Canada-based RBC Asset Management has 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.
According to the company, it is proposed that the investment objective be amended to permit the RBC Canadian Diversified Income Trust Fund to increase its investments in common and preferred shares of Canadian companies that pay dividends. The proposed change will provide the fund with an enhanced 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, said RBC. The fund will be renamed the RBC Canadian Equity Income Fund.
The RBC DS North American Focus Fund is one of a group of funds distributed exclusively through RBC Dominion Securities. It is proposed that the investment objective be amended to permit the fund to invest primarily in equity securities of US companies in order to provide targeted exposure to opportunities in US equity markets. The fund will be renamed the RBC DS US Focus Fund.
RBC Asset Management will seek required unitholder approvals at special meetings to be held on or about June 26, 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.
