National Bank Securities is convening special securityholder meetings to obtain approval for changes to a number of its funds, the company said Monday.

National Bank Securities says the changes aim to simplify its mutual fund line-up, while also delivering benefits for both investors and the financial advisors.

Simplification of the line-up will result from merging 29 National Bank and Altamira Funds that have similar investment objectives, the company says.

As well, the investment objectives for three funds will be modified to give their portfolio managers more flexibility and potential for greater returns, and 15 funds will be renamed to better reflect their investment objectives and brand attributes.

“This is the final phase of the process of integrating Altamira into National Bank Securities, a process that began last November”, says Charles Guay, president and CEO of National Bank Securities.

Once these changes are complete, National Bank Securities will have four fund families.

> National Bank Mutual Funds, core funds managed by Natcan Investment Management;

> Altamira Funds, specialized funds managed by Natcan Investment Management;

> Omega Funds, funds for which the portfolio management is conducted by external firms; and

> Meritage Portfolios, investment portfolios comprised of 100 % third-party funds.

National Bank Securities believes this exercise will enable it to better respond to the needs of its growing clientele of investors and financial advisors, and ultimately increase its competitiveness in the marketplace.

At the special meetings, scheduled for June 4 to 11, securityholders of the relevant funds will consider various matters, including:

> changing the fundamental investment objectives of National Bank/Fidelity True North Fund (which will be renamed “Omega Canadian Equity Fund”) and of National Bank/Fidelity Global Fund (which will be renamed “Omega Global Equity Fund”) to move from a “fund of fund” structure to a regular structure, while nonetheless maintaining similar objectives;

> changing the fundamental investment objective of Altamira US Larger Company Fund (which will be renamed “Altamira U.S. Equity Fund”) to broaden its mandate in order to allow investments in securities of American companies of all capitalizations;

> the modernization of the declarations of trust of National Bank/Fidelity True North Fund, National Bank/Fidelity Global Fund, Altamira US Larger Company Fund and Altamira Income Fund; and

> the mergers of 29 funds.

A complete list of the proposed merges is available below.

The management fees of National Bank American Index Fund and of National Bank International Index Fund will be reduced to 0.45% in order to be aligned with the Altamira Index Funds.

Three other funds will also change names at that time: Altamira Short Term Canadian Income Fund will be renamed “National Bank Short Term Canadian Income Fund”, National Bank Quebec Growth Fund will be renamed “Altamira Quebec Growth Fund” and National Bank International Index Fund will be renamed “Altamira International Index Fund”.

Subject to regulatory and securityholder approval and to the positive recommendation of the Independent Review Committee, the proposed changes will take effect on or about June 12, 2009. Should the required approvals not be obtained, such funds will continue to exist as they did before, with the exception of Altamira T-Bill Fund, which would then be terminated.

Immediately following the close of business on April 6, 2009, the terminating funds will be closed to new purchases, with the exception of pre-established systematic investment and distribution reinvestment plans.

IE