RBC Global Asset Management announces changes to RBC Advisor Canadian Bond Fund

Amends proposed changes to RBC Canadian Government Bond Index Fund

TORONTO, April 12, 2017 /CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") announced today proposed changes to the investment objective of RBC Advisor Canadian Bond Fund and an amendment to proposed changes to RBC Canadian Government Bond Index Fund announced April 3, 2017.

RBC Advisor Canadian Bond Fund
Subject to unitholder and regulatory approval, RBC GAM Inc. is proposing to change the investment objective of RBC Advisor Canadian Bond Fund to provide the fund with the flexibility to track the performance of the FTSE TMX Canada Universe + Maple Bond Index by investing either directly in fixed-income securities or indirectly through investment in units of other mutual funds managed by RBC GAM Inc. or an affiliate. If approved, the name of the fund will change to RBC Canadian Bond Index Fund.

The Independent Review Committee of the RBC Funds considered and provided a positive recommendation for the proposed investment objective change, after determining that the changes will achieve a fair and reasonable result for the fund.

RBC Canadian Government Bond Index Fund
As an amendment to the news release issued on April 3, 2017, the benchmark of RBC Canadian Government Bond Index Fund will not change and will remain the FTSE TMX Canada Federal Bond Index. However, RBC GAM Inc. still proposes to change the investment objective of the fund to provide the flexibility to track the performance of its benchmark index by investing either directly in fixed-income securities or indirectly through investment in units of other mutual funds managed by RBC GAM Inc. or an affiliate. The name of the fund will remain RBC Canadian Government Bond Index Fund.

Unitholder Approvals
RBC GAM Inc. will seek the required unitholder approvals for the proposed investment objective and benchmark changes to RBC Advisor Canadian Bond Fund at a special unitholder meeting to be held on or about Thursday June 22, 2017, in Toronto, Ontario.

Notice of the meeting and the management information circular for the meeting containing full details of the proposals will be mailed on or about May 19, 2017, to unitholders of record as of May 8, 2017. If the necessary approvals are received, the investment objective changes are expected to be effective June 30, 2017 or thereafter.

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 and PH&N Funds are offered by RBC GAM Inc. and distributed through authorized dealers.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes RBC GAM Inc. and institutional asset 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 more than C$390 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.

SOURCE RBC Global Asset Management Inc.

For further information: Leah Commisso, RBC GAM Corporate Communications, 416-955-6498, leah.commisso@rbc.com

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