporate Bonds 6.8% Foreign Bonds 5.0% Provincial Bonds 4.6% Cash, Money Market and Other Net Assets 3.5% Federal Bonds 3.5% US Equity 2.6% Municipal Bonds 1.0% International Equity 0.7% Floating Rate Loans 0.1% Derivative Products -0.8% How risky is it? The value of the fund can go down as well as up. You could lose money. One way 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 more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money. Risk rating 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 year to year. It doesn t tell you how volatile the fund will be in the future. This rating can change over time. A fund with a low risk rating can still lose money. LOW LOW TO TO For more information about the risk rating and specific risks that can affect the fund s returns, see the Risk section of the fund s simplified prospectus. No guarantees Like most mutual funds, this fund doesn t have any guarantees. You may not get back the money you invest. Page 1 of 3

10 National Bank Dividend Fund How has the fund performed? This section tells you how securities of the fund have performed over the past 4 years. Returns are after expenses have been deducted. These expenses reduce the fund s returns. Year-by-year returns This chart shows how securities of the fund performed in each of the past 4 years. The fund dropped in value in 1 of the 4 years. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future. 12 % 10 % 8 % 6 % 4 % 2 % 0 % -2 % -4 % -6 % -8 % -10 % -12 % 5.0% 3.8% 1.0% -9.8% Best and worst 3-month returns This table shows the best and worst returns for securities of the fund in a 3-month period over the past 4 years. The best and worst 3-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 3.3% April 30, 2014 Your investment would rise to $1,033. Worst return -7.9% September 30, 2015 Your investment would drop to $921. Average return The annual compounded return of securities of the fund was -0.39% since its inception. If you had invested $1,000 in this series since inception, your investment would now be worth $981. Who is this fund for? Investors who: are looking to invest for the short to medium term (at least one year); want to receive an income distribution regularly; wish to add a source of dividend income to their portfolio. A word about tax In general, you ll have to pay income tax on any money you make on a fund. How much you pay depends on the tax laws where you live and whether or not you hold the fund in a registered plan, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Keep in mind that if you hold your fund in a non-registered account, fund distributions are included in your taxable income, whether you get them in cash 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 securities of the fund. The fees and expenses including any commissions can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost. 1. Sales Charges There are no charges when you purchase your securities through or National Bank Direct Brokerage Inc. Other representative's firm may charge you a fee. 2. Fund expenses You don t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2015, the fund's expenses were 1.96% of its value. This equals $19.60 for every $1,000 invested. Page 2 of 3

11 National Bank Dividend Fund How much does it cost? (cont d) Annual rate (as a % of the fund s value) Management expense ratio (MER) This is the total of the fund s management fee (including the trailing commission) and operating expenses (including fixed rate administration fee). waived some of the fund's expenses. If it had not done so, the MER would have been higher. Trading expense ratio (TER) These are the fund's trading costs. 1.89% 0.07% Fund Expenses 1.96% More about the trailing commission The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and advice that your representative and their firm provide to you. pays the trailing commission to your representative s firm. It is paid from the fund s management fee and is based on the value of your investment. The rate for this series of the fund is up to 0.75% of the value of your investment each year. This equals $7.50 each year for every $1, invested. 3. Other fees You may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National Bank Investments Inc. or National Bank Direct Brokerage Inc. Fee Short-term trading fee Other fees What you pay 2% of the value of the securities you redeem or switch within 30 days of purchase may be charged by This fee goes to the fund. Registered Account termination fee, only if the registered investment account is with National Bank Investments Inc. $100 What if I change my mind? Under the securities law in some provinces and territories, you have the right to: withdraw from an agreement to buy mutual fund securities within two business days after you receive a simplified prospectus or Fund Facts document; or cancel your purchase within 48 hours after you receive confirmation of the purchase. In some provinces and territories, you also have the right to cancel a purchase, or in some jurisdictions, claim damages, if the simplified prospectus, annual information form, Fund Facts document or financial statements contain a misrepresentation. You must act within the time limit set by the securities law in your province or territory. For more information, see the securities law of your province or territory or ask a lawyer. For more information Contact or your representative for a copy of the fund s simplified prospectus and other disclosure documents. These documents and the Fund Facts make up the fund s legal documents Robert-Bourassa Blvd. 10 th floor Montreal, Quebec H3B 2G7 Phone: Toll-free: To learn more about investing in mutual funds, see the brochure Understanding mutual funds, which is available on the website of the Canadian Securities Administrators at Page 3 of 3

12 FUND FACTS May 12, 2016 National Bank Global Tactical Bond Fund Series T This document contains key information you should know about the National Bank Global Tactical Bond Fund. You can find more detailed information in the fund s simplified prospectus. Ask your representative for a copy, contact the manager,, at or send an to or visit our website at Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk. The Series T was offered until May 12, 2016, under the name "Advisor Series". Quick facts Fund code: ISC: NBC427 DSC: NBC527 LSC: NBC627 Date series started: January 8, 2014 Total value of fund on March 31, 2016: $886.2 million Management expense ratio (MER): 2.05% Fund manager: Portfolio manager: Portfolio sub-advisor: Distribution: Minimum investment: BNY Mellon Asset Management Canada Ltd. Standish Mellon Asset Management Company LLC Net income, end of each month, may include a significant portion of return of capital (automatically invested in additional securities, unless you ask to be paid in cash in a non-registered account). Net income and capital gains not distributed, special distribution in December (must be reinvested). $500 (initial), $50 (additional), $25 (systematic) What does the fund invest in? The fund s investment objective is to generate income and capital growth, while focusing on capital preservation. To do this the fund invests directly, or indirectly through investments in securities of other mutual funds or through the use of derivatives, in a diverse portfolio mainly composed of bonds and other foreign fixed income securities with various maturities and credit ratings. The charts below give you a snapshot of the fund s investments on March 31, The fund s investments will change over time. Top 10 Investments (as at March 31, 2016) 1. Cash, Money Market and Other Net Assets 19.6% 2. United States Treasury, 1.38%, due January 31, % 3. United States Treasury, 0.75%, due January 31, % 4. Government of France, 1.75%, due November 25, % 5. United States Treasury, 2.50%, due February 15, % 6. Government of France, 0.50%, due November 25, % 7. Japanese Government CPI Linked Bond, 0.10%, due March 10, % 8. Australia Government Bond, 3.25%, due April 21, % 9. Government of Canada, 2.25%, due June 1st, % 10. Government of Mexico, 4.75%, due June 14, % Total percentage of top 10 investments: 52.2 % Total number of investments: 152 Investment Mix (as at March 31, 2016) Investment Mix Foreign Bonds 77.3% Cash, Money Market and Other Net Assets 19.6% Asset Backed Securities 10.5% Federal Bonds 3.8% Mortgage Backed Securities 0.9% Derivative Products -12.1% How risky is it? The value of the fund can go down as well as up. You could lose money. One way 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 more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money. Risk rating 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 year to year. It doesn t tell you how volatile the fund will be in the future. This rating can change over time. A fund with a low risk rating can still lose money. LOW LOW TO TO For more information about the risk rating and specific risks that can affect the fund s returns, see the Risk section of the fund s simplified prospectus. No guarantees Like most mutual funds, this fund doesn t have any guarantees. You may not get back the money you invest. Page 1 of 4

13 National Bank Global Tactical Bond Fund Series T How has the fund performed? This section tells you how Series T securities of the fund have performed over the past year. Returns are after expenses have been deducted. These expenses reduce the fund s returns. Year-by-year returns This chart shows how Series T securities of the fund performed in the last year. The series dropped in value in the last year. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future. 1.8 % % % % % % % % % % -0.6% 2015 Best and worst 3-month returns This table shows the best and worst returns for Series T securities of the fund in a 3-month period over the past year. The best and worst 3-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, 2015 Your investment would rise to $1,035. Worst return -2.9% June 30, 2015 Your investment would drop to $971. Average return The annual compounded return of Series T securities of the fund was 2.75% since its inception. If you had invested $1,000 in this series since inception, your investment would now be worth $1,062. Who is this fund for? Investors who: are looking to invest for the medium term (at least three years); are looking to diversify their fixed income investments outside of Canada; are looking for an investment with the potential for moderate capital growth. A word about tax In general, you ll have to pay income tax on any money you make on a fund. How much you pay depends on the tax laws where you live and whether or not you hold the fund in a registered plan, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Keep in mind that if you hold your fund in a non-registered account, fund distributions are included in your taxable income, whether you get them in cash 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 T securities of the fund. The fees and expenses including any commissions can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost. 1. Sales Charges You have to choose a sales charge option when you buy securities of the fund. Ask about the pros and cons of each option. Page 2 of 4

14 National Bank Global Tactical Bond Fund Series T How much does it cost? (cont d) Sales charge option Initial sales charge Deferred sales charge Low sales charge What you pay In percent (%) In dollars ($) 0% to 5% of the amount you buy $0 to $50 on every $1,000 you buy If you sell within: 1 year of buying 6.0% 2 years of buying 5.5% 3 years of buying 5.0% 4 years of buying 4.5% 5 years of buying 3.0% 6 years of buying 1.5% After 6 years 0% If you sell within: 1 year of buying 3.0% 2 years of buying 2.5% 3 years of buying 2.0% After 3 years 0% Upon redemption $0 to $60 on every $1,000 of securities purchased Upon redemption $0 to $30 on every $1,000 of securities purchased How it works You negotiate the fees with your representative. We deduct the fees from the amount you are investing and pay it to your representative's firm. There are no fees when you purchase securities through National Bank Investments Inc. or National Bank Direct Brokerage Inc. We pay your representative's firm a commission equal to 5% of the amount you invest. You do not pay any fee unless you redeem your securities within six years of their purchase. These fees are only charged if you request the redemption of more than 10% of the securities you hold within the same calendar year. The redemption fees are based on the initial cost of your securities and the amount of time you hold them. The redemption fees are at a fixed rate. They are deducted from the value of the securities sold. When you sell your securities, any redemption fee you pay goes to National Bank Investments Inc. There are no redemption fees when you switch securities for securities of another National Bank Mutual Fund bought under the deferred sales charge option. The deferred sales charge schedule will be based on the date that the original securities were purchased. We pay your representative's firm a commission equal to 2.5% of the amount you invest. You do not pay any fee unless you redeem your securities within three years of their purchase. The redemption fees are based on the initial cost of your securities and the amount of time you hold them. The redemption fees are at a fixed rate. They are deducted from the value of the securities sold. When you sell your securities, any redemption fee you pay goes to National Bank Investments Inc. There are no redemption fees when you switch securities for securities of another National Bank Mutual Fund bought under the low sales charge option. The low sales charge schedule will be based on the date that the original securities were purchased. 2. Fund expenses You don t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2015, the fund's expenses were 2.06% of its value. This equals $20.60 for every $1,000 invested. Annual rate (as a % of the fund s value) Management expense ratio (MER) This is the total of the fund s management fee (including the trailing commission) and operating expenses (including fixed rate administration fee). waived some of the fund's expenses. If it had not done so, the MER would have been higher. Trading expense ratio (TER) These are the fund's trading costs. 2.05% 0.01% Fund Expenses 2.06% Page 3 of 4

15 National Bank Global Tactical Bond Fund Series T How much does it cost? (cont d) More about the trailing commission The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and advice that your representative and their firm provide to you. pays the trailing commission to your representative s firm. It is paid from the fund s management fee and is based on the value of your investment. The rate depends on the sales charge option you choose. Sales charge option Initial sales charge Deferred sales charge Low sales charge Up to 0.75% of the value of your investment each year. Amount of trailing commission In percent (%) In dollars ($) Up to 0.25% of the value of your investment each year within the first six years. Up to 0.75% of the value of your investment each year for the following years for new purchase after May 14, 2015, excluding securities purchased under a systematic investment plan started before May 14, 2015 and reinvested distributions. For switches, the trailing commission schedule applicable is the one in force at the time of the initial purchase. Up to 0.25% of the value of your investment each year within the first three years. Up to 0.75% of the value of your investment each year for the following years. Maximum of $7.50 each year on every $1,000 invested. Maximum of $2.50 each year on every $1,000 invested. Maximum of $7.50 each year on every $1,000 invested. Maximum of $2.50 each year on every $1,000 invested. Maximum of $7.50 each year on every $1,000 invested. 3. Other fees You may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National Bank Investments Inc. or National Bank Direct Brokerage Inc. Fee Short-term trading fee Switch fee Conversion fee Other fees What you pay 2% of the value of the securities you redeem or switch within 30 days of purchase may be charged by This fee goes to the fund. There are no fees when you switch securities through or National Bank Direct Brokerage Inc. If you switch securities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiate these fees with your representative. There are no fees when you convert securities through or National Bank Direct Brokerage Inc. If you convert securities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiate these fees with your representative. Registered Account termination fee, only if the registered investment account is with National Bank Investments Inc. $100 What if I change my mind? Under the securities law in some provinces and territories, you have the right to: withdraw from an agreement to buy mutual fund securities within two business days after you receive a simplified prospectus or Fund Facts document; or cancel your purchase within 48 hours after you receive confirmation of the purchase. In some provinces and territories, you also have the right to cancel a purchase, or in some jurisdictions, claim damages, if the simplified prospectus, annual information form, Fund Facts document or financial statements contain a misrepresentation. You must act within the time limit set by the securities law in your province or territory. For more information, see the securities law of your province or territory or ask a lawyer. For more information Contact or your representative for a copy of the fund s simplified prospectus and other disclosure documents. These documents and the Fund Facts make up the fund s legal documents Robert-Bourassa Blvd. 10 th floor Montreal, Quebec H3B 2G7 Phone: Toll-free: To learn more about investing in mutual funds, see the brochure Understanding mutual funds, which is available on the website of the Canadian Securities Administrators at Page 4 of 4

16 FUND FACTS May 12, 2016 National Bank High Yield Bond Fund This document contains key information you should know about the National Bank High Yield Bond Fund. You can find more detailed information in the fund s simplified prospectus. Ask your representative for a copy, contact the manager,, at or send an to or visit our website at Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk. Quick facts Fund code: NBC211 Date series started: May 27, 2011 Total value of fund on March 31, 2016: $1,118.1 million Management expense ratio (MER): 2.07% Fund manager: Portfolio manager: Distribution: Minimum investment: Fiera Capital Corporation Net income, end of each month, may include a significant portion of return of capital (automatically invested in additional securities, unless you ask to be paid in cash in a non-registered account). Net income and capital gains not distributed, special distribution in December (must be reinvested). $500 (initial), $50 (additional), $25 (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) and Canadian companies, such as corporate bonds with medium to long terms. The fund may also invest in convertible debentures, prefered shares and mortgage-backed securities. The charts below give you a snapshot of the fund s investments on March 31, The fund s investments will change over time. Top 10 Investments (as at March 31, 2016) 1. Cash, Money Market and Other Net Assets 7.2% 2. National Bank Short Term Canadian Income Fund, Series O 3.5% 3. Aircastle Ltd., 7.63%, due April 15, % 4. HCA Inc., 5.88%, due March 15, % 5. Royal Bank of Scotland Group PLC, 5.25%, due December 31, % 6. Sprint Nextel Corp., 6.00%, due November 15, % 7. Reynolds Group Issuer Inc, 5.75%, due October 15, % 8. T-Mobile US Inc., 6.63%, due April 1st, % 9. Sabine Pass Liquefaction LLC, 5.63%, due February 1st, % 10. CCO Holdings Capital Corp., 5.13%, due February 15, % Total percentage of top 10 investments: 22.6 % Total number of investments: 160 Investment Mix (as at March 31, 2016) Investment Mix Foreign Bonds 80.9% Corporate Bonds 10.7% Cash, Money Market and Other Net Assets 8.0% Municipal Bonds 0.3% Provincial Bonds 0.1% How risky is it? The value of the fund can go down as well as up. You could lose money. One way 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 more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money. Risk rating 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 year to year. It doesn t tell you how volatile the fund will be in the future. This rating can change over time. A fund with a low risk rating can still lose money. LOW LOW TO TO For more information about the risk rating and specific risks that can affect the fund s returns, see the Risk section of the fund s simplified prospectus. No guarantees Like most mutual funds, this fund doesn t have any guarantees. You may not get back the money you invest. Page 1 of 3

17 National Bank High Yield Bond Fund How has the fund performed? This section tells you how securities of the fund have performed over the past 4 years. Returns are after expenses have been deducted. These expenses reduce the fund s returns. Year-by-year returns This chart shows how securities of the fund performed in each of the past 4 years. The fund dropped in value in 1 of the 4 years. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future. 16 % % 10 8 % 6 4 % 2 0 % -2-4 % -6-8 % % % 12.6% 6.1% 1.3% -6.3% Best and worst 3-month returns This table shows the best and worst returns for securities of the fund in a 3-month period over the past 4 years. The best and worst 3-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 6.4% February 29, 2012 Your investment would rise to $1,064. Worst return -7.0% January 31, 2016 Your investment would drop to $930. Average return The annual compounded return of securities of the fund was 2.57% since its inception. If you had invested $1,000 in this series since inception, your investment would now be worth $1,131. Who is this fund for? Investors who: are looking to invest for the long term (at least 5 years); want to diversify their investment by taking advantage of high yield securities; wish to add a source of interest income to their portfolio; want to receive an income distribution regularly. A word about tax In general, you ll have to pay income tax on any money you make on a fund. How much you pay depends on the tax laws where you live and whether or not you hold the fund in a registered plan, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Keep in mind that if you hold your fund in a non-registered account, fund distributions are included in your taxable income, whether you get them in cash 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 securities of the fund. The fees and expenses including any commissions can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost. 1. Sales Charges There are no charges when you purchase your securities through or National Bank Direct Brokerage Inc. Other representative's firm may charge you a fee. 2. Fund expenses You don t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2015, the fund's expenses were 2.07% of its value. This equals $20.70 for every $1,000 invested. Page 2 of 3

18 National Bank High Yield Bond Fund How much does it cost? (cont d) Annual rate (as a % of the fund s value) Management expense ratio (MER) This is the total of the fund s management fee (including the trailing commission) and operating expenses (including fixed rate administration fee). waived some of the fund's expenses. If it had not done so, the MER would have been higher. Trading expense ratio (TER) These are the fund's trading costs. 2.07% 0.00% Fund Expenses 2.07% More about the trailing commission The trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and advice that your representative and their firm provide to you. pays the trailing commission to your representative s firm. It is paid from the fund s management fee and is based on the value of your investment. The rate for this series of the fund is up to 0.75% of the value of your investment each year. This equals $7.50 each year for every $1, invested. 3. Other fees You may have to pay other fees when you buy, hold, sell, switch or convert securities of the fund through a representative's firm other than National Bank Investments Inc. or National Bank Direct Brokerage Inc. Fee Short-term trading fee Other fees What you pay 2% of the value of the securities you redeem or switch within 30 days of purchase may be charged by This fee goes to the fund. Registered Account termination fee, only if the registered investment account is with National Bank Investments Inc. $100 What if I change my mind? Under the securities law in some provinces and territories, you have the right to: withdraw from an agreement to buy mutual fund securities within two business days after you receive a simplified prospectus or Fund Facts document; or cancel your purchase within 48 hours after you receive confirmation of the purchase. In some provinces and territories, you also have the right to cancel a purchase, or in some jurisdictions, claim damages, if the simplified prospectus, annual information form, Fund Facts document or financial statements contain a misrepresentation. You must act within the time limit set by the securities law in your province or territory. For more information, see the securities law of your province or territory or ask a lawyer. For more information Contact or your representative for a copy of the fund s simplified prospectus and other disclosure documents. These documents and the Fund Facts make up the fund s legal documents Robert-Bourassa Blvd. 10 th floor Montreal, Quebec H3B 2G7 Phone: Toll-free: To learn more about investing in mutual funds, see the brochure Understanding mutual funds, which is available on the website of the Canadian Securities Administrators at Page 3 of 3

19 FUND FACTS May 12, 2016 National Bank High Dividend Fund This document contains key information you should know about the National Bank High Dividend Fund. You can find more detailed information in the fund s simplified prospectus. Ask your representative for a copy, contact the manager,, at or send an to or visit our website at Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk. Quick facts Fund code: NBC210 Date series started: May 27, 2011 Total value of fund on March 31, 2016: $467.2 million Management expense ratio (MER): 2.17% Fund manager: Portfolio manager: Distribution: Minimum investment: Intact Investment Management Inc. Net income, end of each month, may include a significant portion of return of capital (automatically invested in additional securities, unless you ask to be paid in cash in a non-registered account). Net income and capital gains not distributed, special distribution in December (must be reinvested). $500 (initial), $50 (additional), $25 (systematic) What does the fund invest in? The fund's investment objective is to maximize the long-term capital growth potential and to generate a high dividend income. The fund invests directly, or through investments in securities of other mutual funds, in a portfolio mainly composed of Canadian dividend-paying common shares and other income generating Canadian equities. It is expected that investments 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, The fund s investments will change over time. Top 10 Investments (as at March 31, 2016) 1. Bank of Nova Scotia 5.7% 2. Toronto-Dominion Bank 4.7% 3. Enbridge Inc. 4.6% 4. Manulife Financial Corp. 4.0% 5. TELUS Corp. 4.0% 6. Royal Bank of Canada 3.7% 7. Power Financial Corp. 3.6% 8. Canadian National Railway Co. 3.4% 9. BCE Inc. 3.2% 10. Brookfield Asset Management Inc., Class A 2.8% Total percentage of top 10 investments: 39.7 % Total number of investments: 76 Investment Mix (as at March 31, 2016) Sector Allocation Financials 39.1% Energy 24.0% Telecommunication Services 8.4% Industrials 7.6% Utilities 6.6% Consumer Discretionary 5.2% Materials 3.9% Information Technology 1.8% Cash, Money Market and Other Net Assets 1.7% Consumer Staples 1.7% How risky is it? The value of the fund can go down as well as up. You could lose money. One way 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 more over time. They typically have a greater chance of losing money and may have a greater chance of higher returns. Funds with lower volatility tend to have returns that change less over time. They typically have lower returns and may have a lower chance of losing money. Risk rating has rated the volatility of this fund as medium. This rating is based on how much the fund s returns have changed from year to year. It doesn t tell you how volatile the fund will be in the future. This rating can change over time. A fund with a low risk rating can still lose money. LOW LOW TO TO For more information about the risk rating and specific risks that can affect the fund s returns, see the Risk section of the fund s simplified prospectus. No guarantees Like most mutual funds, this fund doesn t have any guarantees. You may not get back the money you invest. Page 1 of 3

20 National Bank High Dividend Fund How has the fund performed? This section tells you how securities of the fund have performed over the past 4 years. Returns are after expenses have been deducted. These expenses reduce the fund s returns. Year-by-year returns This chart shows how securities of the fund performed in each of the past 4 years. The fund dropped in value in 1 of the 4 years. The range of returns and change from year to year can help you assess how risky the fund has been in the past. It does not tell you how the fund will perform in the future. 16 % % 10 8 % 6 4 % 2 0 % -2-4 % -6-8 % % % 13.5% 6.2% 4.7% -12.3% Best and worst 3-month returns This table shows the best and worst returns for securities of the fund in a 3-month period over the past 4 years. The best and worst 3-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 8.0% April 30, 2014 Your investment would rise to $1,080. Worst return -10.2% September 30, 2011 Your investment would drop to $898. Average return The annual compounded return of securities of the fund was 2.25% since its inception. If you had invested $1,000 in this series since inception, your investment would now be worth $1,114. Who is this fund for? Investors who: are looking to invest for the long term (at least 5 years); wish to receive a regular dividend income; want to receive an income distribution regularly. A word about tax In general, you ll have to pay income tax on any money you make on a fund. How much you pay depends on the tax laws where you live and whether or not you hold the fund in a registered plan, such as a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Keep in mind that if you hold your fund in a non-registered account, fund distributions are included in your taxable income, whether you get them in cash 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 securities of the fund. The fees and expenses including any commissions can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment over another. Ask about other funds and investments that may be suitable for you at a lower cost. 1. Sales Charges There are no charges when you purchase your securities through or National Bank Direct Brokerage Inc. Other representative's firm may charge you a fee. 2. Fund expenses You don t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2015, the fund's expenses were 2.46% of its value. This equals $24.60 for every $1,000 invested. Page 2 of 3

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