Meritage Balanced Income Portfolio

Investment Objective

To achieve a high current income 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):

$159.4

Price per Unit:

$6.59

Inception Date:

September 25, 2006

Value of $10,000 over 10 years:

$16,962

Management Fee:

1.80%

MER:

2.19%

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	NBC7423
Deferred Sales Charge	NBC7523
Low Sales Charge	NBC7623
F Series	NBC7723

Portfolio Statistics

Alpha

-0.02

Beta

0.89

R-squared

0.91

Standard Deviation

7.03

Sharpe

1.03

Portfolio Asset Mix* (% of Net Assets)

	Canadian Equity	35.57
	Canadian Corporate Bonds	14.55
	Canadian Government Bonds	13.05
	US Equity	12.78
	International Equity	9.12
	Foreign Corporate Bonds	8.91
	Other	6.02

Third-Party funds	%
TD Canadian Core Plus Bond Fund	14.15
Beutel Goodman Canadian Dividend Fund	14.08
RBC Canadian Dividend Fund	14.06
CI Canadian Bond Fund	14.00
BMO Dividend Fund	13.80
Manulife Strategic Income Fund	6.09
RP Strategic Income Plus Fund Class	6.04
Capital Group Global Equity Fund (Canada)	3.98
Sun Life MFS Global Growth Fund	3.98
TD Global Equity Focused Fund - Investor Series	3.94

Geographic Allocation*

Canada	65.83%
United States	22.15%
Other	5.38%
United Kingdom	1.36%
Taiwan	1.04%
France	0.96%
Japan	0.93%
Ireland	0.89%
Switzerland	0.84%
Australia	0.62%

Sector Allocation*

Fixed Income	39.46%
Financial Services	18.68%
Other	10.05%
Energy	7.24%
Technology	6.60%
Basic Materials	4.78%
Consumer Services	4.75%
Industrial Services	3.63%
Industrial Goods	2.47%
Consumer Goods	2.34%

Calendar Returns (%)

	YTD	2025	2024	2023	2022	2021	2020
Portfolio	8.18	10.40	10.11	7.13	-9.84	9.78	3.85

Annualized Returns (%)

Fixed Income	1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.	Incp. Date
CI Canadian Bond Fund	0.55	2.24	2.60	4.41	5.38	1.70	2.49	4.43	11-01-2001
RP Strategic Income Plus Fund Class	0.15	1.55	0.75	1.49	4.29	1.95	3.11	3.29	04-14-2016
Canadian Equities	1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.	Incp. Date
Beutel Goodman Canadian Dividend Fund	2.76	8.04	12.01	24.31	15.99	11.11	10.86	10.17	03-31-2005
BMO Dividend Fund	1.24	7.71	10.58	21.37	18.16	11.95	11.77	9.33	03-05-2008
RBC Canadian Dividend Fund	3.78	11.67	17.15	33.80	22.48	15.52	12.99	9.98	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	8.91	31.41	29.65	37.63	32.12	-	-	26.40	05-13-2022
Capital Group Global Equity Fund (Canada)	2.29	17.91	14.35	25.15	21.85	10.02	14.31	11.53	11-01-2002
PH&N Overseas Equity Fund	5.58	11.65	13.67	24.53	15.33	6.72	10.05	7.35	10-02-2002
RBC Emerging Markets Equity Fund	2.86	26.16	28.02	50.61	25.30	12.91	12.08	10.25	12-23-2009
Sun Life MFS Global Growth Fund	2.21	8.68	0.27	4.67	9.77	7.32	12.46	13.06	10-01-2010
TD Global Equity Focused Fund - Investor Series	4.54	19.15	16.88	21.52	21.30	13.70	-	13.86	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	0.44	2.10	1.66	4.15	5.43	2.19	3.26	6.13	11-28-2005
TD Canadian Core Plus Bond Fund	0.43	1.97	1.79	2.97	3.91	-0.11	0.95	2.90	09-04-2007
Portfolio	1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.	Incp. Date
Portfolio	1.95	7.14	8.18	14.45	11.00	5.55	5.43	4.95

*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.