RBC U.S. Monthly Income Fund (US$)

1 Printed on December 17, 2018 2018. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete ortimely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the Compliant PDFRBC Monthly Income Fund (US$)Investment ObjectiveTo provide a combination of regular dollar monthlyincome and modest capital growth. The fund investsprimarily in fixed- Income securities such asgovernment and corporate bonds, notes, asset-backedsecurities and preferred shares. The fund also invests inhigh-quality equity securities of companies.

2 It mayalso invest in high-yield debt securities and emergingmarket sovereign and corporate DetailsSeriesLoad StructureCurrencyFund CodeANo LoadUSDRBF587 AdvFront EndUSDRBF764 AdvLow LoadUSDRBF116 Inception DateMay 2005 Total Fund Assets $Mil1, A NAV $ A MER % Bloomberg Aggregate Bond Index40% S&P 500 Total ReturnIndex (US$) Income DistributionMonthlyCapital Gains DistributionAnnuallyMonthly Distribution ( /unit) Payout Rate (%)* *Assuming 12 consecutive months at the monthlydistribution set out above. The estimate does not includeany year-end capital gains distributions paid in additionto the regular Monthly distribution nor should it beconfused with performance or rates of StatusOpenMin. Investment $500 Subsequent Investment $25 Fund CategoryGlobal Neutral BalancedManagement CompanyRBC Global AssetManagement available for purchase in registered plans or TFSA sadministered by RBC Royal Analysisas of November 30, 2018 Asset Mix% StyleValueBlendGrowthLargeMidSmallStatis ticsP/B Mkt Cap.

3 $ 5 Sectors% EquityInformation Asset-Class% AssetsCommon Corporate Yield 10 Holdings% AssetsUS Treasury Notes Treasury Notes Treasury Notes 2% Treasury Notes Treasury Bonds Treasury Notes Treasury Notes Systems % of Top 10 Number of Stock Holdings200 Total Number of Bond Holdings1,153 Total Number of Other Holdings27 Total Number of Holdings1,380 Performance Analysis as of November 30, 20188101214161820 Growth of $10,000 Series A$16, Returns %Series AFundQuartile1 Mth3 Mth6 Mth1 Yr3 Yr5 Yr10 YrSince Return % Quartile14701455141313631009764324 No. of Funds in CategoryPrinted on December 17, 2018 2018. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete ortimely.

4 Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. These pages are not complete without the Monthly Income Fund (US$)Management OverviewManager BiosFrank GambinoRBC Global Asset Management Gambino is Vice President and Senior PortfolioManager, Global Fixed Income and Currencies. He hasbeen in the investment industry since WillockRBC Global Asset Management Willock joined RBC in May 1996 and RBC GlobalAsset Management in July 2002. In his current role, he isresponsible for core and Income -oriented equitymandates. Brad has a Bachelor of Commerce and aBachelor of Science, and is a CFA Boo CheahRBC Global Asset Management (UK) LimitedSoo Boo is Senior Portfolio Manager, Global FixedIncome & Currencies, at RBC Global Asset Management(UK) Ltd.

5 He joined the firm in 2000 as a Fixed IncomeAnalyst and has been active in all aspects of global fixedincome management. Soo Boo is a member of the GlobalFixed Income & Currencies Committee and the RBCI nvestment Strategy Committee's Fixed Income &Currencies Advisory Committee. He earned an MBA fromthe University of New Brunswick and is a LesslieRBC Global Asset Management Lesslie is Senior Portfolio Manager, Global FixedIncome and Currencies. She has been in the investmentindustry since Analysis Cont'd as of November 30, 2018 Distributions ($)/UnitYTD*2017201620152014201320122011 201020092008 Total Capital Gains Return Of Capital Periods %1 Yr3 Yr5 Yr10 of Periods15112710343 Pct. * Distributions are characterized into Income type at Commentary as at September 30, equity markets generally outperformed therest of the world again in Q3.

6 The recordedimpressive gains with soaring business andconsumer confidence and corporate profit growthfueling the Treasuries experienced negative returns forQ3. The Federal Reserve this year has hikedinterest rates three times leaving the target levelat More interest rate hikes are expected onsigns of full employment and a relatively strongeconomic the equity portion of the Fund, security selectionwas strong in Q3, driven by the InformationTechnology sector. Overweights in Apple andMicrosoft boosted performance, as Applecontinues to drive solid earnings from device salesand Microsoft sees growth in their cloudcomputing service, Azure. Conversely, Materialswas a detractor this quarter, particularly due to theFund s position in multi-national chemical Fund s overweight position in investment-grade bonds had a positive impact on relativereturns, while exposure to Treasuries andmortgages had a negative impact on high yield bonds contributed positively analysis of a variety of scenarios suggests thatstocks can deliver decent upside with reasonableassumptions, as long as earnings continue to comethrough as analysts expect.

7 We recognize,however, that given the late stage in the businesscycle and the fact that valuations are aboveequilibrium, earnings growth is now critical tosustaining the bull market in the , rates are rising and the increasingescalation in trade tariffs between the andChina could hamper global growth. The Fund hasbeen increasing exposure to Treasury bonds,while also keeping the portfolio s duration shorterthan average as a way to preserve capital in arising-rate on December 17, 2018 2018. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete ortimely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

8 Past performance is no guarantee of future results. These pages are not complete without the Monthly Income Fund (US$)DisclosureRBC Funds, BlueBay Funds, PH&N Funds andRBC Corporate Class Funds are offered byRBC Global Asset Management Inc. anddistributed through authorized , trailing commissions,management fees and expenses all may beassociated with mutual fund read the prospectus or Fund Factsdocument before investing. Except asotherwise noted, the indicated rates of returnare the historical annual compounded totalreturns including changes in unit value andreinvestment of all distributions and do nottake into account sales, redemption,distribution or optional charges or incometaxes payable by any unitholder that wouldhave reduced returns. Mutual funds are notguaranteed or covered by the CanadianDeposit Insurance Corporation or by any othergovernment deposit insurer.

9 For moneymarket funds, there can be no assurancesthat the fund will be able to maintain its netasset value per unit at a constant amount orthat the full amount of your investment in thefund will be returned to you. The value ofmutual funds change frequently and pastperformance may not be document has been compiled by RBCG lobal Asset Management Inc. (RBC GAM)from sources believed to be reliable, but norepresentations or warranty, express orimplied, are made by RBC GAM, its affiliatesor any other person as to its accuracy,completeness or correctness. All opinionsand estimates constitute RBC GAM'sjudgment as of the date of this document, aresubject to change without notice and areprovided in good faith but without legalresponsibility. The Top Ten/25 Holdings maychange due to ongoing portfolio transactionswithin the fund. The Prospectus and otherinformation about the underlying investmentfunds are available at (%) for RBC Funds, PH&N Funds andBlueBay Funds is based on actual expensesfor the preceding calendar year or mostrecent half-year period ended June 30expressed on an annualized basis, dependingon availability of data at the time (%) for RBC Corporate Class Funds isbased on actual expenses for the precedingfull year period ended March 31 or half-yearperiod ended September 30 expressed on anannualized basis, depending on availability ofdata at the time of H and Series I are not available forpurchase by new investors.

10 Existinginvestors who hold Series H or Series I unitscan continue to make additional investmentsinto the same series of the funds they are only used to illustrate the effectsof the compound growth rate and do notreflect future values of any fund or returns oninvestment of any fund profile is provided for informationalpurposes only. Particular investments and/ortrading strategies should be evaluatedrelative to each individual s investmentobjectives. The information contained in thefund profile is not, and should not beconstrued as, investment or tax advice. Youshould not act or rely on the informationcontained in the fund profile without seekingthe advice of an appropriate rankings are determined byMorningstar Research Inc., an independentresearch firm, based on categoriesmaintained by the Canadian InvestmentFunds Standards Committee (CIFSC).