This proposal affects a number of investment funds across the industry, including the following RBC Capital Class Funds (the Funds):
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RBC Bond Capital Class
Phillips Hager & North Total Return Bond Capital Class
RBC High Yield Bond Capital Class
RBC Global Asset Management Inc. expects that the tax treatment of the Funds, which were using forward contracts prior to the budget announcement on March 21, 2013, will remain unchanged for a period of at least 180 days from that date to allow for an orderly transition to the proposed new regulations.
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By GlobalDataDuring the 180-day transition period, the Funds will continue to operate in the same manner as prior to the budget announcement and existing investors will continue to receive the same tax treatment they received prior to the budget announcement. However, the Funds will be closed to new and additional investments effective immediately.
RBC Global Asset Management Inc. is awaiting further guidance from the Federal Government with respect to the implementation of the budget proposal and will continue to provide updates as further information becomes available.
