Manulife Mutual Funds today announced their decision to cap all funds designed exclusively for RSP-eligible funds in their line-up effective immediately.

The three funds — E&P RSP American Growth Fund, E&P RSP U.S. Mid-Cap Fund, and E&P RSP MIX SEAMARK Total Global Equity Fund — will subsequently be terminated on August 29.

“The elimination of foreign property rules allows investors to determine the appropriate level of foreign exposure for their registered accounts without employing RSP-eligible funds. To facilitate the transition for investors of our RSP-eligible funds, we will be issuing units or shares of the corresponding foreign funds to the funds’ unitholders,” says Rick Annaert, vp of Investment Products for Manulife Financial.

Also as a result of the elimination of foreign property legislation, Manulife Investments announced today that they are discontinuing their foreign property automatic rebalancing month-end service for Elliott & Page registered plans.

Auto-rebalancing for foreign content was designed to help investors remain within foreign property restrictions, which are no longer applicable. Investors wishing to continue to have their accounts rebalanced should contact their financial advisor.