Investor Information


IMPORTANT INFORMATION ON NATIONAL BANK SECURITIES MUTUAL FUNDS AND MERITAGE PORTFOLIOS

National Bank Securities Mutual Funds, Strategic Portfolios, Managed Portfolios and the Meritage Portfolios (collectively the “Funds”) as well as National Bank Strategic Portfolios and National Bank Managed Portfolios (the “asset allocation services”) are offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds and the use of asset allocation services. Please read the prospectus of the Funds before making an investment.

The performance data provided for money market funds assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns. There can be no assurances that the funds will be able to maintain their net asset values per security at a constant amount or that the full amount of your investment will be returned to you.

The indicated rates of return for funds other than money market funds are based on the historical annual compounded total returns including changes in securities value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns.

The indicated rates of return for an asset allocation service are the historical annual compounded total returns assuming the investment strategy recommended by the asset allocation service is used and after deduction of the fees and charges in respect of the asset allocation service. The returns are based on the historical annual compounded total returns of the participating funds including changes in securities value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder in respect of a participating fund that would have reduced returns.

The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.

“Meritage Portfolios®” and the Meritage Portfolios logo are trademarks of National Bank of Canada, used under license by National Bank Securities. All trademarks and logos of the mutual fund companies are their property. National Bank Securities Inc. is an authorized user.

NOTICE OF CHANGE OF AUDITORS - December 13, 2010

National Bank Securities Mutual Funds

Notice of change
Samson Belair / Deloitte & Touche s.e.n.c.r.l.
Raymond Chabot Grant Thornton LLP

Meritage Portfolios®

Notice of change
Samson Belair / Deloitte & Touche s.e.n.c.r.l.
Raymond Chabot Grant Thornton LLP

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INDEPENDENT REVIEW COMMITTEE


Pursuant to Regulation 81-107 respecting the Independent Review Committee for Investment Funds, the Independent Review Committee (the “IRC”) of the National Bank Securities Mutual Funds and Meritage Portfolios (collectively the “Funds”) generally reviews conflict of interest matters submitted by National Bank Securities Inc., the manager of the Funds, which the manager confronts in operating the Funds and reviews and comments on the manager’s written policies and procedures regarding such conflict of interest matters.

The IRC of the Funds assesses, at least annually, the adequacy and effectiveness of the following: the manager’s policies and procedures regarding conflict of interest matters; any standing instruction the IRC has provided to the manager for the conflict of interest matters related to the Funds; the compliance of the manager and the Funds with any conditions imposed by the IRC in a recommendation or approval; any sub-committee to which the IRC has delegated any of its functions. In addition, the IRC reviews and assesses, at least annually, the independence and compensation of its members, as well as its effectiveness as a committee, and the contribution and effectiveness of each member. The IRC has a written mandate describing its powers, duties and standard of care. It prepares, at least annually, a report of its activities for the Funds’ security holders.
The IRC is comprised of five members who are independent from the manager of the Funds and affiliates of the manager. The members of the IRC all have expertise in the financial services industry: Jean-François Bernier is Senior Vice-President and Managing Director of a securities brokerage firm. He was previously Director of Capital Markets for the Quebec Securities Commission (currently the Autorité des marchés financiers). Mr. Bernier has a background as a lawyer. Jean Durivage was the manager of institutional investor services for a securities brokerage firm, prior to which he was Senior Vice-President and corporate director of a major brokerage firm. André D. Godbout was Senior Executive Vice-President and a corporate director of a securities brokerage firm. He has an MBA and a background as a lawyer. Yves Julien, Chair of the IRC, is a corporate financial consultant and has held a number of executive positions in a securities brokerage firm. Jacques Valotaire is a Fellow of the Ordre des comptables agréés du Québec. Having first practiced as an auditor and a consultant, he later migrated towards the insurance industry, where he held several executive positions with a prominent Canadian property and casualty insurance group. Each member of the IRC receives an annual compensation and a per-meeting fee plus the reimbursement of expenses for each meeting of the IRC that the member attends. This compensation is set by the IRC. Such costs are allocated by the manager among all of the mutual funds managed by the manager and/or its affiliates in a manner that the manager considers fair and reasonable.

IRC reports to security holders:

National Bank Securities Mutual Funds - February 24, 2014

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EXEMPTIVE RELIEF FOR CERTAIN PRIVATE PLACEMENT OFFERINGS

Pursuant to exemptive relief obtained from Canadian Securities Administrators on March 1, 2010, National Bank Securities Mutual Funds may, subject to certain terms and conditions, invest in equity securities of a reporting issuer in the context of a private placement offering, during the period of a distribution and for the 60-day period following completion of the distribution, notwithstanding that a related underwriter has acted as underwriter in the offering of the same class of securities. A full copy of this ruling is available at www.sedar.com.

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DISCLOSURE : UNCLAIMED PROPERTY

The provincial governments of British Columbia, Quebec and Alberta have adopted regulations requiring holders of unclaimed property to make reasonable efforts to find and contact their rightful owners, if their last known address is in one of these provinces. If the attempts made by the holders are unsuccessful, they must make the information concerning unclaimed property accessible to the public in order to facilitate its return to their owner.

In the event that the law might apply to you, in other words you are the owner of an unclaimed property; you may refer to the register of unclaimed property on the website of the province concerned:

Join us.

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