RBC proposes changes to objectives of two funds

RBC Global Asset Management has proposed changes the investment objectives of the RBC North American Dividend Fund and the PH&N High Yield Bond Fund.

Subject to unitholder approval, the objective of the North American Dividend Fund would be amended to permit the fund to invest “primarily in common and preferred shares of U.S. companies with above average dividend yields in order to provide targeted exposure to opportunities in U.S. equity markets.” The fund would be renamed the RBC U.S. Dividend Fund.

The company also proposed the investment objective of the PH&N High Yield Bond Fund be amended to permit the fund to invest “primarily in a well-diversified portfolio of fixed income securities issued by Canadian and/or foreign corporations and governments.” This would give the managers a broader investment universe. This change is also subject unitholder approval.

If approved, the proposed changes are expected to take effect on or about Monday, November 28, 2011.

Special meetings of unitholders will be held on or about Friday, November 25, 2011, in Toronto. Notice of the meetings and the management information circulars for the unitholder meetings containing full details of the proposals will be mailed on or about Friday, October 28, 2011, to unitholders of record as of Wednesday, October 12, 2011.

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