RBC Global Asset Management Inc. announces changes to RBC Funds and PH&N Funds

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TORONTO, June 27, 2022 /CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") today announced changes to several of its Funds, including the renaming of RBC Private Canadian Corporate Bond Pool (the "Pool"), administration and management fee reductions for certain RBC Funds and PH&N Funds and a risk rating decrease for Phillips, Hager & North Vintage Fund.

RBC Logo (CNW Group/RBC Global Asset Management Inc.)
RBC Logo (CNW Group/RBC Global Asset Management Inc.)

Renaming of RBC Private Canadian Corporate Bond Pool
Effective June 29, 2022, the name of the Pool will be changed to RBC Canadian Corporate Bond

Fund. There will be no changes to the investment objectives or investment strategies of the Pool. Furthermore, the administration fee for Series O units of the Pool will be reduced from 0.03% to 0.02% effective June 29, 2022.

Administration fee changes
The administration fees will be reduced for the below funds as follows:

Fund

Series

Administration Fee

Current

Effective June 29, 2022

RBC Balanced Fund

A, T5, T8, D, F, FT5, FT8

0.10 %

0.05 %

RBC Global Balanced Fund

A, T5, T8, D, F, FT5, FT8

0.10 %

0.05 %

RBC Canadian T-Bill Fund

A, D, F

0.05 %

0.02 %

RBC Canadian Money Market Fund

A, D, F

0.05 %

0.02 %

RBC $U.S. Money Market Fund

A, D, F

0.05 %

0.02 %

Fund

Series

Administration Fee

Current

Effective June 27, 2022

Phillips, Hager & North Canadian Money Market Fund

A, D, F

0.05 %

0.02 %

Phillips, Hager & North $U.S. Money Market Fund

A, D, F, O

0.05 %

0.02 %


Management fee changes – RBC Target Education Funds

Effective June 29, 2022, the management fees will be reduced as follows:

Fund

Series

Management Fee

Current

Effective June 29, 2022

RBC Target 2030 Education Fund

F

0.80 %

0.70 %

0.70% (January 1, 2025)

0.65% (January 1, 2028)

0.65% (January 1, 2028)

RBC Target 2035 Education Fund

A

1.85 %

1.70 %

1.55% (January 1, 2025)

1.45% (January 1, 2025)

1.45% (January 1, 2030)

0.90% (January 1, 2033)

0.90% (January 1, 2033)

D

1.10 %

0.95 %

1.05% (January 1, 2025)

0.80% (January 1, 2033)

0.95% (January 1, 2030)

0.80% (January 1, 2033)

F

0.85 %

0.70 %

0.80% (January 1, 2025)

0.65% (January 1, 2033)

0.70% (January 1, 2030)

0.65% (January 1, 2033)



Management fee changes – money market funds

The management fees for the below funds will change as follows:

Fund

Series

Management Fee

As stated in the simplified prospectus *

Effective June 29, 2022

RBC Canadian T-Bill Fund

A

0.75 %

0.30 %

D

0.60 %

0.30 %

F

0.50 %

0.20 %

RBC Canadian Money Market Fund

A

0.75 %

0.30 %

D

0.60 %

0.30 %

F

0.50 %

0.20 %

RBC $U.S. Money Market Fund

A

0.85 %

0.30 %

D

0.60 %

0.30 %

F

0.50 %

0.20 %

Fund

Series

Management Fee

As stated in the simplified prospectus *

Effective June 27, 2022

Phillips, Hager & North Canadian Money Market Fund

A

0.65 %

0.30 %

D

0.50% (decreasing to

0.40% on the net asset

value over $200,000,000)

0.30 %

F

0.40 %

0.20 %

Phillips, Hager & North $U.S. Money Market Fund

A

0.75 %

0.30 %

D

0.50 %

0.30 %

F

0.50 %

0.20 %

* Over the last several years RBC GAM Inc. has absorbed a portion of the Funds' management fees.


Administration fees are used to pay for the following operating expenses of a fund: regulatory filing fees, fees and expenses associated with the Independent Review Committee, recordkeeping, accounting and fund valuation costs, custody fees, audit and legal fees, the costs of preparing and distributing annual and semi-annual reports, prospectuses, fund facts, statements and other investor communications.

Risk rating change
The risk rating for Phillips, Hager & North Vintage Fund has decreased from "Medium to high" to "Medium". The change will be reflected in the renewal of the simplified prospectus for PH&N Funds which will be filed on or about June 27, 2022.

RBC GAM Inc. reviews the risk rating for each fund on an annual basis, as well as when a fund undergoes a material change. This change is the result of an annual review and is not a result of any changes to the investment objectives, strategies or management of the Fund.

Fund

Current

New

Phillips, Hager & North Vintage Fund

Medium to high

Medium

Please consult your advisor and read the prospectus or Fund Facts document before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. RBC Funds, BlueBay Funds, PH&N Funds and RBC Private Pools are offered by RBC GAM Inc. and distributed through authorized dealers in Canada. RBC GAM Inc. is a member of the RBC GAM group of companies and an indirect wholly owned subsidiary of Royal Bank of Canada.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 89,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage approximately $560 billion in assets and have approximately 1,500 employees located across Canada, the United States, Europe and Asia.

SOURCE RBC Global Asset Management Inc.

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