RBC Asset Management to lower costs and increase cost certainty for mutual fund investors

    Management fees for Series F units of RBC Monthly Income Fund also

    TORONTO, June 25 /CNW/ - Mutual fund investors will benefit from lower
costs and increased cost certainty, as RBC Asset Management (RBC AM) continues
to improve value for unitholders. Effective July 1, 2007, RBC Asset Management
will implement a fixed administration fee for all RBC Funds. In return, RBC
Asset Management will pay the majority of operating expenses for the Funds.
RBC Asset Management announced this change in April and notified unitholders
in writing.
    "The fixed administration fee ranges from two to ten basis points on
money market funds and fixed income funds, and from ten to 20 basis points on
balanced and equity funds. This will reduce the management expense ratios
(MERs) on more than 80 percent of the RBC Funds," said Frank Lippa, chief
operating officer and chief financial officer, RBC Asset Management Inc. "By
replacing operating expenses with a fixed administration fee, the MER for each
RBC Fund will be more stable and provide unitholders with greater certainty
about the cost of investing in an RBC Fund."

    Advisor Series unitholders approve fixed administration fee proposal

    For Advisor Series units of the funds listed below, this change required
unitholder approval. The meetings of these unitholders were held on Friday,
June 22 and the change was approved by the vast majority of unitholders.

    RBC Canadian Money Market Fund      RBC O'Shaughnessy U.S. Value Fund
    RBC Bond Fund                       RBC O'Shaughnessy International
                                         Equity Fund
    RBC Advisor Canadian Bond Fund      RBC Global Titans Fund
    RBC Global High Yield Fund          RBC Global Precious Metals Fund
    RBC Enhanced Cash Flow Portfolio    RBC O'Shaughnessy Global Equity Fund
    RBC Balanced Fund                   RBC DS North American Focus Fund
    RBC Tax Managed Return Fund         RBC DS Canadian Focus Fund
    RBC Canadian Dividend Fund          RBC DS International Focus Fund
    RBC Canadian Diversified            RBC DS Balanced Global Portfolio
     Income Trust Fund
    RBC North American Dividend Fund    RBC DS Growth Global Portfolio
    RBC DS All Equity Global Portfolio

    Management fee reduction for Series F units of the RBC Monthly Income

    In addition, effective July 1, 2007, RBC AM is reducing the management
fee for Series F units of the RBC Monthly Income Fund from 0.75 percent to
0.60 percent.

    About RBC Asset Management

    RBC Asset Management Inc. is an indirect, wholly owned subsidiary of
Royal Bank of Canada. RBC Asset Management Inc. provides a broad range of
investment services to investors through mutual funds, pooled funds and
separately managed portfolios. With offices in major financial centres around
the world, RBC Asset Management Inc. is one of Canada's largest money
    RBC Asset Management's mutual fund family was awarded the "Best Overall
Fund Group" in Canada for 2007 by Lipper Inc. The prestigious award is part of
a global program of events held by Lipper in 21 countries to highlight funds
and fund families that excel in delivering consistently strong risk-adjusted
performance relative to their peers. Visit our website at www.rbcam.com.
    RBC Asset Management is part of RBC Wealth management which directly
serves affluent and high net worth clients in Canada, the United States,
Latin America, Europe and Asia, provides asset management and trust services
through RBC partners and third-party distributors and has over $500 billion of
assets under administration, 3,500 financial advisors and $150 billion of
asset under management.

For further information:

For further information: Rina Cortese, RBC Wealth Management, (416)
974-6970, rina.cortese@rbc.com; Jackie Braden, RBC, (416) 974-2124,

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