NBI Target 2027 Investment Grade Bond Fund

Investment Objective

To provide current income and preserve capital over a predetermined time period. The fund invests, directly or indirectly through investments in securities of other mutual funds, in a portfolio comprised primarily of investment-grade bonds of North American companies with an effective maturity in 2027. It is anticipated that the fund will terminate on or about November 30, 2027 or such earlier date upon not less than 60 days' notice to unitholders.

Fund Details

Investment horizon

At least 1 year

Fund volatility

Low

Minimum Initial Investment:

$500

Subsequent Investment:

$50

Systematic Investment:

$25

Distribution Frequency:

Monthly

Assets Under Management ($M):

$85.1

Price per Unit:

$10.61

Inception Date:

June 20, 2024

Value of $10,000 since inception:

$10,888

Benchmark Index:

ICE BofA 1-5 Year Canada Corporate Index 50%

ICE BofA 1-5 Year US Corporate Index (CAD Hedged) 50%

Management Fee:

0.15%

MER:

0.23%

Portfolio Manager:

National Bank Investments Inc.

Sub-Advisor:

Alphafixe Capital Inc

Available Fund Codes:

Advisor Series
Initial Sales Charge	NBC9627
F Series	NBC9227
O Series	NBC9327

Portfolio Asset Mix (% of Net Assets)

	Cdn Corp Bonds - Invest Grade	59.23%
	Cdn Corp Bonds - Other	15.75%
	Canadian Provincial Bonds	15.64%
	Canadian Government Bonds	8.59%
	Cash and Equivalents	0.79%

Credit Rating	%
AAA	11.50
AA	6.34
A	46.38
BBB	27.82
Not rated	7.95

Average Duration (Years)	1.47
Average Maturity (Years)	1.49
Gross Yield to Maturity (%)^†	2.70
Gross Current Yield (%)^‡	2.02

Top Holdings	%
Ontario Province 1.05% 08-Sep-2027	5.57
North West Redwater Partnershp 2.80% 01-Mar-2027	5.55
Canadian Imperial Bank Commrce 2.25% 07-Jan-2027	5.42
Toronto-Dominion Bank 2.26% 07-Jan-2027	5.12
Verizon Communications Inc 2.38% 22-Jan-2028	4.49
PSP Capital Inc 1.50% 15-Mar-2028	4.47
Canadian Pacific Railway Co 2.54% 28-Dec-2027	4.31
Altagas Ltd 2.17% 16-Jan-2027	4.26
Energir Inc 2.10% 16-Apr-2027	4.26
Bank of Nova Scotia 1.40% 01-Nov-2027	4.20
Total of Top Holdings of the Fund (% of Net Assets):	47.65
Total Number of Securities Held:	35

Allocation by Maturity	%
Short Term	100.00

Calendar Returns (%)

YTD	2025	2024	2023	2022	2021	2020
0.37	3.99	-	-	-	-	-

Annualized Returns (%)

1 M	3 M	6 M	1 Y	3 Y	5 Y	10 Y	Incp.
0.37	0.59	1.94	3.54	-	-	-	5.41

^†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.