Meritage Canadian Equity Portfolio

Investment Objective

To achieve long-term capital appreciation by investing primarily in a diverse mix of Canadian equity mutual funds. The Portfolio will invest no more than 30% of its assets in foreign equity mutual funds and direct investments in foreign equity securities.

Fund Details

Investment horizon

At least 5 year

Fund volatility

Medium

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Annually

Assets Under Management ($M):

$37.0

Price per Unit:

$23.05

Inception Date:

September 25, 2006

Value of $10,000 over 10 years:

$24,757

Management Fee:

1.80%

MER:

2.29%

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	NBC7401
Deferred Sales Charge	NBC7501
Low Sales Charge	NBC7601
F Series	NBC7701
F5 Series	NBC8701
T5 Series
Initial Sales Charge	NBC8401
Deferred Sales Charge	NBC8501
Low Sales Charge	NBC8601

Portfolio Statistics

Alpha

-0.03

Beta

0.84

R-squared

0.91

Standard Deviation

9.53

Sharpe

1.29

Portfolio Asset Mix* (% of Net Assets)

	Canadian Equity	96.27
	Income Trust Units	2.46
	Cash and Equivalents	0.50
	US Equity	0.38
	International Equity	0.24
	Canadian Corporate Bonds	0.15

Third-Party funds	%
RBC Vision Canadian Equity Fund Series	35.07
NBI Canadian All Cap Equity Fund	34.83
Leith Wheeler Canadian Equity Fund Series	30.11

Geographic Allocation*

Canada	97.14%
Bermuda	2.23%
United States	0.39%
United Kingdom	0.14%
Australia	0.10%

Sector Allocation*

Financial Services	29.86%
Basic Materials	13.66%
Energy	13.58%
Other	10.48%
Industrial Services	8.56%
Technology	6.87%
Industrial Goods	5.45%
Consumer Goods	4.92%
Consumer Services	4.26%
Real Estate	2.36%

Calendar Returns (%)

	YTD	2025	2024	2023	2022	2021	2020
Portfolio	9.78	21.58	14.16	8.48	-7.22	22.42	5.34

Annualized Returns (%)

Canadian Equities	1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.	Incp. Date
Leith Wheeler Canadian Equity Fund Series	2.38	10.03	12.62	24.82	18.02	13.50	12.85	10.52	09-30-2004
NBI Canadian All Cap Equity Fund	0.02	5.25	8.46	19.28	17.19	11.30	9.32	9.06	10-25-2001
RBC Vision Canadian Equity Fund Series	0.26	6.56	9.44	26.40	19.97	12.58	10.88	6.94	07-03-2007
Portfolio	1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.	Incp. Date
Portfolio	0.74	6.56	9.78	22.67	16.54	10.40	9.49	6.85

*Underlying fund data are as of March 31, 2026.

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.