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RBC Global Asset Management caps five RBC Corporate Class funds

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Five RBC Select Classes, held in the RBC Corporate Class structure, will be closed to new and additional investments from 12 November, with the exception of pre-authorised purchase plans established prior to that date.

This change will affect the following RBC Select Classes:
•             RBC Select Very Conservative Class
•             RBC Select Conservative Class
•             RBC Select Balanced Class
•             RBC Select Growth Class
•             RBC Select Aggressive Growth Class
 
The funds will be capped to address changes announced in the 2013 Federal Budget that eliminates, in December 2014, the tax benefits associated with forward agreements used by certain investment funds to achieve capital gains treatment on investment returns that would otherwise be treated as income for tax purposes. The funds were designed to incorporate these forward agreements as part of their investment strategies.
 
RBC GAM is currently exploring options for the funds as a result of the changes in tax treatment of forward agreements, including the potential closure of these funds.

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