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News Releases


RBC Asset Management announces proposed changes to RBC Funds

TORONTO, April 17, 2009 — RBC Asset Management Inc. today announced proposals to change the investment objectives of the RBC Canadian Diversified Income Trust Fund and the RBC DS North American Focus Fund, subject to unitholder approval.

RBC Canadian Diversified Income Trust Fund
It is proposed that the investment objective be amended to permit the fund to increase its investments in common and preferred shares of Canadian companies that pay dividends. 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 DS North American Focus Fund
The RBC DS North American Focus Fund is one of a group of funds distributed exclusively through RBC Dominion Securities Inc. It is proposed that the investment objective 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 will be renamed the RBC DS U.S. Focus Fund.

Approvals and Timing
RBC Asset Management will seek required unitholder approvals at special meetings to be held on or about June 26, 2009 in Toronto, Ontario. Notice of the meetings and the management information circulars with full details of the proposals will be mailed on or about June 2, 2009 to unitholders of record on May 19, 2009.

If the necessary approvals are received the proposed changes to investment objectives and the name changes will take effect on or about July 1, 2009.

About RBC Asset Management, Phillips, Hager & North and RBC Wealth Management
Combined, RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North Investment Management Ltd. (PH&N) have $94 billion in IFIC-reported mutual fund assets under management and an additional $50 billion in other institutional and private client assets under management. RBC AM and PH&N received the Lipper Awards for "Best Overall Fund Group" and "Best Bond Family" in Canada respectively for the second consecutive year in 2008.

RBC AM and PH&N are part of RBC Wealth Management, which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management also provides asset management and trust products and services directly and through RBC and third-party distributors to all client segments, and has over $450 billion of assets under administration, more than C$220 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.

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For more information, please contact:

Chris Dotson,
RBC Global Asset Management Communications,
(604) 408-6009

Jackie Braden,
RBC Media Relations,
(416) 974-2124


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04/17/2009 08:57:56