RBC Global Asset Management Inc. announces changes to RBC O'Shaughnessy Funds, RBC U.S. small-cap equity funds, RBC and PH&N money market funds, and RBC Trend Canadian Equity Fund, including proposed mergers, closures and other changes

TORONTO, Aug. 13, 2025 /CNW/ - RBC Global Asset Management Inc. ("RBC GAM Inc.") today announced the termination of O'Shaughnessy Asset Management, L.L.C. as sub-advisor for RBC O'Shaughnessy Funds and proposed changes resulting from such termination, further updates on RBC U.S. small-cap equity funds, proposed changes to several RBC and Phillips, Hager & North ("PH&N") money market funds, and the closure of RBC Trend Canadian Equity Fund.

Changes to RBC O'Shaughnessy Funds
On or about November 21, 2025, O'Shaughnessy Asset Management, L.L.C. will cease to be the sub-advisor for RBC O'Shaughnessy Funds. RBC GAM Inc. is proposing to merge each RBC O'Shaughnessy Fund into a suitable RBC QUBE Fund or transition it to the RBC Quantitative Investments team where it will be renamed as the appropriate RBC QUBE Fund. This change is intended to better align RBC GAM's quantitative product offering with client needs.

The proposed changes to RBC O'Shaughnessy Funds effective on or about November 21, 2025, are outlined in the table below:

RBC O'Shaughnessy Fund	Continuing Fund	Change
RBC O'Shaughnessy All-Canadian Equity Fund	RBC QUBE Canadian Equity Fund^1	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar
RBC O'Shaughnessy Canadian Equity Fund
RBC O'Shaughnessy U.S. Value Fund	RBC QUBE U.S. Equity Currency Neutral Fund^2	Rename and transition to RBC Quantitative Investments team. Unitholder approval required due to change in investment objectives
RBC O'Shaughnessy U.S. Growth Fund	RBC QUBE U.S. Equity Currency Neutral Fund^2 (currently, RBC O'Shaughnessy U.S. Value Fund)	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar
RBC O'Shaughnessy U.S. Growth II Fund
RBC O'Shaughnessy U.S. Value Fund (Unhedged)	RBC QUBE U.S. Equity Fund^1
RBC O'Shaughnessy International Equity Fund	RBC QUBE International Equity Fund^3	Rename and transition to RBC Quantitative Investments team Unitholder approval required due to change in investment objectives
RBC O'Shaughnessy Global Equity Fund	RBC QUBE Global Equity Fund	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar

1.	Series AZ units of this fund will no longer be available for purchase by new investors as of November 21, 2025. Investors who hold Series AZ units of this fund on November 21, 2025 can continue to make additional investments into the fund.
2.	On or about November 21, 2025, the management fee for Series D and Series F units of this fund will be reduced by 0.15% and Series A units of this fund will be renamed Series AZ units and will no longer be available for purchase by new investors. Investors who hold Series AZ units of this fund on November 21, 2025 can continue to make additional investments into the fund.
3.	On or about November 21, 2025, the management fee for Series A, Series D, and Series F units of this fund will be reduced by 0.10%.

Changes to RBC U.S. Small-Cap Equity Funds
Further to RBC GAM Inc.'s announcement on June 26, 2025, the proposed changes to RBC U.S. Small-Cap Core Equity Fund and RBC U.S. Small-Cap Value Equity Fund (collectively, the "RBC U.S. Small-Cap Equity Funds") are outlined in the table below. The proposed changes will be effective on or about November 21, 2025.

RBC U.S. Small-Cap Equity Fund	Continuing Fund	Change
RBC U.S. Small-Cap Core Equity Fund	RBC U.S. Mid-Cap Value Equity Fund	Tax-deferred fund merger requiring unitholder approval as investment objectives are not substantially similar
RBC U.S. Small-Cap Value Equity Fund

Unitholder Meeting for RBC O'Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds
The changes and proposed mergers of the RBC O'Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds are subject to unitholder approval. RBC GAM intends to call and hold a special meeting for unitholders of RBC O'Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds on November 7, 2025, in Toronto, Ontario, to consider and vote upon the proposed changes and mergers. A notice-and-access document will be mailed to unitholders of record or their discretionary advisors as of September 8, 2025, outlining how to obtain a copy of the management information circular containing details of the proposed changes and mergers. The notice-and-access document and the management information circular will also be available on SEDAR+ at sedarplus.ca.

For each fund merger in the tables above, unitholders of the applicable RBC O'Shaughnessy Fund or RBC U.S. Small-Cap Equity Fund will receive units of the respective continuing fund based on the continuing fund's net asset value per unit. The merging RBC O'Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds will terminate following completion of the mergers. RBC GAM Inc. will cover all costs and expenses associated with the mergers.

The proposed changes and fund mergers were presented to the Independent Review Committee ("IRC") of the prospectus-qualified funds managed by RBC GAM Inc. Following careful consideration, the IRC provided their positive recommendation, after determining that the changes and mergers achieve a fair and reasonable result for each of the applicable funds.

Units of the merging RBC O'Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds will no longer be available for purchase effective as of the close of business on November 18, 2025. Purchases under pre-authorized contribution plans may continue depending on the dealer. Investors should consult their dealer for more information.

The RBC U.S. Small-Cap Equity Funds are no longer be available for purchase by new investors. Only existing unitholders of RBC U.S. Small-Cap Equity Funds can continue to make additional investments into the funds.

Unitholders of the merging RBC O'Shaughnessy Funds and RBC U.S. Small-Cap Equity Funds may redeem their units up to the close of business on the effective date of the mergers.

Changes to RBC and PH&N Money Market Funds
The proposed changes to RBC and PH&N money market funds effective on or about November 21, 2025, are outlined in the table below:

RBC / PH&N Money Market Fund	Continuing Fund	Change
Phillips, Hager & North Canadian Money Market Fund	RBC Canadian Money Market Fund	Tax-deferred merger
RBC Premium Money Market Fund
Phillips, Hager & North $U.S. Money Market Fund	RBC $U.S. Money Market Fund II (currently, RBC Premium $U.S. Money Market Fund)
RBC Premium $U.S. Money Market Fund	RBC $U.S. Money Market Fund II	Rename and cap to existing and new investors

These changes are being made to streamline our money market fund offering. As part of these changes, the overall management expense ratios ("MERs") of the merging RBC and PH&N money market funds, which include the management fee and administration fee, are expected to be the same.

For each fund merger in the table above, unitholders of the merging RBC and PH&N money market fund will receive units of the respective continuing fund based on the continuing fund's net asset value per unit. The merging RBC and PH&N money market funds will terminate following completion of the mergers. RBC GAM Inc. will cover all costs and expenses associated with the mergers.

The proposed mergers of the RBC and PH&N money market funds above are expected to be completed on a tax-deferred basis and were presented to the IRC. Following careful consideration, the IRC provided their approval after determining that the mergers achieve a fair and reasonable result for each of the applicable funds. Further details regarding the proposed mergers will be sent to unitholders within 60 days of the mergers.

Units of Phillips, Hager & North Canadian Money Market Fund, RBC Premium Money Market Fund and Phillips, Hager & North $U.S. Money Market Fund will no longer be available for purchase effective as of the close of business on November 18, 2025. Purchases under pre-authorized contribution plans may continue depending on the dealer. Unitholders of these funds may redeem their units up to the close of business on the effective date of the mergers. Investors should consult their dealer for more information.

Effective November 21, 2025, the RBC $U.S. Money Market Fund II (currently, RBC Premium $U.S. Money Market Fund) will no longer be available for purchase.

Closure of RBC Trend Canadian Equity Fund
RBC Trend Canadian Equity Fund will close effective November 21, 2025. Unitholders may redeem or switch their holdings in RBC Trend Canadian Equity Fund until market close on November 21, 2025. Any remaining units will be redeemed, and the proceeds distributed to unitholders.

If units of RBC Trend Canadian Equity Fund are held in registered plans, the redemption proceeds will remain within the plan unless unitholders instruct otherwise in advance of market close on November 18, 2025. There will be no tax implications as a result of the transactions if units are held in a registered plan.

If units of RBC Trend Canadian Equity Fund are held in a non-registered account, the fund closure will be treated as a disposition and may result in a taxable capital gain or loss, depending on each unitholder's individual situation.

Unitholders are encouraged to contact their advisor to discuss the fund closure and their investment options.

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 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 97,000+ 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 more than 19 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/peopleandplanet.

About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). 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. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional), manage approximately $693 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.

For more information, please contact:
Brandon Dorey, RBC GAM Corporate Communications, 647-262-6307

SOURCE RBC Global Asset Management Inc.