National Bank Equity Managed Portfolio Fund Facts ......National Bank Equity Managed Portfolio Fund Facts Documents (Retirement Option) Equity Managed Portfolio Allocation of the Funds

National Bank Equity Managed Portfolio

Fund Facts Documents (Retirement Option)

Equity Managed Portfolio

Allocation of the Funds Min Target Max

Cash and Short Term 0% 0% 10%

Fixed Income 0% 0% 10%

Canadian and Global Equities 90% 100% 100%

Fund Facts Documents

NBI Canadian All Cap Equity Fund

NBI Canadian Equity Growth Fund

NBI Small Cap Fund

NBI Global Equity Fund

NBI SmartData U.S. Equity Fund

NBI SmartData International Equity Fund

NBI Diversified Emerging Markets Equity Fund

NBI Canadian Index Fund

NBI U.S. Currency Neutral Index Fund

NBI International Currency Neutral Index Fund

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.

FUND FACTSMay 14, 2020

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

Quick factsFund code: NBC261

Date series started: May 27, 2011

Total value of fund on March 31, 2020: $475.9 million

Management expense ratio (MER): 2.51%

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

Portfolio manager: CI Investments 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: $500 (initial), $50 (additional), $25 (systematic)

What does the fund invest in?The fund's investment objective is to ensure long-term capital growth. The fund invests directly, or through investments in securities of other mutual funds,in a portfolio comprised mainly of equity securities of Canadian companies. It is expected that investments in foreign securities will not exceedapproximately 30% of the fund’s assets.The charts below give you a snapshot of the fund’s investments on March 31, 2020. The fund’s investments will change over time.

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

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

International Equity 4.2%

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

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

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 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 Canadian All Cap Equity FundSeries R

How has the fund performed?This section tells you how Series R securities of the fund have performed over the past 8 years. Returns are after expenses have been deducted. Theseexpenses reduce the fund’s returns.

Year-by-year returnsThis chart shows how Series R securities of the fund performed in each of the past 8 years. The fund dropped in value in 1 of the 8 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.

18.3%

35.6%

11.1%

0.0%

23.2%

2.2%

-12.6%

17.9%

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

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

2012 2013 2014 2015 2016 2017 2018 2019

Best and worst 3-month returnsThis table shows the best and worst returns for Series R securities of the fund in a 3-month period over the past 8 years. The best and worst3-month returns could be higher or lower in the future. Consider how much of a loss you could afford to take in a short period of time.

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

Best Return 12.9% May 31, 2016 Your investment would rise to $1,129.

Worst return -25.4% March 31, 2020 Your investment would drop to $746.

Average returnThe annual compounded return of Series R securities of the fund was 5.23% since its inception. If you had invested $1,000 in this series since inception,your investment would now be worth $1,570.

Who is this fund for?Investors who:

• are looking to invest for the long term (at least five years);• wish to add a Canadian equity fund 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 R 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 or National Bank Direct Brokerage (a division of National Bank Financial Inc.). Otherrepresentative's firm may charge you a fee.

2. Fund expensesYou don’t pay these expenses directly. They affect you because they reduce the fund's returns. As of December 31, 2019, the fund's expenses were 2.65% ofits value. This equals $26.50 for every $1,000 invested.

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NBI Canadian All Cap Equity FundSeries R

How much does it cost? (cont’d)

Annual rate (as a % of the fund’s value)

Management expense ratio (MER)This is the total of the fund’s management fee (including the trailing commission) and operating expenses (includingfixed rate administration fee). NBI waived some of the fund's expenses. If it had not done so, the MER would have beenhigher.

2.51%

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

0.14%

Fund Expenses 2.65%

More about the trailing commissionThe trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and/or advice that your representativeand their firm provide to you.NBI pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on the value of your investment. Therate for this series of the fund is up to 1.00% of the value of your investment each year. This equals $10.00 each year for every $1,000.00 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.

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

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

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

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

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

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

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

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

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

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






Portfolio manager: Mackenzie Financial Corporation





What does the fund invest in?The fund aims to provide investors with superior investment returns over the long term, having regard for the safety of capital. The fund invests in adiversified portfolio of primarily Canadian equities. It is expected that investments in foreign securities will not exceed approximately 49% of the fund's netassets.The charts below give you a snapshot of the fund’s investments on March 31, 2020. The fund’s investments will change over time.

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

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

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

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




HIGH HIGH



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NBI Canadian Equity Growth FundSeries R



-1.4%

14.3%11.5%

-5.7%

15.0%

2.1%

-5.1%

24.1%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 % 30 %

2012 2013 2014 2015 2016 2017 2018 2019



Best Return 13.6% March 31, 2019 Your investment would rise to $1,136.




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





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NBI Canadian Equity Growth FundSeries R




2.50%


0.10%

Fund Expenses 2.60%



Fee What you pay











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NBI Small Cap FundSeries RThis 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 March 31, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Altus Group Ltd. 4.8%2. Morneau Shepell Inc. 4.7%3. FirstService Corp. 4.0%4. Enghouse Systems Ltd. 3.9%5. Winpak Ltd. 3.8%6. Cargojet Inc. 3.7%7. Cash, Money Market and Other Net Assets 3.7%8. Boyd Group Services Inc. 3.5%9. B2Gold Corp. 3.2%10. Tricon Capital Group Inc. 3.1%Total percentage of top 10 investments: 38.4 %Total number of investments: 52

Investment Mix (as at March 31, 2020)Asset AllocationCanadian Equity 88.3%US Equity 8.0%Cash, Money Market and OtherNet Assets 3.2%

Corporate Bonds 0.5%

Sector AllocationIndustrials 27.3%Materials 14.1%Real Estate 14.0%Information Technology 9.1%Financials 7.8%Consumer Staples 7.0%Energy 5.7%Health Care 5.2%Consumer Discretionary 4.5%Cash, Money Market andOther Net Assets 3.2%

Utilities 1.6%Bonds 0.5%




HIGH HIGH



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NBI Small Cap FundSeries R



5.7%

25.3%

13.0%

-3.1%

18.1%

-4.3%

-20.7%

18.0%

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

-5 % 0 % 5 %

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

2012 2013 2014 2015 2016 2017 2018 2019



Best Return 14.9% June 30, 2014 Your investment would rise to $1,149.


Average returnThe annual compounded return of Series R securities of the fund was -1.24% since its inception. If you had invested $1,000 in this series since inception,your investment would now be worth $895.


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

portfolio;





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NBI Small Cap FundSeries R




2.54%


0.08%

Fund Expenses 2.62%



Fee What you pay











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NBI Global Equity FundSeries T5This document contains key information you should know about the NBI Global Equity Fund. You can find more detailed information in the fund’s simplifiedprospectus. Ask your representative for a copy, contact the manager, National Bank Investments Inc. ("NBI"), at 1-888-270-3941 or send an email [email protected] or visit our website at www.nbinvestments.ca.Before you invest in any fund, consider how the fund would work with your other investments and your tolerance for risk.

Quick factsFund code: ISC: NBC5467 DSC: NBC5567 LSC: NBC5667


Total value of fund on March 31, 2020: $1,704.0 million



Portfolio manager: Fiera Capital Corporation

Distribution: Return of capital and/or net income, end of each month. Targetrate of 5% of the net asset value per security on the last day ofthe previous calendar year. Distributions will be automatically

reinvested in additional securities, unless the investor choosesdifferently. Net income not distributed and capital gains,

special distribution in December (must be reinvested).


What does the fund invest in?The fund’s investment objective is to achieve long-term capital growth. It builds a diversified portfolio of common and preferred shares listed on recognizedstock exchanges.The charts below give you a snapshot of the fund’s investments on March 31, 2020. The fund’s investments will change over time.

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

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

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


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


HIGH HIGH



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NBI Global Equity FundSeries T5

How has the fund performed?This section tells you how Series T5 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 T5 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.

18.0%

0.0%

20.4%

2.4%

24.5%

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

-5 % 0 % 5 %

10 % 15 % 20 % 25 % 30 %

2015 2016 2017 2018 2019

Best and worst 3-month returnsThis table shows the best and worst returns for Series T5 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 14.1% April 30, 2017 Your investment would rise to $1,141.


Average returnThe annual compounded return of Series T5 securities of the fund was 10.09% since its inception. If you had invested $1,000 in this series since inception,your investment would now be worth $1,757.


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

markets;• want to hedge against a drop in the value of the Canadian dollar.


How much does it cost?The following tables show the fees and expenses you could pay to buy, own and sell Series T5 units of the fund. The fees and expenses – including anycommissions – can vary among series of the fund and among funds. Higher commissions can influence representatives to recommend one investment overanother. Ask about other funds and investments that may be suitable for you at a lower cost.

1. Sales ChargesYou have to choose a sales charge option when you buy securities of the fund. Ask about the pros and cons of each option.

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Sales chargeoption

What you pay

In percent (%) In dollars ($)How it works

Initial salescharge

0% to 5% of the amount you buy $0 to $50 on every$1,000 you buy

• You negotiate the fees with your representative.• We deduct the fees from the amount you are investing and pay it to your

representative's firm.

Deferred salescharge

If you sell within:

1 year of buying 6.0%

2 years of buying 5.5%





After 6 years 0%

Upon redemption$0 to $60 on every$1,000 of securitiespurchased

• We pay your representative's firm a commission equal to 5% of the amount youinvest.

• You do not pay any fee unless you redeem your securities within six years of theirpurchase.

• The redemption fees are only charged if you request the redemption of more than10% of the securities you hold within the same calendar year. You cannot carryforward any unused free redemption securities to the next year.

• The redemption fees are based on the initial cost of your securities and the amountof time you hold them.

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

• There are no redemption fees when you switch securities for securities of anotherNBI Fund bought under the deferred sales charge option. The deferred sales chargeschedule will be based on the date that the original securities were purchased.

Low salescharge

If you sell within:

1 year of buying 3.0%



After 3 years 0%

Upon redemption$0 to $30 on every$1,000 of securitiespurchased

• We pay your representative's firm a commission equal to 2.5% of the amount youinvest.

• You do not pay any fee unless you redeem your securities within three years of theirpurchase.

• The redemption fees are based on the initial cost of your securities and the amountof time you hold them.

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

• There are no redemption fees when you switch securities for securities of anotherNBI Fund bought under the low sales charge option. The low sales charge schedulewill be based on the date that the original securities were purchased.




2.80%


0.01%

Fund Expenses 2.81%

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How much does it cost? (cont’d)More about the trailing commissionThe trailing commission is an ongoing commission. It is paid for as long as you own the fund. It is for the services and/or advice that your representativeand their firm provide to you.NBI pays the trailing commission to your representative’s firm. It is paid from the fund’s management fee and is based on the value of your investment. Therate depends on the sales charge option you choose.

Sales charge optionAmount of trailing commission

In percent (%) In dollars ($)

Initial sales chargeUp to 1.25% of the value of your investment each year. Maximum of $12.50 each year on every

$1,000 invested.

Deferred sales charge

Up to 0.50% of the value of your investment each year within the first six years.

Up to 1.25% of the value of your investment each year for the following years for newpurchase after May 14, 2015, excluding securities purchased under a systematicinvestment plan started before May 14, 2015 and reinvested distributions. Forswitches, the trailing commission schedule applicable is the one in force at the timeof the initial purchase.

Maximum of $5.00 each year on every$1,000 invested.


Low sales charge

Up to 0.50% of the value of your investment each year within the first three years.

Up to 1.00% of the value of your investment each year for the following years.




Fee What you pay


Switch feeThere are no fees when you switch securities through NBI or National Bank Direct Brokerage (a division of National Bank Financial Inc.). If youswitch securities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiatethese fees with your representative.

Conversion feeThere are no fees when you convert securities through NBI or National Bank Direct Brokerage (a division of National Bank Financial Inc.). If youconvert securities through another representative's firm, you may have to pay fees of up to 2% of the value of the securities. You negotiatethese fees with your representative.










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NBI SmartData U.S. Equity FundSeries RThis document contains key information you should know about the NBI SmartData U.S. 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.






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 U.S. companies.The charts below give you a snapshot of the fund’s investments on March 31, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Microsoft Corp. 6.1%2. Apple Inc. 5.4%3. Amazon.com Inc. 4.2%4. Berkshire Hathaway Inc., Class B 2.1%5. Alphabet Inc., Class A 2.0%6. Facebook Inc., Class A 1.8%7. Procter & Gamble Co. 1.8%8. Alphabet Inc., Class C 1.7%9. Cash, Money Market and Other Net Assets 1.6%10. Visa Inc., Class A 1.5%Total percentage of top 10 investments: 28.2 %Total number of investments: 256

Investment Mix (as at March 31, 2020)Sector AllocationInformation Technology 25.8%Health Care 14.9%Financials 11.6%Consumer Discretionary 10.1%Communication Services 8.9%Industrials 8.0%Consumer Staples 6.6%Utilities 4.2%Real Estate 3.8%Materials 2.4%Energy 2.1%Cash, Money Market and Other Net Assets 1.6%




HIGH HIGH



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NBI SmartData U.S. Equity FundSeries R



7.0%

43.7%

15.2%

-1.1%

15.9%8.1%

1.7%

19.3%

-60 % -50 % -40 % -30 % -20 % -10 %

0 % 10 % 20 % 30 % 40 % 50 % 60 %

2012 2013 2014 2015 2016 2017 2018 2019







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

market.





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NBI SmartData U.S. Equity FundSeries R




2.17%


0.01%

Fund Expenses 2.18%



Fee What you pay











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NBI SmartData International Equity FundSeries RThis 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.






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 March 31, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Nestlé SA 3.2%2. Roche Holding AG NPV 2.5%3. Novartis AG 2.1%4. Novo Nordisk A/S, Class B 1.5%5. Louis Vuitton Moet Hennessy 1.3%6. Cash, Money Market and Other Net Assets 1.2%7. Sanofi-Aventis 1.1%8. British American Tobacco PLC 1.0%9. Rio Tinto PLC, ADR 0.9%10. Schneider Electric SA 0.9%Total percentage of top 10 investments: 15.7 %Total number of investments: 329

Investment Mix (as at March 31, 2020)Geographic AllocationEurope 60.7%Japan 26.2%Asia Ex-Japan 11.2%Americas 0.7%Cash, Money Market and OtherNet Assets 1.2%

Sector AllocationHealth Care 15.9%Financials 15.3%Consumer Staples 14.1%Industrials 12.7%Consumer Discretionary 10.1%Information Technology 8.1%Materials 6.7%Communication Services 6.1%Utilities 3.8%Energy 3.1%Real Estate 2.6%Cash, Money Market andOther Net Assets 1.5%




HIGH HIGH



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NBI SmartData International Equity FundSeries R



10.9%

37.4%

0.3%

13.3%

-2.8%

15.3%

-10.0%

12.1%

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

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

2012 2013 2014 2015 2016 2017 2018 2019







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

international markets.





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2.17%


0.20%

Fund Expenses 2.37%



Fee What you pay











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NBI Diversified Emerging Markets Equity FundSeries RThis 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: December 10, 2018




Portfolio manager: National Bank Trust Inc.

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 March 31, 2020. The fund’s investments will change over time.

Top 10 Investments (as at March 31, 2020)1. Alibaba Group Holding Ltd., ADR 7.0%2. Tencent Holdings Ltd. 4.8%3. New Oriental Education & Technology Group, ADR 3.2%4. Taiwan Semiconductor Manufacturing Co. Ltd. 2.9%5. Samsung SDI Co. Ltd. 2.8%6. AIA Group Ltd. 2.6%7. Housing Development Finance Corp. 2.6%8. Samsung Electronics Co. Ltd. 2.4%9. Taiwan Semiconductor Manufacturing Co. Ltd., ADR 2.2%10. Meituan Dianping 2.0%Total percentage of top 10 investments: 32.5 %Total number of investments: 254

Investment Mix (as at March 31, 2020)Geographic AllocationChina 31.6%Other countries 23.4%India 13.6%South Korea 11.3%Taiwan 8.8%United States 5.3%Hong Kong 4.4%Cash, Money Market and OtherNet Assets 1.6%

Sector AllocationInformation Technology 29.5%Consumer Discretionary 18.9%Financials 16.9%Communication Services 12.4%Consumer Staples 6.5%Materials 5.1%Health Care 3.0%Industrials 2.2%Cash, Money Market andOther Net Assets 1.6%

Utilities 1.4%Energy 1.3%Real Estate 1.2%




HIGH HIGH



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NBI Diversified Emerging Markets Equity FundSeries R

How has the fund performed?This section tells you how Series R 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 R securities of the fund performed in the past year. The series did not drop in value. The range of returns and change from yearto 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.

11.6%

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

10 % 12 % 14 %

2019

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


Best Return 8.5% December 31, 2019 Your investment would rise to $1,085.


Average returnThe annual compounded return of Series R securities of the fund was -3.50% since its inception. If you had invested $1,000 in this series since inception,your investment would now be worth $980.


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

markets.



1. Sales ChargesThere are no charges when you purchase your securities through NBI or National Bank Direct Brokerage (a division of National Bank Financial Inc.). Otherrepresentatives' firms may charge you a fee.


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NBI Diversified Emerging Markets Equity FundSeries R




2.42%


0.27%

Fund Expenses 2.69%



Fee What you pay











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