As at July 31, 2025

Meritage Moderate Income Portfolio

Advisor Series

Category: Canadian Fixed Income Balanced

Investment Objective

To achieve a current income and long-term capital appreciation by investing primarily in a diverse mix of fixed income and equity mutual funds. The Portfolio may from time to time make direct investments in Canadian and foreign equity and fixed-income securities.

Fund Details

Investment horizon

At least 3 years

Fund volatility

Low to medium

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Monthly

Assets Under Management ($M):

$96.5

Price per Unit:

$6.94

Inception Date:

September 25, 2006

Value of $10,000 over 10 years:

$13,892

Management Fee:

1.55%

MER:

1.92%

Management Fee Reduction Plan¹

For High Net Worth investors
Amount Applicable

Level to the level* Reduction
1 First $250,000 0.050%
2 Next $250,000 0.100%
3 In excess of $500,000 0.150%

¹ Subject to satisfying one of the Plan admissibility criteria.

* The levels apply according to the market value of the
   assets.

Available Fund Code:

Trust Portfolios Fund Code
Advisor Series
Initial Sales Charge NBC7422
Deferred Sales Charge NBC7522
Low Sales Charge NBC7622
F Series NBC7722

Portfolio Statistics

Alpha

-0.01

Beta

1.06

R-squared

0.94

Standard Deviation

7.35

Sharpe

0.18

Portfolio Asset Mix*

(% of Net Assets)

Canadian Equity 25.42
Canadian Government Bonds 22.87
Canadian Corporate Bonds 16.39
US Equity 10.26
Foreign Corporate Bonds 9.86
Other 7.90
International Equity 7.30
Third-Party funds %
TD Canadian Core Plus Bond Fund 19.24
CI Canadian Bond Fund 19.12
BMO Dividend Fund 10.47
Beutel Goodman Canadian Dividend Fund 10.36
RBC Canadian Dividend Fund 10.32
RP Strategic Income Plus Fund Class 8.50
Manulife Strategic Income Fund 8.37
Capital Group Global Equity Fund (Canada) 3.09
Sun Life MFS Global Growth Fund 3.05
TD Global Equity Focused Fund - Investor Series 3.03

Geographic Allocation*

Canada 68.23%
United States 20.94%
Other 5.41%
United Kingdom 1.11%
France 0.97%
Ireland 0.88%
China 0.71%
Europe 0.61%
Japan 0.59%
Switzerland 0.55%

Sector Allocation*

Fixed Income 51.87%
Financial Services 14.08%
Other 8.29%
Technology 4.76%
Energy 4.28%
Cash and Cash Equivalent 4.17%
Consumer Services 4.07%
Industrial Services 3.63%
Healthcare 2.60%
Basic Materials 2.25%

Calendar Returns (%)

YTD 2024 2023 2022 2021 2020 2019
Portfolio 3.55 8.13 6.77 -10.93 5.86 5.76 11.10

Annualized Returns (%)

Regulations restrict the presentation of performance figures until a fund reaches its one-year anniversary.

Fixed Income 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
CI Canadian Bond Fund -0.51 -0.11 -0.18 3.72 3.71 0.34 2.42 4.39 11-01-2001
RP Strategic Income Plus Fund Class - - - - - - - - -
Canadian Equities 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
Beutel Goodman Canadian Dividend Fund -0.04 5.45 6.18 11.63 9.58 13.03 9.02 9.47 03-31-2005
BMO Dividend Fund 1.37 7.57 5.59 16.81 11.83 13.41 9.65 8.71 03-05-2008
RBC Canadian Dividend Fund 1.18 8.30 6.98 17.54 12.28 16.04 10.15 8.87 09-06-2006
Global Equities 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
AGF American Growth Fund 3.53 19.22 3.42 29.09 25.00 - - 23.66 05-13-2022
Capital Group Global Equity Fund (Canada) 2.06 12.76 2.20 15.32 18.36 10.39 11.58 11.02 11-01-2002
PH&N Overseas Equity Fund -1.18 6.00 2.09 9.27 9.17 6.77 6.55 6.57 10-02-2002
RBC Emerging Markets Equity Fund 1.36 10.31 9.18 14.67 15.28 7.40 7.46 8.10 12-23-2009
Sun Life MFS Global Growth Fund 2.00 8.77 -2.88 7.03 13.41 10.95 12.12 13.72 10-01-2010
TD Global Equity Focused Fund - Investor Series 1.40 12.68 2.23 15.03 18.33 14.34 - 12.83 09-13-2018
Other 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
Manulife Strategic Income Fund 0.14 2.11 2.45 5.37 4.59 1.95 3.26 6.21 11-28-2005
TD Canadian Core Plus Bond Fund -0.61 -0.23 -1.00 2.16 1.99 -1.37 0.84 2.85 09-04-2007
Portfolio 1 M 3 M 6 M 1 Y 3 Y 5 Y 10 Y Incp. Incp. Date
Portfolio 0.19 3.54 1.58 6.51 5.21 3.40 3.34 3.88

*Underlying fund data are as of April 30, 2025.

Disclosure

Meritage Portfolios® (the "Portfolios") are managed by National Bank Investments 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 Portfolios. Please read the prospectus of the Portfolios before investing. The Portfolios’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Portfolios are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rates of returns 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 securityholder that would have reduced returns. "Meritage Portfolios®" and the Meritage Portfolios logo are trade-marks of National Bank of Canada, used under license by National Bank Investments Inc. All trade-marks and logos of the mutual funds companies are their property. National Bank Investments Inc. is an authorized user. Fidelity Investments is a registered trade-mark of FMR LLC. ® CI Investments and the CI Investments design are trade-marks of CI Investments Inc. Dynamic Funds® is a registered trademark of its owner, used under license, and a division of GCIC Ltd. TD Asset Management Inc. is a wholly owned subsidiary of The Toronto-Dominion Bank. The TD logo is a trade-mark of The TorontoDominion Bank. Invesco and all associated trade-marks are trade-marks of Invesco Holding Company Limited, used under licence. Trimark and all associated trade-marks are trade-marks of Invesco Canada Ltd. © Invesco Canada Ltd., 2019. Manulife Funds, Manulife Corporate Classes and Manulife Leaders Portfolios are managed by Manulife Mutual Funds. Manulife, Manulife Mutual Funds and the Manulife Mutual Funds For Your Future Logo are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.