As at July 31, 2025

NBI Unconstrained Fixed Income Fund

O Series

Category: Multi-Sector Fixed Income

Investment Objective

To maximize total return, consistent with preservation of capital. The Fund invests, directly or indirectly through investments in securities of other mutual funds or through the use of derivatives, in a diversified portfolio composed mainly of fixed-income securities of issuers located throughout the world with various maturities and credit ratings.

Fund Details

Investment horizon

At least 3 years

Fund volatility

Low

Minimum Initial Investment:

-

Subsequent Investment:

-

Systematic Investment:

-

Distribution Frequency:

Monthly

Assets Under Management ($M):

$2,660.8

Price per Unit:

$8.06

Inception Date:

February 4, 2025

Value of $10,000 since inception:

$12,174

Benchmark Index:

Bloomberg Barclays Global Aggregate Bond Index (CAD Hedged)

Management Fee:

-

Portfolio Manager:

National Bank Investments Inc.

Sub-Advisor:

J.P. Morgan Investment Management Inc.

Portfolio Asset Mix

(% of Net Assets)

Foreign Corp Bonds - Invest Gr 32.70%
Foreign high yield bonds 25.97%
Foreign Government Bonds 20.06%
Cash and Equivalents 13.93%
Foreign Corp Bonds - Other 6.22%
Bonds - Other 0.53%
Cdn Corp Bonds - Other 0.53%
Other 0.06%
Credit Rating %
AAA 7.12
AA 14.65
A 16.13
BBB 26.32
BB 24.00
<= B 12.02
Average Duration (Years) 4.58
Average Maturity (Years) 14.81
Gross Yield to Maturity (%) 4.31
Gross Current Yield (%) 5.65
Top Holdings %
Interest Rate Swap 3.95% 19-Apr-2029 7.58
Credit default swap , due June 20, 2030 5.65
Federal National Mrtgage Assoc 4.50% 01-Aug-2052 2.16
Interest Rate Swap 2.41% 18-Dec-2034 2.16
Government Nationl Mrtg Assc 2 4.50% 20-Jun-2053 2.06
Federal National Mrtgage Assoc 5.50% 01-Jul-2053 2.00
Interest Rate Swap , due April 19, 2037 1.85
Credit default swap , due June 30, 2030 1.70
Mexico Government 8.50% 28-Feb-2030 1.69
Brazil Government 10.00% 01-Jan-2027 1.23
Total of Top Holdings of the Fund
(% of Net Assets):
28.08
Total Number of Securities Held: 1236
Geographic Allocation %
United States 62.82
Other 11.26
Canada 8.99
Latin America 7.35
European Union 5.69
Africa and Middle East 2.74
Japan 0.86
Asia/Pacific Rim 0.29

Calendar Returns (%)

YTD 2024 2023 2022 2021 2020 2019
3.88 2.85 6.06 -5.54 0.82 6.32 10.49

Annualized Returns (%)

1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp.
-0.08 1.82 2.89 4.83 4.23 2.51 - 2.61

The rate of return anticipated on a bond if it is held until the maturity date expressed as an annual rate. It is assumed that all coupons are reinvested at the same rate.

Annual income paid by a bond or a stock, expressed as a percentage of its current market price. It does not include any capital gains or losses that may be realized upon maturity.

Disclosure

NBI Mutual Funds (the “Funds”) are offered by National Bank Investments Inc. an indirect wholly owned subsidiary of National Bank of Canada and sold by authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The indicated rates of return are the historical annual compounded total returns which include changes in the value of securities and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of the investment in a fund will be returned. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.