Results of the special meeting of unitholders of the National Bank Mortgage Fund

MONTREAL, May 3, 2016 /CNW Telbec/ - National Bank Investments Inc. ("NBI"), the manager of the National Bank Mortgage Fund, today announces the results of the proposal voted upon at the special meeting of unitholders of the National Bank Mortgage Fund held today.

Unitholders approved the change to the National Bank Mortgage Fund's investment objective.

This change to the investment objective will offer more flexibility to the portfolio manager of the National Bank Mortgage Fund with regard to asset diversification within the same short term fixed income category, in order to seek to better benefit from fixed income investment opportunities beyond mortgages.

This approval of the change to the investment objective also entails the change of name of the National Bank Mortgage Fund and the reduction of the management fees by 0.30% on Investor, Advisor and F Series. These changes, detailed below, shall come into effect on or about May 13, 2016.

Current name	New name
National Bank Mortgage Fund	NBI Tactical Mortgage & Income Fund

Series	Current management fees	New management fees
Investor	1.50 %	1.20 %
Advisor	1.50 %	1.20 %
F	1.00 %	0.70 %

Current investment objective	New investment objective
The National Bank Mortgage Fund's investment objective is to provide a high level of income while providing sustained capital growth and preserving capital. The fund invests primarily in first mortgages on residential real estate in Canada. It also buys debt securities of corporations and of Canadian federal, provincial and municipal governments. These offer you secure return with low to moderate risk. Any change to this objective must be approved by a majority of votes cast at a meeting of the unitholders of the fund specifically held for that purpose.	The NBI Tactical Mortgage & Income Fund's investment objective is to provide a high level of current income while focusing on the preservation of capital. Directly or through investments in securities of other mutual funds, the fund invests tactically in a portfolio comprised primarily of Canadian bonds (corporate, governmental or municipal) and first mortgages on residential or commercial properties located in Canada or insured or guaranteed mortgages (directly or through investments in mortgage-backed securities). Any change to this objective must be approved by a majority of votes cast at a meeting of the unitholders of the fund specifically held for that purpose.

Finally, the investment strategies of the NBI Tactical Mortgage & Income Fund will also be modified in order to reflect the new investment objective of the NBI Tactical Mortgage & Income Fund.

These changes are in line with NBI's client centric approach, committed to providing clients with access to the best investment solutions at competitive pricing.

These changes will be reflected in the simplified prospectus for the National Bank Mutual Funds, which will be filed on or about May 13, 2016 with the regulatory authorities and available for consultation at www.sedar.com and www.nbc.ca.

About National Bank Mutual Funds
National Bank Mutual Funds (including the NBI Tactical Mortgage & Income Fund, collectively the "Funds") are offered 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 Funds. Please read the prospectus of the Funds before investing. The Funds' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.

About National Bank Investments Inc.
National Bank Investments Inc. ("NBI") is a wholly owned subsidiary of National Bank of Canada specialized in designing and managing mutual funds and mutual fund portfolios. As at December 31, 2015, the value of assets under management in NBI products amounted to $26.1 billion.

Guided by a 100% open architecture philosophy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI is an investment fund management firm committed to offering a broad selection of investment solutions that meet a wide range of investment profiles. NBI's role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help investors build portfolios adapted to their financial needs.

About National Bank of Canada
With $219 billion in assets as at January 31, 2016, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has close to 20,000 employees and is widely recognized as a top employer. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.

SOURCE National Bank of Canada

(the telephone number provided below is for the exclusive use of journalists and other media representatives): Jean-François Lauzon, Advisor, Public Affairs, National Bank of Canada, Tel.: [phone]