RBC Global Asset Management (RBC GAM) is planning to change the investment objectives of the RBC North American Dividend Fund and the PH&N High Yield Bond Fund. The asset management division of Royal Bank of Canada is seeking approval from unitholders for the same.

Changes in the American Dividend fund will enable the fund to invest primarily in common and preferred shares of U.S. companies with above-average dividend yields. Its name will also be changed to the RBC U.S. Dividend Fund. The High Yield Bond Fund will be able to invest in a diversified portfolio of fixed-income securities issued by Canadian and/or foreign corporations and governments.

Click here for the release from Canada Newswire.