Securityholders of 35 National Bank Mutual Funds have approved a change to the manner in which certain operating expenses are charged to funds, National Bank Investments said Tuesday.
For the funds having approved the proposal, the majority of the funds’ operating expenses will therefore be replaced by fixed-rate administration fees, which will be subject to a transitional adjustment payment until Dec. 31, 2015. This change comes into effect on Jan. 1, 2015.
Due to lack of quorum, the meeting of shareholders of National Bank AltaFund Investment Corp. did not proceed. Securityholders of the relevant series of National Bank Long Term Bond Fund voted against the proposal. Fixed-rate administration fees will not be implemented for National Bank AltaFund Investment Corp., nor for National Bank Long Term Bond Fund at this time.