RBC Asset Management Inc. proposes to change the investment objectives of the RBC Canadian Diversified Income Trust Fund and the RBC DS North American Focus Fund, the company said Friday.

It is proposed that the investment objective of RBC Canadian Diversified Income Trust Fund be amended to permit the fund to increase its investments in common and preferred shares of Canadian companies that pay dividends. RBC says the proposed change will provide the fund with a larger universe of investment opportunities, including real estate investment trusts and income trusts, and will allow the fund to continue to provide a high level of monthly cash flow with the potential for modest capital growth. The fund will be renamed the RBC Canadian Equity Income Fund.

RBC is also proposing that the investment objective of RBC DS North American Focus Fund be amended to permit the fund to invest primarily in equity securities of U.S. companies in order to provide targeted exposure to opportunities in U.S. equity markets. The fund is one of a group of funds distributed exclusively through RBC Dominion Securities Inc. The fund will be renamed the RBC DS U.S. Focus Fund.

RBC will seek required unitholder approvals at special meetings to be held on June 26 in Toronto.

If the necessary approvals are received, the proposed changes to investment objectives and the name changes will take effect on July 1.

IE