Prospectus

Are you interested in understanding your rights as an investor and making informed decisions regarding your investments? Our simplified prospectus contains important high-level information on mutual funds, as well as detailed information on each of our National Bank Securities Mutual Funds.

The simplified prospectus is divided into three parts:

• the first part gives you general information on mutual funds and strategies that can help you meet your investment needs;
• part 2 covers fees and expenses, income tax considerations and other related financial information for all funds listed in the simplified prospectus;
• the final part contains fact sheets, including explanations and tables for each fund.

05-27-2011:	Simplified Prospectus (143 pages)	Annual Information Form (63 pages)
10-28-2011:	Amendment to the Simplified Prospectus (4 pages)	Amendment to the Annual Information (4 pages)