Two funds shuttered at National Bank

Montreal-based National Bank Securities Inc. has closed two funds: Omega Global Opportunities Fund and National Bank Canadian Opportunities Fund. These funds were closed for new purchases as of March 6 and will be terminated on or about May 28. In addition, National Bank has set May 21 as the date for a meeting of unitholders of a third fund: National Bank Strategic Yield Class Fund. Unitholders will be asked to vote on several proposed changes to the fund’s investment objectives and redemption rights. The proposed change in the investment objective will allow the fund to move from an options-based investment strategy to one better adapted to the current market environment – such as investments in short-term debt securities. The proposed change to the fund’s redemption rights will allow the fund to redeem shares in a more efficient manner when closing series that are no longer economically viable or have become detrimental to either investors or the fund in some manner. If the changes are approved, Strategic Yield Class Fund’s investment strategies will be changed accordingly and it will be renamed National Bank Short Term Yield Class Fund. Subject to unitholder approval, the proposed changes will take effect on or about May 28.

Compiled by Clare O’Hara (cohara@investmentexecutive.com).