Unitholders have approved the changes to the investment objectives of RBC North American Dividend Fund and PH&N High Yield Bond Fund, RBC Global Asset Management Inc. said Friday.
The changes will be effective Monday, November 28.
Details of the changes are as follows:
Unitholders approved an amendment to RBC North American Dividend Fund’s investment objectives that would permit the fund to fully invest its assets in common and preferred shares of U.S. companies with above average dividend yields.
The change is expected to provide the fund with targeted exposure to opportunities in U.S. equity markets. Additionally, the fund will be renamed RBC U.S. Dividend Fund effective Monday, November 28.
Unitholders approved an amendment to PH&N High Yield Bond Fund’s investment objectives that would permit the fund to invest primarily in a well-diversified portfolio of fixed income securities issued by Canadian and/or foreign governments and corporations.
The change will provide the fund with a larger universe of investment opportunities and will allow the fund to continue to provide a high level of income with the potential for capital growth.