RBC Asset Management Inc. has launched RBC US$ Income Fund, a mutual fund aimed at investors who spend a large part of their time in the U.S. and want to maintain some assets in U.S. dollars. “Because the fund pays a regular distribution, it’s perfect for snowbird clients who have ongoing income requirements in the U.S. because it generates U.S. income,” says Paul Butler, vice president of products. Available only on a no-load or F-series basis, the fund invests in 70% U.S. fixed-income securities and 30% in U.S. equities, with an emphasis on companies offering above-average dividend yield, RBC says. Investors are required to hold a US$ bank account as all purchases, redemptions and distributions are paid in US$. Management fees for no-load series shares
is 1.5%, with a 0.8% trailer fee. The management fee is 0.75%. Minimum investment is US$1,000.