RBC Global Asset Management Inc. (RBC GAM) Friday announced that security holders have approved changes to the investment objectives of two funds, and have approved the reorganization and closure of certain RBC Corporate Class Funds.

Security holders approved an amendment to the investment objective of RBC Managed Payout that provides the fund with flexibility to invest its assets primarily in units of other funds managed by RBC GAM or its affiliate, effective June 23. RBC GAM says the change will enable the fund manager to more efficiently diversify the fund’s holdings. The fund will continue to provide monthly income with the potential for modest capital growth.

Security holders of RBC Asian Equity Fund approved an amendment to the fund’s investment objectives that provides the fund with flexibility to invest its assets primarily in units of other funds managed by RBC GAM or its affilate, effective June 23. The change will enable the fund to invest in units of RBC Asia Pacific ex-Japan Equity Fund and RBC Japanese Equity Fund, and will enable the fund manager to more efficiently manage the regional allocations within the fund. Additionally, effective July 1, the administration fees for Series A will be reduced from 0.20 per cent to 0.05 per cent, and the administration fees for Advisor Series, Series D, and Series F will be reduced from 0.15 per cent to 0.05 per cent.

Reorganization and closure of certain RBC Corporate Class Funds

Security holders approved the reorganization and closure of certain RBC Corporate Class Funds impacted by changes introduced in the 2013 Federal Budget. Subject to regulatory approval, mutual fund shareholders of each of the closing funds will receive mutual fund trust units of a corresponding RBC Fund or PH&N Fund, as set out in the table below. Each transaction will be considered a taxable disposition and will take effect after the close of business on September 12.

Closing Funds (mutual fund shares)

Corresponding Funds (mutual fund trust units)

RBC Bond Capital Class

RBC Bond Fund

Phillips, Hager & North Total Return Bond Capital Class

Phillips, Hager & North Total Return Bond Fund

RBC High Yield Bond Capital Class

RBC High Yield Bond Fund

RBC Select Very Conservative Class

RBC Select Very Conservative Portfolio

RBC Select Conservative Class

RBC Select Conservative Portfolio

RBC Select Balanced Class

RBC Select Balanced Portfolio

RBC Select Growth Class

RBC Select Growth Portfolio

RBC Select Aggressive Growth Class

RBC Select Aggressive Growth Portfolio