RBC Asset Management announces proposed changes to RBC Funds

    TORONTO, April 17 /CNW/ - 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

For further information:

For further information: Chris Dotson, RBC Global Asset Management
Communications, (604) 408-6009; Jackie Braden, RBC Media Relations, (416)

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