diff --git a/binutils/ChangeLog b/binutils/ChangeLog
index 0937aee302..574f1839e3 100644
--- a/binutils/ChangeLog
+++ b/binutils/ChangeLog
@@ -1,3 +1,8 @@
+2007-07-02  Alan Modra  <amodra@bigpond.net.au>
+
+	PR 4716
+	* objcopy.c (filter_symbols): Correct relocatable file test.
+
 2007-07-02  Alan Modra  <amodra@bigpond.net.au>
 
 	* Makefile.am: Run "make dep-am".
diff --git a/binutils/objcopy.c b/binutils/objcopy.c
index 7c5b765f3a..06e2946ce3 100644
--- a/binutils/objcopy.c
+++ b/binutils/objcopy.c
@@ -910,8 +910,7 @@ filter_symbols (bfd *abfd, bfd *obfd, asymbol **osyms,
 {
   asymbol **from = isyms, **to = osyms;
   long src_count = 0, dst_count = 0;
-  int relocatable = (abfd->flags & (HAS_RELOC | EXEC_P | DYNAMIC))
-		    == HAS_RELOC;
+  int relocatable = (abfd->flags & (EXEC_P | DYNAMIC)) == 0;
 
   for (; src_count < symcount; src_count++)
     {