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

TORONTO, June 25, 2007 — 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 Income Trust Fund
RBC DS Balanced Global Portfolio
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 Fund
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 managers.

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, please contact:
Rina Cortese, RBC Wealth Management, (416) 974-6970, rina.cortese@rbc.com
Jackie Braden, RBC, (416) 974-2124, jackie.braden@rbc.com