Central Coast Community Energy (3CE) Audit & Finance Committee
June 8, 2022

Audit & Finance Committee
Wednesday, June 8, 2022
3:30 PM
Central Coast Community Energy
70 Garden Court, Suite 300
Monterey, CA 93940
IMPORTANT NOTICE REGARDING COVID-19 MEETING REQUIREMENTS The special procedures in place to minimize the spread of the COVID-19 virus may supersede general meeting procedures and delay distribution of materials to members, although every effort will be made to ensure comments and materials received prior to the meeting end will be made part of the record.

Based on guidance from the California Department of Public Health and the California Governor’s Office, in order to minimize the spread of the COVID-19 virus, please do the following:

1. You are strongly encouraged to observe the live stream of the CCCE Audit & Finance Committee meeting at: https://3cenergy.hylandcloud.com/203agendaonline/Meetings/Search?dropid=4

2. The CCCE Committee Room remains open. If you attend the CCCE Audit & Finance Committee meeting in person:
a. You will be required to (i) wear a mask during the meeting and (ii) maintain appropriate social distancing, i.e., maintain a 6-foot distance between yourself and other individuals. b. Additional seating with audio of the CCCE Audit & Finance Committee meeting will be available in the CCCE Main Conference Room, located at 70 Garden Court, Suite 300, Monterey, CA 93940. Meetings are accessible to people with disabilities. Individuals who need special assistance or a disability-related modification or accommodation to participate in this meeting, or who have a disability and wish to request an alternative format for the meeting materials, should contact Heather Vowell, Committee Clerk, at 831-641-7216 or [email protected]. Requests should be made as soon as possible but at least 72 hours prior to the scheduled meeting.

3. If you choose not to attend the CCCE Audit & Finance Committee meeting but wish to make a comment on a specific agenda item, you may please submit your comment as set out below. The timing of public comment shall be at the discretion of the Chair. Options for public comment are as follows:
a. To have your comments distributed to the Committee prior to the meeting submit your comment via email by 5:00 p.m. on the Tuesday before the meeting. All comments received after 5:00pm on the Tuesday before the meeting will be retained as part of the record and distributed to the Committee after the meeting. Please submit your comment to the Clerk of the Committee at [email protected]. To assist the Clerk in identifying the agenda item relating to your public comment please indicate in the Subject Line, the meeting body (i.e., Audit & Finance Committee Agenda) and item number (i.e., Item No. 3).

You may participate through ZOOM. For ZOOM participation please join by computer audio at:
https://us02web.zoom.us/j/89130443641
OR the following phone number(s):

US: +1 669 900 6833 or +1 669 219 2599
Enter this Meeting ID number: 891 3044 3641 when prompted. Please note there is no Participant Code, you will just hit # again after the recording prompts you.

You will be placed in the meeting as an attendee; when you are ready to make a public comment if joined by computer audio please Raise your Hand; and by phone please push *9 on your keypad.

If you have anything that you wish to be distributed to the Committee please provide 15 copies and hand them to a member of CCCE staff or Heather Vowell, Committee Clerk, who will distribute the information to the Committee members and other staff.

The public may comment on a specific item listed on this agenda when the Committee considers that item. In addition, the members of the public may request and receive copies without undue delay of any documents that are distributed to the Committee, unless there is a specific exemption under the Public Records Act that prevents the disclosure of the record. (Cal. Gov’t Code Section 54957.5) In compliance with Government Code Section 54957.5, non-exempt writings that are distributed to a majority or all of the Committee in advance of a meeting and that relate to an agenda item will be made available at CCCE’s offices located at 70 Garden Court, Suite 300, Monterey, CA 93940 during normal business hours and are also available on the CCCE website located at:
https://3cenergy.hylandcloud.com/203agendaonline
AGENDA
. Welcome & Roll Call

CONSENT AGENDA

1. Approve Minutes from the March 23, 2022 Meeting of the Audit and Finance Committee (Action Item)

2. Consider Finding, Pursuant to AB 361 and in order for the Audit and Finance Committee to Continue Meeting Remotely, that the COVID-19 Pandemic State of Emergency Declared by Governor Newsom is Still In Effect; The Audit and Finance Committee has Reconsidered the Circumstances of the State of Emergency; and the Monterey County Health Officer Continues to Recommend Social Distancing Measures for Meetings of Legislative Bodies (Action Item)

REGULAR AGENDA

3. Receive Presentation and Support Seeking (1) Policy Board Approval of CCCE's Finance Strategic Initiatives and (2) Policy Board Direction that the CEO to take Necessary Steps to Implement the Strategic Initiatives including the Operations Board’s Review and Approval of the Liquidity Investment Management and Custody Agreements with RBC Global Asset Management and Principal Financial (Action Item)
Adjournment
Wednesday, March 23, 2022
10:30 AM
Central Coast Community Energy
70 Garden Court, Suite 300
Monterey, CA 93940
The meeting was called to order at 10:30 am with 5 members attending via teleconference pursuant to AB 361 and a quorum established
Members Present: Carbone, Johnson, Mendez, Rerig, Waage Members Absent: None

REGULAR AGENDA

3. Appointed Chair and Vice Chair of the CCCE Audit and Finance Committee The CEO opened the public comment period.

No public comment received.

The CEO closed the public comment period.

MOTION: Moved by Member Waage, seconded by Member Mendez to appoint Member Johnson as Chair MOTION: Moved by Member Mendez, seconded by Member Waage to appoint Member Rerig as Vice Chair.

ACTION: The Motion Carried with a roll call vote: 5/0/0 AYES: Carbone, Johnson, Mendez, Rerig, Waage
NOES: None
ABSENT: None
The Chair opened the public comment period for items not on the agenda.

No public comment received.

The Chair Closed the public comment period.

The Clerk Announced that there were no corrections or additions to the agenda.

CONSENT AGENDA
The Chair opened the public comment period.

No public comment received.

The Chair closed the public comment period.

MOTION: Moved by Member Mendez, seconded by Member Carbone to approve the Consent Agenda.

ACTION: The Motion Carried with a roll call vote: 5/0/0 AYES: Carbone, Mendez, Waage, Vice Chair Rerig, Chair Johnson NOES: None
ABSENT: None

1. Approved Minutes from the August 4, 2021, Meeting of the Audit and Finance Committee

2. Found, Pursuant to AB 361 and in order for the Audit and Finance Committee to Continue Meeting Remotely, that the COVID-19 Pandemic State of Emergency Declared by Governor Newsom is Still In Effect; The Audit and Finance Committee has Reconsidered the Circumstances of the State of Emergency; and the Monterey County Health Officer Continues to Recommend Social Distancing Measures for Meetings of Legislative Bodies

REGULAR AGENDA

4. Received Oral Presentation from Pisenti & Brinker, LLP on CCCE's Fiscal Year 2020/2021 Audited Financial Report The Chair opened the public comment period.

No public comment received.

The Chair closed the public comment period.

MOTION: Moved by Vice Chair Rerig, seconded by Member Carbone to receive and file the draft audit and recommend to the Operations and Policy Boards.

ACTION: The Motion Carried with a roll call vote: 5/0/0 AYES: Carbone, Mendez, Waage, Vice Chair Rerig, Chair Johnson NOES: None
ABSENT: None
Audit and Finance Committee Reports (Information Only)
Adjournment: 11:03 am
Staff Report Item X
TO: CCCE Audit & Finance Committee
FROM: Tom Habashi, Chief Executive Officer
SUBJECT: Consider Finding, Pursuant to AB 361 and in order for the Audit and Finance Committee to Continue Meeting Remotely, that the COVID-19 Pandemic State of Emergency Declared by Governor Newsom is Still In Effect; The Audit and Finance Committee has Reconsidered the Circumstances of the State of Emergency; and the Monterey County Health Officer Continues to Recommend Social Distancing Measures for Meetings of Legislative Bodies (Action Item) DATE: June 8, 2022
RECOMMENDATION:

This recommends the Audit and Finance Committee (“Committee”) find, pursuant to AB 361 and for the Committee to continue meeting remotely, that the COVID-19 pandemic State of Emergency declared by Governor Newsom is still in effect; the Committee has considered the circumstances of the State of Emergency; and the Monterey County Health Officer continues to recommend social distancing measures for meetings of legislative bodies.

BACKGROUND:

On September 16, 2021, Governor Newsom signed AB 361. This legislation amends the Brown Act to allow Brown Act bodies to meet via teleconference during a proclaimed state of emergency in accordance with teleconference procedures established by AB 361 rather than under the Brown Act's more narrow standard rules for teleconference meetings.

DISCUSSION/ANALYSIS:

AB 361 provides that if a state or local health official recommends social distancing, a legislative body may meet remotely after September 30, 2021, provided that the legislative body finds 1) the Governor's proclaimed state of emergency is still in effect; 2) the legislative body has reconsidered the circumstances of the state of emergency, and 3) either the Monterey County Health Officer continues to recommend social distancing measures for meetings of legislative bodies or the state of emergency continues to directly impact the ability of the members to meet in person.

The Monterey County Health Officer has recommended social distancing measures for meetings of legislative bodies. To continue meeting remotely, the Committee must make the findings outlined above.

Accordingly, staff recommends making the appropriate findings. This action will be required every 30 days to keep meeting remotely. A special meeting may be necessary for that purpose.

FISCAL IMPACT:

There is no fiscal impact associated with this action.

CONCLUSION:

The Committee’s consideration and finding that the COVID-19 pandemic State of Emergency declared by Governor Newsom is still in effect; the Committee has reconsidered the circumstances of the State of Emergency; and the Monterey County Health Officer continues to recommend social distancing measures for meetings of legislative bodies will allow the Committee to continue meeting remotely under the procedures established by AB 361.

Staff Report Item 3
TO: CCCE Audit & Finance Committee
FROM: Tom Habashi, Chief Executive Officer
SUBJECT: Receive Presentation and Support Seeking (1) Policy Board Approval of CCCE's Finance Strategic Initiatives and (2) Policy Board Direction that the CEO to take Necessary Steps to Implement the Strategic Initiatives including the Operations Board’s Review and Approval of the Liquidity Investment Management and Custody Agreements with RBC Global Asset Management and Principal Financial (Action Item)
DATE: June 8, 2022
RECOMMENDATION:

This recommends that the Committee members:
1) Support seeking Policy Board approval of CCCE’s 2022 Finance Strategic Initiatives; and 2) Policy Board Direction for the CEO to take Necessary Steps to Implement the Strategic Initiatives including the Operations Board’s Review and Approval of the Liquidity Investment Management and Custody Agreements with RBC Global Asset Management and Principal Financial DISCUSSION:

This item will be addressed in the form of an oral report and presentation to the Committee.

ATTACHMENT(S):

1. Central Coast Community Energy Draft 2022 Finance Strategic Initiatives

2. Principal Custody Solutions Proposal

3. RBC Global Asset Management Proposal
2022 Finance Strategic
Initiatives
Audit & Finance Committee
June 8, 2022
1 • Introduction • Strategic Financial Initiatives • Liquidity Management • Debt Issuance • Energy Prepay • Summary

TABLE OF CONTENTS
• CCCE finances have evolved considerably from its early days • $400 MM Revenues projected for FY2021/22 or $1.1 MM/Day • $170 MM in reserves and cash balances
• “A” credit rating from S&P
• Strong commitment by ownership to financial strength and stability • This strength positions CCCE to intentionally deploy finance more strategically, as sophisticated leading private and public organizations have done • In this model, finance moves from invoice processing and reporting to becoming another way of achieving CCCE’s strategic goals of decarbonization and affordable rates • The first step in this transition is being taken - contracting with an investment manager to manage a portion of CCCE reserves, increasing yields in a rising interest rate environment • Additional strategic initiatives will be explored over the next 9 months

INTRODUCTION
2 3
• Historically, CCCE has maintained its cash balances – including reserves – in bank and overnight sweep accounts
• The low interest-rate environment and the nature of the instruments has led to low returns even on balances as large as $170 MM
• The Federal Reserve has been tightening monetary policy, raising rates. Markets have responded, with interest rates rising out the curve • On a notional portfolio of $100 MM, a 1% real yield (net of fees) is $1 MM • CCCE’s Operating budget is approximately $20 MM. $1 MM would materially reduce pressure on that budget

LIQUIDITY MANAGEMENT
Source: CCCE Treasurer Reports, St. Louis Federal Reserve FRED Database 4 • CCCE’s Investment Policy has 3 goals, in line with California State Code • Principal Safety
• Liquidity
• Return on Investment
• State Code further states that the governing bodies of agencies or those authorized to manage public funds on behalf of those agencies are fiduciaries • Prudent Investor standard
• List of approved instruments, which conform with state law. CCCE policy is more conservative • Staff analysis determined CCCE could materially increase yield while meeting liquidity and principal safety requirements if certain safeguards were put in place
• “Crawl Walk Run” philosophy – start with tight investment guidelines and medium-sized allocation (up to 60% of reserves)
• An initial allocation of $100 MM out of the $170 MM balance would leave CCCE $70 MM in working capital and surplus funds. For reference, the single largest monthly CCCE transfer is approximately $20 MM
• Reserves managed by professional liquidity management firm with robust risk management processes • Separate investment management and custody functions
• Regular ongoing reporting and monitoring of manager holdings and investment performance • Performance benchmark developed independently by CCCE and its Financial Advisor, tracking relative performance of investments

LIQUIDITY MANAGEMENT
5 • Staff successfully concluded an
RFP for Liquidity Management
Services in May
• Respondents asked to provide specific
sample portfolios based on CCCE’s
Investment Policy
• Panel review of initial responses, scoring on
multiple factors
• Interviews with shortlisted candidates, with
significant focus on investment and risk
management practices
• Final score across multiple factors
• RBC Global Asset Management won
the RFP based on its combination of
rigorous risk management and value
• Rigorous onboarding process, involving
CCCE
• Independent in-house risk functions
• Extensive reporting and monitoring
• Tiered pricing, starting with 8 bps on first
$75 MM, 6 bps on next $25 MM etc. $75k
minimum
• Potential for preferential pricing on
transaction and investment banking
services
Piil Fiil ill bthtd

LIQUIDITY MANAGEMENT
RBC Investment Policy Compliance & Risk Management
Processes
6 • CCCE is considering asset ownership for Front of the Meter Energy Storage • Reduces markups and intermediary costs
• Provides greater visibility into and control over the supply chain • Reduces transaction risks inherent to PPAs, though this is offset somewhat by ownership risks • Maximizes asset operation flexibility, potentially increasing revenues and reducing cost of service • Financing assets through debt represents an attractive risk/reward • Avoids rate shock to customers by amortizing costs over 20-30 years • Enables CCCE to maintain adequate working capital
• Maintains the Rate Stabilization Fund buffer in a volatile commodity environment, crucial to avoiding rate shocks and maintaining CCCE’s strong credit rating • While rates are rising, CCCE’s credit rating and tax-exempt status help keep its borrowing costs low

DEBT ISSUANCE
7 • CCCE commissioned a Ratings Evaluation Service (RES) from S&P and received a favorable result
• RES processes run mock debt issuances and provide the issuer with notional ratings • CCCE provided S&P with scenarios for $85 MM and $160 MM issuances • To stress test, CCCE requested ratings without traditional Rate & Additional Debt covenants • S&P’s response indicated CCCE would receive investment-grade ratings even with $160 MM issuance; the lack of covenants was the biggest obstacle. Including covenants would be beneficial

DEBT ISSUANCE
8 • Energy Prepays are complex transactions in which CCCE effectively facilitates the prepayment of PPAs, lowering its PPA costs • Historically, prepays have yielded savings of 7%-12% over the PPA contract price • The structure involves a commodity counterparty, a treasury, a financing conduit vehicle, investors, the asset owner, and the PPA holder (CCCE)
• Preparation takes 6-9 months
• Among CCAs, Marin Clean Energy, Silicon Valley Clean Energy, and East Bay Community Energy have executed prepay transactions
• EBCE is preparing a second prepay transaction
• Additional CCAs are known to be exploring or preparing prepays Prepays will reduce CCCE’s PPA costs, strengthening its finances and improving rate affordability. CCCE will develop a prepay transaction over E
the next 6 months.

NERGY PREPAY
9 • CCCE’s strong financial position enables it to use the finance function as an additional method of advancing its strategic goals of decarbonization and affordable rates
• Key initiatives of varying complexity are planned for the next 9 months • Prudent investment of CCCE’s cash reserves could increase yield, reducing pressure on the operating budget, while maintaining a robust liquidity position • Staff recommends contracting with RBC Global Asset Management and Principal Financial for liquidity management and custody of CCCE cash balances and reserves

SUMMARY

THANK YOU
10 #
#

PROPOSAL FOR
Fixed Income
Investment Management Services
Prepared for
Central Coast Community Energy
April 21, 2022
Prepared by
RBC Global Asset Management (U.S.) Inc.

April 21, 2022
Jaya Bajpai,
Chief Financial Officer
Central Coast Community Energy
70 Garden CT, Suite 300
Monterey, California 93940
Subject: Response to Request for Proposals, Investment Management & Liquidity Solutions Services Dear Mr. Bajpai,
Thank you for the opportunity to present our tailored investment advisory solution for Central Coast Community Energy.

RBC Global Asset Management (U.S.) Inc. (RBC GAM-US) is a wholly owned subsidiary of RBC USA Holdco Corporation, which is owned by Royal Bank of Canada (RBC). RBC GAM-US a Minnesota Corporation, founded in 1983.

Making the transition from bank deposits and sweeps into a customized investment portfolio for your excess liquidity is a major milestone for Central Coast Community Energy. Selecting the right asset management firm to partner with you on this endeavor is essential and we are confident you will see the merits of working with RBC Global Asset Management. We believe that we are best positioned to navigate this process with you while seeking to prudently manage the safety, liquidity, and yield of your assets. Our dedicated portfolio management and client service teams are here to help throughout the process.

A few of the key differentiating features you will see during our response:
• RBC GAM-US benefits from the backing of RBC. RBC is among the largest banks in the world, the 4th largest bank in North America and 7th largest in the world based on market capitalization and is one of North America’s leading diversified financial services companies. The legacy senior debt ratings of RBC as of 3.31.22 are Aa2 by Moody’s, AA- by S&P and AA by Fitch, and are among the highest of financial institutions globally.
• Together with the breadth of Investment Banking capabilities provided by RBC Capital Markets and our local banking solutions available through City National Bank, RBC’s affiliated entities are uniquely positioned to meet the Universal Banking needs of Central Coast Community Energy. • RBC has completed a $5 billion investment across cybersecurity, risk management and operations • We have an unwavering commitment to and history of managing capital and assets for public entities • Our team will be an extension of your staff for knowledge sharing and project support With more than $465 billion in assets as of 3.31.22, and $6.9 billion in assets managed for 28 public US fixed income clients, our investment professionals are committed to providing clients around the globe with appropriate investment solutions.

Unlike smaller boutique firms, we are focused on the quality of the relationship and mandate rather than simply trying to increase assets under management. As such, Central Coast Community Energy will benefit from the full resources of the firm from its most senior level.

Section 1: Cover Letter and Table of Contents
I will be your primary contact during the solicitation process and through to potential contract award. My contact details are provided below for your reference.

We understand that you intend to select and notify shortlist candidates by COB April 25, 2022, with interviews to be conducted on April 26, 2022. We will make ourselves available for these follow up discussions. We look forward to addressing any questions you may have and to presenting our capabilities in greater detail as desired.

Thank you very much for your consideration.

Kind regards,
Sara L. Flour, CTP
Director, Institutional Liquidity Sales
510.207.5611 (M) or [email protected]
2 Central Coast Community Energy
Table of Contents
Section 2: Licensing and Qualification Requirements........................................................................3 Section 3: Project Experience and References................................................................................8 Section 4: Proposed Scope of Work.............................................................................................34 Section 5: Fee Schedule............................................................................................................35 Section 6: Exceptions................................................................................................................38 Section 7: Appendix ..................................................................................................................40 Appendices
I. RBC GAM-US Form ADV Parts 1 and 2A and 2B
II. Certificates of Insurance
III. Sample Client Report
IV. Sample Standard Contract
V. Liquidity Management Marketing Presentation
VI. GIPS Composite Presentations
3 Central Coast Community Energy
Section 2: Licensing and Qualification Requirements

1. Describe the organization, date founded, and ownership of the CONTRACTOR. Indicate if it has experienced a material change in organizational structure, ownership, or management during the past three years and, if so, please describe.

Firm Background
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC), the 4th largest bank in North America and 77h largest in the world based on market capitalization.1As an asset manager with global scope and industry-leading management capabilities, our purpose is to provide clients an unrivalled experience of investment and service excellence.

With professionals in North America, Europe and Asia, RBC GAM provides a comprehensive range of investment solutions and services to both individual and institutional investors. Our global scope, knowledgeable investment professionals and commitment to excellence drive traditional and leading-edge solutions that address and evolve with our clients’ investment objectives.

We combine the resources and stability of a strong parent company with a rich history of managing customized investment solutions for institutional clients. RBC GAM operates with organizational strength and stability as the asset management division of RBC, which has operated since 1869, employs more than 80,000 full- and part-time employees, and is one of the highest rated, largest and safest banks in the world:
• Ratings: S&P: AA-, Moody’s: Aa2
• Ranked the safest bank in North America and the 10th globally by Global Finance as of

10.20.20 with annual rankings applied to the world’s largest 500 banks by asset size and calculated based on the long-term foreign currency ratings issued by Fitch, S&P and Moody’s With more than $465 billion in assets as of 3.31.22, RBC GAM’s 18 investment teams composed of more than 350 investment professionals are committed to providing clients around the globe with appropriate investment solutions. They work to understand macroeconomic trends and global strategy, as well as respond to the diverse and evolving investment needs among investors and specific requirements for their respective funds and jurisdictions.

RBC GAM traces its roots back to 1959 and has grown both organically and through strategic acquisitions. RBC GAM comprises the following affiliates, all of which are indirect wholly owned subsidiaries of RBC:
• RBC Global Asset Management (U.S.) Inc.
• RBC Global Asset Management Inc. (Canada)
• RBC Global Asset Management (UK) Limited
• BlueBay Asset Management LLP
• BlueBay Asset Management USA LLC
• RBC Global Asset Management (Asia) Ltd.

With $56.2 billion in assets managed for 209 clients as of 3.31.22, RBC GAM-US is the US institutional platform of RBC GAM. RBC GAM-US is a Minnesota corporation headquartered in Minneapolis and a federally registered investment adviser founded in 1983. The firm offers fixed income strategies and customized solutions (global credit and alternative asset management, US liquidity management and impact investing) via separate accounts and funds to Institutional clients as well as high conviction, alpha-rich equity strategies (global and emerging markets equity, US core, value and growth equity).
1 . Unless otherwise noted, all data is as of 3.31.22
4 Central Coast Community Energy
RBC GAM-US seeks to differentiate itself from other firms by unmatched client service and breadth of high performance investment capabilities. We are guided by principles that place our clients’ interests first.

Material Changes
On 7.19.21 RBC Global Asset Management announced steps to further align RBC Global Asset Management (U.S.) Inc. (“RBC GAM-U.S.”) and BlueBay Asset Management USA LLC (“BlueBay-U.S.”) in the U.S. in order to further streamline the investment solution and service offering to its U.S. clients.

RBC GAM and BlueBay will combine their respective U.S. fixed income teams into a single multi-disciplinary team, and consolidate the businesses’ U.S. legal entity structure, with BlueBay-U.S. merging with and into RBC GAM-U.S.

These changes enable RBC GAM to offer U.S. clients a wider spectrum of investment capabilities that draw on the combined team’s full breadth of expertise on a single investment platform. BlueBay, an active fixed income specialist, has been an affiliate of RBC GAM and a wholly-owned subsidiary of Royal Bank of Canada since 2010.

The two firms have complementary strengths, specialization, and expertise, and proven investment processes. RBC GAM and BlueBay share a strong culture of collaboration, and over the past decade have pursued opportunities to bring together and align business functions and processes.

These changes began to take effect on 11.1.21 and are ongoing subject to regulatory requirements and any necessary approvals. There is no change to the personnel, executive management or office locations of RBC GAM-U.S. or BlueBay-U.S.

Universal Banking Capabilities
Investment Banking
Our affiliate company, RBC Capital Markets (RBCCM) has previously met with Central Coast Community Energy to discuss the issuance of prepaid energy bonds to reduce Central Coast Community Energy’s cost of renewable power. RBC would welcome the opportunity to partner with Central Coast Community Energy in this process, particularly in light of benefits of discounted energy to counteract costs imposed by the PCIA. The ability to provide these economic benefits and services to our municipal prepaid energy clients is a function of the returns generated for RBC relative to the credit and market risks that we bear in these transactions. These return metrics incorporate other relationships that RBC may have with our clients and will be reviewed and assessed as part of a prepaid energy transaction. We highlight RBC’s relevant experience below:

Top Senior Manager of Tax-Exempt Municipal Bonds. RBCCM is one of the most active firms in the municipal market and a top five negotiated underwriter nationally every year since 2011. RBCCM ranked #3 as senior manager of municipal bonds for 2021, reflecting the Firm’s banking expertise, our underwriting leadership and the strength and breadth of our sales force. With approximately 335 municipal market professionals in 27 different offices, our commitment to issuers is among the strongest in the industry.

RBCCM has the one of the largest municipal sales force operations in the industry, which includes a team of experienced and seasoned underwriters and traders and a robust institutional and retail sales force of 60 people across the nation dedicated to the distribution of municipal securities. #1 Supplier in Prepaid Energy Bonds. RBCCM is a market leader in prepaid energy transactions, completing 22 of the last 63 transactions since 2008, totaling over $14.6 billion. Since 2008, RBCCM’s prepaid energy transactions have delivered over $250 million of energy savings to 5 Central Coast Community Energy
our clients. We’ve consistently found ways to complete transactions when our competitors could not, and each transaction demonstrates our ability to think creatively to deliver the entire RBCCM platform to assist issuers in achieving significant savings through discounted energy. Since 2014, RBCCM is the top ranked underwriter of prepaid energy bonds with a 32% market share. #1 Commodity Swap Providerin Prepaid Energy Transactions. In addition to serving as an underwriter and energy supplier, RBCCM has served as the commodity swap counterparty (“CSC”) in numerous prepaid energy transactions led by other energy suppliers. Since 2006, RBCCM has served as CSC on 25 transactions totaling over $18.5 billion. This includes serving as CSC on the $1.2 billion East Bay Community Energy and Silicon Valley Clean Energy prepaid energy transaction in September 2021. RBCCM has served as either Supplier or Commodity Swap Counterparty on over 50% of all prepaid energy transactions in the past five years. There is no other firm in the prepaid energy market with RBCCM’s combined energy supplier and commodity swap counterparty experience.

Transaction Banking
City National Bank (CNB) was founded in 1954 and is headquartered in Los Angeles. Since 2015 CNB has been a wholly-owned subsidiary of Royal Bank of Canada, one of the largest and strongest financial institutions in the world. The bank offers a complete suite of financial services including lending, equipment finance, and derivatives. CNB’s stand-alone senior unsecured Moody’s / S&T Ratings of A2/A+ are one of the highest among U.S. Banks.

City National Bank offers transactional banking services through a robust treasury management platform including a single sign on online portal for fingertip access and other digital solutions to allow for direct integration with Central Coast Community Energy’s accounting systems. We will work closely with Central Coast Community Energy to understand business goals and pain points to deliver Working Capital and Payment Automation Solutions to meet the company’s unique needs.

Our products and solutions are designed to provide Central Coast Community Energy visibility, controls, and scale to manage your routine transactional banking activities more efficiently.

Information
Reporting Receivables Payments Liquidity
• Integrated Reporting
w ith EASI Link® API
and File-Based
Exchange Services &
Custom ERP
Integrations
• Online & mobile5
banking portal
(Business Suite®)
• Multibank Reporting
• Fraud prevention tools:

ACH Positive Pay,
Debit Blocks and
Filters, Check Positive
Pay, Account
Reconcilement, Alerts
• Electronic checks /
ACH
• Remote Deposit
Capture6
(Desktop/Mobile)
• EASI Link Direct
Send (file based
remote deposit)
• Lockbox services
• Merchant Processing
Services
• Receivables Supply
Chain Finance
• Checks (Controlled
Disbursement,
Bank Official
(Cashier’s)
Checks,
Outsourced Check
Printing)
• Electronic
Payments (Wires,
ACH, Tax)
• Card - Purchasing,
Virtual, One Card
• Commercial AP
• Payroll services
• Corporate DDA
• Corporate money market
accounts
• Hybrid accounts (DDA
plus interest on excess
balances)
• Zero balance accounting
• Commercial credit sw eep
• Investment sw eep
6 Central Coast Community Energy

2. Describe the CONTRACTOR’s sources of revenue, categorized by retail and institutional accounts.

Nearly 100% of RBC GAM-US’ operating revenue is earned from investment management of institutional accounts. Our retail offerings are offered through intermediary channels and we do not have a material retail channel targeted to individual retail investors for our business.

3. Describe any significant SEC, NASD, or regulatory censure or litigation involving the CONTRACTOR or its employees within the past three years.

Neither RBC GAM-US nor any of its employees have been censured by the SEC. RBC GAM-US has never been a defendant in litigation regarding our investment management services.

4. Did, or will, the CONTRACTOR pay a finder’s fee to any third party for business related to this account? Specify the recipients of any fee.

No, there is no third party placement fee involved with our bid.

5. List any pending administrative proceedings, investigationsand civil suits against CONTRACTOR relating to the performance of its professional duties.

To the best of our knowledge, there are no pending administrative proceedings, investigations and civil suits against our firm relating to the performance of our professional duties. RBC GAM-US has never been a defendant in litigation regarding our investment management services, as noted in our response to question 3 above.

6. List all litigation or proceedings to which CONTRACTOR is a party which would either (a) materially impair its ability to perform the services enumerated herein for which this RFP was issued, or (b) if decided in an adverse manner, materially affect the financial condition of the CONTRACTOR.

We are not aware of any litigation or proceedings that would impair our ability to perform the services of this contract, or that would have a material impact on the financial condition of our firm.

7. Describe any known or perceived actual or potential conflicts of interest with CCCE, its Board, individual Board Directors, or staff.

Based on our understanding of Central Coast Community Energy’s needs, and to the best of our knowledge, we do not anticipate any direct conflicts of interest unique to Central Coast Community Energy. Where conflicts may arise or exist with our affiliates, RBC GAM-US has disclosed potential conflicts in our Form ADV Part 2A, which is attached.

One of the firm’s most important goals is to manage potential conflicts of interest between RBC GAM-US and our clients. The firm’s policies and procedures are designed to mitigate potential conflicts of interest through:
• Ongoing policy and procedure reviews
• Testing of policies and procedures
• Internal controls
• Compliance processes, including disclosure
In recognition of RBC GAM-US’ fiduciary duty to our clients and our desire to maintain high ethical standards, our employees are guided in their actions by our Code of Ethics and the RBC Code of Conduct. As a wholly owned subsidiary of RBC, RBC GAM-US has many affiliates including broker- 7 Central Coast Community Energy
dealers and investment advisers that may provide separate, independent services to Central Coast Community Energy and RBC GAM-US may have no knowledge of these services or activities. 8 Central Coast Community Energy
Section 3: Project Experience and References
Investment Management Expertise & Capabilities

1. Describe CONTRACTOR experience in managing fixed income and liquidity solutions portfolios.

RBC GAM-US has a 39-year history managing assets for institutional clients, particularly public funds.

We are a firm founded by professionals with experience in public finance and funds management.

Our first clients were municipalities seeking cash management services. This was primarily because the firm’s founders came from a municipal underwriting business and were encouraged by their investment banking clients to broaden their services to include investment management.

Since our founding, our service to public clients has grown and continues to be a focus of our firm.

We manage $9.7 billion in bond proceeds, operating funds, reserve assets, investment pools, insurance pools and retirement funds for 56 public and government clients as of 3.31.22.

We have expertise in managing portfolios for public entities and are well versed in managing to a variety of state statutory constraints and GASB pronouncements. We believe our experience, income-oriented investment style and client first approach are keys to our success in serving public funds.

CCCE prioritizes safety, liquidity and yield, which aligns perfectly with our philosophy of managing US Fixed Income accounts. We believe the best driver of excess returns, while minimizing performance volatility, is to utilize high-quality securities to generate an income advantage.

Our US Fixed Income team has the scale and capabilities to effectively tailor solutions to meet CCCE’s specific mandate goals and take full advantage of allowances in its investment policy as we seek to maximize the benefit for CCCE.

In addition, our team manages other US fixed income strategies of a similar nature for other high quality institutional accounts since our founding in 1983, many of our clients are bound by state guidelines with objectives of preserving capital, providing liquidity and generating prudent income.

Key Staff and Biographies:

All of our US Fixed Income capabilities are overseen by Andrzej Skiba, CFA, Head of US Fixed Income. Brandon Swensen, CFA, Senior Portfolio Manager and Brian Svendahl, CFA, Senior Portfolio Manager, help manage assets for our clients, as well as help to oversee the research, portfolio management and trading for all of our US Fixed Income strategies. They are supported by the expertise and research of the sector-focused analysts and other portfolio managers on our US Fixed Income team as displayed below.
9 Central Coast Community Energy
Research is conducted by the team’s 15 portfolio managers, analysts and specialist who together have, on average, 22 years of experience in the investment industry. Eight of these professionals have earned the CFA designation.

Our team is structured to discuss and act on investment decisions in real time as they are identified.

Analysts are responsible for discovering opportunities, identifying risks and presenting recommendations to portfolio managers. We believe this structure is a competitive advantage as continuous communication between analysts and portfolio managers allows for faster and better informed decision making.

Each separate account client is assigned an institutional portfolio manager (IPM) from the Client Service team who leads our efforts on the client’s behalf. The institutional portfolio manager is responsible for acting as the liaison between the portfolio management/research team and the client.

This professional ensures that everyone else working on the account understands and pursues the client’s investment objectives. The institutional portfolio manager has in-depth knowledge of the client’s objectives, investment policy, specific solutions, portfolio strategy, portfolio composition and investment performance.

The primary client contacts for Central Coast Community Energy will be both Amy Carlson and Randy Harrison, Institutional Portfolio Managers. Together Amy and Randy will ensure we deliver the highest level of client service. And will also ensure that all professionals working on the Central Coast Community Energy’s account understand and adhere to Central Coast Community Energy’s objectives. They will develop in-depth knowledge of Central Coast Community Energy’s objectives, 10 Central Coast Community Energy
investment policy, specific solutions, portfolio strategy, portfolio composition and investment performance. They are responsible for acting as the liaison between the portfolio management/research team and the Central Coast Community Energy.

Amy and Randy’s responsibilities will also include:
• Addressing all of the day-to-day requirements of Central Coast Community Energy • Organizing meetings and conference calls with Central Coast Community Energy • Communicating and meeting with Central Coast Community Energy • Ensuring Central Coast Community Energy’s investment policy is current • Overseeing our fulfillment of special requests from Central Coast Community Energy • Evaluating our pursuit of Central Coast Community Energy’s objectives Amy’s and Randy’s efforts are supported by the broader team of client service professionals that work together to ensure the highest standards of client service are being met.

Brian and Brandon’s biographies, as well as Amy’s and Randy’s biographies, are provided below.

Brian Svendahl, CFA, Co-Head of U.S. Fixed Income
Investment Experience: 29 years
Years at our firm: 16 years
CFA (2006); FRM (2002); MBA (1995), BBA (Finance) (1993), BSc (Economics) (1993), University of Minnesota, U.S.

Brian co-leads the fixed income research, trading and portfolio management team at RBC GAM-US.

In addition to shaping investment strategy, he has been lead portfolio manager for the firm’s Impact Investing strategies since 2006 along with many government and mortgage strategies. Brian joined RBC GAM in 2005 and has been Co-Head in the U.S. since 2012. He previously held several risk management, research and trading positions with a large American multinational financial services company and first started in the investment industry in 1992.

Brandon Swensen, CFA, Co-Head of U.S. Fixed Income
Investment Experience: 23 years
Years at our firm: 21 years
CFA (2006); MBA (Finance) (2008), University of St. Thomas; BSc (Finance) (1998), St. Cloud State University, U.S.

Brandon is managing director, co-head U.S. Fixed Income at RBC GAM. In this role, he oversees fixed income research, portfolio management and trading. In addition to shaping the overall fixed income philosophy and process in the U.S., he is a portfolio manager for several cash management and core solutions. Brandon joined the firm in 2000, and he most recently worked as a portfolio manager on the mortgage and government team before being promoted to his current position. He also held research analyst positions covering asset-backed securities and credit, and served as a financial analyst for the firm. Brandon began his career in the investment industry in 1998.

Amy Carlson, Associate Institutional Portfolio Manager
Investment Experience: 27 years
Years at our firm: 22 years
Amy is an associate institutional portfolio manager on the Client Service Team at RBC GAM. She coordinates client service activities for many of the firm’s institutional fixed income clients. Amy’s responsibilities include collaborating with clients and portfolio managers to ensure that clients receive appropriate service and reporting. She also organizes meetings with clients and their portfolio managers. Before joining the Client Service Team, Amy worked as an analyst on RBC GAM’s Fixed Income Team. Prior to joining the firm in 1999, Amy worked as a debt management analyst in the corporate trust division of a large U.S. bank. Amy began working in the investment industry in 1994.
11 Central Coast Community Energy
Randal Harrison, CFA, Institutional Portfolio Manager
Industry Experience: 31 years
Years at our firm: 23 years
CFA (1994); MBA (1990), University of Iowa; BSBA (Finance) (1985), Miami University, U.S.

Randy is an institutional portfolio manager within the fixed income group’s Client Service Team at RBC GAM. Randy articulates and coordinates the firm’s strategies, account positioning and performance to ensure the most appropriate investment solutions and service for each client. He specializes in fixed income accounts for public and corporate clients. Prior to joining the organization, Randy was head of the insurance advisory group at a large asset management firm. For nearly five years, Randy was both portfolio manager and director of their external insurance advisory and portfolio management group. Before that, Randy was a portfolio manager and structured finance analyst/trader for RBC GAM’s predecessor company. Randy began his career in the investment industry in 1990 as a structured finance analyst and trader for a global investment management firm in the U.S.

Case Studies in adding value for our clients:

We have provided three case studies below that we believe helps provide an overview of our capabilities and expertise and working with client needs.

Client Case Study #1:

Public Client: “the City” (Operating Assets) Mandate: US Short Duration Fixed Income (since 2014) and US Intermediate Government Fixed Income (since 2019)
Approach and Performance:
• The City hired RBC GAM-US in 2014 to manage a portion of its short duration assets. We worked with the City staff to understand the City’s goals and objectives while managing to state statutes and their investment policy. We collaborated with them to form a strategic plan to safeguard assets, providing liquidity and maximize yield.
• Brian Svendahl, the lead portfolio manager, has been managing these assets since the portfolio inception in 2014 to current; he is supported by the entire US Fixed Income team. Bethany Jessen serves as the Institutional Portfolio Manager since 2017 to current, and is supported by members of the Client Service team. We meet with the client on a quarterly basis to review the portfolio, market environment, and review investment goals and strategy, and meet ad hoc on projects when needed. • Since inception, the short duration portfolio has outperformed the benchmark by 38 basis points (as of December 31, 2021). The benchmark is a 1-3 Year Treasury index. • In understanding the client’s goals and objectives, we build a portfolio to provide consistent income by investing in eligible securities (mostly high quality Agency backed securities, including Agency CMBS, Agency debentures and Taxable Municipal bonds). We keep duration neutral to the benchmark and focus on high quality securities.

Strategy and Value Add:
• Through consultation and continuous and frequent dialogue, we forged a productive working relationship that ultimately led the City to expand their mandate and confidence with us. In 2019, the City reorganized its manager line-up and shifted additional assets to us vs their other mangers. Importantly, the City also segmented its cash so that our team was managing their “strategic cash”, which was the last line of liquidity and the longest duration of their cash program. We provided them the trust and assurance that we were the best manager to safeguard and maximize their assets. • Over the years we’ve worked with the City on a number of related projects. We worked with the City to show the opportunities in managing a portion of their assets in an Intermediate style, in addition to the short duration assets. The Intermediate portfolio is also unique in that it provides impact investing targeted investments within the City. Many of the investments in this portfolio consist of mortgage pools of loans to low-to-moderate income buyers and multi-family affordable housing directly within the City. The City can point its dollars to specific investments to make direct impact in the local community. This has been a very attractive and exciting development for the City. 12 Central Coast Community Energy
Client Case Study #2:

Public Client: “the Metropolitan Transportation Authority” (Operating Assets) Mandate: US Short Duration Fixed Income
Approach and Performance:
• The “MTA” hired RBC GAM-US in 2008 to manage a portion of its short duration assets. Our team has worked closely with the client to meet their goals and needs with its cash strategies, and has become a trusted partner.
• Brandon Swensen, the lead portfolio manager, has navigated this portfolio throughout many market cycles and proving positive results for the client. Randy Harrison serves as the Institutional Portfolio Manager, and is supported by Bethany Jessen and other members of the Client Service team. We participate in a quarterly all manager portfolio review with the client, which includes their in-house investment staff in addition to ongoing availability for ad hoc meetings or portfolio / market questions. • Since inception, the short duration portfolio has outperformed the benchmark by 34 basis points (as of December 31, 2021). The current benchmark is a 1-5 Year Government & Corporate index, which now allows for a broader investment mix supported by its now allowance for a longer average portfolio duration [initial benchmark was vs a 1-3yr reference]
• In understanding the client’s goals and objectives, we have built this portfolio to provide consistent income by investing in eligible securities (including Agency CMBS, Taxable Municipals, Securitized and Corporate bonds). We keep duration neutral to the benchmark and focus on adding value through bottom up security selection.

Strategy and Value Add:
• We have proven to be a valuable asset to the client in helping them navigate their liquidity needs, and also working to maximize their income goals. For this client we have often cited for that our historical source of most of the performance (and performance relative to their benchmark) arises on our continued emphasis on prudently maximizing portfolio income. This has the dual advantage of both providing a stable/competitive source of important income generation as well as supporting returns across market cycles.
• We continue to collaborate with our clients on changing investment environments and industry developments. Specifically, our team is currently collaborating with the client to incorporate ESG into the investment policy. The client has expressed interest in specifically adding language to the policy to address these important characteristics. We will work with them and provide our expertise for the client to achieve these goals.

Client Case Study #3:

Public Client: “the Borough” (Operating Assets)
Mandate: US Short Duration Fixed Income
Approach and Performance:
• The “Borough” hired RBC GAM-US in 2010 to manage its short duration operating assets. Our team’s multiple years of experience managing the Borough’s assets has provided us with a deep understanding of the Borough’s objectives and has led us to a unique position to safeguard the client’s assets, helping preserve capital and achieving consistent performance over multiple decades and market cycles. • Brandon Swensen has served as the lead portfolio manager, and has delivered on these goals, producing positive performance results for the client while maintaining a conservative approach; he is supported by the broader investment team. Bethany Jessen serves as the Institutional Portfolio Manager, and is supported by other members of the Client Service team. We meet with the client regularly and review markets, portfolio, and strategy and serve as a resource for the client. • The portfolio has achieved positive absolute performance and outperformed the benchmark over the 3- year, 5-year, 7-year, 10-year and Since Inception periods (gross of fees) as of December 31, 2021. The portfolio is built to achieve greater income than the benchmark and mute the swings in price over time. As of December 31, 2021, the portfolio outpaced the benchmark’s return by 24 bps. The current benchmark is a 1-5 Year Government & Corporate index.
13 Central Coast Community Energy
Strategy and Value Add:
• Having a long relationship and long term approach has benefited the Borough over the last several market cycles as the portfolio has generated high quality, consistent income, while safeguarding assets and protecting on the downside during times of market stress and volatility.

Client References:

We are pleased to offer Central Coast Community Energy the following references:

Ohio Water Development Authority
480 S. High Street
Columbus, Ohio 43215-5603
Mr. Todd Skruck, CFO
[email protected]
614-466-3079
California Earthquake Authority (2 contacts)
801 K Street, Suite 100
Sacramento, CA 95814
Mr. Paolo Gonzalez, Senior Investment Analyst
[email protected]
916-661-5561 phone
916-291-9546 cell
Mr. Benjamin Kirwan, CPA
Controller
[email protected]
916-661-5436 phone
916-204-0858 cell
Los Angeles Metropolitan Transportation Authority
One Gateway Plaza
Los Angeles, CA, 90012-2952
Ms. Mary Morgan, Deputy Executive Officer, Finance Treasury [email protected]
213-922-4143

2. Summarize CONTRACTOR assets under management (institutional only) over the past five years and average assets per client.

We have provided a summary of the institutional assets under management for RBC GAM-US for the past five years, along with average assets per client below.

As of Date # clients AUM ($ mil) Avg. Client Size ($ mil)

3.31.22 197 55,819 283.3

12.31.21 200 62,705 313.5

12.31.20 200 55,490 277.5

12.31.19 189 41,150 217.7

12.31.18 199 30,795 154.7

12.31.17 209 36,917 176.6
14 Central Coast Community Energy

3. Provide the number and types of accounts, total asset value, and investment priorities of public sector portfolios currently being managed by CONTRACTOR We have provided number and types of accounts, total asset value, and investment priorities of public sector portfolios currently being managed by RBC GAM-US below.

Asset Purpose # of Clients AUM ($ mil)
Bond Proceeds 4 546
Charitable 2 240
Endow ment 3 46
Health & Welfare 1 23
Insurance Reserve 11 2,760
Operating 27 9,357
Other 69 35,898
Retirement-DB 84 6,356
Retirement-DC 2 594
Grand Total 197 55,819

4. How is CONTRACTOR compensated for the services it provides? Nearly 100% of RBC GAM-US’ operating revenue is earned from account fees for the investment management of institutional accounts. For some products, RBC GAM-US manages money for affiliates and is compensated at market rates for providing these services, however, this is not a significant source of our revenue.

5. Provide up to 3 sample model portfolios that comply with CCCE’s current investment policy; include relevant performance statistics and compare with industry averages or benchmarks for the last one, three, five, ten-year periods and/or since inception. Note whether these performance statistics are reported based on GIPS (Global Investment Performance Standards) formerly known as AIMR (Association for Investment Management and Research).

We have provided two model portfolios below, followed by the performance and representative characteristics information for two of our existing composites which are reported in compliance with GIPS standards. Please refer to Tab VI for the Composite Descriptions for the composites provided.

Our portfolio management team has prepared these model portfolios reflecting different duration targets for your consideration. Both of these models are based on CCCE’s investment policy and California code, and provide an illustration how a fully invested portfolio could be constructed with an average duration target of either 0.5 years or 1.0 years. In both portfolios, we aim to maximize allocations to permitted credit spread sectors, which is consistent with our philosophy for adding risk-managed performance to investment portfolios. 15 Central Coast Community Energy
Model Portfolio 1 (6 month average)
This first model targets a shorter 0.5 year. Our portfolio management team has included exposure to commercial paper, which helps maintain the 6-month duration target while adding high-quality credit spread. The lower allocation to taxable municipals in this portfolio is a reflection of supply in the market, which is more limited in shorter maturities. While not reflected in this model, there may be an opportunity to include municipal variable rate demand notes to this strategy as well. CCCEs investment policy is silent on this type of municipal security, so we would welcome the opportunity to discuss them with you in greater detail, if desired.

Sectors Allocation Gross Yield OAS Avg. Credit Rating Duration (Years) Treasury 40% 1.36 - AAA 0.60
Agency 30% 1.15 3 AAA 0.40
CP 20% 1.00 15 A+ 0.30
Taxable Muni 10% 1.87 30 AA- 0.70
Grand Total 100% 1.28 7 AA+ 0.49
Portfolio Composition
7 1.28

0.49 2 Years
Portfolio Characteristics
OAS
Gross Yield
Duration (Years)
Final Maturity
Sector Allocation Rating Distribution
40%
30%
20%
10%
Treasury
Agency
CP
Taxable Muni
71%
11%
18%
AAA
AA
A
16 Central Coast Community Energy
Model Portfolio 2 (1 year average)
The longer portfolio has been designed to target a 1 year average duration. This portfolio features a 20% allocation to municipal securities, which is the maximum permitted under the investment policy. For this exposure, we would focus on California municipal issuers, including both general obligation and revenue bonds. Supply of California municipal bonds is strong, and they are generally trading at more attractive levels than general obligations from other states. Our analyst team covers this market closely and already has identified potential bonds that could be appropriate for this portfolio.

Sectors Allocation Gross Yield OAS Avg. Credit Rating Duration (Years) Treasury 45% 1.72 - AAA 0.85
Agency 35% 1.64 3 AAA 0.75
Taxable Muni 20% 2.42 30 AA- 1.25
Grand Total 100% 1.83 7 AA+ 0.90
Portfolio Composition
7 1.83

0.90 2 Years
Portfolio Characteristics
OAS
Gross Yield
Duration (Years)
Final Maturity
Sector Allocation Rating Distribution
45%
35%
20%
Treasury
Agency
Taxable Muni 82%
13%
5% AAA
AA
A
17 Central Coast Community Energy
Composite 1: Ultra Short Duration: High Quality
as of 12.31.21
18 Central Coast Community Energy
Composite 2: Cash Management: High Quality Credit as of 12.31.21 19 Central Coast Community Energy

6. Briefly describe CONTRACTOR investment management philosophy, including its approach to managing public sector portfolios.

Our US Fixed Income team employs a fundamental analysis process to construct diversified, customizable portfolios of high quality fixed income securities that aim to deliver consistent excess returns (income) with low volatility. Our bottom-up, fundamental process is combined with robust, top-down risk management tools designed to meet our objectives of principal preservation, liquidity and consistent excess returns over the long term.

We have developed expertise in managing portfolios for public entities and are well versed in managing to a variety of state statutory constraints and Government Accounting Standards Board (GASB) pronouncements. We provide reporting to many public clients subject to GASB and work with them to ensure their reporting needs are met.

7. How frequently does CONTRACTOR formulate and review fixed income strategy? How is that carried out and who is involved?
CCCE’s account will be managed by Brian Svendahl, CFA and Brandon Swensen, CFA. They will be responsible for the daily portfolio management of the City’s account and oversee the positioning of its investments. They will be supported by the expertise and research of the sector-focused analysts and other portfolio managers on our US Fixed Income team.

While Brian and Brandon have ultimate responsibility for the portfolio, we manage portfolios with a team based approach and each of our US fixed income professionals have the ability and responsibility to ensure our approach reflects our best ideas.

We formulate strategy on an ongoing basis, i.e., hourly, daily, weekly or as the market dictates. In addition, we share ideas in regularly scheduled meetings. Our US fixed income professionals are dedicated to thoroughly understanding different segments of the fixed income market. Professionals meet at least once per week to discuss market conditions, trends and portfolio strategy.

In addition, the client’s institutional portfolio manager has in-depth knowledge of the client’s investment objectives, investment policy, portfolio strategy, portfolio composition and investment performance. He or she ensures that everyone working on the account understands and pursues the client’s investment objectives, and that RBC GAM-US is providing a high-level of relevant and effective service.

Our process to construct a US Fixed Income portfolio includes five areas of focus, each of which includes elements of risk management. These areas of focus are designed to tailor portfolio construction and manage risk systematically while providing consistent and repeatable investment results.

Managing to Client Objectives
The client is at the core of our investment process. We customize portfolios and tailor a unique investment solution for each of our US Fixed Income clients. We take full advantage of what a client’s investment policy allows and build portfolios to fit each client’s objectives, return expectations and scenario and risk tolerances.

Through client consultation, we select an appropriate benchmark for a client’s portfolio. We believe benchmarks should properly reflect a client’s investment goals, liquidity needs (liabilities) and risk tolerance.

Active Sector Allocation
We actively manage sector allocation weightings to seek consistent income and capital preservation. 20 Central Coast Community Energy
Evaluating Securities and Capturing Opportunity
Our sector research teams apply fundamental and other critical analysis to evaluate sectors, issuers and securities on an ongoing basis. This practice includes:
• Fundamental analysis to determine the relative attractiveness of securities • Technical assessments of issuer’s securities that focus on market supply and demand • Analysis of both short-term and long-term valuation relative to the available investment universe
• Liquidity analysis
We believe we efficiently implement our best ideas because:
• All of our US Fixed Income portfolio managers and analysts work in an open floor plan and operate in a flat organizational structure
• Our sector research teams are empowered to act and execute trades in areas of the fixed income market in which they specialize
• This unified, team-oriented approach streamlines portfolio execution that we believe maximizes price discovery
Tailoring Portfolio Construction
Our portfolio construction focus emphasizes: high quality securities, sector exposure limits, the client mandate and policy compliance controls and protocols, independent compliance reviews, and emphasis on yield income to provide consistent cash-flow and support portfolio’s investment performance.

Monitoring the Portfolio
Portfolio surveillance is an ongoing process. We use our proprietary risk analytics platform, which we developed internally. Our proprietary platform quantifies interest rate, credit, volatility, prepayment, liquidity, and inflation risk across multiple time horizons, security types, quality bands and industries.

We monitor daily account summaries of duration, yield, weighted average life, and sector weightings for individual accounts, strategies, and benchmarks.

On a monthly basis, the Director of Investment Risk meets with the firm’s CIO to review each strategy’s risk and return profile. These meetings are part of the firm’s risk management oversight.

Please refer to our response in Section 3, question 1, above, for the organizational chart showing our portfolio management, risk management, client service and investment policy compliance teams.

8. Describe CONTRACTOR allocation and investment management process for initial allocations, subsequent deposits, and rebalancing. How frequently does CONTRACTOR review portfolios to ensure compliance with investment policies? How frequently does CONTRACTOR rebalance?
Initial On-boarding Process
RBC has a well-established onboarding process, greatly facilitating the establishment of investment management portfolios for our new clients. As part of the onboarding process:
• The Client Service team will meet with CCCE to introduce the assigned investment team, review the current portfolio, review CCCE’s cash flow and future liability needs, recommend an investment strategy and obtain client and custodian information and reporting needs • The Client Service Portfolio Administration team will add the new account information to Eagle and Charles River and will work with CCCE’s custodian to facilitate setup for trade settlement and proxy voting
• The Portfolio Compliance team will
21 Central Coast Community Energy
- Review CCCE’s investment policy to understand the current requirements, investment policy, risk profile and statutory constraints
- Develop a compliance profile that is used to check policy compliance initially and on an ongoing basis
- Code CCCE’s restrictions and guideline rules in Charles River and test any unique new rules prior to the new account commencing trading
• The Trade Support team will set up the new account in Omgeo OASYS, Omgeo Alert and the delivery instructions application to facilitate trade affirmation and settlement • The Portfolio Administration team will
- Conduct the initial reconciliation between the custodian and the portfolio accounting system for holdings and cash prior to the commencement of trading - Code the management fee in Broadridge REVPORT
• The Client Service Portfolio Administration team will note any customized reporting requirements and log the entire onboarding process in Salesforce.com.

After all of the portfolio information and client requirements have been accurately gathered and reviewed, we will begin trading the account.

Continual contact is important for any assignment, particularly during implementation. The IPM assigned to the account, is responsible for ongoing conversations with the client to ensure the highest quality of service throughout the setup process, which we estimate would take two to four weeks.

Amy Carlson, Institutional Portfolio Manager, would attend these meetings, with the support of Randy Harrison and members of the investment staff as needed.

Initial Duration and Curve Positioning
We will build a portfolio that is generally neutral in duration compared to the selected benchmark.

Within a risk budget framework using tracking error and value-at-risk, we target a duration profile that aligns expected, and stress-tested, return expectations that carefully match CCCE’s stated risk tolerance. We do not actively make bets on the expected direction of interest rates.

Liquidity
A key component of our investment philosophy includes a focus on liquidity. Our focus is important both to meet portfolio outflows as well as provide a means to rebalance key risks within the portfolio even during times of stress when general liquidity levels ebb.

Our philosophical approach reflects the high value we place on maintaining liquid portfolios comprised of securities that support that objective. First, liquidity of each security is assessed at the point of purchase and on an ongoing basis. We consider the depth of market issuance, trading flows and number of potential buyers/sellers. Moreover, we consider factors such as maturity, strength of issuer and a security’s structure. At a portfolio level, RBC GAM-US uses both an S&P model as well as our own proprietary system to reveal the liquidity stress points. These models assess our client accounts’ sensitivities to the combined impact from sudden outflows that might occur in conjunction with stressed markets.

RBC GAM-US collaborates with our clients and tailors our approach to appropriately manage liquidity tolerances. Specifically, we work with clients to set expectations on portfolio liquidity, turnover and gain/loss objectives, which should be clearly stated, and determine the active trading strategy of the portfolio.

Compliance
22 Central Coast Community Energy
Before managing a new account, our investment, client service and investment policy compliance professionals meet to review CCCE’s investment policy, internal guidelines and state statutes to ensure there is a clear and consistent understanding of all, and provide recommendations if needed.

The chart below diagrams our investment policy compliance flow:

The Investment Policy team is responsible for coding compliance guidelines into our trading platform, Charles River, which we use to conduct automated compliance monitoring. Charles River is also used for portfolio modeling, order generation and trade execution.

Currently, more than 95% of our 1,150 rules are tested on an automated basis. Investment restrictions that cannot be automated are risk assessed and tested manually at least monthly by an investment policy analyst. Based on the risk assessment, testing may occur as frequently as daily.

Trade orders are subject to both pre- and post-trade compliance. All portfolios undergo a batch compliance process three times per business day to address changes in portfolio values and cash flows.

Charles River is designed to generate an exception when it identifies a trade or position that may violate a client’s investment policy. All exceptions are immediately reviewed by an investment policy analyst to determine if an actual error has occurred. The analysts have reporting lines independent of the portfolio management team and are the only professionals who are able to override compliance alerts.

Outside of regular on-going communication with our clients, RBC GAM U.S. also conducts an annual IPS review with all clients to confirm that we are operating under the most current investment policy statement, guidelines and statutory law if applicable.

9. What are the primary strategies for adding value to portfolios (e.g., market timing, credit research, trading)?
We customize our clients’ portfolios to address their unique needs and requirements, accounting for a client’s investment guidelines and objectives as well as our analysis of scenarios and risk.

We add value through bottom-up fundamental security selection, selecting those securities that fundamental analysis shows carry the highest levels of intrinsic value. Each security under consideration is subject to ongoing qualitative, quantitative and structural research. Our strategy is to 23 Central Coast Community Energy
capture an income advantage that will deliver excess returns over the long term. We believe that this systematic security selection approach contributes the most consistently to the alpha of the portfolio.

The fundamental focus on security selection allows us to take advantage of key market inefficiencies.

From time to time, we make tactical allocations to floating rate securities that offer attractive income spread but with low interest rate volatility. We look for opportunities that can add incremental income within a risk budget framework.

We build portfolios that are generally duration neutral and we do not actively make bets on the expected direction of interest rates. We avoid large duration calls, as interest rate anticipation is not aligned with consistent excess returns.

10. How are portfolios managed (e.g., by team, individual manager)? What is the back-up when the manager is away?
As discussed in our response to Section 3, Question 1, above Senior Portfolio Managers Brandon Swensen, CFA and Brian Svendahl, CFA oversee the research, portfolio management and trading for all of our US Fixed Income strategies. They are supported by the expertise and research of the sector-focused analysts and other portfolio managers on our US Fixed Income team.

The team is based in our Minneapolis office. The lead portfolio managers and sector teams average 19 years of experience. Our team approach provides consistency in portfolio management if one portfolio manager is temporarily away.

Our team is structured to discuss and act on investment decisions in real time as they are identified.

Analysts are responsible for discovering opportunities, identifying risks and presenting recommendations to portfolio managers. We believe this structure is a competitive advantage as continuous communication between analysts and portfolio managers allows for faster and better informed decision making.

11. How will CONTRACTOR handle fluctuating cash and additional deposits? Our Institutional Portfolio Management team will frequently communicate with CCCE to ensure that liquidity needs are met and we are aware of anticipated draw downs.

RBC GAM-US has a number of robust systems to assist CCCE with its cash flow estimates as daily liquidity is a requirement for many of our accounts. In addition to our operational strengths for daily liquidity, one of the services we offer our US fixed income clients is cash flow forecasting. This forecasting uses our portfolio accounting system, which provides reporting on anticipated settlements, maturities and income postings. A thoughtful review of CCCE’s last three years of cash flow history, combined with discussions of any significant budget issues or changes, will give us valuable insight regarding future cash flow needs and portfolio positioning requirements.

We will position the portfolio to maintain liquidity for both anticipated and contingent outflows while seeking safety of principal and aiming to maximize CCCE’s return on investment within appropriate risk specifications.

Investing in liquid securities will allow us to be flexible in accommodating unanticipated funding needs and fulfilling portfolio positioning requirements. Therefore, untimely sales typically would not negatively impact returns for CCCE’s.

12. Describe CONTRACTOR work plan for the first 60 days of the contract.

Following our on-boarding process, RBC GAM-US approaches our portfolios based on our investment philosophy, which uses fundamental analysis to invest in securities with the most 24 Central Coast Community Energy
attractive risk adjusted returns. We construct portfolio from a bottom-up approach rather than a top-down sector allocation that relies on projecting returns/risk adjusted returns for sectors.

One of the defining characteristics of our investment approach is that portfolios are constructed by adding attractive securities within the confines of the investment policy statement. As this construction occurs, the Investment Risk Management team analyzes the portfolio for any market bias that may be forming within the portfolio. Our Investment Risk Management informs our portfolio managers of how each portfolio is positioned, particularly relative to its reference benchmark via 1) continuously updated portfolio risk analytics/reports, 2) simulated portfolio performance tracking relative to benchmarks across multiple assumed rate paths and 3) scheduled and informal meetings to discuss portfolio positioning relative to the benchmarks. We view this approach as being very sound especially given the majority of our fixed income performance arises from carrying an income advantage generated from sound investments combined with the ability to frequently rebalance shorter portfolios designed with a liquidity objective.

The team assigned to CCCE’s account will be available to CCCE’s staff in person at scheduled meetings and via telephone and email. We recommend frequent communication at the onset and then formal quarterly meetings to discuss portfolio performance and positioning, as well as a review investment objectives and the outlook for the markets. These meetings would be attended by Institutional Portfolio managers Amy Carlson and Randy Harrison We believe it is critical for frequent communication to occur between CCCE’s staff and the investment team assigned to the account to discuss:
• Upcoming cash flows
• Strategic positioning
• Recommended policy revisions
• Benchmarking
• Liabilities
• Security transactions
• Market activity
Amy Carlson and Randy Harrison will likely meet with CCCE more frequently in the initial stages of the relationship. The team assigned to the account would function as an extension of CCCE’s staff.

Risk Management & Research Capabilities

1. What oversight is there of portfolio managers?
The professionals assigned as decision-makers to accounts sign off on final trading for the accounts.

We have several procedures in place which minimize the risk of these professionals acting outside of their given latitude in executing trades.
• Trading, trade settlement and cash reconciliation are separate functions within the organization and keep independent records of a trade before it settles in a client account. We use Omgeo OASYS as a trade allocation and verification service to communicate trade allocation details with broker/dealers. Trading activity is formally reviewed by the co-heads of our US Fixed Income team and happens in an open and transparent environment. • During trading, Charles River, our compliance and trade management system, provides alerts of trades that may violate a client’s investment policy. Orders are subject to both pre- and post-trade compliance.
• The institutional portfolio manager assigned to an account regularly reviews transactions for the account.

The Investment Risk Oversight Committee at RBC GAM-US meets monthly and oversees the investment risks taken in each of the RBC GAM-US investment strategies. These risks include 25 Central Coast Community Energy
market risk, liquidity risk, counterparty risk and other risks that may cause a strategy's return to vary from expectations. The committee also monitors changing market and economic conditions that could affect investment expectations.

In addition to the Investment Risk Oversight Committee, the following committees exercise oversight responsibilities of portfolio managers and actions taken within investment portfolios at RBC GAM-US:
• Executive Committee
• Compliance Committee
• Equity Trading Oversight Committee
• Fixed Income Trading Oversight Committee
• Investment Policy Committee
• Product Strategy Committee

2. Describe the manual and electronic controls in place to guarantee that the investments conform to CCCE’s policies and to state law.

Before managing a new account, our investment, client service and investment policy compliance professionals meet to review the client’s investment policy, internal guidelines and California state code and ensure there is a clear and consistent understanding of all, and provide recommendations if needed. We also discuss applicable federal, state and other securities laws before outlining our compliance monitoring strategy for the account.

Please refer to Section 3, question 8, for information on the manual and electronic controls we have in place to manage compliance with CCCE’s policies and state law.

3. Describe the ongoing daily investment procedures proposed for the portfolio, including procedures for trades, security choice, controls, etc., Trade oversight and authorization
Trades are executed by the portfolio managers and analysts on our US Fixed Income team. Each professional has his or her own designated areas of expertise and accountability. RBC GAM-US believes our team-based structure enhances our ability to recognize and respond quickly to the nuances of opportunity and risk in the US fixed income market.

Our US Fixed Income team is intentionally designed, both in terms of responsibilities and physical setup, to foster the best possible trading execution and implementation for our clients. Importantly, upon consultation and strategic direction from portfolio managers, our analysts are empowered to trade. This allows our team to efficiently identify relative value in the market and to be nimble at implementing our opinions. In our experience, valuable information and needed urgency are both lost when analysts, portfolio managers and traders are not sitting together in the same physical location.

Our US Fixed Income research team, Investment Risk Management team and Client Service team collaborate together in one location on an open trading desk where ideas, opportunities, risks and client needs are discussed on a continual basis.Trading activity occurs with the oversight of the head of the US Fixed Income Group.

Broker/Dealer Counterparty management
Our US Fixed Income team selects broker-dealers from an approved list based on their execution capabilities, investment ideas, research capabilities, accessibility and financial responsibility.

The RBC GAM-US Fixed Income Trading Oversight Committee is responsible for evaluating brokers and determines which broker-dealers are added or removed from the approved list. Evaluation factors include, but are not limited to, financial condition, regulatory history, competitiveness, execution quality, promptness of execution, ability to seek and find liquidity and overall responsiveness. 26 Central Coast Community Energy
RBC GAM-US tiers counterparties based on their capabilities and monitors their performance on an ongoing basis. We evaluate the credit worthiness of securities to be purchased from these institutions by researching current and historical data, risk and appropriateness for each specific client portfolio.

In deciding to remove a broker from the approved list, the Fixed Income Trading Oversight Committee may rely on information and analysis obtained from a third party firm, compliance reviews or on the traders’ direct experience with the broker.

Trade Settlement
Our trade settlement professionals verify that trade details match the broker confirmations, and that the custodians receive this information in a timely manner. Depending on client and custodian preferences, we can employ various methods to automatically communicate trade information to custodians including SWIFT messaging.

Best Execution
Our US fixed income professionals seek to minimize trading expense through optimal trade execution. In all cases, our US Fixed Income team pursues best execution at the best possible price for both purchases and sales, which is aligned with the goal of maximizing portfolio performance for its clients. The approach of our US fixed income professionals makes every attempt to solicit multiple bids and offers while recognizing the over-the-counter nature of fixed income trading that at times requires execution with a single dealer.

Our US Fixed Income team identifies trading opportunities through several primary means:
• Sourcing bonds through both primary (new issue) and secondary offerings • Analyzing information on electronic trading venues to monitor available supply, valuations and recent trading activity
• Maintaining strong relationships with trading counterparties to facilitate buying and selling of our focus list of issuers
Firm Operational Oversight and Risk Management
There is a culture of risk management woven throughout RBC GAM-US—from Internal Audit Services and Group Risk Management at the RBC enterprise level to a sophisticated investment risk management platform developed by RBC GAM. To protect our clients, we believe in combining global best practices and control functions with local expertise.

We govern four areas of risk with three lines of defense:
27 Central Coast Community Energy
First Line of Defense
RBC GAM-US has a dedicated seven-person Investment Risk and Performance team, but also believes that risk management is the responsibility of everyone at the firm.

Our risk management program consists of three components:
• Risk assessment
• Testing and oversight
• Ongoing training
Risk Assessment
Annually, our primary business activities are assessed based on the inherent risks they pose to our clients and business. Any incremental changes are assessed quarterly. Our Investment Risk and Performance team manages this process, incorporating critical input from our Compliance team and each risk owner.

Testing and Oversight
Testing and oversight functions reside with teams independent of investment management and, in some cases, independent of RBC GAM-US. The reporting structure within the firm ensures that proper checks and balances are in place and that we make appropriate, objective decisions that put our clients’ interests first.

Risk management: The Investment Risk and Performance team reports to both the Chief Operating Officer–US and the Chief Executive Officer, President & Chief Investment Officer of RBC GAM-US and has direct accountability for:
• Investment risk management
• Security valuation
• Investment performance
• Operational risk
28 Central Coast Community Energy
Investment policy compliance: The Investment Policy team reports to the Chief Operating Officer–US and is responsible for all aspects of investment policy compliance at RBC GAM-US including:
• Establishing rules in Charles River
• Monitoring and resolving alerts and violations
• Monitoring individual orders before and after trading for compliance with clients’ investment policies
• Testing portfolios for investment policy compliance three times per business day Investment policy exceptions, trade errors and the investment policy compliance function are overseen by the Investment Policy Committee.

Training
Employees keep current on applicable policies and procedures through training. Training may be specific to and delivered by RBC GAM-US. Alternatively, training may be provided by the larger enterprise, allowing RBC GAM-US to take advantage of the deep risk management and compliance resources of RBC.

Second Line of Defense
Regulatory compliance: The Compliance team reports to the Global Head of Compliance for RBC GAM and locally to the Chief Operating Officer–US. The Compliance team is responsible for the administration of the compliance program, which includes the development and implementation of policies, monitoring and testing of policies, procedures and controls. Representatives from the Compliance team are members of the following RBC GAM-US committees:
• Equity Trading Oversight
• Fixed Income Trading Oversight
• Investment Policy
• Management
• Proxy
• Valuation
RBC’s Group Risk Management (GRM) teams sit outside of RBC GAM-US and provide a governance structure that includes establishing risk appetite, key risk indicators (KRIs) and reporting. These teams serve as an independent control function on the activities of RBC GAM-US.

Third Line of Defense
RBC’s Internal Audit Services (IAS) team provides independent, objective risk assessment and evaluation of the adequacy and effectiveness of risk management practices, internal controls and governance processes for all areas of RBC. RBC GAM-US is subject to comprehensive audits by IAS on a periodic basis.

4. Outline the errors and omissions (professional liability) and fidelity bond coverage carried by CONTRACTOR. Provide a valid, current Certificate of Insurance.

The insurance coverage of RBC GAM-US is summarized below. We have attached our certificates of insurance.

Errors and Omissions
• $25 million per occurrence and in aggregate
• Coverage is provided by ACE American Insurance Company, XL Specialty Insurance Company, Berkshire Hathaway Specialty Insurance Company, Arch Insurance Company and Axis Insurance Company
29 Central Coast Community Energy
• Covers our fiduciary responsibility to our clients, which includes coverage with respect to any loss resulting from a breach of our fiduciary duties
Fidelity Bond
• $25 million per occurrence and $50 million in aggregate • Coverage is provided by XL Specialty Insurance Company and Berkshire Hathaway Specialty Insurance Company

5. If CONTRACTOR is hired, will it serve as a fiduciary in its role as an investment advisor to CCCE while providing the investment management services, we are seeking? If no, describe objections or limitations.

Yes, In accordance with Section 206 of the Investment Advisers Act of 1940, as amended, RBC GAM-US accepts fiduciary responsibility in managing clients’ assets.

6. Describe CONTRACTOR research capability.

Independent, fundamental research is the foundation of our investment process. Our capabilities include: 1. An experienced research team dedicated to fundamental, bottom-up analysis, 2. Distinct and specialized areas of expertise among team members, 3. Quantitative risk modeling from our Investment Risk Management team and analytics platform, 4. Ongoing communication of research ideas facilitated by an open floor plan, and 5. External research sources used as a supplement to internal research
These capabilities are described in further detail below.

1. Our Experienced Research Team: Research is conducted by the team’s 15 portfolio managers, analysts and specialist who together have, on average, 22 years of experience in the investment industry. Eight of these professionals have earned the CFA designation.

2. Distinct and Specialized Areas of Expertise: Brian Svendahl, CFA and Brandon Swensen, CFA oversee research for our US Fixed Income team. The remaining 13 portfolio managers, analysts and specialist collaborate with expertise focused in different market segments.

Each professional has her or his own designated areas of expertise and accountability. We believe our team-based structure enhances our ability to recognize and respond quickly to the nuances of opportunity and risk in the US fixed income market. In addition, RBC GAM Chief Economist Eric Lascelles provides weekly commentary on the economy and joins our research call monthly to provide a macroeconomic view.

3. Quantitative Risk Modeling: Our researchers benefit from the firm’s Investment Risk Management team, which helps quantify and assess many types of risk in the firm’s investment strategies.

4. Ongoing Communication: Communication of research ideas is ongoing. The research professionals have formal weekly meetings to discuss value trends, issuance activity and sector outlooks. We have an open floor plan that enables us to discuss ideas easily across the trading desk. The firm’s professionals also leverage technology so that insights are shared efficiently throughout the team.

5. External Research Sources: We supplement our proprietary research with external information provided by major national vendors.
30 Central Coast Community Energy
Credit Research Specialists
RBC GAM-US assigns credit research to specialists. Our US Fixed Income team has six credit researchers. These professionals have, on average, 15 years of experience in the investment industry. In addition, four of these six professionals have attained the CFA designation. While 100% focused on investment grade credit research, these professionals have diverse backgrounds including investment grade credit, high yield, distressed debt, equity, public accounting and quantitative research.

7. What percentage of CONTRACTOR research is conducted in-house? All of our research is created internally, although we are aware and assess external reports regarding the industry to develop our mosaic of the market. Our team is intentionally structured to research, analyze and develop independent opinions on all US fixed income sectors and securities.

Fundamental proprietary research is critical to delivering high quality outcomes for our institutional clients. After the financial crisis, we took an additional step and invested in building ASCERO, a proprietary risk management system, which is continuously developed and maintained by a team of risk analysts to support our institutional US fixed income business.

8. What role does research play in CONTRACTOR’s evaluation of risks and its allocation and rebalancing actions?
Downside risk protection and the preservation of capital is inherent in our philosophy and process.

Our bottom-up, fundamental process is combined with robust, top-down risk management tools.

Downside risks are managed through both our philosophy—which drives security selection and strategic positioning—and through ASCERO, our proprietary technology that measures and models portfolio performance and risk characteristics.

RBC GAM-US strategically positions our portfolios with an income bias investing in a well-diversified portfolio of high quality securities that fundamental analysis shows as offering the best relative value.

Typically, we avoid industries that are more volatile (or higher beta). For example, we are typically underweight oil and gas and avoid companies dedicated to exploration, but we favor diversified producers within the oil and gas sector. Similarly, we may be overweight or neutral to financials overall while generally avoiding REIT issues.

We tend to perform best when the market experiences bouts of volatility/uncertainty and also across longer periods. Our slightly defensive posture supports relative returns when the market shows risk aversion. Longer periods allow our bias for an income advantage to emerge and dominate moves in market prices.

Our credit selection process takes measures to manage downside risk. We use strict diversification controls to limit the impact of event risk in our corporate bond portfolios.

We avoid reaching for yield by strictly adhering to our disciplined underwriting process. Our credit underwriting process of focusing on stable or improving credits serves as a natural strategy to minimize the risk of a default in the portfolio. We employ a sell discipline of reducing the weight or removing positions completely from the portfolio when credit profiles change and move from stable or improving to a deteriorating profile. A deterioration can be due to adverse industry trends, management actions, external factors or competitive forces. We closely monitor company liquidity and activity in short-term funding markets. Increasing supply and rising yields in the commercial paper market are signals that a company may be unable to fund itself. We consider this to be an early indication of stress and is a clear indication to sell.

We avoid investing in companies with limited business transparency and aggressive management teams. Company policies related to aggressive accounting practices and mergers and acquisitions strategy or insufficient company oversight will increase the chance of fraud or other business risks. 31 Central Coast Community Energy
We avoid industries experiencing rapid change or business models that are of a black box nature.

During the financial crisis, this avoidance resulted in zero exposure to bonds issued by Lehman Brothers. Our portfolios did not experience any defaults before, during or after the financial crisis of 2008.

In the event of negative excess performance, we would look to tighten our risk controls and tracking error to limit further downside risks, maintaining performance and liquidity objectives. The US Fixed Income team builds portfolios that are generally neutral in duration compared to the benchmark and that may consist of higher quality securities than the benchmark. We focus on security selection and curve exposure while tightly controlling duration, call and extension risk that, if not closely monitored, could cause the investment cash flows to change. We avoid large duration calls, as interest rate anticipation is not aligned with consistent excess returns.

Risk management is explicitly and continuously woven into the fabric of our investment process.

Our commitment to risk management is evidenced by the investment we made developing our proprietary risk and analytics platform, ASCERO, which our portfolio managers use to generate analyses including:
• Scenario Analysis – How will a portfolio react to interest rate changes, spread volatility, deteriorating liquidity, or other factors?
• Risk Profiling – How can we strategically avoid unwanted downside exposures? • Strategy and Sector Replacement Analysis – How will the risk profile of a strategy change for a given change in mandate restrictions?
• Expected Return Analysis – What are the forward-looking base case and shock case return expectations for a strategy?
Portfolio surveillance is an ongoing process. We monitor daily account summaries of key risks and portfolio statistics. Our systems show real-time exposures and provide a direct means of assessing each portfolio’s current positioning within its risk budget.

Our US Fixed Income team also works closely with RBC GAM’s Global Risk Management team.

Michael Hamp, Vice President, Head of Investment Risk Management, leads the Global Risk Management team. He oversees the Investment Risk Management team located in Minneapolis, comprised of:
• Patrick Sonmene, CFA, Investment Risk Analyst
• Ly Hsieh, Investment Risk Analyst
Our Investment Risk Management team works with our US Fixed Income team and actively engages with its portfolio managers, analysts and strategist to strategically manage risk in our clients’ portfolios.

Reporting Capabilities

1. Describe the investment accounting and reporting system used by CONTRACTOR.

RBC GAM-US uses a variety of proprietary and vendor systems for portfolio management, accounting and reporting. We have invested significant resources to develop state-of-the-art systems and tools that enable us to deliver the highest quality of asset management services to our clients.

The primary risk model is Factset's multi-asset class risk model, complemented by proprietary risk and attribution tools. We also use Intex, Bloomberg and TM3. 32 Central Coast Community Energy
Our primary portfolio accounting system is Eagle STAR, which allows for seamless integration with external data providers and straight-through processing of information from internal applications.

Charles River assists our portfolio managers and analysts in portfolio modeling, automated account allocation and rebalancing, compliance, trade routing and trade execution. We use SWIFT to send trade information electronically to our custodians.

To integrate our application suite, RBC GAM-US uses Eagle PACE as a data hub and warehouse.

PACE allows for automated data validation, conversion and delivery, while also providing an extensible and robust database structure for storage of multi-source time series data. We use Bloomberg, Tradeweb, MarketAxess and ASCERO in our research and investment process.

Finally, to coordinate our client management efforts firm-wide, RBC GAM-US uses Salesforce.com, a vendor-provided client relationship management system. Salesforce.com is a repository of client account information, ensures logging of all client contact and communications and electronically notifies every team member of each client’s status and needs.

2. Is a client portal available? If so, what kind of information is available in the client portal and for how long?
Yes, we offer online reporting. Reports can be mailed, emailed or viewed via our secure client-only website. Client reports remain available online indefinitely.

Our client site is protected by an SSL certificate with 128-bit encryption and requires a user ID and password. Clients have view-only access to reports on the site.

In addition, our public website (https://us.rbcgam.com/) provides information in the following areas:
• Investment strategies
• Mutual funds
• Economic research
• Market research
• Firm overview, news and professionals

3. CCCE expects a monthly report on CCCE’s investment portfolio that can be included in the Monthly Treasurer’s Report to its Board. Describe the format of reports that you would provide to CCCE and when. How many days after the end of the month will reports be made available to CCCE?
RBC GAM-US can provide current month-end, quarterly and historical portfolio transaction, income and valuation history through our secure client-only website that contains a full history of reports for each client. Reports are available in PDF format and portfolio holdings and transactions are available in Excel format via our client-only website.

RBC GAM-US would work with CCCE to meet reporting content and timing needs. We typically provide investment performance measurement reports to clients monthly. Our reporting system is flexible and provides comprehensive information on portfolio performance, holdings and transactions.

RBC GAM-US provides reports generated based on final, reconciled data and reviewed by our client reporting team prior to release.

The standard report includes:
• Performance relative to the benchmark chosen by the client • Asset allocation
33 Central Coast Community Energy
• Portfolio statistics
• Portfolio holdings
• Transaction records (Purchase and sales detail)
• Ratings changes
A sample of our client reporting is provided under Tab III. Any information a client requires that is not available in the sample client report would be provided in an additional summary report.

RBC GAM-US reports should not be considered a substitute for custodian statements and we urge our clients to compare our reports to those provided by their custodian.

Clients can also obtain customized reports and information as needed through their direct access to designated portfolio managers, client service professionals and portfolio administrators.

Reports are typically available the fifth business day of the following month. 34 Central Coast Community Energy
Section 4: Proposed Scope of Work
CONTRACTOR shall include proposed SCOPE OF WORK as outlined in Section 5.0 herein.

Within the parameters of CCCE’s investment policy and California code, RBC GAM-US will aim to develop and implement sound investment strategies with the intention of maximizing performance through a high quality, diversified portfolio with attractive risk-adjusted returns.

As part of the investment process, RBC GAM-US will evaluate the liquidity and market risk of the portfolio with the intention of minimizing negative impact and limiting risk of potential loss.

RBC GAM-US will manage CCCE’s investment portfolio in accordance with the requirements of CCCE’s Investment Policy and California Code.

RBC GAM-US investment team’s analysis framework will be shared with CCCE, including, but not limited to, fundamental market and economic research, duration positioning, yield curve analysis, credit rating evaluation, and volatility assessment. This research may be provided through regularly distributed economic and market reports, as well as through scheduled and ad hoc reporting requests.

RBC GAM-US will assist CCCE with cash flow and maturity analysis related to the securities held in the investment portfolio.

Through our in-house research capabilities, RBC GAM-US will independently assess and monitor the creditworthiness of investments in the portfolio and financial institutions with which trading is conducted.

The investment team will independently assess the credit profile of each issuer, regardless of agency rating.

RBC GAM-US will provide online access to reporting on the investment portfolio holdings, risk profile, and performance. Reports will be distributed on a monthly, quarterly, and annual basis, and whenever requested by CCCE. Reporting content will include, but is not limited to, performance, composition, risk, sector analysis, weighted average maturity, performance objectives, and policy compliance. The RBC team will be available to meet with CCCE to openly discuss report results, current market outlook, and other topics of CCCE’s choosing.

At CCCE’s request, RBC GAM-US will actively participate in quarterly staff and Board meetings, providing research, insight, and data in connection with the services provided.

A dedicated and independent compliance team at RBC GAM-US will continually test portfolio compliance and trading with the intention of adhering to applicable policies and law. A periodic compliance certification can be provided upon request.

RBC GAM-US will work with CCCE to recommend an appropriate performance benchmark to assist with evaluation of CCCE’s investment portfolio.

RBC GAM-US will work with CCCE to providing reporting information to support monthly, quarterly, and annual financial statement preparation as related to the investment portfolio, including annual audit inquiries and reporting..

In addition to the specific scope of work outlined above, RBC GAM-US intends to provide usual and customary services as provided by a Registered Investment Advisor. 35 Central Coast Community Energy
Section 5: Fee Schedule

1. Provide a comprehensive fee proposal outlining any one-time, up-front fee and ongoing fees for all services including, but not limited to asset allocation recommendations, asset management (including underlying fund or manager fees), funding analysis, trust document and trustee/custodial services including asset-based and fixed fees.

Our fee proposal is based on the services outlined in the Scope of Work, including the following:
• Portfolio onboarding
• Investment policy development and review
• Asset management of customized investment portfolios
• Ongoing investment advisory services, including asset allocation recommendations • Assistance with funding analysis, including cash flow analysis and forecasting • Portfolio management by experienced professionals
• Comprehensive reporting with performance comparisons
• Coordination of trade settlement with custodian
• Economic and market updates
• Regular investment meetings
• Competitive institutional trade execution
• Interaction and coordination with CCCE’s accountants
RBC GAM-US does not offer trustee or custodian services. CCCE would be responsible for selecting the custodian of its choice for the custody of securities invested for this account.

RBC GAM-US works closely with many custodians. We firmly believe in the advantages of a qualified, independent, third-party custodian and concur with the spirit of GASB Statement No. 3.

Regardless of the custodian selected by a client, a dedicated portfolio administrator reviews cash balances, portfolio holdings and transactions for each account daily. We review any discrepancies with the custodian and resolve them promptly.

2. Please provide a fee proposal based on Average Assets Under Management of between $75 million and $200 million with a breakdown of fees as funds increase. Fund increases should be modeled in $25 million increments
We are proposing the following fee schedule for a managed separate account for CCE.

First $75 million at 8 basis points
Next $25 million at 8 basis points
Next $25 million at 6 basis points
Next $25 million at 6 basis points
Next $25 million at 6 basis points
Next $25 million at 6 basis points
If assets are lower than $100 million for the billing period the portfolio fees will be 10 basis points on all assets.

3. Please describe the account structures associated with fees and different levels of assets under management.

The fees proposed are for a separately managed investment portfolio structure. 36 Central Coast Community Energy

4. Fee quotes for investment services and consulting services (if applicable) should be shown separately.

Other than the management fees outlined in Section 5, Question 2, above, no additional fees for investment services or consulting services would apply.

5. List the expense ratios of funds/portfolios available.

As a separately managed investment portfolio, the proposed solution does not intend to utilize commingled vehicles or funds as part of the investment strategy, therefore additional fund expense ratios would not be applicable.

6. Describe in detail any surrender, withdrawal, or deferred sales charges within products.

Describe any fee related to transfer of assets and restrictions or costs related to termination of a contract with your firm.

The investment portfolio does not intend to invest in products that have structural surrender, withdrawal, or deferred sales charges. All fixed income securities, however, are subject to market price fluctuation which may impact valuations if sold prior to maturity.

Other than the management fees outlined in Section 5, Question 2, above, RBC GAM-US does not impose fees related to transfer of assets, place restrictions or charge costs related to termination of a contract with our firm.

7. Is there a minimum fee requirement? If so, what is the basis for such a fee? A specified minimum fee will not apply to this investment portfolio. Please note, however, if assets under management are lower than $100 million for the billing period the portfolio fees will be 10 basis points on all assets.

8. Describe in detail any revenue sharing agreements you have with any insurance providers, investment managers and/or sub-advisors and any remuneration you derive for providing services to such entities. Include any 12b-1, service, distributor, or platform fees you derive from the investment managers and/or sub-advisors.

For the services provided under this proposal, no revenue sharing agreements with any insurance providers, investment managers, and/or sub-advisors, would apply, nor would we receive remuneration for providing services to such entities.

9. Describe any minimum investment periods, surrender, withdrawal, or deferred sales charges within your product
The proposed investment portfolio managed by RBC GAM-US is not subject to any minimum investment periods, surrender, withdrawal, or deferred sales charges.

10. If CONTRACTOR, its parent, its subsidiaries, other subsidiaries of its parent and/or its affiliates provide transaction banking and investment banking services, please detail any discounts that may be applicable to those services if CONTRACTOR is retained to manage CCCE’s Investment Portfolio
RBC GAM-US negotiates fees on a case by case basis. Our fees are based on a sliding scale and vary due to:
• Investment strategy
• Account and relationship size
• Client service requirements
37 Central Coast Community Energy
We strive to make our fees competitive and existing relationships, including investment banking and transaction banking, are factors for consideration in our fee proposals.

RBC GAM-US is not able to detail any pricing discounts that might be applicable to services provided by our affiliated business line entities.
38 Central Coast Community Energy
Section 6: Exceptions
We have reviewed the proposed Investment Management Agreement and have included a list of requested exceptions below.
39 Central Coast Community Energy
40 Central Coast Community Energy
Section 7: Appendix
We have attached requested and supplementary materials to our responses below, as indicated in our responses above.

FORM ADV

UNIFORM APPLICATION FOR INVESTMENT ADVISER REGISTRATION AND REPORT BY EXEMPT REPORTING ADVISERS Primary Business Name: RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. CRD Number: 107173 Other-Than-Annual Amendment - All Sections Rev. 10/2021 11/30/2021 5:31:52 PM
WARNING: Complete this form truthfully. False statements or omissions may result in denial of your application, revocation of your registration, or criminal prosecution. You must keep this form updated by filing periodic amendments. See Form ADV General Instruction 4.

Item 1 Identifying Information
Responses to this Item tell us who you are, where you are doing business, and how we can contact you. If you are filing an umbrella registration, the information in Item 1 should be provided for the filing adviser only. General Instruction 5 provides information to assist you with filing an umbrella registration.

A. Your full legal name (if you are a sole proprietor, your last, first, and middle names):

RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.

B. (1) Name under which you primarily conduct your advisory business, if different from Item 1.A.

RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.

List on Section 1.B. of Schedule D any additional names under which you conduct your advisory business. (2) If you are using this Form ADV to register more than one investment adviser under an umbrella registration, check this box If you check this box, complete a Schedule R for each relying adviser.

C. If this filing is reporting a change in your legal name (Item 1.A.) or primary business name (Item 1.B.(1)), enter the new name and specify whether the name change is of your legal name or your primary business name:

D. (1) If you are registered with the SEC as an investment adviser, your SEC file number: 801-20303 (2) If you report to the SEC as an exempt reporting adviser, your SEC file number:
(3) If you have one or more Central Index Key numbers assigned by the SEC ("CIK Numbers"), all of your CIK numbers:

No Information Filed
E. (1) If you have a number ("CRD Number") assigned by the FINRA's CRD system or by the IARD system, your CRD number: 107173 If your firm does not have a CRD number, skip this Item 1.E. Do not provide the CRD number of one of your officers, employees, or affiliates. (2) If you have additional CRD Numbers, your additional CRD numbers:

No Information Filed
F. Principal Office and Place of Business
(1) Address (do not use a P.O. Box):

Number and Street 1:
50 SOUTH SIXTH STREET
Number and Street 2:

SUITE 2350
City:

MINNEAPOLIS
State:

Minnesota
Country:

United States
ZIP+4/Postal Code:
55402
If this address is a private residence, check this box:

List on Section 1.F. of Schedule D any office, other than your principal office and place of business, at which you conduct investment advisory business. If you are applying for registration, or are registered, with one or more state securities authorities, you must list all of your offices in the state or states to which you are applying for registration or with whom you are registered. If you are applying for SEC registration, if you are registered only with the SEC, or if you are reporting to the SEC as an exempt reporting adviser, list the largest twenty-five offices in terms of numbers of employees as of the end of your most recently completed fiscal year. (2) Days of week that you normally conduct business at your principal office and place of business:

Monday - Friday Other:

Normal business hours at this location:
8 A.M. TO 4:30 P.M.
(3) Telephone number at this location:
612-376-7000
(4) Facsimile number at this location, if any:
612-376-7005
(5) What is the total number of offices, other than your principal office and place of business, at which you conduct investment advisory business as of the end of your most recently completed fiscal year?
3 G. Mailing address, if different from your principal office and place of business address:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

H. If you are a sole proprietor, state your full residence address, if different from your principal office and place of business address in Item 1.F.:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

Yes No
I. Do you have one or more websites or accounts on publicly available social media platforms (including, but not limited to, Twitter, Facebook and LinkedIn)? If "yes," list all firm website addresses and the address for each of the firm's accounts on publicly available social media platforms on Section 1.I. of Schedule D. If a website address serves as a portal through which to access other information you have published on the web, you may list the portal without listing addresses for all of the other information. You may need to list more than one portal address. Do not provide the addresses of websites or accounts on publicly available social media platforms where you do not control the content. Do not provide the individual electronic mail (e-mail) addresses of employees or the addresses of employee accounts on publicly available social media platforms.

J. Chief Compliance Officer
(1) Provide the name and contact information of your Chief Compliance Officer. If you are an exempt reporting adviser, you must provide the contact information for your Chief Compliance Officer, if you have one. If not, you must complete Item 1.K. below.

Name: Other titles, if any:

Telephone number: Facsimile number, if any:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

Electronic mail (e-mail) address, if Chief Compliance Officer has one:
(2) If your Chief Compliance Officer is compensated or employed by any person other than you, a related person or an investment company registered under the Investment Company Act of 1940 that you advise for providing chief compliance officer services to you, provide the person's name and IRS Employer Identification Number (if any):

Name:

IRS Employer Identification Number:

K. Additional Regulatory Contact Person: If a person other than the Chief Compliance Officer is authorized to receive information and respond to questions about this Form ADV, you may provide that information here.

Name: Titles:

Telephone number: Facsimile number, if any:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

Electronic mail (e-mail) address, if contact person has one:

Yes No
L. Do you maintain some or all of the books and records you are required to keep under Section 204 of the Advisers Act, or similar state law, somewhere other than your principal office and place of business?
If "yes," complete Section 1.L. of Schedule D.

Yes No
M. Are you registered with a foreign financial regulatory authority? Answer "no" if you are not registered with a foreign financial regulatory authority, even if you have an affiliate that is registered with a foreign financial regulatory authority. If "yes," complete Section 1.M. of Schedule D.

Yes No
N. Are you a public reporting company under Sections 12 or 15(d) of the Securities Exchange Act of 1934? Yes No
O. Did you have $1 billion or more in assets on the last day of your most recent fiscal year? If yes, what is the approximate amount of your assets:
$1 billion to less than $10 billion
$10 billion to less than $50 billion
$50 billion or more
For purposes of Item 1.O. only, "assets" refers to your total assets, rather than the assets you manage on behalf of clients. Determine your total assets using the total assets shown on the balance sheet for your most recent fiscal year end.

P. Provide your Legal Entity Identifier if you have one:
5493001UKNGG52025J43
Alegal entity identifier is a unique number that companies use to identify each other in the financial marketplace. You may not have a legal entity identifier.

SECTION 1.B. Other Business Names
List your other business names and the jurisdictions in which you use them. You must complete a separate Schedule D Section 1.B. for each business name.

Name: RBC GLOBAL ASSET MANAGEMENT
Jurisdictions
AL
AK
AZ
AR
CA
CO
CT
DE
DC
FL
GA
GU
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
PR
RI
SC
SD
TN
TX
UT
VT
VI
VA
WA
WV
WI
WY
Other:

List your other business names and the jurisdictions in which you use them. You must complete a separate Schedule D Section 1.B. for each business name.

Name: RBC GAM
Jurisdictions
AL
AK
AZ
AR
CA
CO
CT
DE
DC
FL
GA
GU
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
PR
RI
SC
SD
TN
TX
UT
VT
VI
VA
WA
WV
WI
WY
Other:

List your other business names and the jurisdictions in which you use them. You must complete a separate Schedule D Section 1.B. for each business name.

Name: ACCESS CAPITAL STRATEGIES
Jurisdictions

AL IL NE SC
AK
AZ
AR
CA
CO
CT
DE
DC
FL
GA
GU
HI
ID
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
PR
RI
SD
TN
TX
UT
VT
VI
VA
WA
WV
WI
WY
Other:

List your other business names and the jurisdictions in which you use them. You must complete a separate Schedule D Section 1.B. for each business name.

Name: RBC GLOBAL ASSET MANAGEMENT (U.S.)
Jurisdictions
AL
AK
AZ
AR
CA
CO
CT
DE
DC
FL
GA
GU
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
PR
RI
SC
SD
TN
TX
UT
VT
VI
VA
WA
WV
WI
WY
Other:

SECTION 1.F. Other Offices
Complete the following information for each office, other than your principal office and place of business, at which you conduct investment advisory business. You must complete a separate Schedule D Section 1.F. for each location. If you are applying for SEC registration, if you are registered only with the SEC, or if you are an exempt reporting adviser, list only the largest twenty-five offices (in terms of numbers of employees).

Number and Street 1:
225 FRANKLIN STREET
Number and Street 2:

SUITE 2700
City:

BOSTON
State:

Massachusetts
Country:

United States
ZIP+4/Postal Code:
02110
If this address is a private residence, check this box:

Telephone Number:
617-722-4700
Facsimile Number, if any:
617-722-4714
If this office location is also required to be registered with FINRA or a state securities authority as a branch office location for a broker-dealer or investment adviser on the Uniform Branch Office Registration Form (Form BR), please provide the CRD Branch Number here:
31194
How many employees perform investment advisory functions from this office location? 11 Are other business activities conducted at this office location? (check all that apply) (1) Broker-dealer (registered or unregistered)
(2) Bank (including a separately identifiable department or division of a bank) (3) Insurance broker or agent
(4) Commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (5) Registered municipal advisor
(6) Accountant or accounting firm
(7) Lawyer or law firm
Describe any other investment-related business activities conducted from this office location:

Complete the following information for each office, other than your principal office and place of business, at which you conduct investment advisory business. You must complete a separate Schedule D Section 1.F. for each location. If you are applying for SEC registration, if you are registered only with the SEC, or if you are an exempt reporting adviser, list only the largest twenty-five offices (in terms of numbers of employees).

Number and Street 1:
227 WEST MONROE, SUITE 2850
Number and Street 2:

City:

CHICAGO
State:

Illinois
Country:

United States
ZIP+4/Postal Code:
60606
If this address is a private residence, check this box:

Telephone Number:
312-857-9500
Facsimile Number, if any:
312-857-1195
If this office location is also required to be registered with FINRA or a state securities authority as a branch office location for a broker-dealer or investment adviser on the Uniform Branch Office Registration Form (Form BR), please provide the CRD Branch Number here:
31194
How many employees perform investment advisory functions from this office location? 5 Are other business activities conducted at this office location? (check all that apply) (1) Broker-dealer (registered or unregistered)
(2) Bank (including a separately identifiable department or division of a bank) (3) Insurance broker or agent
(4) Commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (5) Registered municipal advisor
(6) Accountant or accounting firm
(7) Lawyer or law firm
Describe any other investment-related business activities conducted from this office location:

Complete the following information for each office, other than your principal office and place of business, at which you conduct investment advisory business. You must complete a separate Schedule D Section 1.F. for each location. If you are applying for SEC registration, if you are registered only with the SEC, or if you are an exempt reporting adviser, list only the largest twenty-five offices (in terms of numbers of employees).

Number and Street 1:
750 WASHINGTON BLVD
Number and Street 2:

City:

STAMFORD
State:

Connecticut
Country:

United States
ZIP+4/Postal Code:
06901
If this address is a private residence, check this box:

Telephone Number:
203-541-4314
Facsimile Number, if any:

If this office location is also required to be registered with FINRA or a state securities authority as a branch office location for a broker-dealer or investment adviser on the Uniform Branch Office Registration Form (Form BR), please provide the CRD Branch Number here:

How many employees perform investment advisory functions from this office location? 3 Are other business activities conducted at this office location? (check all that apply) (1) Broker-dealer (registered or unregistered)
(2) Bank (including a separately identifiable department or division of a bank) (3) Insurance broker or agent
(4) Commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (5) Registered municipal advisor
(6) Accountant or accounting firm
(7) Lawyer or law firm
Describe any other investment-related business activities conducted from this office location:

SECTION 1.I. Website Addresses
List your website addresses, including addresses for accounts on publicly available social media platforms where you control the content (including, but not limited to, Twitter, Facebook and/or LinkedIn). You must complete a separate Schedule D Section 1.I. for each website or account on a publicly available social media platform.

Address of Website/Account on Publicly Available Social Media Platform: HTTPS://US.RBCGAM.COM/ Address of Website/Account on Publicly Available Social Media Platform: HTTPS://WWW.LINKEDIN.COM/COMPANY/RBC-GOBAL-ASSET-MANAGEMENT-US-INC/ Address of Website/Account on Publicly Available Social Media Platform: HTTPS://TWITTER.COM/RBCGAMNEWS Address of Website/Account on Publicly Available Social Media Platform: https://www.linkedin.com/company/rbc-global-asset-management SECTION 1.L. Location of Books and Records
Complete the following information for each location at which you keep your books and records, other than your principal office and place of business. You must complete a separate Schedule D, Section 1.L. for each location.

Name of entity where books and records are kept:

BUSINESS DATA RECORDS SERVICES
Number and Street 1:
201 9TH AVE. SW
Number and Street 2:

City:

NEW BRIGHTON
State:

Minnesota
Country:

United States
ZIP+4/Postal Code:
55112
If this address is a private residence, check this box:

Telephone Number:
651-631-8663
Facsimile number, if any:
651-697-5423
This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

ARCHIVE DOCUMENTS ARE RETAINED IN OFFSITE STORAGE FACILITIES.

Name of entity where books and records are kept:

IRON MOUNTAIN
Number and Street 1: Number and Street 2:
9715 JAMES AVENUE SOUTH
City:

BLOOMINGTON
State:

Minnesota
Country:

United States
ZIP+4/Postal Code:
55431
If this address is a private residence, check this box:

Telephone Number:
952-888-3852
Facsimile number, if any:
952-888-8445
This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

ARCHIVE DOCUMENTS ARE RETAINED IN OFFSITE STORAGE FACILITIES.

Name of entity where books and records are kept:

RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.

Number and Street 1:
227 WEST MONROE ST
Number and Street 2:

SUITE 2850
City:

CHICAGO
State:

Illinois
Country:

United States
ZIP+4/Postal Code:
60606
If this address is a private residence, check this box:

Telephone Number:
312-857-9500
Facsimile number, if any:
312-857-1195
This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

PORTFOLIO MANAGEMENT DOCUMENT COPIES.

Name of entity where books and records are kept:

RBC GLOBAL ASSET MANAGEMENT, INC.

Number and Street 1:
155 WELLINGTON ST W 22ND FL
Number and Street 2:

City:

TORONTO, ONTARIO
State: Country:

Canada
ZIP+4/Postal Code:

M5V 3K7
If this address is a private residence, check this box:

Telephone Number:
416-955-2056
Facsimile number, if any:
416-955-5710
This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

PORTFOLIO MANAGEMENT DOCUMENT COPIES
Name of entity where books and records are kept:

RBC GLOBAL ASSET MANAGEMENT, INC.

Number and Street 1:
200 BURRARD STREET, 20TH FL
Number and Street 2:

SUITE 2000
City:

VANCOUVER
State: Country:

Canada
ZIP+4/Postal Code:

V6C 3N5
If this address is a private residence, check this box:

Telephone Number:
604-408-6100
Facsimile number, if any:
604-685-5712
This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

PORTFOLIO MANAGEMENT DOCUMENT COPIES.

Name of entity where books and records are kept:

ACCESS INFORMATION PROTECTED
Number and Street 1:
249 NORTH STREET
Number and Street 2:

City:

DANVERS
State:

Massachusetts
Country:

United States
ZIP+4/Postal Code:
01923
If this address is a private residence, check this box:

Telephone Number:
888-869-2767
Facsimile number, if any:
978-777-0145
This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

ARCHIVE DOCUMENTS ARE RETAINED IN OFFSITE STORAGE FACILITIES.

Name of entity where books and records are kept:

RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.

Number and Street 1:
225 FRANKLIN STREET
Number and Street 2:

SUITE 2700
City:

BOSTON
State:

Massachusetts
Country:

United States
ZIP+4/Postal Code:
02110
If this address is a private residence, check this box:

Telephone Number:
617-722-4700
Facsimile number, if any:
617-722-4714
This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

PORTFOLIO MANAGEMENT, SALES AND MARKETING DOCUMENTATION COPIES.

Name of entity where books and records are kept:

IRON MOUNTAIN
Number and Street 1:
950 APOLLO ROAD
Number and Street 2:

City:

EAGAN
State:

Minnesota
Country:

United States
ZIP+4/Postal Code:
55121
If this address is a private residence, check this box:

Telephone Number:
952-888-3852
Facsimile number, if any:

This is (check one):
one of your branch offices or affiliates.
a third-party unaffiliated recordkeeper.
other.

Briefly describe the books and records kept at this location.

OPERATIONAL AND OVERSIGHT RECORDS
SECTION 1.M. Registration with Foreign Financial Regulatory Authorities No Information Filed
Item 2 SEC Registration/Reporting
Responses to this Item help us (and you) determine whether you are eligible to register with the SEC. Complete this Item 2.A. only if you are applying for SEC registration or submitting an annual updating amendment to your SEC registration. If you are filing an umbrella registration, the information in Item 2 should be provided for the filing adviser only.

A. To register (or remain registered) with the SEC, you must check at least one of the Items 2.A.(1) through 2.A.(12), below. If you are submitting an annual updating amendment to your SEC registration and you are no longer eligible to register with the SEC, check Item 2.A.(13). Part 1A Instruction 2 provides information to help you determine whether you may affirmatively respond to each of these items.

You (the adviser):
(1) are a large advisory firm that either:
(a) has regulatory assets under management of $100 million (in U.S. dollars) or more; or (b) has regulatory assets under management of $90 million (in U.S. dollars) or more at the time of filing its most recent annual updating amendment and is registered with the SEC;
(2) are a mid-sized advisory firm that has regulatory assets under management of $25 million (in U.S. dollars) or more but less than $100 million (in U.S. dollars) and you are either:
(a) not required to be registered as an adviser with the state securities authority of the state where you maintain your principal office and place of business; or (b) not subject to examination by the state securities authority of the state where you maintain your principal office and place of business; Click HERE for a list of states in which an investment adviser, if registered, would not be subject to examination by the state securities authority. (3) Reserved
(4) have your principal office and place of business outside the United States; (5) are an investment adviser (or subadviser) to an investment company registered under the Investment Company Act of 1940; (6) are an investment adviser to a company which has elected to be a business development company pursuant to section 54 of the Investment Company Act of 1940 and has not withdrawn the election, and you have at least $25 million of regulatory assets under management; (7) are a pension consultant with respect to assets of plans having an aggregate value of at least $200,000,000 that qualifies for the exemption in rule 203A-2(a); (8) are a related adviser under rule 203A-2(b) that controls, is controlled by, or is under common control with, an investment adviser that is registered with the SEC, and your principal office and place of business is the same as the registered adviser; If you check this box, complete Section 2.A.(8) of Schedule D. (9) are an adviser relying on rule 203A-2(c) because you expect to be eligible for SEC registration within 120 days; If you check this box, complete Section 2.A.(9) of Schedule D. (10) are a multi-state adviser that is required to register in 15 or more states and is relying on rule 203A-2(d); If you check this box, complete Section 2.A.(10) of Schedule D. (11) are an Internet adviser relying on rule 203A-2(e); (12) have received an SEC order exempting you from the prohibition against registration with the SEC; If you check this box, complete Section 2.A.(12) of Schedule D. (13) are no longer eligible to remain registered with the SEC.

State Securities Authority Notice Filings and State Reporting by Exempt Reporting Advisers C. Under state laws, SEC-registered advisers may be required to provide to state securities authorities a copy of the Form ADV and any amendments they file with the SEC. These are called notice filings. In addition, exempt reporting advisers may be required to provide state securities authorities with a copy of reports and any amendments they file with the SEC. If this is an initial application or report, check the box(es) next to the state(s) that you would like to receive notice of this and all subsequent filings or reports you submit to the SEC. If this is an amendment to direct your notice filings or reports to additional state(s), check the box(es) next to the state(s) that you would like to receive notice of this and all subsequent filings or reports you submit to the SEC. If this is an amendment to your registration to stop your notice filings or reports from going to state(s) that currently receive them, uncheck the box(es) next to those state(s).

Jurisdictions
AL
AK
AZ
AR
CA
CO
CT
DE
DC
FL
GA
GU
HI
ID
IL
IN
IA
KS
KY
LA
ME
MD
MA
MI
MN
MS
MO
MT
NE
NV
NH
NJ
NM
NY
NC
ND
OH
OK
OR
PA
PR
RI
SC
SD
TN
TX
UT
VT
VI
VA
WA
WV
WI
WY
If you are amending your registration to stop your notice filings or reports from going to a state that currently receives them and you do not want to pay that state's notice filing or report filing fee for the coming year, your amendment must be filed before the end of the year (December 31).

SECTION 2.A.(8) Related Adviser
If you are relying on the exemption in rule 203A-2(b) from the prohibition on registration because you control, are controlled by, or are under common control with an investment adviser that is registered with the SEC and your principal office and place of business is the same as that of the registered adviser, provide the following information:

Name of Registered Investment Adviser
CRD Number of Registered Investment Adviser
SEC Number of Registered Investment Adviser
-
SECTION 2.A.(9) Investment Adviser Expecting to be Eligible for Commission Registration within 120 Days If you are relying on rule 203A-2(c), the exemption from the prohibition on registration available to an adviser that expects to be eligible for SEC registration within 120 days, you are required to make certain representations about your eligibility for SEC registration. By checking the appropriate boxes, you will be deemed to have made the required representations.

You must make both of these representations:

I am not registered or required to be registered with the SEC or a state securities authority and I have a reasonable expectation that I will be eligible to register with the SEC within 120 days after the date my registration with the SEC becomes effective.

I undertake to withdraw from SEC registration if, on the 120th day after my registration with the SEC becomes effective, I would be prohibited by Section 203A(a) of the Advisers Act from registering with the SEC.

SECTION 2.A.(10) Multi-State Adviser
If you are relying on rule 203A-2(d), the multi-state adviser exemption from the prohibition on registration, you are required to make certain representations about your eligibility for SEC registration. By checking the appropriate boxes, you will be deemed to have made the required representations.

If you are applying for registration as an investment adviser with the SEC, you must make both of these representations:

I have reviewed the applicable state and federal laws and have concluded that I am required by the laws of 15 or more states to register as an investment adviser with the state securities authorities in those states.

I undertake to withdraw from SEC registration if I file an amendment to this registration indicating that I would be required by the laws of fewer than 15 states to register as an investment adviser with the state securities authorities of those states.

If you are submitting your annual updating amendment, you must make this representation:

Within 90 days prior to the date of filing this amendment, I have reviewed the applicable state and federal laws and have concluded that I am required by the laws of at least 15 states to register as an investment adviser with the state securities authorities in those states.

SECTION 2.A.(12) SEC Exemptive Order
If you are relying upon an SEC order exempting you from the prohibition on registration, provide the following information:

Application Number:
803-
Date of order:

Item 3 Form of Organization
If you are filing an umbrella registration, the information in Item 3 should be provided for the filing adviser only.

A. How are you organized?
Corporation
Sole Proprietorship
Limited Liability Partnership (LLP)
Partnership
Limited Liability Company (LLC)
Limited Partnership (LP)
Other (specify):

If you are changing your response to this Item, see Part 1A Instruction 4.

B. In what month does your fiscal year end each year?

OCTOBER
C. Under the laws of what state or country are you organized? State Country
Minnesota United States
If you are a partnership, provide the name of the state or country under whose laws your partnership was formed. If you are a sole proprietor, provide the name of the state or country where you reside.

If you are changing your response to this Item, see Part 1A Instruction 4.

Item 4 Successions
Yes No
A. Are you, at the time of this filing, succeeding to the business of a registered investment adviser, including, for example, a change of your structure or legal status (e.g., form of organization or state of incorporation)?
If "yes", complete Item 4.B. and Section 4 of Schedule D.

B. Date of Succession: (MM/DD/YYYY)
If you have already reported this succession on a previous Form ADV filing, do not report the succession again. Instead, check "No." See Part 1A Instruction 4.

SECTION 4 Successions
No Information Filed
Item 5 Information About Your Advisory Business - Employees, Clients, and Compensation Responses to this Item help us understand your business, assist us in preparing for on-site examinations, and provide us with data we use when making regulatory policy. Part 1A Instruction 5.a. provides additional guidance to newly formed advisers for completing this Item 5.

Employees
If you are organized as a sole proprietorship, include yourself as an employee in your responses to Item 5.A. and Items 5.B.(1), (2), (3), (4), and (5). If an employee performs more than one function, you should count that employee in each of your responses to Items 5.B.(1), (2), (3), (4), and (5).

A. Approximately how many employees do you have? Include full- and part-time employees but do not include any clerical workers. 173
B. (1) Approximately how many of the employees reported in 5.A. perform investment advisory functions (including research)? 40 (2) Approximately how many of the employees reported in 5.A. are registered representatives of a broker-dealer? 51 (3) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives? 0 (4) Approximately how many of the employees reported in 5.A. are registered with one or more state securities authorities as investment adviser representatives for an investment adviser other than you?
0 (5) Approximately how many of the employees reported in 5.A. are licensed agents of an insurance company or agency? 0 (6) Approximately how many firms or other persons solicit advisory clients on your behalf? 1 In your response to Item 5.B.(6), do not count any of your employees employees that solicit on your behalf.

Clients
In your responses to Items 5.C. and 5.D. do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship with those investors.

C. (1) To approximately how many clients for whom you do not have regulatory assets under management did you provide investment advisory services during your most recently completed fiscal year?
5 (2) Approximately what percentage of your clients are non-United States persons? 11%
D. For purposes of this Item 5.D., the category "individuals" includes trusts, estates, and 401(k) plans and IRAs of individuals and their family members, but does not include businesses organized as sole proprietorships.

The category "business development companies" consists of companies that have made an election pursuant to section 54 of the Investment Company Act of 1940. Unless you provide advisory services pursuant to an investment advisory contract to an investment company registered under the Investment Company Act of 1940, do not answer (d)(1) or (d)(3) below.

Indicate the approximate number of your clients and amount of your total regulatory assets under management (reported in Item 5.F. below) attributable to each of the following type of client. If you have fewer than 5 clients in a particular category (other than (d), (e), and (f)) you may check Item 5.D.(2) rather than respond to Item 5.D.(1).

The aggregate amount of regulatory assets under management reported in Item 5.D.(3) should equal the total amount of regulatory assets under management reported in Item

5.F.(2)(c) below.

If a client fits into more than one category, select one category that most accurately represents the client to avoid double counting clients and assets. If you advise a registered investment company, business development company, or pooled investment vehicle, report those assets in categories (d), (e), and (f) as applicable.

Type of Client
(1) Number of
Client(s)
(2) Fewer than 5
Clients
(3) Amount of Regulatory Assets under
Management
(a) Individuals (other than high net worth individuals) 52 $ 44,539,046 (b) High net worth individuals 7 $ 49,973,829
(c) Banking or thrift institutions 0 $
(d) Investment companies 19 $ 20,099,576,155
(e) Business development companies 0 $
(f) Pooled investment vehicles (other than investment companies and business 24 $ 17,897,990,326 development companies)
(g) Pension and profit sharing plans (but not the plan participants or government pension plans)
26 $ 3,769,428,774
(h) Charitable organizations 5 $ 56,749,459
(i) State or municipal government entities (including government pension plans) 29 $ 6,052,943,194 (j) Other investment advisers 0 $
(k) Insurance companies 0 $
(l) Sovereign wealth funds and foreign official institutions 0 $ (m) Corporations or other businesses not listed above 17 $ 8,485,885,208 (n) Other: 0 $
Compensation Arrangements
E. You are compensated for your investment advisory services by (check all that apply):
(1) A percentage of assets under your management
(2) Hourly charges
(3) Subscription fees (for a newsletter or periodical)
(4) Fixed fees (other than subscription fees)
(5) Commissions
(6) Performance-based fees
(7) Other (specify):

Item 5 Information About Your Advisory Business - Regulatory Assets Under Management Regulatory Assets Under Management
Yes No
F. (1) Do you provide continuous and regular supervisory or management services to securities portfolios? (2) If yes, what is the amount of your regulatory assets under management and total number of accounts? U.S. Dollar Amount Total Number of Accounts
Discretionary: (a) $ 56,162,388,207 (d) 221
Non-Discretionary: (b) $ 294,697,784 (e) 1
Total: (c) $ 56,457,085,991 (f) 222
Part 1A Instruction 5.b. explains how to calculate your regulatory assets under management. You must follow these instructions carefully when completing this Item. (3) What is the approximate amount of your total regulatory assets under management (reported in Item 5.F.(2)(c) above) attributable to clients who are non-United States persons?
$ 7,738,228,253
Item 5 Information About Your Advisory Business - Advisory Activities Advisory Activities
G. What type(s) of advisory services do you provide? Check all that apply. (1) Financial planning services
(2) Portfolio management for individuals and/or small businesses (3) Portfolio management for investment companies (as well as "business development companies" that have made an election pursuant to section 54 of the Investment Company Act of 1940)
(4) Portfolio management for pooled investment vehicles (other than investment companies) (5) Portfolio management for businesses (other than small businesses) or institutional clients (other than registered investment companies and other pooled investment vehicles)
(6) Pension consulting services
(7) Selection of other advisers (including private fund managers) (8) Publication of periodicals or newsletters
(9) Security ratings or pricing services
(10) Market timing services
(11) Educational seminars/workshops
(12) Other(specify): INVESTMENT MANAGEMENT THROUGH SPONSORED WRAP PROGRAMS.

Do not check Item 5.G.(3) unless you provide advisory services pursuant to an investment advisory contract to an investment company registered under the Investment Company Act of 1940, including as a subadviser. If you check Item 5.G.(3), report the 811 or 814 number of the investment company or investment companies to which you provide advice in Section 5.G.(3) of Schedule D.

H. If you provide financial planning services, to how many clients did you provide these services during your last fiscal year? 0 1 - 10
11 - 25
26 - 50
51 - 100
101 - 250
251 - 500
More than 500
If more than 500, how many?
(round to the nearest 500)
In your responses to this Item 5.H., do not include as "clients" the investors in a private fund you advise, unless you have a separate advisory relationship with those investors.

Yes No
I. (1) Do you participate in a wrap fee program?
(2) If you participate in a wrap fee program, what is the amount of your regulatory assets under management attributable to acting as:
(a) sponsor to a wrap fee program
$ 0
(b) portfolio manager for a wrap fee program?
$ 44,539,046
(c) sponsor to and portfolio manager for the same wrap fee program? $ 0
If you report an amount in Item 5.I.(2)(c), do not report that amount in Item 5.I.(2)(a) or Item 5.I.(2)(b).

If you are a portfolio manager for a wrap fee program, list the names of the programs, their sponsors and related information in Section 5.I.(2) of Schedule D.

If your involvement in a wrap fee program is limited to recommending wrap fee programs to your clients, or you advise a mutual fund that is offered through a wrap fee program, do not check Item 5.I.(1) or enter any amounts in response to Item 5.I.(2).

Yes No
J. (1) In response to Item 4.B. of Part 2A of Form ADV, do you indicate that you provide investment advice only with respect to limited types of investments? (2) Do you report client assets in Item 4.E. of Part 2A that are computed using a different method than the method used to compute your regulatory assets under management?
K. Separately Managed Account Clients
Yes No
(1) Do you have regulatory assets under management attributable to clients other than those listed in Item 5.D.(3)(d)-(f) (separately managed account clients)? If yes, complete Section 5.K.(1) of Schedule D.
(2) Do you engage in borrowing transactions on behalf of any of the separately managed account clients that you advise? If yes, complete Section 5.K.(2) of Schedule D.
(3) Do you engage in derivative transactions on behalf of any of the separately managed account clients that you advise? If yes, complete Section 5.K.(2) of Schedule D.
(4) After subtracting the amounts in Item 5.D.(3)(d)-(f) above from your total regulatory assets under management, does any custodian hold ten percent or more of this remaining amount of regulatory assets under management? If yes, complete Section 5.K.(3) of Schedule D for each custodian.

L. Marketing Activities
Yes No
(1) Do any of your advertisements include:
(a) Performance results?
(b) A reference to specific investment advice provided by you (as that phrase is used in rule 206(4)-1(a)(5))? (c) Testimonials (other than those that satisfy rule 206(4)-1(b)(4)(ii))? (d) Endorsements (other than those that satisfy rule 206(4)-1(b)(4)(ii))? (e) Third-party ratings?
(2) If you answer "yes" to L(1)(c), (d), or (e) above, do you pay or otherwise provide cash or non-cash compensation, directly or indirectly, in connection with the use of testimonials, endorsements, or third-party ratings?
(3) Do any of your advertisements include hypothetical performance ? (4) Do any of your advertisements include predecessor performance ? SECTION 5.G.(3) Advisers to Registered Investment Companies and Business Development Companies If you check Item 5.G.(3), what is the SEC file number (811 or 814 number) of each of the registered investment companies and business development companies to which you act as an adviser pursuant to an advisory contract? You must complete a separate Schedule D Section 5.G.(3) for each registered investment company and business development company to which you act as an adviser.

SEC File Number
811 - 06520
Provide the regulatory assets under management of all parallel managed accounts related to a registered investment company (or series thereof) or business development company that you advise.

No Information Filed
SEC File Number
811 - 21475
Provide the regulatory assets under management of all parallel managed accounts related to a registered investment company (or series thereof) or business development company that you advise.

No Information Filed
SECTION 5.I.(2) Wrap Fee Programs
If you are a portfolio manager for one or more wrap fee programs, list the name of each program and its sponsor. You must complete a separate Schedule D Section 5.I.(2) for each wrap fee program for which you are a portfolio manager.

Name of Wrap Fee Program

CONSULTING SOLUTIONS
Name of Sponsor

RBC CAPITAL MARKETS, LLC
Sponsor's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-):
801 - 13059
Sponsor's CRD Number (if any):
31194
SECTION 5.K.(1) Separately Managed Accounts
After subtracting the amounts reported in Item 5.D.(3)(d)-(f) from your total regulatory assets under management, indicate the approximate percentage of this remaining amount attributable to each of the following categories of assets. If the remaining amount is at least $10 billion in regulatory assets under management, complete Question (a). If the remaining amount is less than $10 billion in regulatory assets under management, complete Question (b).

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.

If you are a subadviser to a separately managed account, you should only provide information with respect to the portion of the account that you subadvise.

End of year refers to the date used to calculate your regulatory assets under management for purposes of your annual updating amendment . Mid-year is the date six months before the end of year date. Each column should add up to 100% and numbers should be rounded to the nearest percent.

Investments in derivatives, registered investment companies, business development companies, and pooled investment vehicles should be reported in those categories. Do not report those investments based on related or underlying portfolio assets. Cash equivalents include bank deposits, certificates of deposit, bankers' acceptances and similar bank instruments.

Some assets could be classified into more than one category or require discretion about which category applies. You may use your own internal methodologies and the conventions of your service providers in determining how to categorize assets, so long as the methodologies or conventions are consistently applied and consistent with information you report internally and to current and prospective clients. However, you should not double count assets, and your responses must be consistent with any instructions or other guidance relating to this Section.
(a) Asset Type Mid-year End of year
(i) Exchange-Traded Equity Securities 8 % 7 %
(ii) Non Exchange-Traded Equity Securities 0 % 0 %
(iii) U.S. Government/Agency Bonds 43 % 38 %
(iv) U.S. State and Local Bonds 2 % 2 %
(v) Sovereign Bonds 0 % 0 %
(vi) Investment Grade Corporate Bonds 15 % 26 %
(vii) Non-Investment Grade Corporate Bonds 0 % 0 %
(viii) Derivatives 0 % 0 %
(ix) Securities Issued by Registered Investment Companies or Business Development Companies 0 % 0 % (x) Securities Issued by Pooled Investment Vehicles (other than Registered Investment Companies or Business Development Companies) 0 % 0 % (xi) Cash and Cash Equivalents 4 % 3 %
(xii) Other 28 % 24 %
Generally describe any assets included in "Other"

MONEY MARKET AND SECURITIZED ASSETS
(b) Asset Type End of year
(i) Exchange-Traded Equity Securities %
(ii) Non Exchange-Traded Equity Securities %
(iii) U.S. Government/Agency Bonds %
(iv) U.S. State and Local Bonds %
(v) Sovereign Bonds %
(vi) Investment Grade Corporate Bonds %
(vii) Non-Investment Grade Corporate Bonds %
(viii) Derivatives %
(ix) Securities Issued by Registered Investment Companies or Business Development Companies % (x) Securities Issued by Pooled Investment Vehicles (other than Registered Investment Companies or Business Development Companies) % (xi) Cash and Cash Equivalents %
(xii) Other %
Generally describe any assets included in "Other"
SECTION 5.K.(2) Separately Managed Accounts - Use of Borrowingsand Derivatives No information is required to be reported in this Section 5.K.(2) per the instructions of this Section 5.K.(2) If your regulatory assets under management attributable to separately managed accounts are at least $10 billion, you should complete Question (a). If your regulatory assets under management attributable to separately managed accounts are at least $500 million but less than $10 billion, you should complete Question (b). (a) In the table below, provide the following information regarding the separately managed accounts you advise. If you are a subadviser to a separately managed account, you should only provide information with respect to the portion of the account that you subadvise. End of year refers to the date used to calculate your regulatory assets under management for purposes of your annual updating amendment. Mid-year is the date six months before the end of year date.

In column 1, indicate the regulatory assets under management attributable to separately managed accounts associated with each level of gross notional exposure. For purposes of this table, the gross notional exposure of an account is the percentage obtained by dividing (i) the sum of (a) the dollar amount of any borrowings and (b) the gross notional value of all derivatives, by (ii) the regulatory assets under management of the account.

In column 2, provide the dollar amount of borrowings for the accounts included in column 1.

In column 3, provide aggregate gross notional value of derivatives divided by the aggregate regulatory assets under management of the accounts included in column 1 with respect to each category of derivatives specified in 3(a) through (f).

You may, but are not required to, complete the table with respect to any separately managed account with regulatory assets under management of less than $10,000,000.

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below. (i) Mid-Year
Gross Notional
Exposure
(1) Regulatory Assets Under
Management
(2)
Borrowings (3) Derivative Exposures
(a) Interest Rate
Derivative
(b) Foreign Exchange
Derivative
(c) Credit
Derivative
(d) Equity
Derivative
(e) Commodity
Derivative
(f) Other
Derivative
Less than 10% $ $ % % % % % %
10-149% $ 119,420,706 $ % % % % % 24 %
150% or more $ $ % % % % % %
Optional: Use the space below to provide a narrative description of the strategies and/or manner in which borrowings and derivatives are used in the management of the separately managed accounts that you advise.
(ii) End of Year
Gross Notional
Exposure
(1) Regulatory Assets Under
Management
(2)
Borrowings (3) Derivative Exposures
(a) Interest Rate
Derivative
(b) Foreign Exchange
Derivative
(c) Credit
Derivative
(d) Equity
Derivative
(e) Commodity
Derivative
(f) Other
Derivative
Less than 10% $ $ % % % % % %
10-149% $ 121,178,618 $ % % % % % 24 %
150% or more $ $ % % % % % %
Optional: Use the space below to provide a narrative description of the strategies and/or manner in which borrowings and derivatives are used in the management of the separately managed accounts that you advise.
(b) In the table below, provide the following information regarding the separately managed accounts you advise as of the date used to calculate your regulatory assets under management for purposes of your annual updating amendment. If you are a subadviser to a separately managed account, you should only provide information with respect to the portion of the account that you subadvise.

In column 1, indicate the regulatory assets under management attributable to separately managed accounts associated with each level of gross notional exposure. For purposes of this table, the gross notional exposure of an account is the percentage obtained by dividing (i) the sum of (a) the dollar amount of any borrowings and (b) the gross notional value of all derivatives, by (ii) the regulatory assets under management of the account.

In column 2, provide the dollar amount of borrowings for the accounts included in column 1.

You may, but are not required to, complete the table with respect to any separately managed accounts with regulatory assets under management of less than $10,000,000.

Any regulatory assets under management reported in Item 5.D.(3)(d), (e), and (f) should not be reported below.

Gross Notional Exposure (1) Regulatory Assets Under Management (2) Borrowings Less than 10% $ $
10-149% $ $
150% or more $ $
Optional: Use the space below to provide a narrative description of the strategies and/or manner in which borrowings and derivatives are used in the management of the separately managed accounts that you advise.

SECTION 5.K.(3) Custodians for Separately Managed Accounts Complete a separate Schedule D Section 5.K.(3) for each custodian that holds ten percent or more of your aggregate separately managed account regulatory assets under management.
(a) Legal name of custodian:

THE BANK OF NEW YORK MELLON
(b) Primary business name of custodian:

THE BANK OF NEW YORK MELLON
(c) The location(s) of the custodian's office(s) responsible for custody of the assets :

City:

NEW YORK
State:

New York
Country:

United States
Yes No
(d) Is the custodian a related person of your firm?
(e) If the custodian is a broker-dealer, provide its SEC registration number (if any) -
(f) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity identifier (if any) HPFHU0OQ28E4N0NFVK49
(g) What amount of your regulatory assets under management attributable to separately managed accounts is held at the custodian? $ 3,032,564,958
(a) Legal name of custodian:

U.S. BANK NATIONAL ASSOCIATION
(b) Primary business name of custodian:

U.S. BANK
(c) The location(s) of the custodian's office(s) responsible for custody of the assets :

City:

CINCINNATI
State:

Ohio
Country:

United States
Yes No
(d) Is the custodian a related person of your firm?
(e) If the custodian is a broker-dealer, provide its SEC registration number (if any) -
(f) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity identifier (if any) 6BYL5QZYBDK8S7L73M02
(g) What amount of your regulatory assets under management attributable to separately managed accounts is held at the custodian? $ 7,044,522,111
(a) Legal name of custodian:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
(b) Primary business name of custodian:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
(c) The location(s) of the custodian's office(s) responsible for custody of the assets :

City:

COLUMBUS
State:

Ohio
Country:

United States
Yes No
(d) Is the custodian a related person of your firm?
(e) If the custodian is a broker-dealer, provide its SEC registration number (if any) -
(f) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity identifier (if any) 7H6GLXDRUGQFU57RNE97
(g) What amount of your regulatory assets under management attributable to separately managed accounts is held at the custodian? $ 5,429,193,519
Item 6 Other Business Activities
In this Item, we request information about your firm's other business activities.

A. You are actively engaged in business as a (check all that apply):
(1) broker-dealer (registered or unregistered)
(2) registered representative of a broker-dealer
(3) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (4) futures commission merchant
(5) real estate broker, dealer, or agent
(6) insurance broker or agent
(7) bank (including a separately identifiable department or division of a bank) (8) trust company
(9) registered municipal advisor
(10) registered security-based swap dealer
(11) major security-based swap participant
(12) accountant or accounting firm
(13) lawyer or law firm
(14) other financial product salesperson (specify):

If you engage in other business using a name that is different from the names reported in Items 1.A. or 1.B.(1), complete Section 6.A. of Schedule D.

Yes No
B. (1) Are you actively engaged in any other business not listed in Item 6.A. (other than giving investment advice)? (2) If yes, is this other business your primary business? If "yes," describe this other business on Section 6.B.(2) of Schedule D, and if you engage in this business under a different name, provide that name.

Yes No
(3) Do you sell products or provide services other than investment advice to your advisory clients? If "yes," describe this other business on Section 6.B.(3) of Schedule D, and if you engage in this business under a different name, provide that name.

SECTION 6.A. Names of Your Other Businesses
No Information Filed
SECTION 6.B.(2) Description of Primary Business
Describe your primary business (not your investment advisory business):

If you engage in that business under a different name, provide that name:

SECTION 6.B.(3) Description of Other Products and Services Describe other products or services you sell to your client. You may omit products and services that you listed in Section 6.B.(2) above.

If you engage in that business under a different name, provide that name:

Item 7 Financial Industry Affiliations
In this Item, we request information about your financial industry affiliations and activities. This information identifies areas in which conflicts of interest may occur between you and your clients.

A. This part of Item 7 requires you to provide information about you and your related persons, including foreign affiliates. Your related persons are all of your advisory affiliates and any person that is under common control with you.

You have a related person that is a (check all that apply):
(1) broker-dealer, municipal securities dealer, or government securities broker or dealer (registered or unregistered) (2) other investment adviser (including financial planners) (3) registered municipal advisor
(4) registered security-based swap dealer
(5) major security-based swap participant
(6) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (7) futures commission merchant
(8) banking or thrift institution
(9) trust company
(10) accountant or accounting firm
(11) lawyer or law firm
(12) insurance company or agency
(13) pension consultant
(14) real estate broker or dealer
(15) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (16) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Note that Item 7.A. should not be used to disclose that some of your employees perform investment advisory functions or are registered representatives of a broker-dealer. The number of your firm's employees who perform investment advisory functions should be disclosed under Item 5.B.(1). The number of your firm's employees who are registered representatives of a broker-dealer should be disclosed under Item 5.B.(2).

Note that if you are filing an umbrella registration, you should not check Item 7.A.(2) with respect to your relying advisers, and you do not have to complete Section 7.A. in Schedule D for your relying advisers. You should complete a Schedule R for each relying adviser.

For each related person, including foreign affiliates that may not be registered or required to be registered in the United States, complete Section 7.A. of Schedule D.

You do not need to complete Section 7.A. of Schedule D for any related person if: (1) you have no business dealings with the related person in connection with advisory services you provide to your clients; (2) you do not conduct shared operations with the related person; (3) you do not refer clients or business to the related person, and the related person does not refer prospective clients or business to you; (4) you do not share supervised persons or premises with the related person; and (5) you have no reason to believe that your relationship with the related person otherwise creates a conflict of interest with your clients.

You must complete Section 7.A. of Schedule D for each related person acting as qualified custodian in connection with advisory services you provide to your clients (other than any mutual fund transfer agent pursuant to rule 206(4)-2(b)(1)), regardless of whether you have determined the related person to be operationally independent under rule 206(4)-2 of the Advisers Act.

SECTION 7.A. Financial Industry Affiliations
Complete a separate Schedule D Section 7.A. for each related person listed in Item 7.A.

1. Legal Name of Related Person:

BLUEBAY ASSET MANAGEMENT USA LLC

2. Primary Business Name of Related Person:

BLUEBAY ASSET MANAGEMENT USA LLC

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) 801 - 77361
or
Other

4. Related Person's
(a) CRD Number (if any):
164530
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

No Information Filed

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:

RBC GLOBAL ASSET MANAGEMENT (UK) LIMITED

2. Primary Business Name of Related Person:

RBC GLOBAL ASSET MANAGEMENT (UK) LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) 801 - 78436
or
Other

4. Related Person's
(a) CRD Number (if any):
168551
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

Name of Country/English Name of Foreign Financial Regulatory Authority United Kingdom - Financial Conduct Authority

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:

RBC GLOBAL ASSET MANAGEMENT (ASIA) LIMITED

2. Primary Business Name of Related Person:

RBC GLOBAL ASSET MANAGEMENT (ASIA) LIMITED

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) -
or
Other

4. Related Person's
(a) CRD Number (if any):
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

Name of Country/English Name of Foreign Financial Regulatory Authority Other - SECURITIES AND FUTURES COMMISSION (HONG KONG)

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:

RBC GLOBAL ASSET MANAGEMENT INC.

2. Primary Business Name of Related Person:

RBC GLOBAL ASSET MANAGEMENT INC.

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) -
or
Other

4. Related Person's
(a) CRD Number (if any):
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

Name of Country/English Name of Foreign Financial Regulatory Authority Canada - Alberta Securities Commission
Canada - British Columbia Securities Commission
Canada - Manitoba Securities Commission
Canada - New Brunswick Securities Commission
Canada - Newfoundland and Labrador, Financial Services Regulation Division Canada - Northwest Territories, Office of the Registrar of Securities Canada - Nova Scotia Securities Commission
Canada - Nunavut, Registrar of Securities
Canada - Ontario Securities Commission
Canada - Prince Edward Island, Securities Office
Canada - Quebec, Financial Markets Authority
Canada - Saskatchewan Financial Services Commission
Canada - Yukon Territories, Registrar of Securities

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:

CITY NATIONAL ROCHDALE, LLC

2. Primary Business Name of Related Person:

CITY NATIONAL ROCHDALE

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) 801 - 27265
or
Other

4. Related Person's
(a) CRD Number (if any):
117198
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

No Information Filed

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:

RBC CAPITAL MARKETS, LLC

2. Primary Business Name of Related Person:

RBC CAPITAL MARKETS, LLC

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) 801 - 13059
or
Other

4. Related Person's
(a) CRD Number (if any):
31194
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1:
3 WORLD FINANCIAL CENTER
Number and Street 2:
200 VESEY STREET
City:

NEW YORK
State:

New York
Country:

United States
ZIP+4/Postal Code:
10281
If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

No Information Filed

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:

ROYAL BANK OF CANADA

2. Primary Business Name of Related Person:

ROYAL BANK OF CANADA

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) -
or
Other

4. Related Person's
(a) CRD Number (if any):
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

Name of Country/English Name of Foreign Financial Regulatory Authority Other - THE OFFICE OF THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS, CANADA

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location?

1. Legal Name of Related Person:

BLUEBAY ASSET MANAGEMENT LLP

2. Primary Business Name of Related Person:

BLUEBAY ASSET MANAGEMENT LLP

3. Related Person's SEC File Number (if any) (e.g., 801-, 8-, 866-, 802-) 801 - 61494
or
Other

4. Related Person's
(a) CRD Number (if any):
122793
(b) CIK Number(s) (if any):

No Information Filed

5. Related Person is: (check all that apply)
(a) broker-dealer, municipal securities dealer, or government securities broker or dealer (b) other investment adviser (including financial planners) (c) registered municipal advisor
(d) registered security-based swap dealer
(e) major security-based swap participant
(f) commodity pool operator or commodity trading advisor (whether registered or exempt from registration) (g) futures commission merchant
(h) banking or thrift institution
(i) trust company
(j) accountant or accounting firm
(k) lawyer or law firm
(l) insurance company or agency
(m) pension consultant
(n) real estate broker or dealer
(o) sponsor or syndicator of limited partnerships (or equivalent), excluding pooled investment vehicles (p) sponsor, general partner, managing member (or equivalent) of pooled investment vehicles Yes No

6. Do you control or are you controlled by the related person?

7. Are you and the related person under common control?

8. (a) Does the related person act as a qualified custodian for your clients in connection with advisory services you provide to clients? (b) If you are registering or registered with the SEC and you have answered "yes," to question 8.(a) above, have you overcome the presumption that you are not operationally independent (pursuant to rule 206(4)-2(d)(5)) from the related person and thus are not required to obtain a surprise examination for your clients' funds or securities that are maintained at the related person? (c) If you have answered "yes" to question 8.(a) above, provide the location of the related person's office responsible for custody of your clients' assets:

Number and Street 1: Number and Street 2:

City: State: Country: ZIP+4/Postal Code:

If this address is a private residence, check this box:

Yes No

9. (a) If the related person is an investment adviser, is it exempt from registration? (b) If the answer is yes, under what exemption?

10. (a) Is the related person registered with a foreign financial regulatory authority ? (b) If the answer is yes, list the name and country, in English of each foreign financial regulatory authority with which the related person is registered.

Name of Country/English Name of Foreign Financial Regulatory Authority Canada - Alberta Securities Commission
Canada - British Columbia Securities Commission
Canada - Manitoba Securities Commission
Canada - New Brunswick Securities Commission
Canada - Newfoundland and Labrador, Financial Services Regulation Division Canada - Nova Scotia Securities Commission
Canada - Ontario Securities Commission
Canada - Prince Edward Island, Securities Office
Canada - Quebec, Financial Markets Authority
Canada - Saskatchewan Financial Services Commission
United Kingdom - Financial Conduct Authority

11. Do you and the related person share any supervised persons?

12. Do you and the related person share the same physical location? Item 7 Private Fund Reporting
Yes No
B. Are you an adviser to any private fund?
If "yes," then for each private fund that you advise, you must complete a Section 7.B.(1) of Schedule D, except in certain circumstances described in the next sentence and in Instruction 6 of the Instructions to Part 1A. If you are registered or applying for registration with the SEC or reporting as an SEC exempt reporting adviser, and another SEC-registered adviser or SEC exempt reporting adviser reports this information with respect to any such private fund in Section 7.B.(1) of Schedule D of its Form ADV (e.g., if you are a subadviser), do not complete Section 7.B.(1) of Schedule D with respect to that private fund. You must, instead, complete Section 7.B.(2) of Schedule D.

In either case, if you seek to preserve the anonymity of a private fund client by maintaining its identity in your books and records in numerical or alphabetical code, or similar designation, pursuant to rule 204-2(d), you may identify the private fund in Section 7.B.(1) or 7.B.(2) of Schedule D using the same code or designation in place of the fund's name.

SECTION 7.B.(1) Private Fund Reporting
Funds per Page: 15 Total Funds: 4
A. PRIVATE FUND
Information About the Private Fund

1. (a) Name of the private fund:

EMERGING MARKETS EQUITY SERIES OF GLOBAL ASSET MANAGEMENT STRATEGIES, LLC (b) Private fund identification number:
(include the "805-" prefix also)
805-5798991732

2. Under the laws of what state or country is the private fund organized:

State:

Delaware
Country:

United States

3. (a) Name(s) of General Partner, Manager, Trustee, or Directors (or persons serving in a similar capacity):

Name of General Partner, Manager, Trustee, or Director
RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.
(b) If filing an umbrella registration, identify the filing adviser and/or relying adviser(s) that sponsor(s) or manage(s) this private fund.

No Information Filed

4. The private fund (check all that apply; you must check at least one):
(1) qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940 (2) qualifies for the exclusion from the definition of investment company under section 3(c)(7) of the Investment Company Act of 1940

5. List the name and country, in English, of each foreign financial regulatory authority with which the private fund is registered.

No Information Filed
Yes No

6. (a) Is this a "master fund" in a master-feeder arrangement? (b) If yes, what is the name and private fund identification number (if any) of the feeder funds investing in this private fund? No Information Filed
Yes No
(c) Is this a "feeder fund" in a master-feeder arrangement? (d) If yes, what is the name and private fund identification number (if any) of the master fund in which this private fund invests? Name of private fund:

Private fund identification number:
(include the "805-" prefix also)
NOTE: You must complete question 6 for each master-feeder arrangement regardless of whether you are filing a single Schedule D, Section 7.B.(1) for the master-feeder arrangement or reporting on the funds separately.

7. If you are filing a single Schedule D, Section 7.B.(1) for a master-feeder arrangement according to the instructions to this Section 7.B.(1), for each of the feeder funds answer the following questions:

No Information Filed
NOTE: For purposes of questions 6 and 7, in a master-feeder arrangement, one or more funds ("feeder funds") invest all or substantially all of their assets in a single fund ("master fund"). A fund would also be a "feeder fund" investing in a "master fund" for purposes of this question if it issued multiple classes (or series) of shares or interests, and each class (or series) invests substantially all of its assets in a single master fund.

Yes No

8. (a) Is this private fund a "fund of funds"?
NOTE: For purposes of this question only, answer "yes" if the fund invests 10 percent or more of its total assets in other pooled investment vehicles, regardless of whether they are also private funds or registered investment companies. (b) If yes, does the private fund invest in funds managed by you or by a related person? Yes No

9. During your last fiscal year, did the private fund invest in securities issued by investment companies registered under the Investment Company Act of 1940 (other than "money market funds," to the extent provided in Instruction 6.e.)?

10. What type of fund is the private fund?
hedge fund liquidity fund private equity fund real estate fund securitized asset fund venture capital fund Other private fund: DELAWARE SERIES LLC 3(C)(7)
NOTE: For definitions of these fund types, please see Instruction 6 of the Instructions to Part 1A.

11. Current gross asset value of the private fund:
$ 2,153,771,864
Ownership

12. Minimum investment commitment required of an investor in the private fund:
$ 10,000,000
NOTE: Report the amount routinely required of investors who are not your related persons (even if different from the amount set forth in the organizational documents of the fund).

13. Approximate number of the private fund's beneficial owners:
38 14. What is the approximate percentage of the private fund beneficially owned by you and your related persons:
0%

15. (a) What is the approximate percentage of the private fund beneficially owned (in the aggregate) by funds of funds:
10%
Yes No
(b) If the private fund qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940, are sales of the fund limited to qualified clients?

16. What is the approximate percentage of the private fund beneficially owned by non-United States persons:
0%
Your Advisory Services
Yes No

17. (a) Are you a subadviser to this private fund?
(b) If the answer to question 17.(a) is "yes," provide the name and SEC file number, if any, of the adviser of the private fund. If the answer to question 17.(a) is "no," leave this question blank.

No Information Filed
Yes No

18. (a) Do any investment advisers (other than the investment advisers listed in Section 7.B.(1).A.3.(b)) advise the private fund? (b) If the answer to question 18.(a) is "yes," provide the name and SEC file number, if any, of the other advisers to the private fund. If the answer to question 18.(a) is "no," leave this question blank.

Name of Other Adviser to private fund SEC file number CRD number RBC GLOBAL ASSET MANAGEMENT (UK) LIMITED 801-78436 168551 Yes No

19. Are your clients solicited to invest in the private fund? NOTE: For purposes of this question, do not consider feeder funds of the private fund.

20. Approximately what percentage of your clients has invested in the private fund? 0%
Private Offering
Yes No

21. Has the private fund ever relied on an exemption from registration of its securities under Regulation D of the Securities Act of 1933?

22. If yes, provide the private fund's Form D file number (if any):

Form D file number
021-248621
B. SERVICE PROVIDERS
Auditors
Yes No

23. (a) (1) Are the private fund's financial statements subject to an annual audit? (2) If the answer to question 23.(a)(1) is "yes," are the financial statements prepared in accordance with U.S. GAAP? If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm.

Additional Auditor Information : 1 Record(s) Filed.

If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm. (b) Name of the auditing firm:

PRICEWATERHOUSECOOPERS LLP
(c) The location of the auditing firm's office responsible for the private fund's audit (city, state and country):

City:

MINNEAPOLIS
State:

Minnesota
Country:

United States
Yes No
(d) Is the auditing firm an independent public accountant? (e) Is the auditing firm registered with the Public Company Accounting Oversight Board? If yes, Public Company Accounting Oversight Board-Assigned Number:
238
(f) If "yes" to (e) above, is the auditing firm subject to regular inspection by the Public Company Accounting Oversight Board in accordance with its rules? Yes No
(g) Are the private fund's audited financial statements for the most recently completed fiscal year distributed to the private fund's investors? (h) Do all of the reports prepared by the auditing firm for the private fund since your last annual updating amendment contain unqualified opinions? Yes No Report Not Yet Received
If you check "Report Not Yet Received," you must promptly file an amendment to your Form ADV to update your response when the report is available.

Prime Broker
Yes No

24. (a) Does the private fund use one or more prime brokers? If the answer to question 24.(a) is "yes," respond to questions (b) through (e) below for each prime broker the private fund uses. If the private fund uses more than one prime broker, you must complete questions (b) through (e) separately for each prime broker.

No Information Filed
Custodian
Yes No

25. (a) Does the private fund use any custodians (including the prime brokers listed above) to hold some or all of its assets? If the answer to question 25.(a) is "yes," respond to questions (b) through (g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian.

Additional Custodian Information : 1 Record(s) Filed.

If the answer to question 25.(a) is "yes," respond to questions (b) through g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian. (b) Legal name of custodian:

U.S. BANK, NATIONAL ASSOCIATION
(c) Primary business name of custodian:

U.S. BANK, NATIONAL ASSOCIATION
(d) The location of the custodian's office responsible for custody of the private fund's assets (city, state and country):

City:

MILWAUKEE
State:

Wisconsin
Country:

United States
Yes No
(e) Is the custodian a related person of your firm?
(f) If the custodian is a broker-dealer, provide its SEC registration number (if any):
-
CRD Number (if any):
(g) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity identifier (if any) 6BYL5QZYBDK8S7L73M02
Administrator
Yes No

26. (a) Does the private fund use an administrator other than your firm? If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator.

Additional Administrator Information : 1 Record(s) Filed.

If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator. (b) Name of administrator:

U.S. BANCORP FUND SERVICES, LLC
(c) Location of administrator (city, state and country):

City:

MILWAUKEE
State:

Wisconsin
Country:

United States
Yes No
(d) Is the administrator a related person of your firm? (e) Does the administrator prepare and send investor account statements to the private fund's investors? Yes (provided to all investors) Some (provided to some but not all investors) No (provided to no investors) (f) If the answer to question 26.(e) is "no" or "some," who sends the investor account statements to the (rest of the) private fund's investors? If investor account statements are not sent to the (rest of the) private fund's investors, respond "not applicable." RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. SENDS THE FUND ACCOUNTING STATEMENTS TO THE FUND'S INVESTORS.

27. During your last fiscal year, what percentage of the private fund's assets (by value) was valued by a person, such as an administrator, that is not your related person? 100%
Include only those assets where (i) such person carried out the valuation procedure established for that asset, if any, including obtaining any relevant quotes, and (ii) the valuation used for purposes of investor subscriptions, redemptions or distributions, and fee calculations (including allocations) was the valuation determined by such person.

Marketers
Yes No

28. (a) Does the private fund use the services of someone other than you or your employees for marketing purposes? You must answer "yes" whether the person acts as a placement agent, consultant, finder, introducer, municipal advisor or other solicitor, or similar person. If the answer to question 28.(a) is "yes," respond to questions (b) through (g) below for each such marketer the private fund uses. If the private fund uses more than one marketer you must complete questions (b) through (g) separately for each marketer.

No Information Filed
A. PRIVATE FUND
Information About the Private Fund

1. (a) Name of the private fund:

FOSSIL FUEL FREE SERIES OF GLOBAL ASSET MANAGEMENT STRATEGIES, LLC (b) Private fund identification number:
(include the "805-" prefix also)
805-8405246147

2. Under the laws of what state or country is the private fund organized:

State:

Delaware
Country:

United States

3. (a) Name(s) of General Partner, Manager, Trustee, or Directors (or persons serving in a similar capacity):

Name of General Partner, Manager, Trustee, or Director
RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.
(b) If filing an umbrella registration, identify the filing adviser and/or relying adviser(s) that sponsor(s) or manage(s) this private fund.

No Information Filed

4. The private fund (check all that apply; you must check at least one):
(1) qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940 (2) qualifies for the exclusion from the definition of investment company under section 3(c)(7) of the Investment Company Act of 1940

5. List the name and country, in English, of each foreign financial regulatory authority with which the private fund is registered.

No Information Filed
Yes No

6. (a) Is this a "master fund" in a master-feeder arrangement? (b) If yes, what is the name and private fund identification number (if any) of the feeder funds investing in this private fund? No Information Filed
Yes No
(c) Is this a "feeder fund" in a master-feeder arrangement? (d) If yes, what is the name and private fund identification number (if any) of the master fund in which this private fund invests? Name of private fund:

Private fund identification number:
(include the "805-" prefix also)
NOTE: You must complete question 6 for each master-feeder arrangement regardless of whether you are filing a single Schedule D, Section 7.B.(1) for the master-feeder arrangement or reporting on the funds separately.

7. If you are filing a single Schedule D, Section 7.B.(1) for a master-feeder arrangement according to the instructions to this Section 7.B.(1), for each of the feeder funds answer the following questions:

No Information Filed
NOTE: For purposes of questions 6 and 7, in a master-feeder arrangement, one or more funds ("feeder funds") invest all or substantially all of their assets in a single fund ("master fund"). A fund would also be a "feeder fund" investing in a "master fund" for purposes of this question if it issued multiple classes (or series) of shares or interests, and each class (or series) invests substantially all of its assets in a single master fund.

Yes No

8. (a) Is this private fund a "fund of funds"?
NOTE: For purposes of this question only, answer "yes" if the fund invests 10 percent or more of its total assets in other pooled investment vehicles, regardless of whether they are also private funds or registered investment companies. (b) If yes, does the private fund invest in funds managed by you or by a related person? Yes No

9. During your last fiscal year, did the private fund invest in securities issued by investment companies registered under the Investment Company Act of 1940 (other than "money market funds," to the extent provided in Instruction 6.e.)?

10. What type of fund is the private fund?
hedge fund liquidity fund private equity fund real estate fund securitized asset fund venture capital fund Other private fund: DELAWARE SERIES LLC 3(C)(7)
NOTE: For definitions of these fund types, please see Instruction 6 of the Instructions to Part 1A.

11. Current gross asset value of the private fund:
$ 23,508,326
Ownership

12. Minimum investment commitment required of an investor in the private fund:
$ 10,000,000
NOTE: Report the amount routinely required of investors who are not your related persons (even if different from the amount set forth in the organizational documents of the fund).

13. Approximate number of the private fund's beneficial owners:
4 14. What is the approximate percentage of the private fund beneficially owned by you and your related persons:
0%

15. (a) What is the approximate percentage of the private fund beneficially owned (in the aggregate) by funds of funds:
0%
Yes No
(b) If the private fund qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940, are sales of the fund limited to qualified clients?

16. What is the approximate percentage of the private fund beneficially owned by non-United States persons:
0%
Your Advisory Services
Yes No

17. (a) Are you a subadviser to this private fund?
(b) If the answer to question 17.(a) is "yes," provide the name and SEC file number, if any, of the adviser of the private fund. If the answer to question 17.(a) is "no," leave this question blank.

No Information Filed
Yes No

18. (a) Do any investment advisers (other than the investment advisers listed in Section 7.B.(1).A.3.(b)) advise the private fund? (b) If the answer to question 18.(a) is "yes," provide the name and SEC file number, if any, of the other advisers to the private fund. If the answer to question 18.(a) is "no," leave this question blank.

Name of Other Adviser to private fund SEC file number CRD number RBC GLOBAL ASSET MANAGEMENT (UK) LIMITED 801-78436 168551 Yes No

19. Are your clients solicited to invest in the private fund? NOTE: For purposes of this question, do not consider feeder funds of the private fund.

20. Approximately what percentage of your clients has invested in the private fund? 0%
Private Offering
Yes No

21. Has the private fund ever relied on an exemption from registration of its securities under Regulation D of the Securities Act of 1933?

22. If yes, provide the private fund's Form D file number (if any):

Form D file number
021-258297
B. SERVICE PROVIDERS
Auditors
Yes No

23. (a) (1) Are the private fund's financial statements subject to an annual audit? (2) If the answer to question 23.(a)(1) is "yes," are the financial statements prepared in accordance with U.S. GAAP? If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm.

Additional Auditor Information : 1 Record(s) Filed.

If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm. (b) Name of the auditing firm:

PRICEWATERHOUSECOOPERS LLP
(c) The location of the auditing firm's office responsible for the private fund's audit (city, state and country):

City:

MINNEAPOLIS
State:

Minnesota
Country:

United States
Yes No
(d) Is the auditing firm an independent public accountant? (e) Is the auditing firm registered with the Public Company Accounting Oversight Board? If yes, Public Company Accounting Oversight Board-Assigned Number:
238
(f) If "yes" to (e) above, is the auditing firm subject to regular inspection by the Public Company Accounting Oversight Board in accordance with its rules? Yes No
(g) Are the private fund's audited financial statements for the most recently completed fiscal year distributed to the private fund's investors? (h) Do all of the reports prepared by the auditing firm for the private fund since your last annual updating amendment contain unqualified opinions? Yes No Report Not Yet Received
If you check "Report Not Yet Received," you must promptly file an amendment to your Form ADV to update your response when the report is available.

Prime Broker
Yes No

24. (a) Does the private fund use one or more prime brokers? If the answer to question 24.(a) is "yes," respond to questions (b) through (e) below for each prime broker the private fund uses. If the private fund uses more than one prime broker, you must complete questions (b) through (e) separately for each prime broker.

No Information Filed
Custodian
Yes No

25. (a) Does the private fund use any custodians (including the prime brokers listed above) to hold some or all of its assets? If the answer to question 25.(a) is "yes," respond to questions (b) through (g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian.

Additional Custodian Information : 1 Record(s) Filed.

If the answer to question 25.(a) is "yes," respond to questions (b) through g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian. (b) Legal name of custodian:

U.S. BANK, NATIONAL ASSOCIATION
(c) Primary business name of custodian:

U.S. BANK, NATIONAL ASSOCIATION
(d) The location of the custodian's office responsible for custody of the private fund's assets (city, state and country):

City:

MILWAUKEE
State:

Wisconsin
Country:

United States
Yes No
(e) Is the custodian a related person of your firm?
(f) If the custodian is a broker-dealer, provide its SEC registration number (if any):
-
CRD Number (if any):
(g) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity identifier (if any) 6BYL5QZYBDK8S7L73M02
Administrator
Yes No

26. (a) Does the private fund use an administrator other than your firm? If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator.

Additional Administrator Information : 1 Record(s) Filed.

If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator. (b) Name of administrator:

U.S. BANK GLOBAL FUND SERVICES
(c) Location of administrator (city, state and country):

City:

MILWAUKEE
State:

Wisconsin
Country:

United States
Yes No
(d) Is the administrator a related person of your firm? (e) Does the administrator prepare and send investor account statements to the private fund's investors? Yes (provided to all investors) Some (provided to some but not all investors) No (provided to no investors) (f) If the answer to question 26.(e) is "no" or "some," who sends the investor account statements to the (rest of the) private fund's investors? If investor account statements are not sent to the (rest of the) private fund's investors, respond "not applicable." RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. SENDS THE FUND ACCOUNTING STATEMENTS TO THE FUND'S INVESTORS.

27. During your last fiscal year, what percentage of the private fund's assets (by value) was valued by a person, such as an administrator, that is not your related person? 100%
Include only those assets where (i) such person carried out the valuation procedure established for that asset, if any, including obtaining any relevant quotes, and (ii) the valuation used for purposes of investor subscriptions, redemptions or distributions, and fee calculations (including allocations) was the valuation determined by such person.

Marketers
Yes No

28. (a) Does the private fund use the services of someone other than you or your employees for marketing purposes? You must answer "yes" whether the person acts as a placement agent, consultant, finder, introducer, municipal advisor or other solicitor, or similar person. If the answer to question 28.(a) is "yes," respond to questions (b) through (g) below for each such marketer the private fund uses. If the private fund uses more than one marketer you must complete questions (b) through (g) separately for each marketer.

No Information Filed
A. PRIVATE FUND
Information About the Private Fund

1. (a) Name of the private fund:

GLOBAL EQUITY SERIES OF GLOBAL ASSET MANAGEMENT STRATEGIES, LLC (b) Private fund identification number:
(include the "805-" prefix also)
805-7880934501

2. Under the laws of what state or country is the private fund organized:

State:

Delaware
Country:

United States

3. (a) Name(s) of General Partner, Manager, Trustee, or Directors (or persons serving in a similar capacity):

No Information Filed
(b) If filing an umbrella registration, identify the filing adviser and/or relying adviser(s) that sponsor(s) or manage(s) this private fund.

No Information Filed

4. The private fund (check all that apply; you must check at least one):
(1) qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940 (2) qualifies for the exclusion from the definition of investment company under section 3(c)(7) of the Investment Company Act of 1940

5. List the name and country, in English, of each foreign financial regulatory authority with which the private fund is registered.

No Information Filed
Yes No

6. (a) Is this a "master fund" in a master-feeder arrangement? (b) If yes, what is the name and private fund identification number (if any) of the feeder funds investing in this private fund? No Information Filed
Yes No
(c) Is this a "feeder fund" in a master-feeder arrangement? (d) If yes, what is the name and private fund identification number (if any) of the master fund in which this private fund invests? Name of private fund:

Private fund identification number:
(include the "805-" prefix also)
NOTE: You must complete question 6 for each master-feeder arrangement regardless of whether you are filing a single Schedule D, Section 7.B.(1) for the master-feeder arrangement or reporting on the funds separately.

7. If you are filing a single Schedule D, Section 7.B.(1) for a master-feeder arrangement according to the instructions to this Section 7.B.(1), for each of the feeder funds answer the following questions:

No Information Filed
NOTE: For purposes of questions 6 and 7, in a master-feeder arrangement, one or more funds ("feeder funds") invest all or substantially all of their assets in a single fund ("master fund"). A fund would also be a "feeder fund" investing in a "master fund" for purposes of this question if it issued multiple classes (or series) of shares or interests, and each class (or series) invests substantially all of its assets in a single master fund.

Yes No

8. (a) Is this private fund a "fund of funds"?
NOTE: For purposes of this question only, answer "yes" if the fund invests 10 percent or more of its total assets in other pooled investment vehicles, regardless of whether they are also private funds or registered investment companies. (b) If yes, does the private fund invest in funds managed by you or by a related person? Yes No

9. During your last fiscal year, did the private fund invest in securities issued by investment companies registered under the Investment Company Act of 1940 (other than "money market funds," to the extent provided in Instruction 6.e.)?

10. What type of fund is the private fund?
hedge fund liquidity fund private equity fund real estate fund securitized asset fund venture capital fund Other private fund: DELAWARE SERIES LLC 3(C)(7)
NOTE: For definitions of these fund types, please see Instruction 6 of the Instructions to Part 1A.

11. Current gross asset value of the private fund:
$ 9,987,045
Ownership

12. Minimum investment commitment required of an investor in the private fund:
$ 10,000,000
NOTE: Report the amount routinely required of investors who are not your related persons (even if different from the amount set forth in the organizational documents of the fund).

13. Approximate number of the private fund's beneficial owners:
1 14. What is the approximate percentage of the private fund beneficially owned by you and your related persons:
0%

15. (a) What is the approximate percentage of the private fund beneficially owned (in the aggregate) by funds of funds:
0%
Yes No
(b) If the private fund qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940, are sales of the fund limited to qualified clients?

16. What is the approximate percentage of the private fund beneficially owned by non-United States persons:
0%
Your Advisory Services
Yes No

17. (a) Are you a subadviser to this private fund?
(b) If the answer to question 17.(a) is "yes," provide the name and SEC file number, if any, of the adviser of the private fund. If the answer to question 17.(a) is "no," leave this question blank.

No Information Filed
Yes No

18. (a) Do any investment advisers (other than the investment advisers listed in Section 7.B.(1).A.3.(b)) advise the private fund? (b) If the answer to question 18.(a) is "yes," provide the name and SEC file number, if any, of the other advisers to the private fund. If the answer to question 18.(a) is "no," leave this question blank.

Name of Other Adviser to private fund SEC file number CRD number RBC GLOBAL ASSET MANAGEMENT (UK) LIMITED 801-78436 168551 Yes No

19. Are your clients solicited to invest in the private fund? NOTE: For purposes of this question, do not consider feeder funds of the private fund.

20. Approximately what percentage of your clients has invested in the private fund? 0%
Private Offering
Yes No

21. Has the private fund ever relied on an exemption from registration of its securities under Regulation D of the Securities Act of 1933?

22. If yes, provide the private fund's Form D file number (if any):

Form D file number
021-258298
B. SERVICE PROVIDERS
Auditors
Yes No

23. (a) (1) Are the private fund's financial statements subject to an annual audit? (2) If the answer to question 23.(a)(1) is "yes," are the financial statements prepared in accordance with U.S. GAAP? If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm.

Additional Auditor Information : 1 Record(s) Filed.

If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm. (b) Name of the auditing firm:

PRICEWATERHOUSECOOPERS LLP
(c) The location of the auditing firm's office responsible for the private fund's audit (city, state and country):

City:

MINNEAPOLIS
State:

Minnesota
Country:

United States
Yes No
(d) Is the auditing firm an independent public accountant? (e) Is the auditing firm registered with the Public Company Accounting Oversight Board? If yes, Public Company Accounting Oversight Board-Assigned Number:
238
(f) If "yes" to (e) above, is the auditing firm subject to regular inspection by the Public Company Accounting Oversight Board in accordance with its rules? Yes No
(g) Are the private fund's audited financial statements for the most recently completed fiscal year distributed to the private fund's investors? (h) Do all of the reports prepared by the auditing firm for the private fund since your last annual updating amendment contain unqualified opinions? Yes No Report Not Yet Received
If you check "Report Not Yet Received," you must promptly file an amendment to your Form ADV to update your response when the report is available.

Prime Broker
Yes No

24. (a) Does the private fund use one or more prime brokers? If the answer to question 24.(a) is "yes," respond to questions (b) through (e) below for each prime broker the private fund uses. If the private fund uses more than one prime broker, you must complete questions (b) through (e) separately for each prime broker.

No Information Filed
Custodian
Yes No

25. (a) Does the private fund use any custodians (including the prime brokers listed above) to hold some or all of its assets? If the answer to question 25.(a) is "yes," respond to questions (b) through (g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian.

Additional Custodian Information : 1 Record(s) Filed.

If the answer to question 25.(a) is "yes," respond to questions (b) through g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian. (b) Legal name of custodian:

U.S. BANK< NATIONAL ASSOCIATION
(c) Primary business name of custodian:

U.S. BANK< NATIONAL ASSOCIATION
(d) The location of the custodian's office responsible for custody of the private fund's assets (city, state and country):

City:

MILWAUKEE
State:

Wisconsin
Country:

United States
Yes No
(e) Is the custodian a related person of your firm?
(f) If the custodian is a broker-dealer, provide its SEC registration number (if any):
-
CRD Number (if any):
(g) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity identifier (if any) 6BYL5QZYBDK8S7L73M02
Administrator
Yes No

26. (a) Does the private fund use an administrator other than your firm? If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator.

Additional Administrator Information : 1 Record(s) Filed.

If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator. (b) Name of administrator:

U.S. BANCORP FUND SERVICES, LLC
(c) Location of administrator (city, state and country):

City:

MILWAUKEE
State:

Wisconsin
Country:

United States
Yes No
(d) Is the administrator a related person of your firm? (e) Does the administrator prepare and send investor account statements to the private fund's investors? Yes (provided to all investors) Some (provided to some but not all investors) No (provided to no investors) (f) If the answer to question 26.(e) is "no" or "some," who sends the investor account statements to the (rest of the) private fund's investors? If investor account statements are not sent to the (rest of the) private fund's investors, respond "not applicable." RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. SENDS THE FUND ACCOUNTING STATEMENTS TO THE FUND'S INVESTORS.

27. During your last fiscal year, what percentage of the private fund's assets (by value) was valued by a person, such as an administrator, that is not your related person? 100%
Include only those assets where (i) such person carried out the valuation procedure established for that asset, if any, including obtaining any relevant quotes, and (ii) the valuation used for purposes of investor subscriptions, redemptions or distributions, and fee calculations (including allocations) was the valuation determined by such person.

Marketers
Yes No

28. (a) Does the private fund use the services of someone other than you or your employees for marketing purposes? You must answer "yes" whether the person acts as a placement agent, consultant, finder, introducer, municipal advisor or other solicitor, or similar person. If the answer to question 28.(a) is "yes," respond to questions (b) through (g) below for each such marketer the private fund uses. If the private fund uses more than one marketer you must complete questions (b) through (g) separately for each marketer.

No Information Filed
A. PRIVATE FUND
Information About the Private Fund

1. (a) Name of the private fund:

INTERNATIONAL EQUITY FUND
(b) Private fund identification number:
(include the "805-" prefix also)
805-3241379188

2. Under the laws of what state or country is the private fund organized:

State:

Massachusetts
Country:

United States

3. (a) Name(s) of General Partner, Manager, Trustee, or Directors (or persons serving in a similar capacity):

Name of General Partner, Manager, Trustee, or Director
TRUSTEE: STATE STREET BANK AND TRUST COMPANY
(b) If filing an umbrella registration, identify the filing adviser and/or relying adviser(s) that sponsor(s) or manage(s) this private fund.

No Information Filed

4. The private fund (check all that apply; you must check at least one):
(1) qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940 (2) qualifies for the exclusion from the definition of investment company under section 3(c)(7) of the Investment Company Act of 1940

5. List the name and country, in English, of each foreign financial regulatory authority with which the private fund is registered.

No Information Filed
Yes No

6. (a) Is this a "master fund" in a master-feeder arrangement? (b) If yes, what is the name and private fund identification number (if any) of the feeder funds investing in this private fund? No Information Filed
Yes No
(c) Is this a "feeder fund" in a master-feeder arrangement? (d) If yes, what is the name and private fund identification number (if any) of the master fund in which this private fund invests? Name of private fund:

Private fund identification number:
(include the "805-" prefix also)
NOTE: You must complete question 6 for each master-feeder arrangement regardless of whether you are filing a single Schedule D, Section 7.B.(1) for the master-feeder arrangement or reporting on the funds separately.

7. If you are filing a single Schedule D, Section 7.B.(1) for a master-feeder arrangement according to the instructions to this Section 7.B.(1), for each of the feeder funds answer the following questions:

No Information Filed
NOTE: For purposes of questions 6 and 7, in a master-feeder arrangement, one or more funds ("feeder funds") invest all or substantially all of their assets in a single fund ("master fund"). A fund would also be a "feeder fund" investing in a "master fund" for purposes of this question if it issued multiple classes (or series) of shares or interests, and each class (or series) invests substantially all of its assets in a single master fund.

Yes No

8. (a) Is this private fund a "fund of funds"?
NOTE: For purposes of this question only, answer "yes" if the fund invests 10 percent or more of its total assets in other pooled investment vehicles, regardless of whether they are also private funds or registered investment companies. (b) If yes, does the private fund invest in funds managed by you or by a related person? Yes No

9. During your last fiscal year, did the private fund invest in securities issued by investment companies registered under the Investment Company Act of 1940 (other than "money market funds," to the extent provided in Instruction 6.e.)?

10. What type of fund is the private fund?
hedge fund liquidity fund private equity fund real estate fund securitized asset fund venture capital fund Other private fund: GROUP TRUST NOTE: For definitions of these fund types, please see Instruction 6 of the Instructions to Part 1A.

11. Current gross asset value of the private fund:
$ 527,827,275
Ownership

12. Minimum investment commitment required of an investor in the private fund:
$ 3,000,000
NOTE: Report the amount routinely required of investors who are not your related persons (even if different from the amount set forth in the organizational documents of the fund).

13. Approximate number of the private fund's beneficial owners:
42 14. What is the approximate percentage of the private fund beneficially owned by you and your related persons:
0%

15. (a) What is the approximate percentage of the private fund beneficially owned (in the aggregate) by funds of funds:
0%
Yes No
(b) If the private fund qualifies for the exclusion from the definition of investment company under section 3(c)(1) of the Investment Company Act of 1940, are sales of the fund limited to qualified clients?

16. What is the approximate percentage of the private fund beneficially owned by non-United States persons:
0%
Your Advisory Services
Yes No

17. (a) Are you a subadviser to this private fund?
(b) If the answer to question 17.(a) is "yes," provide the name and SEC file number, if any, of the adviser of the private fund. If the answer to question 17.(a) is "no," leave this question blank.

No Information Filed
Yes No

18. (a) Do any investment advisers (other than the investment advisers listed in Section 7.B.(1).A.3.(b)) advise the private fund? (b) If the answer to question 18.(a) is "yes," provide the name and SEC file number, if any, of the other advisers to the private fund. If the answer to question 18.(a) is "no," leave this question blank.

Name of Other Adviser to private fund SEC file number CRD number POLARIS CAPITAL MANAGEMENT, LLC 801-43216 106278
Yes No

19. Are your clients solicited to invest in the private fund? NOTE: For purposes of this question, do not consider feeder funds of the private fund.

20. Approximately what percentage of your clients has invested in the private fund? 0%
Private Offering
Yes No

21. Has the private fund ever relied on an exemption from registration of its securities under Regulation D of the Securities Act of 1933?

22. If yes, provide the private fund's Form D file number (if any):

Form D file number
021-127558
B. SERVICE PROVIDERS
Auditors
Yes No

23. (a) (1) Are the private fund's financial statements subject to an annual audit? (2) If the answer to question 23.(a)(1) is "yes," are the financial statements prepared in accordance with U.S. GAAP? If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm.

Additional Auditor Information : 1 Record(s) Filed.

If the answer to question 23.(a)(1) is "yes," respond to questions (b) through (h) below. If the private fund uses more than one auditing firm, you must complete questions (b) through (f) separately for each auditing firm. (b) Name of the auditing firm:

PRICEWATERHOUSECOOPERS LLP
(c) The location of the auditing firm's office responsible for the private fund's audit (city, state and country):

City:

MINNEAPOLIS
State:

Minnesota
Country:

United States
Yes No
(d) Is the auditing firm an independent public accountant? (e) Is the auditing firm registered with the Public Company Accounting Oversight Board? If yes, Public Company Accounting Oversight Board-Assigned Number:
238
(f) If "yes" to (e) above, is the auditing firm subject to regular inspection by the Public Company Accounting Oversight Board in accordance with its rules? Yes No
(g) Are the private fund's audited financial statements for the most recently completed fiscal year distributed to the private fund's investors? (h) Do all of the reports prepared by the auditing firm for the private fund since your last annual updating amendment contain unqualified opinions? Yes No Report Not Yet Received
If you check "Report Not Yet Received," you must promptly file an amendment to your Form ADV to update your response when the report is available.

Prime Broker
Yes No

24. (a) Does the private fund use one or more prime brokers? If the answer to question 24.(a) is "yes," respond to questions (b) through (e) below for each prime broker the private fund uses. If the private fund uses more than one prime broker, you must complete questions (b) through (e) separately for each prime broker.

No Information Filed
Custodian
Yes No

25. (a) Does the private fund use any custodians (including the prime brokers listed above) to hold some or all of its assets? If the answer to question 25.(a) is "yes," respond to questions (b) through (g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian.

Additional Custodian Information : 1 Record(s) Filed.

If the answer to question 25.(a) is "yes," respond to questions (b) through g) below for each custodian the private fund uses. If the private fund uses more than one custodian, you must complete questions (b) through (g) separately for each custodian. (b) Legal name of custodian:

STATE STREET BANK AND TRUST COMPANY
(c) Primary business name of custodian:

STATE STREET BANK AND TRUST COMPANY
(d) The location of the custodian's office responsible for custody of the private fund's assets (city, state and country):

City:

BOSTON
State:

Massachusetts
Country:

United States
Yes No
(e) Is the custodian a related person of your firm?
(f) If the custodian is a broker-dealer, provide its SEC registration number (if any):
-
CRD Number (if any):
(g) If the custodian is not a broker-dealer, or is a broker-dealer but does not have an SEC registration number, provide its legal entity identifier (if any) 571474TGEMMWANRLN572
Administrator
Yes No

26. (a) Does the private fund use an administrator other than your firm? If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator.

Additional Administrator Information : 1 Record(s) Filed.

If the answer to question 26.(a) is "yes," respond to questions (b) through (f) below. If the private fund uses more than one administrator, you must complete questions (b) through (f) separately for each administrator. (b) Name of administrator:

STATE STREET BANK AND TRUST COMPANY
(c) Location of administrator (city, state and country):

City:

BOSTON
State:

Massachusetts
Country:

United States
Yes No
(d) Is the administrator a related person of your firm? (e) Does the administrator prepare and send investor account statements to the private fund's investors? Yes (provided to all investors) Some (provided to some but not all investors) No (provided to no investors) (f) If the answer to question 26.(e) is "no" or "some," who sends the investor account statements to the (rest of the) private fund's investors? If investor account statements are not sent to the (rest of the) private fund's investors, respond "not applicable." RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. SENDS THE FUND ACCOUNTING STATEMENTS TO THE FUND'S INVESTORS.

27. During your last fiscal year, what percentage of the private fund's assets (by value) was valued by a person, such as an administrator, that is not your related person? 100%
Include only those assets where (i) such person carried out the valuation procedure established for that asset, if any, including obtaining any relevant quotes, and (ii) the valuation used for purposes of investor subscriptions, redemptions or distributions, and fee calculations (including allocations) was the valuation determined by such person.

Marketers
Yes No

28. (a) Does the private fund use the services of someone other than you or your employees for marketing purposes? You must answer "yes" whether the person acts as a placement agent, consultant, finder, introducer, municipal advisor or other solicitor, or similar person. If the answer to question 28.(a) is "yes," respond to questions (b) through (g) below for each such marketer the private fund uses. If the private fund uses more than one marketer you must complete questions (b) through (g) separately for each marketer.

No Information Filed
Funds per Page: 15 Total Funds: 4
SECTION 7.B.(2) Private Fund Reporting
No Information Filed
Item 8 Participation or Interest in Client Transactions In this Item, we request information about your participation and interest in your clients' transactions. This information identifies additional areas in which conflicts of interest may occur between you and your clients. Newly-formed advisers should base responses to these questions on the types of participation and interest that you expect to engage in during the next year.

Like Item 7, Item 8 requires you to provide information about you and your related persons, including foreign affiliates.

Proprietary Interest in Client Transactions
A. Do you or any related person: Yes No
(1) buy securities for yourself from advisory clients, or sell securities you own to advisory clients (principal transactions)? (2) buy or sell for yourself securities (other than shares of mutual funds) that you also recommend to advisory clients? (3) recommend securities (or other investment products) to advisory clients in which you or any related person has some other proprietary (ownership) interest (other than those mentioned in Items 8.A.(1) or (2))?
Sales Interest in Client Transactions
B. Do you or any related person: Yes No
(1) as a broker-dealer or registered representative of a broker-dealer, execute securities trades for brokerage customers in which advisory client securities are sold to or bought from the brokerage customer (agency cross transactions)? (2) recommend to advisory clients, or act as a purchaser representative for advisory clients with respect to, the purchase of securities for which you or any related person serves as underwriter or general or managing partner? (3) recommend purchase or sale of securities to advisory clients for which you or any related person has any other sales interest (other than the receipt of sales commissions as a broker or registered representative of a broker-dealer)? Investment or Brokerage Discretion
C. Do you or any related person have discretionary authority to determine the: Yes No (1) securities to be bought or sold for a client's account? (2) amount of securities to be bought or sold for a client's account? (3) broker or dealer to be used for a purchase or sale of securities for a client's account? (4) commission rates to be paid to a broker or dealer for a client's securities transactions? D. If you answer "yes" to C.(3) above, are any of the brokers or dealers related persons? E. Do you or any related person recommend brokers or dealers to clients? F. If you answer "yes" to E. above, are any of the brokers or dealers related persons? G. (1) Do you or any related person receive research or other products or services other than execution from a broker-dealer or a third party ("soft dollar benefits") in connection with client securities transactions?
(2) If "yes" to G.(1) above, are all the "soft dollar benefits" you or any related persons receive eligible "research or brokerage services" under section 28(e) of the Securities Exchange Act of 1934?
H. (1) Do you or any related person, directly or indirectly, compensate any person that is not an employee for client referrals? (2) Do you or any related person, directly or indirectly, provide any employee compensation that is specifically related to obtaining clients for the firm (cash or non-cash compensation in addition to the employee's regular salary)? I. Do you or any related person, including any employee, directly or indirectly, receive compensation from any person (other than you or any related person) for client referrals?
In your response to Item 8.I., do not include the regular salary you pay to an employee.

In responding to Items 8.H. and 8.I., consider all cash and non-cash compensation that you or a related person gave to (in answering Item 8.H.) or received from (in answering Item 8.I.) any person in exchange for client referrals, including any bonus that is based, at least in part, on the number or amount of client referrals.

Item 9 Custody
In this Item, we ask you whether you or a related person has custody of client (other than clients that are investment companies registered under the Investment Company Act of 1940) assets and about your custodial practices.

A. (1) Do you have custody of any advisory clients': Yes No (a) cash or bank accounts?
(b) securities?
If you are registering or registered with the SEC, answer "No" to Item 9.A.(1)(a) and (b) if you have custody solely because (i) you deduct your advisory fees directly from your clients' accounts, or (ii) a related person has custody of client assets in connection with advisory services you provide to clients, but you have overcome the presumption that you are not operationally independent (pursuant to Advisers Act rule 206(4)-2(d)(5)) from the related person. (2) If you checked "yes" to Item 9.A.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which you have custody:

U.S. Dollar Amount Total Number of Clients
(a) $ 2,794,178,992 (b) 99
If you are registering or registered with the SEC and you have custody solely because you deduct your advisory fees directly from your clients' accounts, do not include the amount of those assets and the number of those clients in your response to Item 9.A.(2). If your related person has custody of client assets in connection with advisory services you provide to clients, do not include the amount of those assets and number of those clients in your response to 9.A.(2). Instead, include that information in your response to Item 9.B. (2).

B. (1) In connection with advisory services you provide to clients, do any of your related persons have custody of any of your advisory clients': Yes No (a) cash or bank accounts?
(b) securities?
You are required to answer this item regardless of how you answered Item 9.A.(1)(a) or (b). (2) If you checked "yes" to Item 9.B.(1)(a) or (b), what is the approximate amount of client funds and securities and total number of clients for which your related persons have custody:

U.S. Dollar Amount Total Number of Clients
(a) $ 84,364,593 (b) 58
C. If you or your related persons have custody of client funds or securities in connection with advisory services you provide to clients, check all the following that apply:
(1) A qualified custodian(s) sends account statements at least quarterly to the investors in the pooled investment vehicle(s) you manage. (2) An independent public accountant audits annually the pooled investment vehicle(s) that you manage and the audited financial statements are distributed to the investors in the pools.
(3) An independent public accountant conducts an annual surprise examination of client funds and securities. (4) An independent public accountant prepares an internal control report with respect to custodial services when you or your related persons are qualified custodians for client funds and securities.

If you checked Item 9.C.(2), C.(3) or C.(4), list in Section 9.C. of Schedule D the accountants that are engaged to perform the audit or examination or prepare an internal control report. (If you checked Item 9.C.(2), you do not have to list auditor information in Section 9.C. of Schedule D if you already provided this information with respect to the private funds you advise in Section 7.B.(1) of Schedule D).

D. Do you or your related person(s) act as qualified custodians for your clients in connection with advisory services you provide to clients? Yes No (1) you act as a qualified custodian
(2) your related person(s) act as qualified custodian(s) If you checked "yes" to Item 9.D.(2), all related persons that act as qualified custodians (other than any mutual fund transfer agent pursuant to rule 206(4)-2(b)(1)) must be identified in Section 7.A. of Schedule D, regardless of whether you have determined the related person to be operationally independent under rule 206(4)-2 of the Advisers Act.

E. If you are filing your annual updating amendment and you were subject to a surprise examination by an independent public accountant during your last fiscal year, provide the date (MM/YYYY) the examination commenced:
10/2020
F. If you or your related persons have custody of client funds or securities, how many persons, including, but not limited to, you and your related persons, act as qualified custodians for your clients in connection with advisory services you provide to clients? 21 SECTION 9.C. Independent Public Accountant
You must complete the following information for each independent public accountant engaged to perform a surprise examination, perform an audit of a pooled investment vehicle that you manage, or prepare an internal control report. You must complete a separate Schedule D Section 9.C. for each independent public accountant. (1) Name of the independent public accountant:

PRICEWATERHOUSECOOPERS LLP
(2) The location of the independent public accountant's office responsible for the services provided:

Number and Street 1: Number and Street 2:

PRICEWATERHOUSECOOPERS CENTER 300 MADISON AVENUE
City: State: Country: ZIP+4/Postal Code:

NEW YORK New York United States 10017
Yes No
(3) Is the independent public accountant registered with the Public Company Accounting Oversight Board? If "yes," Public Company Accounting Oversight Board-Assigned Number:
238
(4) If "yes" to (3) above, is the independent public accountant subject to regular inspection by the Public Company Accounting Oversight Board in accordance with its rules?
(5) The independent public accountant is engaged to:

A. audit a pooled investment vehicle
B. perform a surprise examination of clients' assets
C. prepare an internal control report
(6) Since your last annual updating amendment, did all of the reports prepared by the independent public accountant that audited the pooled investment vehicle or that examined internal controls contain unqualified opinions?
Yes
No
Report Not Yet Received
If you check "Report Not Yet Received", you must promptly file an amendment to your Form ADV to update your response when the accountant's report is available.

Item 10 Control Persons
In this Item, we ask you to identify every person that, directly or indirectly, controls you. If you are filing an umbrella registration, the information in Item 10 should be provided for the filing adviser only.

If you are submitting an initial application or report, you must complete Schedule A and Schedule B. Schedule A asks for information about your direct owners and executive officers.

Schedule B asks for information about your indirect owners. If this is an amendment and you are updating information you reported on either Schedule A or Schedule B (or both) that you filed with your initial application or report, you must complete Schedule C.

Yes No
A. Does any person not named in Item 1.A. or Schedules A, B, or C, directly or indirectly, control your management or policies? If yes, complete Section 10.A. of Schedule D.

B. If any person named in Schedules A, B, or C or in Section 10.A. of Schedule D is a public reporting company under Sections 12 or 15(d) of the Securities Exchange Act of 1934, please complete Section 10.B. of Schedule D.

SECTION 10.A. Control Persons
No Information Filed
SECTION 10.B. Control Person Public Reporting Companies B. If any person named in Schedules A, B, or C, or in Section 10.A. of Schedule D is a public reporting company under Sections 12 or 15(d) of the Securities Exchange Act of 1934, please provide the following information (you must complete a separate Schedule D Section 10.B. for each public reporting company):
(1) Full legal name of the public reporting company: ROYAL BANK OF CANADA (2) The public reporting company's CIK number (Central Index Key number that the SEC assigns to each reporting company): 1000275 Item 11 Disclosure Information
In this Item, we ask for information about your disciplinary history and the disciplinary history of all your advisory affiliates. We use this information to determine whether to grant your application for registration, to decide whether to revoke your registration or to place limitations on your activities as an investment adviser, and to identify potential problem areas to focus on during our on-site examinations. One event may result in "yes" answers to more than one of the questions below. In accordance with General Instruction 5 to Form ADV, "you" and "your" include the filing adviser and all relying advisers under an umbrella registration.

Your advisory affiliates are: (1) all of your current employees (other than employees performing only clerical, administrative, support or similar functions); (2) all of your officers, partners, or directors (or any person performing similar functions); and (3) all persons directly or indirectly controlling you or controlled by you. If you are a "separately identifiable department or division" (SID) of a bank, see the Glossary of Terms to determine who your advisory affiliates are.

If you are registered or registering with the SEC or if you are an exempt reporting adviser, you may limit your disclosure of any event listed in Item 11 to ten years following the date of the event. If you are registered or registering with a state, you must respond to the questions as posed; you may, therefore, limit your disclosure to ten years following the date of an event only in responding to Items 11.A.(1), 11.A.(2), 11.B.(1), 11.B.(2), 11.D.(4), and 11.H.(1)(a). For purposes of calculating this ten-year period, the date of an event is the date the final order, judgment, or decree was entered, or the date any rights of appeal from preliminary orders, judgments, or decrees lapsed.

You must complete the appropriate Disclosure Reporting Page ("DRP") for "yes" answers to the questions in this Item 11.

Yes No
Do any of the events below involve you or any of your supervised persons? For "yes" answers to the following questions, complete a Criminal Action DRP:

A. In the past ten years, have you or any advisory affiliate: Yes No (1) been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to any felony? (2) been charged with any felony?
If you are registered or registering with the SEC, or if you are reporting as an exempt reporting adviser, you may limit your response to Item 11.A.(2) to charges that are currently pending.

B. In the past ten years, have you or any advisory affiliate:
(1) been convicted of or pled guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to a misdemeanor involving: investments or an investment-related business, or any fraud, false statements, or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion, or a conspiracy to commit any of these offenses?
(2) been charged with a misdemeanor listed in Item 11.B.(1)? If you are registered or registering with the SEC, or if you are reporting as an exempt reporting adviser, you may limit your response to Item 11.B.(2) to charges that are currently pending.

For "yes" answers to the following questions, complete a Regulatory Action DRP:

C. Has the SEC or the Commodity Futures Trading Commission (CFTC) ever: Yes No (1) found you or any advisory affiliate to have made a false statement or omission? (2) found you or any advisory affiliate to have been involved in a violation of SEC or CFTC regulations or statutes? (3) found you or any advisory affiliate to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?
(4) entered an order against you or any advisory affiliate in connection with investment-related activity? (5) imposed a civil money penalty on you or any advisory affiliate, or ordered you or any advisory affiliate to cease and desist from any activity? D. Has any other federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority:
(1) ever found you or any advisory affiliate to have made a false statement or omission, or been dishonest, unfair, or unethical? (2) ever found you or any advisory affiliate to have been involved in a violation of investment-related regulations or statutes? (3) ever found you or any advisory affiliate to have been a cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?
(4) in the past ten years, entered an order against you or any advisory affiliate in connection with an investment-related activity? (5) ever denied, suspended, or revoked your or any advisory affiliate's registration or license, or otherwise prevented you or any advisory affiliate, by order, from associating with an investment-related business or restricted your or any advisory affiliate's activity? E. Has any self-regulatory organization or commodities exchange ever:
(1) found you or any advisory affiliate to have made a false statement or omission? (2) found you or any advisory affiliate to have been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC)?
(3) found you or any advisory affiliate to have been the cause of an investment-related business having its authorization to do business denied, suspended, revoked, or restricted?
(4) disciplined you or any advisory affiliate by expelling or suspending you or the advisory affiliate from membership, barring or suspending you or the advisory affiliate from association with other members, or otherwise restricting your or the advisory affiliate's activities? F. Has an authorization to act as an attorney, accountant, or federal contractor granted to you or any advisory affiliate ever been revoked or suspended? G. Are you or any advisory affiliate now the subject of any regulatory proceeding that could result in a "yes" answer to any part of Item 11.C., 11.D., or 11.E.? For "yes" answers to the following questions, complete a Civil Judicial Action DRP:

H. (1) Has any domestic or foreign court: Yes No
(a) in the past ten years, enjoined you or any advisory affiliate in connection with any investment-related activity? (b) ever found that you or any advisory affiliate were involved in a violation of investment-related statutes or regulations? (c) ever dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you or any advisory affiliate by a state or foreign financial regulatory authority?
(2) Are you or any advisory affiliate now the subject of any civil proceeding that could result in a "yes" answer to any part of Item 11.H.(1)? Item 12 Small Businesses
The SEC is required by the Regulatory Flexibility Act to consider the effect of its regulations on small entities. In order to do this, we need to determine whether you meet the definition of "small business" or "small organization" under rule 0-7.

Answer this Item 12 only if you are registered or registering with the SEC and you indicated in response to Item 5.F.(2)(c) that you have regulatory assets under management of less than $25 million. You are not required to answer this Item 12 if you are filing for initial registration as a state adviser, amending a current state registration, or switching from SEC to state registration.

For purposes of this Item 12 only:

Total Assets refers to the total assets of a firm, rather than the assets managed on behalf of clients. In determining your or another person's total assets, you may use the total assets shown on a current balance sheet (but use total assets reported on a consolidated balance sheet with subsidiaries included, if that amount is larger).

Control means the power to direct or cause the direction of the management or policies of a person, whether through ownership of securities, by contract, or otherwise. Any person that directly or indirectly has the right to vote 25 percent or more of the voting securities, or is entitled to 25 percent or more of the profits, of another person is presumed to control the other person.

Yes No
A. Did you have total assets of $5 million or more on the last day of your most recent fiscal year? If "yes," you do not need to answer Items 12.B. and 12.C.

B. Do you:
(1) control another investment adviser that had regulatory assets under management (calculated in response to Item 5.F.(2)(c) of Form ADV) of $25 million or more on the last day of its most recent fiscal year?
(2) control another person (other than a natural person) that had total assets of $5 million or more on the last day of its most recent fiscal year? C. Are you:
(1) controlled by or under common control with another investment adviser that had regulatory assets under management (calculated in response to Item 5.F.(2)(c) of Form ADV) of $25 million or more on the last day of its most recent fiscal year? (2) controlled by or under common control with another person (other than a natural person) that had total assets of $5 million or more on the last day of its most recent fiscal year?
Schedule A
Direct Owners and Executive Officers

1. Complete Schedule A only if you are submitting an initial application or report. Schedule A asks for information about your direct owners and executive officers. Use Schedule C to amend this information.

2. Direct Owners and Executive Officers. List below the names of:
(a) each Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, Chief Legal Officer, Chief Compliance Officer(Chief Compliance Officer is required if you are registered or applying for registration and cannot be more than one individual), director, and any other individuals with similar status or functions; (b) if you are organized as a corporation, each shareholder that is a direct owner of 5% or more of a class of your voting securities, unless you are a public reporting company (a company subject to Section 12 or 15(d) of the Exchange Act); Direct owners include any person that owns, beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 5% or more of a class of your voting securities.

For purposes of this Schedule, a person beneficially owns any securities: (i) owned by his/her child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, sharing the same residence; or (ii) that he/she has the right to acquire, within 60 days, through the exercise of any option, warrant, or right to purchase the security. (c) if you are organized as a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 5% or more of your capital;
(d) in the case of a trust that directly owns 5% or more of a class of your voting securities, or that has the right to receive upon dissolution, or has contributed, 5% or more of your capital, the trust and each trustee; and
(e) if you are organized as a limited liability company ("LLC"), (i) those members that have the right to receive upon dissolution, or have contributed, 5% or more of your capital, and (ii) if managed by elected managers, all elected managers.

3. Do you have any indirect owners to be reported on Schedule B? Yes No

4. In the DE/FE/I column below, enter "DE" if the owner is a domestic entity, "FE" if the owner is an entity incorporated or domiciled in a foreign country, or "I" if the owner or executive officer is an individual.

5. Complete the Title or Status column by entering board/management titles; status as partner, trustee, sole proprietor, elected manager, shareholder, or member; and for shareholders or members, the class of securities owned (if more than one is issued).

6. Ownership codes are: NA - less than 5% B - 10% but less than 25% D - 50% but less than 75% A - 5% but less than 10% C - 25% but less than 50% E - 75% or more

7. (a) In the Control Person column, enter "Yes" if the person has control as defined in the Glossary of Terms to Form ADV, and enter "No" if the person does not have control. Note that under this definition, most executive officers and all 25% owners, general partners, elected managers, and trustees are control persons. (b) In the PR column, enter "PR" if the owner is a public reporting company under Sections 12 or 15(d) of the Exchange Act. (c) Complete each column.

FULL LEGAL NAME (Individuals: Last Name,
First Name, Middle Name)
DE/FE/I Title or Status Date Title or Status
Acquired MM/YYYY
Ownership
Code
Control
Person
PR CRD No. If None: S.S. No. and Date of Birth, IRS
Tax No. or Employer ID No.

LEE, MICHAEL, THOMAS I DIRECTOR, CEO AND

PRESIDENT
02/2004 NA Y N 2404178

TIMMER, CAROL, ANN I CHIEF OPERATING

OFFICER
10/2008 NA N N 1833270
RBC USA HOLDCO CORPORATION DE DIRECT OWNER 11/2010 E Y N WILLIAMS, DAMON, GRANT I DIRECTOR 01/2013 NA Y N 5530176 SENNE, ANN, MARIE I DIRECTOR 12/2016 NA Y N 2515669

WEBER, CHRISTINA, MARIE I CHIEF COMPLIANCE

OFFICER
06/2018 NA N N 6041124
CHUNG-MCLEAN, YONETTE, BEVERLY I DIRECTOR 08/2019 NA Y N 4384662

MOONSAMMY, BYRN, N I CHIEF FINANCIAL

OFFICER
11/2020 NA N N 5134158
SKIBA, WLODZIMIERZ, ANDRZEJ I DIRECTOR 11/2021 NA N N 4603176 Schedule B
Indirect Owners

1. Complete Schedule B only if you are submitting an initial application or report. Schedule B asks for information about your indirect owners; you must first complete Schedule A, which asks for information about your direct owners. Use Schedule C to amend this information.

2. Indirect Owners. With respect to each owner listed on Schedule A (except individual owners), list below:
(a) in the case of an owner that is a corporation, each of its shareholders that beneficially owns, has the right to vote, or has the power to sell or direct the sale of, 25% or more of a class of a voting security of that corporation;
For purposes of this Schedule, a person beneficially owns any securities: (i) owned by his/her child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, sharing the same residence; or (ii) that he/she has the right to acquire, within 60 days, through the exercise of any option, warrant, or right to purchase the security. (b) in the case of an owner that is a partnership, all general partners and those limited and special partners that have the right to receive upon dissolution, or have contributed, 25% or more of the partnership's capital;
(c) in the case of an owner that is a trust, the trust and each trustee; and (d) in the case of an owner that is a limited liability company ("LLC"), (i) those members that have the right to receive upon dissolution, or have contributed, 25% or more of the LLC's capital, and (ii) if managed by elected managers, all elected managers.

3. Continue up the chain of ownership listing all 25% owners at each level. Once a public reporting company (a company subject to Sections 12 or 15(d) of the Exchange Act) is reached, no further ownership information need be given.

4. In the DE/FE/I column below, enter "DE" if the owner is a domestic entity, "FE" if the owner is an entity incorporated or domiciled in a foreign country, or "I" if the owner is an individual.

5. Complete the Status column by entering the owner's status as partner, trustee, elected manager, shareholder, or member; and for shareholders or members, the class of securities owned (if more than one is issued).

6. Ownership codes are: C - 25% but less than 50% E - 75% or more D - 50% but less than 75% F - Other (general partner, trustee, or elected manager)

7. (a) In the Control Person column, enter "Yes" if the person has control as defined in the Glossary of Terms to Form ADV, and enter "No" if the person does not have control. Note that under this definition, most executive officers and all 25% owners, general partners, elected managers, and trustees are control persons. (b) In the PR column, enter "PR" if the owner is a public reporting company under Sections 12 or 15(d) of the Exchange Act. (c) Complete each column.

FULL LEGAL NAME (Individuals: Last Name,
First Name, Middle Name)
DE/FE/I Entity in Which
Interest is Owned
Status Date Status
Acquired MM/YYYY
Ownership
Code
Control
Person
PR CRD No. If None: S.S. No. and Date of Birth,
IRS Tax No. or Employer ID No.

ROYAL BANK OF CANADA FE RBC USA HOLDCO

CORPORATION

ULTIMATE
OWNER
11/2010 E Y Y

RBC US GROUP HOLDINGS LLC DE RBC USA HOLDCO

CORPORATION
DIRECT
OWNER
06/2018 E Y N
Schedule D - Miscellaneous
You may use the space below to explain a response to an Item or to provide any other information.

Schedule R
No Information Filed
DRP Pages

CRIMINAL DISCLOSURE REPORTING PAGE (ADV)
No Information Filed

REGULATORY ACTION DISCLOSURE REPORTING PAGE (ADV)

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:

11.C(1) 11.C(2) 11.C(3) 11.C(4) 11.C(5)

11.D(1) 11.D(2) 11.D(3) 11.D(4) 11.D(5)

11.E(1) 11.E(2) 11.E(3) 11.E(4)

11.F. 11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):

You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).

If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE
CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No
Name: ROYAL BANK OF CANADA
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.

This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.

Yes No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II

1. Regulatory Action initiated by:

SEC Other Federal State SRO Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO)

ONTARIO SECURITIES COMMISSION

2. Principal Sanction:

Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions:

3. Date Initiated (MM/DD/YYYY):
08/23/2019 Exact Explanation
If not exact, provide explanation:

4. Docket/Case Number:

5. Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):

6. Principal Product Type:

Other
Other Product Types:

FOREIGN EXCHANGE

7. Describe the allegations related to this regulatory action (your response must fit within the space provided):

FAILURE TO HAVE SUFFICIENT SUPERVISION AND CONTROLS IN ITS FX TRADING BUSINESS.

8. Current Status? Pending On Appeal Final

9. If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:

Decision & Order of Offer of Settlement

11. Resolution Date (MM/DD/YYYY):
08/30/2019 Exact Explanation
If not exact, provide explanation:

12. Resolution Detail:

A. Were any of the following Sanctions Ordered (check all appropriate items)? Monetary/Fine Amount: $ 10,338,117.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension
B. Other Sanctions Ordered:

INTERNAL AUDIT OF RBC'S COMPLIANCE WITH THE FX GLOBAL CODE AND PAYMENT OF $608,263 IN COSTS TO COVER THE INVESTIGATION.

Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:

WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS.

13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit within the space provided).

WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS.

CIVIL JUDICIAL ACTION DISCLOSURE REPORTING PAGE (ADV)

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an INITIAL OR AMENDED response used to report details for affirmative responses to Item 11.H. of Part 1A or Item 2.F. of Part 1B of Form ADV.

Civil Judicial
Check Part 1A item(s) being responded to:

11.H(1)(a) 11.H(1)(b) 11.H(1)(c) 11.H(2)
Check Part 1B item(s) being responded to:

2.F(1) 2.F(2) 2.F(3) 2.F(4) 2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a completed Execution Page.

One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the same event. Unrelated civil judicial actions must be reported on separate DRPs.

PART I
A. The person(s) or entity(ies) for whom this DRP is being filed is (are):

You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name).

If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.

ADV DRP - ADVISORY AFFILIATE
CRD Number: This advisory affiliate is a Firm an Individual Registered: Yes No
Name: ROYAL BANK OF CANADA
(For individuals, Last, First, Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.

This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory affiliate's favor.

If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11 that occurred more than ten years ago.

This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances:

B. If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.

Yes No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II

1. Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.)

COMMODITY FUTURES TRADING COMMISSION

2. Principal Relief Sought:

Civil Penalty(ies)/Fine(s)
Other Relief Sought:

INJUNCTION

3. Filing Date of Court Action (MM/DD/YYYY):
04/02/2012 Exact Explanation
If not exact, provide explanation:

4. Principal Product Type:

Futures - Financial
Other Product Types:

5. Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case Number):

UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, CIVIL ACTION NO, 12-CV-2497 (AKH/KNF)

6. Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable):

ROYAL BANK OF CANADA

7. Describe the allegations related to this civil action (your response must fit within the space provided):

ROYAL BANK OF CANADA IS ALLEGED TO HAVE VIOLATED SECTION 4C(A) OF THE COMMODITY EXCHANGE ACT, AND COMMISSION REGULATION 1.38(A), BY

KNOWINGLY ENTERING INTO PURCHASES AND SALES OF SINGLE STOCK FUTURES AND NARROW-BASED INDEX FUTURES CONTRACTS OPPOSITE ITS SUBSIDIARIES WITH THE EXPRESS OR IMPLIED UNDERSTANDING THAT THE POSITION WOULD BE OFFSET OR DELIVERED OPPOSITE EACH OTHER.

8. Current Status? Pending On Appeal Final

9. If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY):

10. If pending, date notice/process was served (MM/DD/YYYY):

Exact Explanation
If not exact, provide explanation:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.

11. How was matter resolved:

Consent

12. Resolution Date (MM/DD/YYYY):
12/18/2014 Exact Explanation
If not exact, provide explanation:

13. Resolution Detail:

A. Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)? Monetary/Fine Amount: $ 35,000,000.00
Revocation/Expulsion/Denial Disgorgement/Restitution
Censure Cease and Desist/Injunction
Bar Suspension
B. Other Sanctions:

C. Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived:

WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT VIOLATED SECTION 4C(A) OF THE COMMODITY EXCHANGE ACT, AND COMMISSION REGULATION 1.38(A), BY KNOWINGLY ENTERING INTO PURCHASES AND SALES OF SINGLE

STOCK FUTURES AND NARROW-BASED INDEX FUTURES CONTRACTS OPPOSITE ITS SUBSIDIARIES WITH THE EXPRESS OR IMPLIED UNDERSTANDING THAT THE POSITIONS WOULD BE OFFSET OR DELIVERED OPPOSITE EACH OTHER; THEREFORE THE FIRM IS FINED $35,000,000.00 AND IS PERMANENTLY

PERMANENTLY RESTRAINED, ENJOINED, AND PROHIBITED FROM DIRECTLY OR INDIRECTLY ENTERING INTO OR CONFIRMING THE EXECUTION OF A TRANSACTION THAT IS, IS OF THE CHARACTER OF, OR IS COMMONLY KNOWN TO THE TRADE AS A WASH SALE, OR IS A FICTITIOUS SALE. THE FIRM IS ALSO PERMANENTLY RESTRAINED, ENJOINED, AND PROHIBITED FROM DIRECTLY OR INDIRECTLY EXECUTING ANY NONCOMPETITIVE TRANSACTION.

14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must fit within the space provided).

WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT VIOLATED SECTION 4C(A) OF THE COMMODITY EXCHANGE ACT, AND COMMISSION REGULATION 1.38(A), BY KNOWINGLY ENTERING INTO PURCHASES AND SALES OF SINGLE STOCK

FUTURES AND NARROW-BASED INDEX FUTURES CONTRACTS OPPOSITE ITS SUBSIDIARIES WITH THE EXPRESS OR IMPLIED UNDERSTANDING THAT THE POSITIONS WOULD BE OFFSET OR DELIVERED OPPOSITE EACH OTHER; THEREFORE THE FIRM IS FINED $35,000,000.00 AND IS PERMANENTLY PERMANENTLY

RESTRAINED, ENJOINED, AND PROHIBITED FROM DIRECTLY OR INDIRECTLY ENTERING INTO OR CONFIRMING THE EXECUTION OF A TRANSACTION THAT IS, IS OF THE CHARACTER OF, OR IS COMMONLY KNOWN TO THE TRADE AS A WASH SALE, OR IS A FICTITIOUS SALE. THE FIRM IS ALSO PERMANENTLY RESTRAINED, ENJOINED, AND PROHIBITED FROM DIRECTLY OR INDIRECTLY EXECUTING ANY NONCOMPETITIVE TRANSACTION.

Part 2
Exemption from brochure delivery requirements for SEC-registered advisers SEC rules exempt SEC-registered advisers from delivering a firm brochure to some kinds of clients. If these exemptions excuse you from delivering a brochure to all of your advisory clients, you do not have to prepare a brochure.

Yes No
Are you exempt from delivering a brochure to all of your clients under these rules? If no, complete the ADV Part 2 filing below.

Amend, retire or file new brochures:

Brochure ID Brochure Name Brochure Type(s)
90504 RBC GAM-US ADV PART 2A Foundations/charities, Government/municipal, Other institutional, Private funds or pools, Wrap program,
Individuals, High net worth individuals, Pension plans/profit sharing plans
Part 3
CRS Type(s) Affiliate Info Retire
Investment Advisor
Execution Pages

DOMESTIC INVESTMENT ADVISER EXECUTION PAGE
You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial submission of Form ADV to the SEC and all amendments.

Appointment of Agent for Service of Process
By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint the Secretary of State or other legally designated officer, of the state in which you maintain your principal office and place of business and any other state in which you are submitting a notice filing, as your agents to receive service, and agree that such persons may accept service on your behalf, of any notice, subpoena, summons, order instituting proceedings, demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative proceeding or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding, or arbitration (a) arises out of any activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of the state in which you maintain your principal office and place of business or of any state in which you are submitting a notice filing.

Signature
I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.

I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any person having custody or possession of these books and records to make them available to federal and state regulatory representatives.

Signature:

CHRISTINA M. WEBER
Date: MM/DD/YYYY
11/30/2021
Printed Name:

CHRISTINA M. WEBER
Title:

CHIEF COMPLIANCE OFFICER
Adviser CRD Number:
107173

NON-RESIDENT INVESTMENT ADVISER EXECUTION PAGE
You must complete the following Execution Page to Form ADV. This execution page must be signed and attached to your initial submission of Form ADV to the SEC and all amendments.

1. Appointment of Agent for Service of Process
By signing this Form ADV Execution Page, you, the undersigned adviser, irrevocably appoint each of the Secretary of the SEC, and the Secretary of State or other legally designated officer, of any other state in which you are submitting a notice filing, as your agents to receive service, and agree that such persons may accept service on your behalf, of any notice, subpoena, summons, order instituting proceedings, demand for arbitration, or other process or papers, and you further agree that such service may be made by registered or certified mail, in any federal or state action, administrative proceeding or arbitration brought against you in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with your investment advisory business that is subject to the jurisdiction of the United States, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these acts, or (ii) the laws of any state in which you are submitting a notice filing.

2. Appointment and Consent: Effect on Partnerships
If you are organized as a partnership, this irrevocable power of attorney and consent to service of process will continue in effect if any partner withdraws from or is admitted to the partnership, provided that the admission or withdrawal does not create a new partnership. If the partnership dissolves, this irrevocable power of attorney and consent shall be in effect for any action brought against you or any of your former partners.

3. Non-Resident Investment Adviser Undertaking Regarding Books and Records By signing this Form ADV, you also agree to provide, at your own expense, to the U.S. Securities and Exchange Commission at its principal office in Washington D.C., at any Regional or District Office of the Commission, or at any one of its offices in the United States, as specified by the Commission, correct, current, and complete copies of any or all records that you are required to maintain under Rule 204-2 under the Investment Advisers Act of 1940. This undertaking shall be binding upon you, your heirs, successors and assigns, and any person subject to your written irrevocable consents or powers of attorney or any of your general partners and managing agents.

Signature
I, the undersigned, sign this Form ADV on behalf of, and with the authority of, the non-resident investment adviser. The investment adviser and I both certify, under penalty of perjury under the laws of the United States of America, that the information and statements made in this ADV, including exhibits and any other information submitted, are true and correct, and that I am signing this Form ADV Execution Page as a free and voluntary act.

I certify that the adviser's books and records will be preserved and available for inspection as required by law. Finally, I authorize any person having custody or possession of these books and records to make them available to federal and state regulatory representatives.

Signature: Date: MM/DD/YYYY
Printed Name: Title:

Adviser CRD Number:
107173
1 50 South Sixth Street, Suite 2350
Minneapolis, MN 55402-1240
www.rbcgam.com
November 30, 2021
This brochure provides information about the qualifications and business practices of RBC Global Asset Management (U.S.) Inc. (“RBC GAM-US”). If you have any questions about the contents of this brochure, please contact us at 800-553-2143. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission (the “SEC”) or by any state securities authority. RBC GAM-US is a registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. Additional information about RBC GAM-US is also available on the SEC’s website at www.adviserinfo.sec.gov. ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
2 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Item 2 – Material Changes
The following is a summary of the material changes made to the brochure since our last annual update on January 28, 2021:

November 30, 2021
Revisions were made to reflect the merger of BlueBay Asset Management USA LLC with and into RBC Global Asset Management (U.S.) Inc., including (1) amendments reflecting that RBC GAM-US will share certain advisory services including, but not limited to, research and execution with BlueBay LLP, and (2) revisions to Item 12 – Brokerage Practices, to reflect that as a result of the merger we are aggregating corporate credit instruments with a final term to maturity of greater than 5.25 years with BlueBay Asset Management LLP (“BlueBay LLP”) trades.

Removed Mid Cap Growth and Mid Cap Value strategies.

July 19, 2021
Revisions were made to Item 4 – Advisory Business, and Item 10 – Other Financial Industry Activities and Affiliations, to disclose that effective November 1, 2021, BlueBay Asset Management USA LLC will merge with and into RBC Global Asset Management (U.S.) Inc.

Nonmaterial updates were made to the Privacy and Information Sharing section.

RBC GAM-US will provide our clients with a new brochure as necessary based on changes or new information. This brochure is also available upon request, at any time, free of charge. ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
3 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Item 3 – Table of Contents
Item 2 – Material Changes.................................................................................................................................................... 2 Item 3 – Table of Contents ................................................................................................................................................... 3 Item 4 – Advisory Business ................................................................................................................................................. 5 I. Firm Overview ............................................................................................................................................................ 5 II. Advisory Services....................................................................................................................................................... 5 A. Separate Accounts .............................................................................................................................................. 5 B. Mutual Funds and Pooled Investment Vehicles (collectively “Funds”)................................................................ 6 C. Wrap Fee Programs (“wrap fee accounts”) ......................................................................................................... 6 D. Model Portfolio Provider Accounts ...................................................................................................................... 6 III. Client Servicing Arrangements................................................................................................................................... 6 IV. Assets Under Management........................................................................................................................................ 6 Item 5 – Fees and Compensation ........................................................................................................................................ 6 I. Rates / Fee Schedule................................................................................................................................................. 6 II. Billing.......................................................................................................................................................................... 7 III. Valuation / Calculation ............................................................................................................................................... 7 IV. Other Fees and Expenses ......................................................................................................................................... 7 Item 6 – Performance-Based Fees and Side-by-Side Management................................................................................. 7 Item 7 – Types of Clients ...................................................................................................................................................... 8 Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss ......................................................................... 8 I. Investment Strategies ................................................................................................................................................ 8 II. Methods of Analysis ................................................................................................................................................... 8 III. Fixed Income Research Process ............................................................................................................................... 9 IV. Customized Portfolios ................................................................................................................................................ 9 V. Derivatives.................................................................................................................................................................. 9 VI. Risk of Loss................................................................................................................................................................ 9 Item 9 – Disciplinary Information......................................................................................................................................... 9 Item 10 – Other Financial Industry Activities and Affiliations.......................................................................................... 9 I. Code of Ethics and Personal Trading ...................................................................................................................... 12 II. Participation or Interest in Client Transactions ........................................................................................................ 12 III. Investment Adviser to Affiliated Open End Investment Company and Pooled Investment Vehicles ......................12 IV. Other Fund Activities................................................................................................................................................ 12 Item 12 – Brokerage Practices........................................................................................................................................... 13 I. Best Execution ......................................................................................................................................................... 13 II. Research and Other Soft Dollar Benefits................................................................................................................. 13 III. Brokerage for Client Referrals ................................................................................................................................. 13 ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
4 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

IV. Brokerage Selection................................................................................................................................................. 14 V. Client Direction......................................................................................................................................................... 14 VI. Aggregation and Allocation ...................................................................................................................................... 15 A. Overview............................................................................................................................................................ 15 B. Equity Aggregation and Allocation..................................................................................................................... 15 C. Fixed Income Aggregation and Allocation......................................................................................................... 16 D. New Issues ........................................................................................................................................................ 17 VII. Correcting Trade Errors ........................................................................................................................................... 17 Item 13 – Review of Accounts............................................................................................................................................ 17 I. Overview .................................................................................................................................................................. 17 II. Client Reporting ....................................................................................................................................................... 17 Item 14 – Client Referrals and Other Compensation....................................................................................................... 18 I. Referrals................................................................................................................................................................... 18 II. Payments to Others ................................................................................................................................................. 18 Item 15 – Custody ............................................................................................................................................................... 18 Item 16 – Investment Discretion ........................................................................................................................................ 18 Item 17 – Voting Client Securities ..................................................................................................................................... 19 Item 18 – Financial Information ......................................................................................................................................... 20 Fee Schedule Appendix...................................................................................................................................................... 21 Investment Strategies Appendix ....................................................................................................................................... 23 Risk Disclosures Appendix................................................................................................................................................ 29 Privacy and Information Sharing....................................................................................................................................... 36 ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
5 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Item 4 – Advisory Business
I. Firm Overview
RBC GAM-US was formed in 1983 and is registered as
an Investment Adviser with the U.S. Securities and
Exchange Commission, pursuant to the Investment
Advisers Act of 1940, as amended (the “Advisers Act”).

RBC GAM-US is also registered as a Commodity
Trading Advisor (“CTA”) and Commodity Pool Operator
(“CPO”) with the National Futures Association (“NFA”),
pursuant to the Commodity Exchange Act (“CEA”). The
firm is a wholly owned subsidiary of RBC USA Holdco
Corporation, which is an indirect, wholly owned
subsidiary of the Royal Bank of Canada (“RBC”). RBC is
publicly held and traded on the New York Stock
Exchange and Toronto Stock Exchange.

RBC GAM-US is a part of RBC Global Asset
Management (“RBC GAM”), the asset management
division of RBC. RBC GAM operates as a global firm
and leverages the talent and investment capabilities
across RBC GAM to create solutions for its clients.

When used herein, the RBC GAM group of companies
includes the following affiliates, all indirect wholly owned subsidiaries of RBC: RBC GAM-US, RBC Global Asset
Management Inc. (“RBC GAM Inc.”), RBC Global Asset
Management (UK) Limited (“RBC GAM-UK”), BlueBay
Asset Management LLP (“BlueBay LLP”) and RBC
Global Asset Management (Asia) Limited (“RBC GAM-Asia”).

Effective November 1, 2021, RBC GAM-US and
BlueBay Asset Management USA LLC (“BlueBay USA”)
consolidated the businesses’ U.S. legal entity structures, with BlueBay USA merging with and into RBC GAM-US.

The respective RBC GAM-US and BlueBay USA fixed
income teams were combined into a single multi-disciplinary team (the “U.S. Fixed Income Investment team”) in order to (1) further streamline the investment solutions and services offered to our U.S. clients, and (2) share advisory services including, but not limited to,
research and execution with BlueBay LLP. The
combined entity also shares non-advisory services with
BlueBay LLP such as accounting, marketing and client
service.

This brochure describes the investment advisory
services of RBC GAM-US. To comply with the Advisers
Act, RBC GAM-US provides this brochure to persons
who receive or who may receive investment advisory
services from RBC GAM-US.

II. Advisory Services
RBC GAM-US seeks to develop a full understanding of
each client’s investment needs and meet those needs
with equity, fixed income and cash management
solutions. These solutions are available to a broad range of institutional clients through the following vehicles:

Institutional separate accounts (“separate
accounts”)
Open-end investment companies registered under
the Investment Company Act of 1940, as
amended (“mutual funds”)
Other pooled investment vehicles, including
private funds and collateralized loan obligation
issuers (“CLOs”) (collectively “pooled investment
vehicles”)
Wrap Fee Programs (“wrap fee accounts”)
Model Portfolios
RBC GAM-US may utilize the services of its non-U.S.
advisory affiliates to perform services through various intercompany arrangements, including sub-advisory
relationships, personnel sharing and “participating
affiliate” arrangements. In participating affiliate
arrangements, non-U.S. advisory affiliates’ employees
may provide services to us as “associated persons”
subject to our supervision and oversight. Each
participating affiliate will act according to a series of SEC no-action relief letters mandating that participating
affiliates remain subject to the regulatory supervision of both RBC GAM-US and the SEC.

RBC GAM-US may, in its discretion, delegate all or a
portion of its advisory or other functions (including
placing trades on behalf of advisory accounts) to any
affiliate that is registered with the SEC as an investment adviser or utilize the services of any participating affiliate to perform such services. To the extent RBC GAM-US
delegates advisory or other functions to affiliates that are registered with the SEC as investment advisers, a copy
of the brochure of each such affiliate is available on the SEC’s website and will be provided to clients or
prospective clients upon request.

RBC GAM-US may engage affiliated or unaffiliated sub-advisers to provide advisory services to a pooled investment vehicle. RBC GAM-US also provides
investment advisory services for investment companies,
wrap fee accounts and model portfolios offered by other investment managers or sponsors.

A. Separate Accounts
RBC GAM-US provides discretionary and non-discretionary investment management solutions to clients in the form of separate accounts. Fees and
services for each arrangement are individually
negotiated. Separate account clients may impose
restrictions on investing in certain securities or types of securities if those restrictions are consistent with the strategy’s investment style and process. These
restrictions are specified in each client’s written
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
6 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
investment policy or other governing documents.

RBC GAM-US assesses compliance with each client’s
investment policy or other governing documents through
automated and manual reviews. The fees and services
for each such arrangement are generally based upon a
percentage of assets under management. For additional
information on fees, refer to Item 5 or the Fee Schedule Appendix.

B. Mutual Funds and Pooled Investment Vehicles
(collectively “Funds”)
RBC GAM-US serves as the investment adviser or
collateral manager, as applicable, to affiliated and
unaffiliated mutual funds and pooled investment vehicles (collectively “Funds”). In connection with its advisory services to Funds, RBC GAM-US or its related persons
that provide services to Funds receive advisory,
management, service and/or distribution fees from the
Fund and/or investment advisers to the Fund. In
connection with its collateral management services to
CLOs, RBC GAM-US’s services are primarily focused on
senior secured term loan and revolving instruments.

Each Fund is structured and managed in accordance
with its governing documents and the investment
objectives, strategies and restrictions of each Fund,
along with risks and conflicts associated with the Fund, are described in the Fund’s disclosure documents
(collectively, the “Fund Documentation”). In many
cases, the Fund Documentation includes detailed
specifications and requirements as to the nature, type
and composition of the Fund’s investment portfolio.

While prospective Fund investors are sometimes
consulted in developing a Fund’s investment mandate,
Funds are not tailored to any particular individual
investor.

As a result, current and prospective investors in a Fund should carefully review the Fund Documentation for
more detailed information regarding Funds advised or
sub-advised by RBC GAM-US. To the extent there is
any conflict between the Fund Documents and this
Brochure with respect to a particular Fund, the Fund
Documents will govern.

C. Wrap Fee Programs (“wrap fee accounts”)
RBC GAM-US provides investment advisory services to
wrap fee accounts offered by a broker-dealer or another investment adviser (“program sponsor”) pursuant to an
investment management agreement (“IMA”) between
RBC GAM-US and the program sponsor. Participants in
wrap fee accounts pay a single inclusive fee (“wrap fee”) to the program sponsor that typically includes custody, investment consultation, trading and investment advisory services. The program sponsor pays a portion of the
wrap fee to RBC GAM-US for its services.

The services provided by RBC GAM-US to wrap fee
accounts are tailored to the requirements of each wrap
fee program and differ from the services we provide to
separately managed institutional accounts. For example, client reports are not provided for wrap fee accounts.

Wrap fee program clients should review all materials
relating to their programs.

D. Model Portfolio Provider Accounts
As a model portfolio provider, RBC GAM-US provides
program sponsors, including affiliates, with non-discretionary recommendations to assist the sponsor in the development of one or more portfolios that the
sponsor may determine to be suitable for its clients
(each a “model portfolio”). RBC GAM-US’s role is
generally limited to providing portfolio recommendations to the program sponsor.

Program clients are clients of the program sponsor and
not of RBC GAM-US. The program sponsor is
responsible for investment decisions and for performing many other services and functions typically handled by
RBC GAM-US in a traditional discretionary managed
account program. Depending on the particular facts and
circumstances, RBC GAM-US may also have a separate
advisory relationship with model-based program clients.

RBC GAM-US is not responsible for overseeing the
provision of services by a model-based program sponsor
and cannot assure the quality of its services. Clients
should review the program sponsor’s firm brochure
regarding the terms, conditions and fees, while also
considering the advantages and disadvantages as
described by the program sponsor. If this brochure is
being delivered to program clients with whom there is no advisory relationship or under circumstances where it is not legally required to be delivered, it is provided for informational purposes only. Refer to Item 12 for
additional information on sponsored fee-based program
accounts.

III. Client Servicing Arrangements
RBC GAM-US may also provide client servicing to
certain U.S. client accounts on behalf of foreign affiliates.

The affiliate pays RBC GAM-US a portion of its
management fee, but this arrangement does not
increase the fee the client pays.

IV. Assets Under Management
Client assets under management for RBC GAM-US as
of September 30, 2021: $ 83,209,336,963.

Item 5 – Fees and Compensation
I. Rates / Fee Schedule
While fees are individually negotiated, clients will
generally pay a percentage of assets under
management in accordance with the Fee
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
7 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Schedule Appendix. Fees and services are negotiated
based on factors such as client type, asset class,
specific investment strategy utilized, whether a pre-existing relationship is present, portfolio complexity, account size or other special circumstances or
requirements. However, in certain limited circumstances, for eligible clients and certain strategies, fixed or
performance-based fees may also be negotiated, and
related accounts may be aggregated for fee calculation
purposes. Some clients may pay higher or lower fees
than other clients. For information on account minimums, refer to Item 7 and the Fee Schedule Appendix.

II. Billing
RBC GAM-US typically bills clients for advisory fees on a monthly or quarterly basis, either in advance or arrears.

Alternatively, clients may select to have fees deducted from their assets. Advisory fees are typically based upon a percentage of the market value of assets in the
account on the date of valuation or the average of the
market value of the assets in the account during the
billing period.

For accounts that pay in advance, if a client terminates their investment advisory contract with RBC GAM-US
prior to quarter-end, the advisory fee will be prorated based on the portion of the quarter the account was
opened, and any unused portion of any fees paid in
advance will be returned to the client.

III. Valuation / Calculation
Valuations of account assets are determined in
accordance with RBC GAM-US’s valuation procedures,
which generally rely on third-party pricing services, but also permit the use of other valuation methodologies in certain circumstances. Our valuation may differ from
valuations reflected on a client’s custodial statement. In certain limited circumstances, and only upon request of the client, RBC GAM-US may rely on the valuation
determined by the client’s custodian when determining
the valuation of that client’s account assets. Since such valuations can differ, the client may pay more or less in fees depending on the valuation methodology utilized.

IV. Other Fees and Expenses
Clients incur certain charges imposed by custodians,
brokers and other third parties such as fees charged by other managers, custodial fees, deferred sales charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, brokerage commissions and other
fees and taxes on brokerage accounts and securities
transactions. Such charges, fees and commissions are
exclusive of and in addition to our fee. Additionally,
certain clients pay RBC GAM-US other fees and
expenses in addition to its advisory fee. Refer to the
Fund Documentation of the relevant Fund for more
information on Fund fees.

RBC GAM-US offers certain clients additional
investment reporting through a relationship with
Clearwater Analytics. When requested, RBC GAM-US
will include these services in a client’s IMA for an
additional fee.

Funds
Clients should carefully review the applicable Fund
Documentation for more detailed information regarding
Funds advised or sub-advised by RBC GAM-US. For
certain Funds as set forth in the Fund Documentation,
fees vary across Fund investors based on the type of
service provided, size of the account, and the overall
relationship between RBC GAM-US and the Fund
investor. Fees are negotiable and paid more or less
frequently depending upon the terms of the Fund
Documentation. Consistent with the Fund
Documentation, RBC GAM-US, at its sole discretion, can
elect to reduce, waive or calculate differently the fees with respect to any investor, whether through different classes or through separate written agreements with
Fund investors.

Item 6 – Performance-Based Fees and
Side-by-Side Management
RBC GAM-US’s investment teams manage multiple
accounts for multiple clients with different investment mandates and fee structures. RBC GAM-US generally
receives an asset-based fee for our advisory services. In certain limited cases, and at the request of qualified
clients, we may enter into performance-based fee
arrangements. Performance-based fees may include
carried interest, override, incentive allocation,
performance fees and other similar forms of
performance-based fees. Performance-based fee
arrangements may vary among clients and investment
strategies.

The simultaneous management of advisory accounts
that bear performance-based compensation and
advisory accounts that only bear an asset-based fee, or that bear a performance-based fee that is calculated in a different manner, creates a conflict of interest for the portfolio manager when allocating certain investment
opportunities, given the possibly greater compensation
from accounts that bear performance-based fees.

To address these conflicts, RBC GAM-US has adopted
procedures that are reasonably designed to ensure that
clients are treated fairly and equitably, and to prevent the conflicts described above from influencing the allocation of investment opportunities among clients. The conflicts of interest of managing accounts with both types of fee structures are mitigated by the firm’s trade allocation policies that ensure all trades are allocated in a fair and consistent manner. Refer to Item 12 for more information on allocation of investment opportunities.
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
8 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Item 7 – Types of Clients
We provide portfolio management services (directly or
through Funds) to corporations, public and private
pension plans, Taft-Hartley and union plans, charitable institutions, foundations, endowments, municipalities,
registered mutual funds, private investment funds,
CLOs, trust programs, foreign funds such as UCITS
funds, individuals (including high net worth individuals), family offices, insurance companies, sovereign wealth
funds, fiduciary consultants, distribution channels, wrap program sponsors and other U.S. and international
institutions.

Our accounts are generally subject to a standard
minimum account size and, in certain circumstances, a
quarterly revenue requirement. For additional
information on fees, refer to Item 5 or the Fee Schedule Appendix.

Additional information on Funds, including investor
eligibility criteria and minimum investments, can be
found in the Fund Documentation, as applicable.

Item 8 – Methods of Analysis,
Investment Strategies and Risk of Loss
In providing discretionary investment management
services and recommendations to non-discretionary
clients, individual portfolio managers may emphasize
one method of security analysis over another. The
primary methods of analysis we employ are fundamental
analysis (i.e., the analysis and interpretation of basic company and industry data) and quantitative analysis
(i.e., the analysis and interpretation of numerical,
measurable characteristics).

RBC GAM-US’s investment approach with respect to
fixed income strategies is governed by a style
incorporating the following investment principles:
• Focus on absolute returns – both our long-only
and alternative strategies use short exposures
(either directly or via credit derivatives) as one of
a number of techniques designed to deliver
absolute-style returns
• Strong emphasis on capital preservation – the use
of credit derivatives helps us to maximize portfolio
efficiency
• Dynamic, research-driven approach
• Disciplined, risk-controlled environment
• Active management – our investment approach
draws on both top-down and bottom-up inputs,
resulting in an active style of management
Finally, credit analysis is the fundamental aspect of the RBC GAM-US’s investment approach and is designed to
identify existing market inefficiencies at all stages of the investment processes as well as drive security selection using RBC GAM-US’s credit expertise and proprietary
research.

Each investment team at RBC GAM-US maintains key
research personnel who are responsible for researching
investment opportunities and reporting their findings and views on specific issuers and securities to other
investment personnel and portfolio managers on their
respective investment teams.

The Risk Management team is responsible for
measuring, analyzing and reporting on absolute and
benchmark relative performance risk for all strategies at RBC GAM. The team also monitors derivatives usage,
leverage, liquidity risk and counterparty risk. On a
quarterly basis performance drivers and risk
characteristics are presented to the Investment Risk
Oversight Committee, which includes senior leaders of
RBC GAM.

Advisory account clients and investors in pooled
investment vehicles should understand that all
investment strategies and the investments made
pursuant to such strategies involve risk of loss, including the potential loss of the entire investment, which clients and investors should be prepared to bear. The
investment performance and the success of any
investment strategy or investment can never be
predicted or guaranteed, and the value of a client’s or an investor’s investments will fluctuate due to market
conditions and other factors. The investment decisions
made, and the actions taken for advisory accounts will
be subject to various market, liquidity, currency,
economic, political and other risks, and investments may lose value.

I. Investment Strategies
We employ various investment strategies through our
investment mandates and based on the objectives and
strategies of the clients involved. Client portfolios with similar investment mandates, strategies and guidelines
are generally managed similarly. Long-term and short-term strategies may be used, if permitted by the applicable client investment guidelines. Investing in
securities involves risk and clients should be willing to bear such risks, including incurring losses. More
frequent trading can positively or negatively affect
performance and increase transactional costs.

II. Methods of Analysis
The Investment Strategies Appendix illustrates the
general descriptions of the RBC GAM-US investment
strategies, including the primary methods of security
analysis (security research process) and the material
risks associated with each strategy. More detailed
information regarding risks can be found in the Risk
Disclosure Appendix.
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
9 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Clients who invest in Funds managed by RBC GAM-US
should carefully read the relevant Fund Documentation
for specific information applicable to that particular
vehicle.

III. Fixed Income Research Process
Our buy, hold and sell decisions are based on each
security’s expected risk/return profile, fundamentals,
valuation and the ability for a considered transaction to support the portfolio in prudently attaining the client’s specific objectives. In addition, some insurance and
other clients also have accounting-driven objectives
related to portfolio yields and gains/losses, which we
include in our decision to trade securities. All investment decisions are based on our investment philosophy and
process that consider quantitative, qualitative, technical and client-specific factors.

With respect to the U.S. Fixed Income Investment Team,
the joint team uses expanded and shared capabilities,
accomplished through the use of systems owned by both
BlueBay, LLP (the “BlueBay Platform) and
RBC GAM-US, including the sharing of research and
other information by investment personnel (e.g., portfolio managers, analysts and traders) relating to economic
perspectives, market analysis and fixed income
securities analysis. The U.S. Fixed Income Investment
team may share research and provide their views on
specific issuers and securities internally for general
consumption by other analysts and portfolio managers.

We have adopted policies and controls that seek to
ensure our clients are treated fairly and equitably with respect to trading and sharing information and advisory services using the BlueBay Platform.

IV. Customized Portfolios
The investment strategies referenced in the chart above are not inclusive of all management capabilities of RBC GAM-US. We customize our strategies to meet unique
client needs, which may include a concentrated version
of a strategy, a combination of two or more strategies, or a completely custom mandate.

V. Derivatives
We will use futures in an effort to “hedge” or “neutralize” various risks associated with positions in a client’s
portfolio. Our attempts to partially or fully hedge a
portfolio may not be successful and may cause the
portfolio to incur a loss.

VI. Risk of Loss
There can be no assurance that our investment
strategies will be successful, that any client will achieve its investment objectives or that losses will not occur.

While RBC GAM-US seeks to mitigate the risks inherent
in its investment strategies, so that the risks are
appropriate to the return potential for the strategy, it is often not possible or desirable to fully mitigate risks.

Any investment in securities can involve significant risks and certain or our investment strategies (including those that are limited to certain types of investments and may not be diversified by asset type) are suitable only for persons who can bear the economic risk of the loss of
their entire investment, have a limited need for liquidity in their investment and meet the conditions set forth in
Client Documentation or Fund Documentation.

Accordingly, Clients and investors (and prospects)
should give careful consideration to the risk factors set forth in the Risk Disclosure Appendix and relevant Client or Fund Documentation in evaluating the merits and
suitability of RBC GAM-US’s strategies. However, the
Risk Disclosure Appendix should not be considered, and
does not purport, to be a summary of every risk
associated with the RBC GAM-US’s investment
strategies; rather it is a summary of the risks which
RBC GAM-US reasonably believes to be material or
unique relative to the particular investment strategies or methods RBC GAM-US employs.

An investment in a Fund or separate account managed
by the Advisor is not a complete investment program.

Clients and investors are responsible for appropriately diversifying their assets to guard against the risk of loss.

For Funds, a description of risks relevant to Fund
investors can be found in the final confidential offering circular, prospectus or other Fund Documentation. A
copy of such documents is available at no charge upon
investor request. Prospective Clients and investors
should consult their own legal, tax and financial advisors, prior to making an investment in a Fund or engaging
RBC GAM-US as a manager.

Item 9 – Disciplinary Information
RBC GAM-US and our management personnel do not
have any reportable disciplinary events to disclose.

Item 10 – Other Financial Industry
Activities and Affiliations
RBC GAM-US is registered as a Commodity Trading
Advisor (“CTA”) and Commodity Pool Operator (“CPO”)
with the National Futures Association (“NFA”). In
addition, certain RBC GAM-US employees are
registered with the NFA as Associated Persons and/or
Principals.

As discussed in Item 4 above, RBC GAM-US is a wholly
owned subsidiary of RBC USA Holdco Corporation,
which is an indirect wholly owned subsidiary of RBC.

RBC has a global portfolio of companies under its
control, including several other investment advisers and ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
10 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
other advisory affiliates material to the investment
advisory services we provide:

RBC Global Asset Management Inc. (“RBC GAM
Inc.”)
RBC Global Asset Management (UK) Limited
(“RBC GAM-UK”)
RBC Global Asset Management (Asia) Limited
(“RBC GAM-Asia”)
BlueBay Asset Management LLP
As described below, many of our affiliates engage in
activities that are material to our advisory business or to our clients. RBC GAM-US does not have any
relationships or arrangements that are material to its
advisory business or clients with a related person other than those discussed below:

RBC GAM-US has employees who are registered
representatives of an affiliated broker-dealer,
RBC CM. and may engage in the sale and
distribution of security products to clients of
RBC GAM-US and/or RBC-CM.

RBC GAM-US generally does not trade with our
affiliated broker-dealers. However, with specific
client consent or direction, RBC GAM-US will
enter into investment transactions on behalf of the
client in which an affiliated entity either (1) acts on a principal basis or (2) otherwise provides
services for which the affiliate is compensated or
otherwise financially benefits, where legally
permissible to do so.

In certain circumstances, we may recommend that
our advisory clients engage in securities
transactions for which an affiliate of ours serves
as an underwriter, remarketing agent, or liquidity
provider. Such purchases will be made in
accordance with the (1) Prohibited Transaction
Exemption 75-1 Part III, for accounts subject to
ERISA; (2) Rule 10f-3 under the Investment
Company Act of 1940, as amended, for mutual
funds; and (3) Section 206 of the Advisers Act.

The recommendation or transaction in such
securities involves a conflict of interest because
the services provided by our affiliate means we
may receive a benefit in connection with
transactions in the securities. We have adopted
policies and procedures in order to mitigate these
conflicts of interest and obtain specific client
consent where required by securities laws. In
addition, prior to engaging in any affiliated trade,
we will review the transaction to ensure that it is in
the best interest of the client, considering factors
such as our duty to seek best execution, and any
additional compensation that may be received by
the affiliate prior to the recommendation of the
transaction.

From time to time, we effect cross-transactions
between advisory clients. Any cross-transactions
involving mutual funds are subject to the funds’
compliance procedures for such trades. We will
not receive any compensation for effecting a
transaction between advisory clients. The desire
to liquidate, change asset allocation, or otherwise
raise cash in a client account may necessitate
selling a security that is attractive to another client account. Such cross-transactions will be effected
only if, in our judgment, the transaction is
beneficial to both the client account(s) selling the
security and the client account(s) purchasing the
security. The ability to effect a cross-transaction
between client accounts presents a conflict of
interest for us because it could potentially
advantage one client over another. Our policies
and procedures are designed to mitigate this
conflict of interest. Cross-transactions are not
permitted for employee benefit plans governed by
ERISA or when otherwise restricted by the client.

Some of our directors, executive officers and
employees are also directors, officers or
employees of one or more affiliates. Our Code of
Ethics and related policies, and those of our
affiliates, are designed to mitigate the conflicts of
interest that exist between the allocation of
resources and time between entities and the
obligations to our clients and the incentive to take
actions that benefit one or more of our affiliates.

RBC GAM-US may, in its discretion, delegate all
or a portion of its advisory or other functions
(including placing trades on behalf of advisory
accounts) to participating affiliates. The
participating affiliate will act according to a series
of SEC no-action relief letters mandating that
participating affiliates remain subject to the
regulatory supervision of both RBC GAM-US and
the SEC and other regulatory guidance.

RBC GAM-US relies on its affiliate, RBC GAM
Inc., to review and validate proxy
recommendations and votes from our proxy
research and service provider to ensure they are
in line with our proxy voting guidelines. Refer to
Item 17 for more information on Proxy Voting.

RBC GAM-US serves as sub-adviser to separate
accounts, private investment funds, foreign
registered mutual funds or other pooled
investment foreign funds such as UCITS funds for
our affiliates. Our affiliates recommend these
products to their eligible clients. For our role as
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
11 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
sub-adviser for managing these assets, we collect
a sub-advisory fee from our affiliates.

Our affiliate, RBC CM, sweeps a portion of its
client account cash balances into the RBC Funds
Trust money market fund. RBC CM recommends
to its clients the purchase of shares of one or
more of the other RBC Funds Trust mutual funds.

We have clients who custody their assets with our
affiliates RBC CM and RBC Investor & Treasury
Services. Both entities are qualified custodians.

Refer to Item 15 for more information on custody
with affiliates.

RBC GAM-US participates as an investment
adviser or model portfolio provider to RBC CM, a
wrap-fee sponsor for certain wrap fee accounts.

We do not receive any additional compensation
other than a portion of the management fee RBC
CM charges each client. Refer to Item 4 for more
information on wrap fee accounts.

We receive certain administrative, operational,
infrastructure and technical support, compliance,
legal, and marketing services from our affiliates
that may be material to our advisory business.

In the regular course of business, RBC GAM-US
and our affiliates may invest our clients’ assets in
publicly traded securities issued by clients or
prospective clients. In such circumstances, neither
RBC GAM-US nor our affiliates receive
compensation from the issuer for investing client
assets in the issuer’s securities.

RBC GAM-US enters into solicitation (referral)
agreements with our affiliates and in limited
circumstances, unaffiliated broker/dealers and
investment advisers, whereby RBC GAM-US pays
the referring entity a referral fee for successful
referrals of clients. RBC GAM-US also has
agreements with broker/dealers and investment
advisers, including affiliates, whereby
RBC GAM-US receives a referral fee in exchange
for referring clients. In all cases, these
arrangements are disclosed to clients and do not
result in additional fees paid by the client. Refer to
Item 14 for information on client referral
arrangements.

For mutual funds, RBC GAM-US enters into
servicing and platform / portal agreements when
an RBC mutual fund is available on an investment
platform or portal and RBC GAM-US will pay from
its legitimate profits, a portion of the management
fee to the broker/dealer or platform / portal
provider (which may be an affiliate) for services
provided.

We may also jointly offer services with BlueBay
LLP to our clients, including but not limited to
Funds. BlueBay LLP serves as an investment
sub-adviser to certain U.S. registered mutual
funds for which RBC GAM-US serves as the
investment adviser.

RBC GAM-UK serves as the investment sub-adviser to certain U.S. registered mutual funds and separate accounts for which RBC GAM-US
serves as the investment adviser.

RBC GAM-UK serves as the investment sub-adviser to certain privately offered pooled investment vehicles for which RBC GAM-US
serves as the managing member. Please refer to
applicable offering documents for more specifics
around RBC GAM-US’s role in such investment
vehicles.

RBC GAM-US receives recommendations from
consultants who are hired by their clients to
evaluate and recommend investment advisers.

RBC GAM-US does not compensate consultants
for these referrals or recommendations. However,
RBC GAM-US has other relationships with some
of these consultants or their affiliates that include
(1) paying for research or educational services
and (2) providing investment management
services to a pooled investment vehicle
sponsored by an affiliate of the consultant. RBC
GAM-US evaluates these relationships
periodically to assess that (1) payments made are
for legitimate business needs and (2) consultants
(or their affiliates) do not receive preferential
treatment for advisory services RBC GAM-US
provides.

Because RBC GAM-US is a subsidiary of RBC
US Group Holdings LLC (a bank holding company
and financial holding company), it is subject to the
restrictions of the Bank Holding Company Act
(“BHCA”) on engaging in business activities and
making investments that are not financial in
nature. These restrictions include numerical limits
on the size of its investments, temporal limits on
the duration of its investments, and qualitative
limits on its involvement in the management of
investee companies. If RBC GAM-US’s regulators
were to make a determination that it “controls” an
advisee investment fund, such a fund may be
subject to the same BHCA restrictions as
RBC GAM-US. These restrictions may have a
material adverse effect on the activities of such a
fund.

We do not believe these relationships create material
conflicts of interest between RBC GAM-US and our
clients.
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
12 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Item 11 – Code of Ethics, Participation or
Interest in Client Transactions and Personal
Trading
I. Code of Ethics and Personal Trading
We have adopted a Code of Ethics that guides our
standards of business conduct as a fiduciary to our
clients as well as other policies and procedures that
outline our practices surrounding personal trading in
securities, confidentiality of client information, and the misuse of non-public information.

Clients may obtain a copy of our Code of Ethics by
contacting us at (800) 553-2143 or by sending a request to:

RBC Global Asset Management (U.S.) Inc.

Attention: Client Service
50 South Sixth Street, Suite 2350
Minneapolis, MN 55402
The RBC GAM-US Code of Ethics:

Requires employees to obtain pre-clearance
approval on personal trades in covered securities
for their own accounts and for accounts they
control or in which they have an interest.

Imposes a blackout period restricting employee
trading for seven days before and seven days
after a security is traded in a client account. A
“de minimis” exception may be granted for certain
non-investment professional employees when
specific criteria are met.

Places restrictions on short-term trading.

Employees may not purchase a security and sell it
for a profit within a 30-day period. Exceptions may
be granted in extraordinary circumstances.

Requires employees to report personal securities
holdings at the time of hire, as well as annually
thereafter, and to report personal securities
transactions quarterly.

Requires employees to certify their compliance
with the Code of Ethics quarterly.

II. Participation or Interest in Client
Transactions
In certain circumstances, we may recommend that our
advisory clients engage in securities transactions for
which an affiliate of ours serves as an underwriter,
remarketing agent, or liquidity provider. Such purchases will be made in accordance with the (1) Prohibited
Transaction Exemption 75-1, for accounts subject to
ERISA, (2) Rule 10f-3 under the Investment Company
Act of 1940, as amended, for mutual funds, and (3)
Section 206(3) of the Advisers Act.

The recommendation or transaction in such securities
involves a conflict of interest because the services
provided by our affiliate means we may receive a benefit in connection with transactions in the securities. We
have adopted policies and procedures in order to
mitigate these conflicts of interest and obtain specific client consent where required by securities laws. In
addition, prior to engaging in any affiliated trade, we will review the transaction to ensure that it is in the best interest of the client, considering factors such as our duty to seek best execution, and any additional
compensation that may be received by the affiliate prior to the recommendation of the transaction.

III. Investment Adviser to Affiliated Open
End Investment Company and Pooled
Investment Vehicles
RBC GAM-US serves as investment adviser to RBC
Funds Trust (“RBC Mutual Funds”), a registered open-end investment company. In addition, RBC GAM-US serves as the RBC Mutual Funds’ co-administrator and
provides certain administrative services necessary for
the operation of the RBC Mutual Funds. RBC GAM-US
also provides certain administrative services to Class I shareholders of Access Capital Community Investment
Fund, for which RBC GAM-US receives a fee pursuant
to Special Administrative Services Agreement with the
RBC Mutual Funds. Furthermore, RBC GAM-US
receives a shareholder services administration fee from Institutional Class 1 of the U.S. Government Money
Market Fund.

RBC GAM-US also serves as the managing member of
Global Asset Management Strategies, LLC, a series of
private funds that qualify for the exclusion from the
definition of investment company under section 3(c )(7) of the Investment Company Act of 1940, and as a
collateral manager to CLOs.

Certain RBC GAM-US employees who are registered
representatives of RBC CM will recommend to investors
the purchase of shares of one or more of the RBC
Mutual Funds or private funds, but only to the extent that such securities are suitable for the investor. Other than the investment advisory fee paid by each of the Funds,
and other fees, as noted above, we do not collect any
additional fees for the sale of these mutual funds or
private funds.

IV. Other Fund Activities
From time to time, to the extent consistent with a client’s investment objectives and strategies, RBC GAM-US
may invest client assets in affiliated or unaffiliated
Funds. Clients may also choose to participate in their
custodians’ sweep programs, which may offer mutual
funds. Mutual funds typically pay fees for investment
advisory, administrative and distribution services. For ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
13 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

RBC GAM-US affiliated mutual funds, RBC GAM-US
receives investment advisory fees from each fund. More
information regarding fees associated with a Fund can
be found in the applicable Fund Documentation.

Item 12 – Brokerage Practices
I. Best Execution
As an investment adviser, RBC GAM-US is obligated to
exercise its fiduciary obligation to seek best execution of client transactions under the circumstances of the
particular transaction. RBC GAM-US seeks best
execution through established policies and procedures,
as well as assessing factors such as price, volume,
market conditions, counterparty risk and relying on
services that will best help achieve best execution
through regular monitoring of trade execution quality.

Our policies and procedures are also designed to
address the conflicts of interest that may arise as a
result of managing multiple types of accounts, including client accounts that pay RBC GAM-US higher fees or
performance fees. Refer to the broker selection process referenced below for additional information on factors we consider in executing transactions.

RBC GAM-US hires sub-advisers to manage certain
mutual funds, private funds and separate accounts. RBC
GAM-US reviews the brokerage practices of each sub-adviser during compliance due diligence meetings to verify that each sub-adviser maintain reasonable policies and procedures and that the sub-adviser seeks best
execution on trades made in accounts of RBC GAM-US
clients.

II. Research and Other Soft Dollar Benefits
RBC GAM-US uses client commissions (“Soft Dollars”)
to pay for and receive brokerage and research products
(“Eligible Research”) of the type described in
Section 28(e) or pursuant to SEC guidance. RBC GAM-US benefits from the use of client brokerage commissions to obtain research because we don’t have
to produce or pay for the research; however, using client commissions to pay for and receive brokerage and
research products is only done when we have
determined that the commission is reasonable in relation to the value of the execution, brokerage and/or research services provided by the broker. By policy, RBC GAM-US does not use client commissions to pay for market data services or other non-research services permissible under Section 28(e). Further, RBC GAM-US has fully
unbundled its Eligible Research relationships, thus
mitigating potential conflicts of interest for the trading desk.

All Eligible Research consumed by RBC GAM-US and
paid for with client commissions will be facilitated
through Commission Sharing Arrangement (CSA)
aggregation with a third-party vendor.

In addition to SEC and CFA guidelines, in determining
whether to use client commissions to pay for Eligible
Research, RBC GAM-US uses the following criteria
when assessing whether a research product and/or
service is soft dollar eligible. It must:

1. Be capable of adding value to the investment or
trading decisions by providing new insights that
inform the investment manager when making
such decisions about its customers' portfolios;

2. Whatever form its output takes, represent original
thought, in the critical and careful consideration
and assessment of new and existing facts, and
must not merely repeat or repackage what has
been presented before;

3. Have intellectual rigor and must not merely state
what is commonplace or self-evident; and

4. Present the investment manager with meaningful
conclusions based on analysis or manipulation of
data.

The research we obtain with client commissions is not
necessarily used for the specific account that generated the commissions. A client who does not permit its
commissions to be used for research benefits from
research paid for by other clients’ commissions.

Annually, our investment teams evaluate the cost of a
research product or service that qualifies as Eligible
Research and intends to be paid with Soft Dollars. The
Equity Trading Oversight Committee (“ETOC”) annually
reviews and makes any determinations of eligibility
required under Section 28(e) of the Securities Exchange Act of 1934, or other applicable law or guidance as
noted above.

III. Brokerage for Client Referrals
We engage in referrals with broker-dealers on our
approved list. We do not direct trades as a result of
these arrangements, nor do we consider the marketing
efforts of broker-dealers on behalf of the funds for which we serve as investment adviser in selecting broker-dealers to execute trades for our Clients. Such marketing efforts include the sales of mutual funds, the inclusion of our products on a broker-dealers wrap fee
program platform (other than to the extent such program requires RBC GAM-US to trade with such broker-dealer), and referrals of clients or prospects. This practice is not intended to prevent trading with broker-dealers that make marketing efforts on behalf of the funds; it simply prevents such efforts from being a
consideration when selecting executing broker-dealers.

See Broker Selection below for a description of
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
14 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
the selection process. Refer to Item 14 for additional
information on client referrals.

IV. Brokerage Selection
By granting RBC GAM-US investment discretion through
an IMA, clients are also granting us authority to
determine the broker or dealer for executing securities transactions in the client’s account. Our objective for each transaction is to seek the broker most capable of
executing the brokerage services necessary to seek best execution, while taking into consideration factors such as the ability to minimize trading costs, level of trading expertise, infrastructure, financial condition and
counterparty risk, confidentiality provided by broker-dealer, ability to facilitate liquidity, overall responsiveness, willingness to commit capital, regulatory history, execution quality, promptness of execution and ability to source securities. These considerations (and others as relevant) guide our selection of the appropriate venue (e.g., an ECN or alternative trading system
(“ATS”), a traditional broker, algorithm or a crossing
network, etc.) in which to place an order and the proper strategy with which to trade.

RBC GAM-US maintains an approved list of broker-dealers for each asset class. Each respective oversight committee determines broker-dealer approvals and
maintains their own criteria for assessing and approving broker-dealers, as well as ongoing monitoring
procedures for approved broker-dealers. Criteria
includes but is not limited to the following: (1) financial condition; (2) regulatory history; (3) execution quality; (4) promptness of execution; (5) ability to facilitate liquidity; (6) ability to source securities; and (7) overall
responsiveness.

Under most wrap fee programs, clients are not charged
separate commissions or other transaction costs on
each trade so long as the wrap program sponsor (or its
broker-dealer affiliate) executes the trade. A portion of the wrap fee generally is considered as “in lieu of
commissions” or other transaction costs. Where
permitted by wrap program terms, we may execute a
transaction through a broker-dealer other than the wrap program sponsor where we believe that such trade
would result in the best price and execution under the
circumstances. However, in most situations trades will
be executed with the introducing wrap program sponsor
(or its broker-dealer affiliate) to avoid additional
brokerage costs or other transaction costs in addition to the wrap fee.

For fixed income wrap fee programs, RBC GAM-US
typically trades away from the program sponsor. For
additional information regarding trading practices for
fixed income wrap fee programs, see the Fixed Income
Aggregation and Allocation section below.

With respect to accounts that trade on the BlueBay
Platform, the BlueBay LLP Market Risk Committee
reviews and approves counterparties and considers
whether the trading risk of the counterparty is acceptable in light of the type of trading for which approval is
sought. The BlueBay LLP Risk Management Team
monitors market indicators such as credit default swap
spreads for over-the-counter and depositor
counterparties. If these indicators raise concerns about the credit quality of any counterparty, the BlueBay LLP Market Risk Committee may prohibit further trading
and/or remove the counterparty from the approved
broker/counterparty list.

RBC GAM-US generally does not trade with our affiliated broker-dealers. However, with specific client consent or direction, RBC GAM-US will enter into investment
transactions on behalf of the client in which an affiliated entity either (1) acts on a principal basis or (2) otherwise provides services for which the affiliate is compensated or otherwise financially benefits, where legally
permissible to do so.

V. Client Direction
Upon written direction, clients may request that we
execute a portion of their trades through a particular
broker-dealer. Typically, the client has an arrangement with such broker-dealer, which results in the client
receiving some benefit from the broker-dealer in
exchange for the directed brokerage. Although we
generally discourage such direction, we do permit client direction in certain circumstances, subject to our duty to seek best execution, ensuring that clients are apprised of the potential risks associated with directed brokerage, which may result in:

Higher commissions, larger spreads or less
favorable net prices than would be the case if
RBC GAM-US selected the brokers;
Loss in benefits that accrue in aggregating orders
with similar trades for other client accounts; or
Disparity in returns to those of other client
accounts with similar strategies that do not direct
brokerage.

Similarly, in the case of client accounts that are
custodied at broker-dealers, we have discretion to select brokers or dealers other than the custodians when
necessary to fulfill our duty to seek best execution of transactions for client accounts. However, brokerage
commissions and other charges for transactions not
effected through the custodian are charged to the client.

On occasion, we instruct the executing broker to credit a portion of a block trade to another broker, a common
practice known as a step-out. Generally, this occurs
when numerous allocations are blocked into one single
trade order, whereas one or more of the clients
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
15 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
participating in the block have placed trade direction to one or more brokers other than the executing broker. A
step-out, in this case, allows our traders to block a trade order where all participating allocations receive the same price and facilitates specific client direction to trade with a specified broker(s).

VI. Aggregation and Allocation
A. Overview
RBC GAM-US provides discretionary investment
advisory services to many different types of client
accounts. Certain portfolio management decisions may
affect more than one account, such as taking an
investment action with respect to all of the accounts we manage in a certain style, resulting in multiple trading orders for the same security in different client accounts.

In these cases, we will combine or aggregate purchase
or sale orders for more than one client when we believe such aggregation is consistent with our duty to seek best execution. Such aggregation may reduce commission
costs or market impact costs on a per-share and per-dollar basis. The decision to aggregate is made only after we determine that the aggregation will not result in favoring any account over another; it will not advantage or disadvantage any account; there will be no additional compensation or remuneration received solely as the
result of the aggregation; and each participating account will receive the average price and will share pro-rata in the transaction costs.

B. Equity Aggregation and Allocation
RBC GAM-US’s equity allocation practices are based on
the premise that all clients are given a fair opportunity to invest in a security that is appropriate for the specific client. Each portfolio manager makes the final
determination as to whether a particular investment
opportunity is appropriate for the specific client. Our teams will not intentionally favor or disfavor any client, class of client, or investment fund in the allocation of investment opportunities so that over a period of time, such opportunities are allocated among clients fairly and equitably.

RBC GAM-US reviews equity allocation to monitor the
fair and equitable treatment of all client accounts.

RBC GAM-US may determine that an equity order will
not be aggregated with other orders for a number of
reasons, including that the account’s governing
documents do not permit aggregation; a client has
directed that trades be executed through a specific
broker-dealer; aggregation is impractical because of
specific trade directions received from the portfolio
manager (e.g., a limit order); the order involves a
different trading strategy; or if the aggregation is not consistent with seeking best execution. If multiple orders cannot be aggregated for equity clients, we have
adopted procedures that seek to ensure client account
orders are treated fairly and equitably over time.

Our U.S. Equity Investment Teams may encounter
occasions when equity clients pay disparate transaction costs due to minimum charges per account imposed by
either the broker effecting the transaction or the client’s custodian. If there is an open order and an order for the same security is subsequently received for a different
account, such subsequent order will generally be
aggregated with the open order, consistent with the
considerations set forth above.

Implementation 1: Order of Execution Sequence and
Rotation (Microcap Core, Small Cap Core, Small Cap
Value, and SMID Cap Growth Strategies)
The U.S. Equity Investment Team groups equity
accounts and uses random order sequencing for certain
grouped accounts in an effort to ensure that all accounts are treated fairly over time. We categorize equity
accounts into three groups:

Group 1: accounts that can be aggregated
because they have no trading limitations or any
such trading limitation can be successfully
addressed using step-outs;
Group 2: client-directed accounts (some trades
may be aggregated within this group if they share
a common directed broker) and wrap programs
(accounts aggregated at the sponsor level); and
Group 3: model portfolios, where we do not
provide trade execution services, but merely
transmit model portfolio information to the model
sponsors or their designee, who then decide
whether and when to execute such instructions.

Group 1 accounts are aggregated and traded as a
group, and traded first.

Group 2 accounts are traded after Group 1 trading is
complete. A random order sequence determines the
order in which Group 2 accounts are traded. If there is more than one client-directed account or wrap program,
the random order sequence determines the order of
accounts within each group.

Clients in Group 2 may obtain a price that is different, in some cases more favorable and in some cases less
favorable, from Group 1 or Group 2 trades that are
executed first due to external factors (market volatility, macro-economic events, security-specific news,
monetary policy announcements, etc.) that influence
daily market movements. It is RBC GAM-US’s belief
that, over time, both Groups 1 and 2 trades are treated fairly and equitably and share equally in the exposure to external market factors.

With respect to third-party wrap programs, it has been
our experience that the broker-dealers to which we are
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
16 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
required to direct transactions under such programs
generally achieve prices consistent with best execution standards; no assurance is given that this will continue in the future. Depending upon the level of the wrap fee
charged by a wrap sponsor, the amount of portfolio
activity in a client’s account, the value of the custodial and other services that are provided under a wrap
arrangement, and other factors, the fees a wrap program client pays could exceed the aggregate cost of such
services if they were to be provided separately and if
RBC GAM-US was able to use a broader group of
brokers and negotiate commissions. Wrap program
clients should review all materials available from their third-party sponsor concerning the program, the sponsor and the program’s terms, conditions and fees. Refer to
Item 4 for additional information on wrap fee programs.

Group 3 trades are communicated to the model sponsor
or designee after trading is complete for Groups 1 and 2.

The Portfolio Administration team maintains a list to
determine the order of submission. The sponsor has full control over when or if the trades are executed.

With respect to Group 3, RBC GAM-US has no influence
over whether or when model changes are implemented
by the model sponsor or designee. Given this
sequencing, account trades using the model portfolio
changes that are executed at the discretion of the model sponsor are subject to price movements, particularly if they are trading after large block trades, involve thinly traded or illiquid securities or occur in volatile markets.

This sequencing may result in model portfolio recipients obtaining a price that is different, in some cases more favorable and in some cases less favorable, from those
account trades that are executed first. Refer to Item 4 for additional information on model portfolios.

Implementation 2: Concurrent Order Dissemination
(Small Cap Growth Strategy)
The U.S. Equity Investment Team disseminates model
portfolio updates and executes trades among all equity
groups concurrently.

Even though RBC GAM-US provides our recommended
changes to model sponsors concurrently with the
execution of trades from Groups 1 and 2, RBC GAM-US
may have already commenced trading before the model
sponsor has received or had the opportunity to fully
evaluate or act on our recommendations. In this
circumstance, trades ultimately placed by the model
sponsor may be subject to price movements, particularly with large orders or where the securities are thinly
traded, which may result in the model sponsor clients
receiving prices that are different, in some cases more favorable and in some cases less favorable, from the
prices obtained by RBC GAM-US for Groups 1 and 2.

Alternatively, a model sponsor may initiate trading based on our recommendations before or at the same time
RBC GAM-US is trading for Groups 1 and 2. Particularly
with large orders or where securities are thinly traded, this could result in Groups 1 and 2 receiving prices that are different, in some cases more favorable and in some cases less favorable, from the prices that might
otherwise have been obtained absent the other
manager’s trading activity.

Partial Fills
On occasion, an aggregated order involving multiple
equity accounts does not receive sufficient securities to fill all of the accounts. For those equity clients, if an aggregated order cannot be filled in one day (a “partial fill”), the executed portion of the order is automatically allocated to the participating accounts pro-rata on the basis of order size.

C. Fixed Income Aggregation and Allocation
RBC GAM-US is committed to ensuring that clients are
treated fairly and equitably in the allocation of investment opportunities. RBC GAM-US clients customize their
investment policy statements, which can lead to
accounts with significantly different requirements and
needs between client accounts managed in the same
strategy. In determining how to allocate orders among
client accounts, including fixed income wrap fee
accounts, RBC GAM-US will first assess whether the
security is appropriate for an account based on the
client’s guidelines. Bonds with limited availability will be allocated pro-rata to eligible accounts. Exceptions to pro-rata allocation may be made depending on the facts and circumstances of the trade, including client account
considerations such as size, cash levels, investment
restrictions, and position size. Allocation of bonds with unconstrained availability will be allocated pro-rata
based on specific client account needs, duration, sector allocation, security characteristics, cash positions and position size. Not all eligible accounts will participate in every investment opportunity and trades may be
allocated to the accounts with the greatest client account need.

RBC GAM-US also aggregates certain trades with client
trades of our affiliate, BlueBay LLP. Corporate credit
securities with a final term to maturity of greater than

5.25 years are aggregated provided the aggregation of
such orders does not disadvantage any accounts and all
participating accounts are allocated pro rata.

We primarily place fixed income transactions through
broker dealers, market-makers and electronic
communication networks (“ECNs”). Trades that are not
executed through an electronic trading platform are
evaluated using multiple sources to determine if the
price is favorable under the circumstances. At times,
multiple offerings or bids for a security are unavailable and an order needs to be worked at a certain level with a specific broker-dealer. All trading activity is pursued with ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
17 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
the intent of seeking best execution as fiduciary for the benefit of our clients unless directed otherwise.

D. New Issues
To the extent that we participate in new issues, private placements, or initial public offerings (IPOs) (“new
issues”), we seek to treat eligible client accounts fairly and equitably. Generally the trade order will be placed before the offering prices and all participating accounts are identified, while also taking into consideration each client’s investment objectives, restrictions and tax
circumstances; a client’s tolerance for risk and high
portfolio turnover; the nature, size and investment merits of the limited offering; the size of a client’s account and the client’s cash availability and other holdings; and
other current or expected competing investment
opportunities. For equity accounts, if the allocation for the new issue is less than that requested, the securities received will be allocated pro-rata based on the amount initially requested for each account. In allocating new issues to fixed income clients, we first determine that the securities are consistent with guidelines and a particular style of account. We then addresses specific account
needs, which generally include, among other factors, a
review of portfolio duration, sector exposure, security characteristics, maturity, credit ratings, cash positions and typical size of positions within the account.

VII. Correcting Trade Errors
As a fiduciary, RBC GAM-US has an obligation to place
trades correctly and will incur the cost of correcting any trade error caused by its failure to do so. We do not use soft dollars, directed trades, or attempt to correct an error using another client account. When an error is
identified before settlement, we may move the trade to
our error account. Any funds remaining in our error
account are donated to a charitable organization on a
periodic basis.

If the client incurs a gain because of a trade error
correction, the gain will be maintained in the client
account unless RBC GAM-US is specifically instructed
that the client does not wish to retain the gain. If the client incurs a loss as a result of correcting a trade error, RBC GAM-US will contribute sufficient funds or
securities to the client account to establish the same
financial position as would have been the case absent
the trade error.

Item 13 – Review of Accounts
I. Overview
RBC GAM-US provides monitoring and oversight of the
discretionary accounts we manage through our trade
order management and portfolio compliance platforms.

Portfolio Managers, Client Service, investment policy
compliance personnel, investment risk personnel, as
well other relevant RBC GAM-US employees,
periodically review accounts. Reviews monitor for
consistency with the investment mandate applicable to
the account in terms of (1) allocation and diversification of portfolio assets; (2) duration and maturity for fixed income accounts; (3) effect of client cash flows on the management of the portfolio to its targeted benchmark;
(4) compliance with any specific restrictions established by the client; (5) the performance of individual securities or asset classes compared against targeted benchmark;
(6) material economic or market events; (7) changes in a client’s financial profile as communicated to
RBC GAM-US; and/or (8) changes that are
recommended in overall investment policy or strategy by RBC GAM-US portfolio managers.

Investment policy compliance is monitored through the
use of the Charles River Investment Management
System (“CRIMS”), a trade order management and
investment policy compliance system. Each client’s
investment policy statement is modeled in CRIMS.

Investment policy compliance personnel monitor and
regularly review system results with the investment and service teams to verify the portfolio holdings are in line with the client’s investment policy statement.

Additionally, to help monitor investment risk at the
strategy level, RBC GAM-US maintains a Risk
Management team, responsible for developing
independent measures of absolute and benchmark
relative risk, creating and aggregating performance
attribution analysis and reporting performance and risk profiles through formal investment scorecards. On a
quarterly basis, performance and risk characteristics are provided to management.

Generally, unless more frequent meetings are requested
by the client, we seek to meet with each client on an
annual basis to review goals, objectives, holdings, and portfolio performance to ascertain the continued
appropriateness of the client’s investment strategy.

II. Client Reporting
RBC GAM-US delivers client reports as directed by each
client. Our client reports generally include portfolio and benchmark performance and characteristics; portfolio
holdings; portfolio activity for the period; and market commentary.

At least quarterly, client reports are made available
through our secure client-only website (and if requested, are delivered in hard copy). Clients receive e-mail
notifications when new client reports are posted and
available. RBC GAM-US encourages clients to review
their reports and to promptly notify us if they identify any discrepancies or have questions.
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
18 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Item 14 – Client Referrals and Other
Compensation
I. Referrals
We engage in third-party referral arrangements, which
include arrangements with our affiliates and in limited circumstances, unaffiliated broker/dealers and
investment advisers, whereby RBC GAM-US pays the
referring entity a referral fee for successful referral of clients. These arrangements may create a conflict of
interest by providing an incentive for the affiliate or third-party solicitor to recommend us over another investment adviser. RBC GAM-US also has agreements with
broker/dealers and investment advisers, including
affiliates, whereby RBC GAM-US receives a referral fee
in exchange for referring clients. In all cases, these
arrangements are disclosed to clients and do not result in additional fees paid by the client. All of our referral and marketing relationships meet the requirements of Rule
206(4)-3 and 206(4)-5 under the Advisers Act.

II. Payments to Others
As part of its ordinary business, RBC GAM-US or related persons may send small corporate gifts or pay for meals and entertainment, such as golf fees or tickets to cultural or sporting events, for clients who engage in business
with us or our affiliates. RBC GAM-US employees also
receive small corporate gifts, meals and entertainment.

The giving and receipt of gifts and other benefits are
subject to value limitations as outlined in our Gifts and Entertainment Policy.

RBC GAM-US also makes charitable contributions and
sponsors charitable events at the request of others.

Payments may vary by organization, depending on the
nature of our and our affiliated investment advisers’
managed account activities with the recipient and the
amount of client assets under RBC GAM-US or its
affiliated investment advisers’ management. Payments
are subject to internal review and approval by RBC
GAM-US or its affiliates.

All gifts given by RBC GAM-US or our employees to our
business partners or received by RBC GAM-US
personnel must comply with all applicable regulations
and are subject to review by the Compliance
Department.

Item 15 – Custody
We previously disclosed in Item 5 (Fees and
Compensation) that clients may select to have fees
deducted from their assets. As part of this billing
process, the client’s custodian is advised of the amount of the fee to be deducted from that client’s account. On at least a quarterly basis, the custodian is required to send to the client a statement showing all transactions within the account during the reporting period.

Because the custodian does not calculate the amount of
the fee to be deducted, it is important for clients to
carefully review their custodial statements to verify the accuracy of the calculation, among other things.

In addition to the periodic statements that clients receive directly from their custodians, we also send account
statements directly to our clients on a quarterly basis.

We urge our clients to carefully compare the information provided on these statements to ensure that all account transactions, holdings and values are correct and
current.

In the event of an inadvertent receipt of a check or other financial instrument payable to a client, RBC GAM-US
reserves the right, when permissible, to send the check or instrument to the client or its custodian rather than back to the original sender when we believe that such
procedure provides the best overall protection for the
underlying assets.

RBC GAM-US does not have actual custody of client
accounts.

Under SEC rules regarding investment advisers and
custody, RBC GAM-US may be deemed to have custody
of client assets in select and limited cases, including instances where clients have selected to custody their
assets with one of our affiliates, as well as for certain private funds. For client assets, RBC GAM-US complies
with all disclosure and regulatory requirements related to such custody and has contracted with an external third-party auditor to conduct surprise annual audits in compliance with applicable SEC rules. For private funds, RBC GAM-US engages an independent public
accountant to audit the financial statements, which are then provided to each private fund investor within 120
days of fiscal year end.

For CLOs, RBC GAM-US is not deemed, under federal
securities laws, to have custody of the assets of its
CLOs by virtue of its status as collateral manager.

RBC GAM-US does not have actual physical custody of
any CLO assets; rather, the CLOs’ assets are held in the custody of their respective unaffiliated trustees; and
RBC GAM-US has no ability to deduct fees or expenses
from the CLOs.

Item 16 – Investment Discretion
Before RBC GAM-US will accept discretionary authority
for a client, the client and RBC GAM-US must enter into an IMA that grants us authority to execute trades on
behalf of the client. Clients may impose reasonable
restrictions, such as those regarding particular security classes, specific issuers and other guidelines, such as asset allocation ranges, as well as statutory restrictions.

Any subsequent changes to objectives,
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
19 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
guidelines, or restrictions should be provided to RBC
GAM-US in writing.

With the exception of account restrictions discussed
above, for accounts that have granted us investment
discretion, we are generally authorized to make the
following determinations, consistent with each client’s investment goals and policies, without client consultation or consent before a transaction is effected:

Which securities or other investments to buy or
sell;
The total amount of securities or other
investments to buy or sell;
The broker or dealer through whom securities are
bought or sold;
The commission rates at which securities or other
investment transactions for client accounts are
effected; and
The price at which securities or other investments
are to be bought or sold, which may include
dealer spreads or mark-ups and transactions
costs.

However, there are instances where RBC GAM-US
accepts accounts for which it has discretionary authority to purchase and sell securities for the account, but not the authority to select the executing broker-dealer for the transactions. Refer to Item 12 for more information on
client direction.

The client’s custody agreement may contain
authorizations with respect to the transfer of client funds or securities broader than those described above or in
the client’s IMA. The authority of RBC GAM-US is limited to the authority set forth in the client’s IMA regardless of any broader authorization described in the client’s
custody agreement. Any monitoring performed by the
client’s custodian is governed by the client’s relationship with its custodian.

Item 17 – Voting Client Securities
Many of our clients have granted us discretion to vote
proxies on their behalf. RBC GAM-US has adopted
proxy voting policies and procedures including specific proxy voting guidelines that set forth the general
principals we use to determine how to vote in client
accounts for which we have proxy voting responsibility.

The proxy voting guidelines are established and updated each year by RBC GAM Inc.’s Corporate Governance &
Responsible Investment (“CGRI”) team.

In general, we vote proxies in accordance with the
RBC GAM Proxy Voting Guidelines (“Custom
Guidelines”); however, there may be a situation where
we vote outside of our Custom Guidelines, withhold our
vote or do not vote, because we believe that to do so
would be in the best interest of the client.

In the event that we identify a perceived or actual conflict of interest, we follow procedures to ensure that a proxy vote is exercised in accordance with our Custom
Guidelines, free from any undue or external influences.

To assist us with the management and execution of our
proxy voting process, we rely on Institutional
Shareholder Services (“ISS”) and Glass, Lewis & Co.,
which are our primary resources for proxy research. ISS provides custom voting recommendations – all of which
are based on our Proxy Voting Guidelines. RBC GAM
makes all proxy voting decisions, independent of ISS
and Glass Lewis & Co.

The Custom Guidelines are updated annually and
based on leading corporate governance
standards.
o For these Custom Guidelines, we engage (a)
ISS as our voting service provider and (b) our
affiliate, RBC GAM Inc., to perform research,
analysis and administrative functions. The
CGRI team reviews ISS’ custom voting
recommendations to confirm adherence to
the Custom Guidelines and works directly
with RBC GAM-US investment teams to
ensure votes are cast consistent with our
fiduciary duty.

Taft-Hartley Advisory Services (“T-HAS”): These
guidelines are based on the AFL-CIO proxy voting
policy.
o For the T-HAS Guidelines, we engage (a)
Taft-Hartley Services of ISS as our research
and voting service for clients who elect T-HAS as their proxy voting guidelines and (b) our affiliate, RBC GAM Inc., to perform
administrative functions.

We have instructed ISS to use their automated voting
platform to cast client proxy votes prior to the market cutoff date for each shareholder meeting. If, in advance of the shareholder meeting, a company files additional
soliciting materials with local regulators, or publishes a response to the research or vote recommendations of
ISS or Glass, Lewis & Co., we have implemented a
process to review those responses and consider them in
our voting decision.

RBC GAM-US has a detailed process to manage the
review and approval of vote instructions. Our CGRI team manages the internal review of proxy voting to ensure
that the custom recommendations made by ISS correctly
reflect the intentions of our Custom Guidelines.

BlueBay LLP may exercise voting rights for accounts
managed on the BlueBay LLP platform. In such a case,
BlueBay LLP has established a series of principles to be ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
20 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
applied when exercising voting rights attached to client securities within managed portfolios. BlueBay LLP may
depart from the principles to avoid voting decisions that may be contrary to our clients’ best interests. BlueBay LLP may also choose not to vote where voting may be
detrimental to the best interests of our clients, such as due to high administrative costs associated with voting or share blocking requirements that “lock up” securities, which would limit liquidity or access to market
opportunities.

Additional information about our Proxy Voting Process
can be found in the RBC Global Asset Management
Proxy Voting Guidelines document on our website. You
may also contact us directly for a copy of the Custom
Guidelines. In addition, a record of all proxy votes cast on behalf of a client’s account(s) is available upon
request.

Item 18 – Financial Information
To the best our knowledge, RBC GAM-US has no
financial commitment that impairs its ability to meet
contractual and fiduciary commitments to clients. RBC
GAM-US has not been the subject of a bankruptcy
proceeding at any time during the past ten years.
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
21 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Fee Schedule Appendix

US EQUITIES
SMID Cap Growth

0.90% on first $25 million of assets

0.75% on next $25 million of assets

0.65% on assets exceeding $50 million
Minimum Account Size: $10 million
Small Cap Growth & Small Cap Value Small Cap Core

0.90% on first $25 million of assets 1.00% on first $10 million of assets

0.80% on next $25 million of assets 0.90% on next $15 million of assets

0.70% on assets exceeding $50 million 0.80% on next $25 million of assets Minimum Account Size: $10 million 0.70% on assets exceeding $50 million Minimum Account Size: $10 million
Microcap Core Alpha Plus U.S. Equity Fund

1.15% on first $25 million of assets 0.70% on all assets

1.00% on assets exceeding $25 million Minimum Account Size: $75 million Minimum Account Size: $10 million *offered under PAA agreement QUBE U.S. Equity and
QUBE Low Volatility U.S. Equity
QUBE U.S. Equity and
QUBE Low Volatility U.S. Equity
SEPARATE ACCOUNT ONLY Investment Adviser Fees 3c7 ONLY

0.40% on first $50 million of assets 0.40% on first $25 million of assets

0.30% on next $50 million of assets 0.35% on next $25 million of assets

0.25% on assets exceeding $100 million 0.30% on next $50 million of assets Minimum Account Size: $25 million 0.25% on assets exceeding $100 million Minimum Account Size: $10 million

NON-US EQUITIES
Global Resources Canadian Equity Value

0.80% on first $100 million of assets 0.55% on first $100 million of assets

0.70% on assets exceeding $100 million 0.45% on assets exceeding $100 million Minimum Account Size: $50 million Minimum Account Size: $100 million QUBE Low Volatility Global Equity and
QUBE Low Volatility All Country World Equity
QUBE Low Volatility Global Equity and
QUBE Low Volatility All Country World Equity
SEPARATE ACCOUNT ONLY Investment Adviser Fees 3c7 ONLY

0.45% on first $50 million of assets 0.45% on first $25 million of assets

0.40% on next $50 million of assets 0.42% on next $25 million of assets

0.35% on assets exceeding $100 million 0.40% on next $50 million of assets Minimum Account Size: $50 million 0.35% on assets exceeding $100 million Minimum Account Size: $10 million

FIXED INCOME
Cash Management Ultra-Short Duration

0.12% on first $100 million of assets 0.20% on first $50 million of assets

0.10% on assets exceeding $100 million 0.15% on next $50 million of assets Minimum Account Size: $100 million 0.10% on assets exceeding $100 million Minimum Account Size: $50 million
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
22 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Short Duration Intermediate Government Fixed Income &
Government Fixed Income

0.25% on first $25 million of assets 0.30% on first $25 million of assets

0.15% on next $25 million of assets 0.20% on next $25 million of assets

0.10% on next $50 million of assets 0.15% on next $50 million of assets

0.08% on assets exceeding $100 million 0.10% on assets exceeding $100 million Minimum Account Size: $25 million Minimum Account Size: $25 million Core Fixed Income
U.S. Investment Grade Corporate Intermediate Municipal Fixed Income

0.30% on first $50 million of assets 0.30% on first $25 million of assets

0.20% on next $50 million of assets 0.25% on next $25 million of assets

0.15% on assets exceeding $100 million 0.20% on next $50 million of assets Minimum Account Size: $25 million 0.15% on assets exceeding $100 million Minimum Account Size: $15 million
Intermediate Core Fixed Income

0.30% on first $25 million of assets

0.25% on next $25 million of assets

0.20% on next $50 million of assets

0.15% on assets exceeding $100 million
Minimum Account Size: $25 million

IMPACT AND COMMUNITY INVESTING
Impact Liquidity Access Capital Community Investment &
Impact Bond

0.15% on first $100 million of assets 0.40% on first $25 million of assets

0.12% on next $200 million of assets 0.30% on next $25 million of assets

0.10% on assets exceeding $300 million 0.25% on assets exceeding $50 million Minimum Account Size: $100 million Minimum Account Size: $25 million

BLUEBAY USA LEGACY STRATEGIES
The current prospectus for the BlueBay USA legacy strategies provides details of the specific schedule of fees payable for the relevant Fund structure or share class. The standard fee structures applicable to long-only and alternative Funds are a management fee only or a management fee plus performance fee. Fees within the various Fund structures will differ between share classes, depending on share class characteristics (e.g. minimum investment levels, lock-ups, performance fees). However, the following criteria generally apply with regards to fees:
• An annual management fee of up to 2% of the net asset value is payable and these fees will be payable monthly or quarterly in arrears; and
• A performance fee, which is based upon the performance of the relevant share class, may be payable annually in arrears. This fee is payable if the Fund achieves an absolute or relative positive return or exceeds a specific agreed return over the previous annual accounting period. The performance fee is generally set up to be within a range of 10%-30% of the net outperformance. ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
23 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Investment Strategies Appendix
Equity Strategies
Equity Strategy Investment Approach Material Risks
Alpha Plus U.S.

Equity
The investment strategy intends to invest in S&P 500
futures as a substitute for direct investments to
achieve full economic exposure to large cap U.S.
equities and utilize a portion of remaining capital to
invest in a fund or a strategy that will establish long positions in equity securities of issuers listed on
global equity markets that the Manager believes will
outperform against short positions in equity securities of issuers listed on global equity markets that the
Manager believes will underperform. The Manager
may also invest in other alternative strategies to
provide returns that exceed the financing cost of the
derivatives portfolio. The Fund will maintain
sufficient cash and short term securities to be used as collateral and/or to meet payment obligations.

Active Management Risk
Derivatives Risk
Leverage Risk
Market Risk
Counterparty Risk
Divergence Risk
Foreign Investment Risk
Currency Risk
Liquidity Risk
Conflicts of Interest Risk
Securities Lending, Repurchase and Reverse
Repurchase Risk
Quantitative Investment Strategy Risk
Short Sale Risk
Risks of Using a Prime Broker to Hold Assets
Concentration Risk
Cybersecurity Risk
Canadian Equity
Value
The objective of the Canadian Equity Value strategy is
to provide long-term capital growth by investing
primarily in equity securities of Canadian companies
priced below their true value and offering long-term
opportunities for growth. The Canadian Equity Value
team continuously reconsiders the potential reward
as well as risk for each of the companies in their
investment universe as market prices shift and /or
new information materializes, and dynamically
repositions the portfolio. The portfolio is built to add value primarily through security selection and
through larger number of positions rather than
concentrated positions.

Active Management Risk
Counterparty Risk
Currency Risk
Foreign Investment Risk
General Economic and Market Conditions Risk
Government Intervention in Financial Markets
Market Risk
Mid-Sized Company Risk
Value Investing Risk
Global
Resources
Invests in companies that are involved directly or
indirectly in the exploration, development, production
or distribution of natural or other resources. The
investment process is primarily based on fundamental
research, although quantitative and technical factors
are also considered.

Active Management Risk
Currency Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions Risk
Foreign Investment Risk
Government Intervention in Financial Markets
Liquidity Risk
Market Risk
Small Company Risk
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
24 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Equity Strategy Investment Approach Material Risks
Microcap Core Fundamental, bottom-up security selection from a universe of microcap companies with 60-90 equity
holdings. Seeks to provide returns while taking a
low-risk approach to microcap investing. We believe
portfolios of neglected microcap companies with low
valuations having long-term attractive business
fundamentals, and near-term profitability
improvement potential should produce strong risk-adjusted returns.

Active Management Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions Risk
Government Intervention in Financial Markets
Growth Investing Risk
Liquidity Risk
Market Risk
Small and Micro Company Risk
Value Investing Risk
Small Cap Core Utilize fundamental, bottom-up security selection. We seek to provide returns while taking a low-risk
approach to investing in small cap companies. We
believe portfolios of neglected companies with low
valuations, long-term attractive business
fundamentals and potential for improved profitability
in near term should produce strong absolute and risk-adjusted returns.

Active Management Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions Risk
Government Intervention in Financial Markets
Growth Investing Risk
Liquidity Risk
Market Risk
Small and Micro Company Risk
Small Company Risk
Value Investing Risk
Small Cap
Growth
Seeks long-term capital appreciation through careful
security selection utilizing a bottom-up fundamental
approach. We believe that profitable companies with
consistent, sustainable revenue and earnings growth
along with high margins and returns on equity
relative to industry peers will outperform companies
with erratic revenue and earnings growth and below
average profitability. We believe our low turnover
and diversified portfolio is designed to generate
superior risk-adjusted returns over a market cycle.

Active Management Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions Risk
Government Intervention in Financial Markets
Growth Investing Risk
Liquidity Risk
Market Risk
Small Company Risk
Small Cap
Value
Using fundamental, bottom-up security selection and
experienced active portfolio management the strategy
looks to identify undervalued companies in the small
cap universe, while taking a low-risk approach to
investing in small cap companies. We believe
portfolios of companies with long-term attractive
business fundamentals, strong finances, strong
management, potential for improved profitability and
low valuations should produce strong absolute and
risk-adjusted returns over time.

Active Management Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions Risk
Government Intervention in Financial Markets
Liquidity Risk
Market Risk
Small Company Risk
Value Investing Risk
SMID Cap
Growth
Seeks long-term capital appreciation through careful
security selection utilizing a bottom-up fundamental
approach. We believe that profitable companies with
consistent, sustainable revenue and earnings growth
along with high margins and returns on equity
relative to industry peers will outperform companies
with erratic revenue and earnings growth and below
average profitability. We believe our low turnover;
diversified portfolio is designed to generate superior
risk-adjusted returns over a market cycle.

Active Management Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions Risk
Government Intervention in Financial Markets
Growth Investing Risk
Liquidity Risk
Market Risk
Mid-Sized Company Risk
Small Company Risk
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
25 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Equity Strategy Investment Approach Material Risks
QUBE U.S.

Equity
The strategy is managed using a quantitative
investment model designed to select individual stocks
while controlling portfolio-level risk. This involves
building a portfolio that maximizes exposure to
factors associated with outperformance, while
controlling for exposure to risk factors.

Active Management Risk
Quantitative Investment Strategy Risk
Market Risk
Foreign Investment Risk
Currency Risk
Liquidity Risk
Specialization Risk
Multiple Series Risk
Securities Lending, Repurchase & Reverse
Repurchase Transaction Risks
Cybersecurity Risk
QUBE Low
Volatility All
Country World
Equity
The strategy seeks to provide long-term capital
growth by investing primarily in equity securities of
global companies using a quantitative approach.

The strategy seeks to achieve a reduced level of
volatility of returns compared with the broader global
equity market, including both developed and
emerging markets. The strategy is managed using a
quantitative investment model designed to select
individual stocks while controlling portfolio-level risk.

This involves building a portfolio that maximizes
exposure to factors associated with outperformance,
while controlling for exposure to risk factors. The
portfolio manager will diversify across industries
within the global market.

Active Management Risk
Capital Erosion Risk
Currency Risk
Cybersecurity Risk
Emerging Markets Risk
Foreign Investment Risk
Liquidity Risk
Market Risk
Multiple Series Risk
Quantitative Investment Strategy Risk
Securities Lending, Repurchase & Reverse
Repurchase Transaction Risks
Specialization Risk
QUBE Low
Volatility
Global Equity
The strategy seeks to provide long term capital
growth by investing primarily in equity securities of
global companies using a quantitative approach. The
strategy seeks to achieve a reduced level of volatility of returns compared with the broader global equity
market. The strategy is managed using a quantitative
investment model designed to select individual stocks
while controlling portfolio level risk. This involves
building a portfolio that maximizes exposure to
factors associated with outperformance, while
controlling for exposure to risk factors. The portfolio manager will diversify across industries within the
global market.

Active Management Risk
Capital Erosion Risk
Currency Risk
Cybersecurity Risk
Foreign Investment Risk
Liquidity Risk
Market Risk
Multiple Series Risk
Quantitative Investment Strategy Risk
Securities Lending, Repurchase & Reverse
Repurchase Transaction Risks
Specialization Risk
QUBE Low
Volatility U.S.

Equity
The strategy is managed using a quantitative
investment model designed to select individual stocks
while controlling portfolio-level risk. This involves
building a portfolio that maximizes exposure to
factors associated with outperformance, while
controlling for exposure to risk factors. The strategy
seeks to achieve a reduced level of volatility as
compared to the broader U.S. equity market through
both security selection and portfolio construction.

Active Management Risk
Quantitative Investment Strategy Risk
Market Risk
Foreign Investment Risk
Currency Risk
Liquidity Risk
Specialization Risk
Capital Erosion Risk
Multiple Series Risk
Securities Lending, Repurchase & Reverse
Repurchase Transaction Risks
Cybersecurity Risk
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
26 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Fixed Income Capabilities
Fixed Income
Capabilities Investment Approach Material Risks
Cash
Management
(Liquidity
Management)
This approach, which focuses on the preservation of
capital and immediate liquidity, is customized for
primary liquidity accounts with high cash flow needs
and an investment horizon of 0 to 6 months.

Strategies included in this approach:

Cash Management: Treasury
Cash Management: Government
Cash Management: High Quality Credit
Duration range: 0.01 years to 0.75 years
Active Management Risk
Call Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions
Risk
Government Intervention in Financial
Markets
Government Obligations Risk
Interest Rate Risk
Issuer/Credit Risk
Liquidity Risk
Market Risk
Ultra-Short
Duration
(Liquidity
Management)
This approach, which focuses on enhanced return and
preservation of capital, is customized for transitional liquidity accounts with medium cash flow needs and
an investment horizon of 6 months or longer.

Strategies included in this approach:

Ultra-Short Duration: Government
Ultra-Short Duration: High Quality Credit
Ultra-Short Duration: Full Style
Duration range: 0.75 years to 1.25 years
Active Management Risk
Call Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions
Risk
Government Intervention in Financial
Markets
Government Obligations Risk
Interest Rate Risk
Issuer/Credit Risk
Liquidity Risk
Market Risk
Prepayment Risk
Short Duration
(Liquidity
Management)
This approach, which has greater emphasis on
maximizing return potential compared to the cash
management or ultra-short approaches, is customized
for core cash accounts with low cash flow needs and
an indefinite investment horizon. Strategies included
in this approach:

Short Duration: 1-3 Year Government
Short Duration: 1-3 Year High Quality Credit
Short Duration: 1-3 Year Full Style
Short Duration: 1-5 Year Government
Short Duration: 1-5 Year High Quality Credit
Duration range: 1 years to 3 years
Active Management Risk
Call Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions
Risk
Government Intervention in Financial
Markets
Government Obligations Risk
Interest Rate Risk
Issuer/Credit Risk
Liquidity Risk
Market Risk
Prepayment Risk
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
27 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Fixed Income
Capabilities Investment Approach Material Risks
Intermediate This approach, which has greater emphasis on maximizing return potential compared to the cash
management, ultra-short or short duration
approaches, is customized for core cash accounts with
low cash flow needs and an indefinite investment
horizon. Strategies included in this approach:

Intermediate Government Fixed Income
Intermediate Core Fixed Income
Intermediate Municipal Fixed Income
Government Fixed Income
Core Fixed Income
U.S. TIPS
U.S. Investment Grade Corporate
Duration range: 3+ years
Active Management Risk
Call Risk
Concentration Risk
Counterparty Risk
General Economic and Market Conditions
Risk
Government Intervention in Financial
Markets
Government Obligations Risk
Interest Rate Risk
Issuer/Credit Risk
Liquidity Risk
Market Risk
Prepayment Risk
Tax Risk
Impact and
Community
Investing
Impact and Community Investing provides investors a
fixed income strategy that seeks a traditional risk and return profile while optimizing positive social and
environmental footprint. Impact measurement and
reporting brings transparency to the footprint and
can be targeted geographically. The approach allows
investors to align their investments with their values.

Specifications of social, geographic, community and
environmental goals can be integrated into portfolios
across all fixed income security types.

Duration range: cash to intermediate duration,
depending on strategy, but can be customized shorter
or longer.

Access Capital Community Investing
Small Business Administration-guaranteed
loan pools and certificates
Impact Bond
Impact Liquidity (duration range: 0.01 years
to 1.0 years)
Active Management Risk
Call Risk
Concentration Risk
Counterparty Risk
CRA Strategy Risk
General Economic and Market Conditions
Risk
Geographic Risk
Government Intervention in Financial
Markets
Government Obligations Risk
Interest Rate Risk
Issuer/Credit Risk
Liquidity Risk
Market Risk
Prepayment Risk
Qualification for CRA Credit
Tax Risk
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
28 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Fixed Income
Capabilities Investment Approach Material Risks
CLOs The CLOs we manage invest primarily in a
diversified pool of senior secured term loans and
revolver loans to non- investment grade companies
with typically between $40 million and $ 1 billion in
earnings before interest, taxes, depreciation, and
amortization (“EBITDA”). The minimum tranche size
typically considered for investment is greater than
$150 million, with certain exceptions, in an attempt
to maintain adequate liquidity. RBC GAM-US
employs a comprehensive framework to analyze
each credit and debt structure. In selecting
individual securities, RBC GAM-US’s analysis
typically includes the following categories, where
applicable:
• Top Down Analysis: macroeconomic
environment, industry cyclicality & volatility,
competitive framework, third-party diligence
and loan market conditions.
• Bottom Up Analysis: strength of products &
services, company / sponsor strategy,
industry position, barriers to entry, long-term
prospects, peer comparisons and
management track record.
• Quantitative Analysis: financial performance
& health, project cash flows, plans to de-lever, ability to meet obligations & repay debt, collateral valuation, downside analysis and
recovery analysis.
• Instrument Analysis: seniority, covenant
analysis, liquidity and collateral valuation.
• Ratings: We utilize a proprietary ratings
model that seeks to replicate rating agency
methodologies,
We may also utilize total return swaps in connection
with bank loans, typically 1 to 3 years in duration.

Active Management Risk
CLO Concentration Risk
Conflicts of Interest Risk
Counterparty Risk
Cybersecurity Risk
General Economic and Market Conditions
Risk
Investments in Loans; Lack of Liquidity and
Transparency
Issuer/Credit Risk
Leverage Risk
Loan Settlement Risk
Lower Credit Quality Securities
Market Risk
Non-Investment Grade Loans
Participations Risk
Prepayment Risk
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
29 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Risk Disclosures Appendix
Fund Risks. Additional risks may apply to investments in Funds (as defined above in Item 4 – Advisory Business, and including CLOs). Clients investing in Funds should consult the applicable Fund Documentation for risk disclosures relating to such investments.

Active Management Risk. The Fund or portfolio is actively managed. The Adviser and each individual portfolio manager will apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions will produce the desired results.

Call Risk. The possibility that during periods of falling interest rates, a bond issuer will “call” – or repay – a high-yielding bond before its maturity date. If a security is called, the proceeds may have to be reinvested at lower interest rates resulting in a decline in income.

CLO Concentration Risk. The concentration of investments in any one obligor would subject CLO portfolios and investors to a greater degree of risk with respect to defaults by such obligor, and the concentration of investments in any one industry or country would subject CLO portfolios and investor to a greater degree of risk with respect to economic downturns relating to such industry or country. Any concentration with respect to any particular obligor, industry or country could ultimately result in significant losses to CLO porfolios and investors.

Capital Erosion Risk. If markets fell substantially and did not recover for a significant period, a portfolio’s net asset value would likely drop in line with the market decline. A long-term decline in net asset value may force us to temporarily reduce distributions in an attempt to return the net asset value closer to the initial unit price to avoid a significant erosion of capital and a long-term effect on the fund’s ability to generate income. Erosion of capital may also occur during the year if distributions of a particular series exceed the fund’s income for that series.

Concentration Risk. Investments are expected to be closely tied to a specific name, industry, or benchmark. As a result, performance may be more volatile than the performance of a portfolio that does not concentrate its investments in a particular economic industry or sector.

Conflicts of Interest Risk. Affiliates of the Investment Adviser may participate in the primary and secondary market for loan obligations. Because of limitations imposed by applicable law, the presence of the Investment Adviser’s affiliates in the loan obligations market may restrict an Underlying Fund’s ability to acquire some loan obligations or affect the timing or price of such acquisitions. Also, because the Investment Adviser may wish to invest in the publicly traded securities of a borrower, it may not have access to material non-public information regarding the borrower to which other lenders have access.

Counterparty Risk. The possibility that counterparty could fail, or a clearinghouse, guarantor or any service provider to the portfolio. The inability or unwillingness of others to honor obligations could result in credit losses incurred from late payments, failed payments and default. In times of general market turmoil, even large, well-established financial institutions may fail rapidly with little warning. Clients will be subject to the credit risk of counterparties with whom the Advisor trades. If a trading counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, trade term disputes or other reasons, clients should expect significant delays in obtaining a recovery (if any) in such circumstances.

CRA Strategy Risk. CRA qualified securities in geographic areas sought by a portfolio may not provide as favorable return as CRA qualified securities in other geographic areas. In addition, a portfolio may sell securities for reasons relating to CRA qualification, at times when such sales may not be desirable for investment purposes. Further, a portfolio may hold short-term investments that produce relatively low yields pending the selection of long-term investments believed to be CRA-qualified.

Currency Risk. The possibility that could arise from the change in price of one currency against another.

Cybersecurity Risk. As the use of technology has become more prevalent in the course of business, portfolios have become potentially more susceptible to operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause portfolios to lose proprietary information or other information subject to privacy laws, suffer data corruption, or lose operational capacity. This in turn could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, and/or financial loss. Cybersecurity breaches may involve unauthorized access to a fund’s digital information systems (e.g., through “hacking” or malicious software coding), but may also result from outside attacks such as denial-of-service attacks (i.e., efforts to make network services unavailable to intended users). In addition, cybersecurity breaches of a fund’s third-party service providers (e.g., administrators, transfer agents, custodians and sub-advisors) or of issuers that a fund ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
30 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
invests in can also subject a fund to many of the same risks associated with direct cybersecurity breaches. Like with operational risk in general, the funds have established risk management systems designed to reduce the risks associated with cybersecurity. However, there is no guarantee that such efforts will succeed, especially since the funds do not directly control the cybersecurity systems of issuers or third-party service providers.

Derivatives Risk. Derivatives are financial instruments that have a value, which depends upon, or is derived from, the value of something else, such as one or more underlying securities, pools of securities, options, futures, indexes or currencies. Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security (ies), loan, option, future, index or currency may result in a substantial loss for the portfolio. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the portfolio.

Derivative instruments will typically increase a portfolio’s exposure to material risks to which it is otherwise exposed, and may expose the portfolio to additional risks, including correlation risk, counterparty credit risk, hedging risk, leverage risk, and liquidity risk.

Correlation risk Related to hedging risk and is the risk that there may be an incomplete correlation between the hedge and the opposite position, which may result in increased or unanticipated losses.

Counterparty credit The risk that a counterparty to the derivative instrument becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties and the portfolio may obtain no recovery of its investment or may only obtain a limited recovery, and any recovery may be delayed.

Hedging risk The risk that derivative instruments used to hedge against an opposite position may offset losses, but they may also offset gains. There is no guarantee that a hedging strategy will eliminate the risk, which the hedging strategy is intended to offset, which may lead to losses within the portfolio.

Leverage risk The risk that losses from the derivative instrument may be greater than the amount invested in the derivative instrument.

Liquidity risk The risk that the derivative instrument may be difficult or impossible to sell or terminate, which may cause the portfolio to be in a position to do something the portfolio managers would not otherwise choose, including accepting a lower price for the derivative instrument, selling other investments or foregoing another, more appealing investment opportunity. Derivative instruments, which are not traded on an exchange, may have increased liquidity risk.

Certain derivatives have the potential for unlimited losses, regardless of the size of the initial investment.

Divergence Risk. The Fund portfolio seeks to achieve a return that corresponds generally to the price and yield performance, before fees and expenses, of the Underlying Index as published by the Index Provider. There is no assurance that the Index Provider or any agents that may act on its behalf will compile the Underlying Index accurately, or that the Underlying Index will be determined, composed or calculated accurately. While the Index Provider provides descriptions of what the Underlying Index is designed to achieve, neither the Index Provider nor its agents provide any warranty or accept any liability in relation to the quality, accuracy or completeness of the Underlying Index or its related data, and they do not guarantee that the Underlying Index will be in line with the Index Provider’s methodology. Errors in respect of the quality, accuracy and completeness of the data used to compile the Underlying Index may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, particularly where the indices are less commonly used as benchmarks by funds or managers. Such errors may negatively or positively impact the Fund and its shareholders. For example, during a period where the Underlying Index contains incorrect constituents, the Fund would have market exposure to such constituents and would be underexposed to the Underlying Index’s other constituents. Shareholders should understand that any gains from Index Provider errors will be kept by the Fund and its shareholders and any losses or costs resulting from Index Provider errors will be borne by the Fund and its shareholders.

Apart from scheduled rebalances, the Index Provider or its agents may carry out additional ad hoc rebalances to the Underlying Index in order, for example, to correct an error in the selection of index constituents. When the Underlying Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Underlying Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Fund and its shareholders. Therefore, errors and additional ad hoc rebalances carried out by the Index Provider or its agents to the Underlying Index may increase the costs to and the tracking error risk of the Fund.

Emerging Markets Risk. The portfolio or Fund primarily invests in emerging markets. The securities markets of most emerging market countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
31 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
and other reporting requirements as the securities markets of more developed countries. These risks are not normally associated with investments in more developed countries.

Foreign Investment Risk. Portfolios may invest in companies that operate or are listed on stock exchanges in countries other than Canada or the United States. Investments in these companies may be affected by global economic and political factors, as well as the economic and political factors of the particular country or geographic region in which the issuer operates, including lower levels of foreign government regulation, public information and/or economic, political and social stability in these countries. Many countries have less stringent accounting, auditing and reporting standards. Some foreign stock markets have less trading volume, which may make it more difficult to sell an investment or make prices more volatile. Certain countries may also have foreign investment or exchange laws that make it difficult to sell an investment or may impose withholding or other taxes that could reduce the return on the investment. Different financial, political and social factors could hurt the value of foreign investments, and companies operating in foreign markets may have limited product lines, markets or resources available to them. As a result, funds or portfolios that specialize by investing in securities of companies that are listed on stock exchanges in countries other than Canada or the United States, or in companies that operate in countries other than Canada or the United States, may experience larger and more frequent price changes in the short term. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions, or from problems in registration, settlement or custody. Foreign investment risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the portfolio could have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. The risks of foreign investments are generally higher in emerging markets.

General Economic and Market Conditions Risk. The success of the portfolio's or Fund’s investment program may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. These factors may affect the level and volatility of securities prices and the liquidity of investments. Unexpected volatility or illiquidity could impair profitability or result in losses.

Geographic Risk. The Advisor will take into account the goal of holding securities in designated geographic areas in determining which securities to purchase and sell. Accordingly, investment decisions will not be exclusively based on the investment characteristics of the securities, which may or may not have an adverse effect on investment performance.

Government Intervention in Financial Markets Risk. Instability in the financial markets has led the U.S. Government to take unprecedented actions to support certain financial institutions and certain segments of the financial markets that experienced extreme volatility. Regulatory organizations may take future legislative or regulatory actions that may affect the operations of a portfolio or its investments or preclude a portfolio's ability to achieve its investment objective.

Government Obligations Risk. Obligations of U.S. Government agencies, authorities, instrumentalities and sponsored enterprises (such as Fannie Mae and Freddie Mac) have historically involved little risk of loss of principal if held to maturity. However, the maximum potential liability of the issuers of some of these securities may greatly exceed their current resources and no assurance can be given that the U.S. Government would provide financial support to any of these entities if it is not obligated to do so by law. In September 2008, the U.S. Treasury and the FHFA announced that Fannie Mae and Freddie Mac would be placed into a conservatorship under FHFA. The effect that this conservatorship will have on the entities’ debt and securities guaranteed by the entities is unclear.

Growth Investing Risk. Growth stock prices reflect projections of future earnings or revenues, and can, therefore, fall dramatically if the company fails to meet those projections.

Interest Rate Risk. The values of some or all investments may change in response to movements in interest rates. If interest rates rise, the values of debt securities will generally fall and vice versa. In general, the longer the average maturity or duration of an investment portfolio, the greater the sensitivity to changes in interest rates.

Investments in Loans; Lack of Liquidity and Transparency. Leveraged loans and interests therein, including related derivatives and structured finance obligations, have significant liquidity and market value risks as they are not traded in organized markets or exchanges but rather over-the-counter by commercial banks and other institutional investors.

Because leveraged loans are privately syndicated, loans are not purchased or sold as easily as publicly traded securities and purchasers and sellers do not have the protections and certainty provided by an established market or regulatory regime. Further, market data regarding trading activity and pricing is not widely available as would be the case for certain other investments.
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
32 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Issuer/Credit Risk. The possibility that issuers of securities or borrowers of loans may default on the payment of interest or principal on the securities or loans when due, which would cause a portfolio to lose money.

Leverage Risk. Leverage may result from certain transactions, borrowing and reverse repurchase agreements. Leverage may exaggerate the effect of a change in the value of the Fund’s portfolio securities, causing the Fund portfolio to be more volatile than if leverage was not used. Losses incurred on leveraged investments will increase in direct proportion to the degree of leverage employed. CLO portfolios and investors also incur interest expense on borrowings used to leverage its positions. The use of leverage also may result in the forced liquidation of positions (which may otherwise have been profitable) as a result of margin or collateral calls, depending on a CLO portfolio’s or investor’s structure. For CLO portfolios and investors, to the extent the Advisor can adjust leverage levels, the Advisor could increase (or decrease) leverage at times when it is not advantageous to do so and, as a result, the value of your investment can decrease.

Liquidity Risk. Investments in illiquid securities or repurchase agreements with maturities longer than seven days may be difficult or impossible to sell at desirable prices due to lack of marketability.

Loan Settlement Risk. Leveraged loans are subject to settlement periods in excess of the securities standard of trade date plus two days and may not settle on a delivery versus payment basis as is common for other types of investments.

Leveraged loan settlement periods can extend to trade date plus seven days or more depending upon a number of factors not in the control of the Advisor. Therefore, counterparties to leveraged loan trades, including CLO Clients, are subject to ongoing market risk to the extent that lengthy settlement periods occur. Moreover, settlement of leveraged loan trades can be a manual process, prolonging the settlement period and increasing operational risk. Further, during the prolonged settlements, the underlying credit outlook, positive or negative, or the terms of the loan evolve in accordance with the terms of the underlying credit agreement (i.e., LIBOR resets, pre-payments, etc.) or otherwise.

Lower Credit Quality Securities. CLO portfolios and interest may be deemed by rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Other securities may have the lowest quality ratings or may be unrated, may have been downgraded or placed on “credit watch” for future downgrades. Lower rated and unrated securities can have large uncertainties or major risk exposures to adverse conditions and can be considered to be speculative. Generally, such securities offer a higher return potential than higher rated securities, but involve greater volatility of price and greater risk of loss of income and principal. The market values of portfolios or interests in CLOs also may tend to be more sensitive to changes in market or economic conditions than other securities. The value of the leveraged loans underlying a CLO may also be affected by changes in the market’s perception of the entity issuing or guaranteeing them, or by changes in government regulations and tax policies.

Market Risk. One or more markets in which the portfolio or Fund invests may go down in value, sometimes sharply and unpredictably, and the value of the securities may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The success of a portfolio’s or Fund’s investment program may be affected by general economic and market conditions. These conditions may affect the level and volatility of securities prices and the liquidity of investments. Unexpected volatility or illiquidity could impair profitability or result in losses.

In addition, global economies and financial markets are becoming increasingly interconnected, and political, economic and other conditions and events (including, but not limited to, natural disasters, pandemics, epidemics, and social unrest) in one country, region, or financial market may adversely impact issuers in a different country, region or financial market.

Furthermore, the occurrence of, among other events, natural or man-made disasters, severe weather or geological events, fires, floods, earthquakes, outbreaks of disease (such as COVID-19, avian influenza or H1N1/09), epidemics, pandemics, malicious acts, cyber-attacks, terrorist acts or the occurrence of climate change, may also adversely impact the performance of a portfolio. Such events may result in, among other things, closing borders, exchange closures, health screenings, healthcare service delays, quarantines, cancellations, supply chain disruptions, lower consumer demand, market volatility and general uncertainty. Such events could adversely impact issuers, markets and economies over the short- and long-term, including in ways that cannot necessarily be foreseen. A portfolio could be negatively impacted if the value of the portfolio was harmed by such political or economic conditions or events. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for a portfolio’s operations.

Mid-Sized Company Risk. Stocks of mid-sized companies may carry greater risks than those of larger companies because mid-sized companies may have less management experience, competitive strengths and financial resources than larger companies. Mid-sized companies may also be more vulnerable to adverse business or economic events and may be more volatile than larger companies.

Multiple Series Risk. Most of the funds and portfolios are available in more than one series of units. Each series has its own fees and expenses, which are tracked separately. Those expenses will be deducted in calculating the unit value for ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
33 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
that series, thereby reducing its unit value. If one series is unable to pay its expenses or liabilities, the assets of the other series will be used to pay those expenses or liabilities. As a result, the unit price of the other series may also be reduced.

Non-Investment Grade Loans. The Advisor primarily invests in credit markets, including leveraged, noninvestment grade loans. Such loans are considered a higher risk than other types of investments because historically they have experienced a higher default rate than other asset classes. As a result, there can be no assurance that the ultimate recovery on a defaulted instrument will not result in a capital loss. If there is a default on a loan, reference loan, bond or other instrument in a CLO portfolio, the defaulted borrower often ceases to fund its obligations as they become due. The defaulting borrower usually becomes subject to lengthy and substantial workout negotiations or restructuring, often resulting in a reduction in interest rates on obligations, a write-down of principal and/or change in the terms, conditions or covenants with respect to the defaulted obligation, all of which can be substantial; including the possibility that equity of the borrower will be issued in exchange for the original obligation, in whole or in part. While loans are often secured by collateral, losses can result from default and foreclosure. The value of the underlying collateral, the creditworthiness of the obligor and the priority of the lien will have a significant impact on the potential recovery of a defaulted asset. There is no assurance that the liquidation proceeds of collateral will be sufficient to satisfy the entire outstanding balance of principal and interest on a defaulted loan, resulting in a possible loss of all or part of an investment in a CLO portfolio or interest.

Bankruptcy cases are adversarial and may be lengthy in the event of a bankruptcy of an obligor. While creditors generally are afforded an opportunity to object to significant actions in bankruptcy proceedings, there can be no assurance that a bankruptcy court would not approve actions that may be contrary to the interests of CLO portfolios or investors.

Participations Risk. Interests in loans may be acquired indirectly by purchasing a participation interest from a selling institution, which may be an affiliated entity or a Fund or CLO portfolio. Holders of participation interests are subject to additional risks not applicable to a holder of a direct interest in a loan. Participations in a selling institution’s portion of a loan typically result in a contractual relationship only with such selling institution, not with the borrower. In the case of a participation interest, the holder will generally have the right to receive payments of principal, interest and any fees to which it is entitled only from the institution selling the participation and only upon receipt by such selling institution of such payments from the borrower. By holding a participation interest in a loan, the holder generally will have no right to enforce compliance by the borrower with the terms of the loan agreement, nor any rights of set off against the borrower or voting rights with respect to amendments or waivers, and may not directly benefit from the collateral supporting the loan in which it has purchased the participation. As a result, the holder will assume the credit risk of both the borrower and the institution selling the participation, which remains the legal owner of record of the applicable loan.

Prepayment Risk. The value of some mortgage-backed and asset-backed securities may fall because of unanticipated levels of principal prepayments that can occur when interest rates decline. Principal and interest payments on such securities depend on payment of the underlying loans, though issuers may support creditworthiness via letters of credit or other instruments.

Leveraged loans are generally subject to pre-payment in whole or in part at any time at the option of the obligor, at par plus accrued unpaid interest. Prepayments on loans will occur as a result of a number of factors that are often difficult to predict, and not within the control of the Advisor. Consequently, there is a risk that loans purchased at a price greater than par will experience a capital loss as a result of a prepayment at par. Likewise, there is no assurance that proceeds received from a prepayment can or will be invested in other assets of comparable value or bearing at least the same rate of interest.

Qualification for CRA Credit Risk. For an institution to receive CRA credit with respect to investments, the portfolio must hold CRA qualifying investments that relate to the institution’s delineated CRA assessment area. All investments are expected to be considered eligible for regulatory credit under the CRA. There is no guarantee, however, that an investor will receive CRA credit if, for example, a state banking regulator does not consider an account eligible for regulatory credit. If CRA credit is not given, there is a risk that an investor may not fulfill its CRA requirements.

Quantitative Investment Strategy Risk. The Alpha Plus U.S. Equity, QUBE U.S. Equity, QUBE Low Volatility All Country World Equity, QUBE Low Volatility Global Equity, and QUBE Low Volatility U.S. Equity strategies are managed using a quantitative investment process, which is an investment style in which mathematical or statistical models are used as inputs for investment decisions.

Quantitative investment strategies use complex statistical models in an effort to control portfolio-level risk and to select individual stocks. Rigorous risk control and a disciplined approach to stock selection are defining characteristics of quantitative investment strategies. Although these are generally considered positive characteristics, they also introduce unique risks. The mathematical and statistical models that guide risk control and disciplined stock selection are reliant on ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
34 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
historical data. When markets behave in an unpredictable manner, quantitative models can generate unanticipated results that may impact the performance of a portfolio.

Securities Lending, Repurchase & Reverse Repurchase Transaction Risks. Certain of the portfolios may enter into securities lending arrangements and repurchase and reverse repurchase transactions in accordance with the rules of the CSA. Securities lending, repurchase and reverse repurchase transactions may be entered into to generate additional income or as a short-term cash management tool to enhance the net asset value of a portfolio.

In a securities lending transaction, a fund or portfolio lends its securities to a borrower in exchange for a fee. A repurchase agreement takes place when a fund or portfolio sells a security at one price and agrees to buy it back later from the same party at a higher price. The difference between the higher price and the original price is like the interest payment on a loan. A reverse repurchase agreement is the opposite of a repurchase agreement and occurs when a fund or portfolio buys a security at one price and agrees to sell it back to the same party at a higher price. The other party to a securities lending transaction, repurchase agreement or reverse repurchase agreement delivers collateral to the fund or portfolio in order to secure the transaction.

Securities lending, repurchase and reverse repurchase transactions come with certain risks. If the other party to the transaction cannot complete the transaction, the portfolio may be left holding the collateral delivered by the other party to secure the transaction. In a securities lending or repurchase transaction, the fund could lose money if the value of collateral held and cash received does not increase as much as the securities loaned or agreed to be repurchased. In a reverse repurchase transaction, the portfolio could lose money if the value of the securities purchased drops relative to the cash and collateral delivered. To minimize these risks, the other party must provide collateral that is worth at least 102% of the value of the mutual fund’s securities or cash and of the type permitted by the CSA. The value of the transactions and the collateral are monitored daily and the collateral adjusted appropriately by the securities lending agent of the funds.

The portfolios will not enter into securities lending, repurchase or reverse repurchase transactions, but certain of the underlying funds may do so. Any funds (including underlying funds) that do enter into securities lending or repurchase transactions may not commit more than 50% of their net asset value to securities lending or repurchase transactions at any time. Securities lending transactions may be ended at any time, and all repurchase transactions and reverse purchase transactions must be completed within 30 days.

Short Sale Risk. The Portfolio may use derivatives, including futures and swaps, to implement short positions. Taking short positions involves leverage of the Portfolio’s assets and presents various risks. If the value of the underlying instrument or market in which the Portfolio has taken a short position increases, then the Portfolio will incur a loss equal to the increase in value from the time that the short position was entered into plus any related interest payments or other fees. Taking short positions involves the risk that losses may be disproportionate and may exceed the amount invested.

Small and Micro Company Risk. Stocks of smaller and less seasoned companies involve greater risks than those of larger companies. These companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies. Smaller companies may be more sensitive to changes in the economy overall. Historically, small company stocks have been more volatile than those of larger companies. As a result, an account's value may be subject to rapid and substantial changes. Small company stocks tend to be bought and sold less often and in smaller amounts than larger company stocks, which could result in a limited ability to sell a large quantity of stock of a smaller company. Small company risk can be intensified when investing in micro-cap companies.

The prices of micro-cap stocks are generally more volatile and their markets are less liquid relative to larger companies.

An investment may involve considerably more risk of loss and its returns may differ significantly from investing in larger companies.

Small Company Risk. Stocks of smaller and less seasoned companies involve greater risks than those of larger companies. These companies may not have the management experience, financial resources, product diversification and competitive strengths of larger companies. Smaller companies may be more sensitive to changes in the economy overall.

Historically, small company stocks have been more volatile than those of larger companies. As a result, an account's value may be subject to rapid and substantial changes. Small company stocks tend to be bought and sold less often and in smaller amounts than larger company stocks, which could result in a limited ability to sell a large quantity of stock of a smaller company. The prices of small cap stocks are generally more volatile and their markets are less liquid relative to larger companies. An investment may involve considerably more risk of loss and its returns may differ significantly from investing in larger companies.

Specialization Risk. Some portfolios specialize by investing in a particular sector of the economy or part of the world or by using a specific investment style or approach, like growth, value or socially responsible investing. Specialization allows ®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
35 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.
a portfolios to focus on a specific investment approach, which can boost returns if the particular sector, country or investment style is in favor. However, if the particular sector, country or investment style is out of favor, the value of the portfolio may underperform relative to less specialized investments. Portfolios that specialize tend to be less diversified, but may add diversification benefits to portfolios that do not otherwise have exposure to this specialization.

Tax Risk. The risk that the issuer of a security will fail to comply with certain requirements of the Internal Revenue Code, which would cause adverse tax consequences. Changes in federal or state tax laws could cause the prices of tax-exempt securities to fall and/or could affect the tax-exempt status of the securities. A portion of distributions may be subject to the federal alternative minimum tax.

Value Investing Risk. Value stocks may not increase in price as anticipated if they fall out of favor with investors or the markets favor faster-growing companies.
®/ TM Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc. 2019
36 Advisory Brochure – Part 2A of Form ADV
RBC Global Asset Management (U.S.) Inc.

Privacy and Information Sharing
RBC GAM-US takes care to protect information regarding its clients. This Privacy Notice is intended to tell you where we obtain information about you and who has access to it once it is received by RBC GAM-US.

Our commitment to Your Privacy. RBC GAM-US is sensitive to the privacy concerns of our clients. We have a longstanding policy of protecting the confidentiality and security of information we collect about you. We are providing you with this notice to help you better understand why and how we collect certain information, the care with which we treat that information and how we use that information.

Where we get information. Most of the information we collect about you comes directly from you – for example, information received from you in telephone conversations, through written correspondence or in documents such as subscription agreements, investment management agreements or other forms that you complete in order to receive our services. We also maintain records of each of your transactions and holdings at RBC GAM-US.

We also may receive information about you from companies affiliated with RBC GAM-US. We are part of a family of companies known as RBC, comprised of Royal Bank of Canada and its subsidiaries. If you are a client of another RBC company, we may receive information about you from that source.

For Wrap Investors. Most of the information we collect about you comes either directly or through the sponsor wrap account program you participate in, contained in new account forms, applications, or agreements you enter to receive our products or services. We also maintain records of transactions for the WRAP account at RBC GAM-US.

To whom we disclose the information. We do not sell information about our clients. We provide information about current or former clients from the sources described above only as follows:
a. As necessary to process your business. For example, we transmit account and transactional information to brokers and your custodian. Third parties in this category are prohibited by agreement from using information about you except for the narrow purpose for which we gave it to them. We also share information with our affiliates for everyday business purposes, for operational support, project execution or other purposes. All RBC employees are bound by the RBC Code of Conduct, which imposes a duty of confidentiality. b. Marketing purposes. We do not share your non-public personal information with non-affiliated third parties for marketing purposes. With your expressed consent, we may share client information with our affiliates for the purpose of allowing them to offer other investment products and solutions to you. You may instruct us to stop sharing your information for this purpose at any time.
c. Where required or permitted by law or regulation. Examples include responses to a subpoena, court order or regulatory demand.
d. As authorized by you. You may direct us, for example, to send your confirms and client reports to a third party. e. For Wrap Investors. We do not sell information about our current or former Wrap Investors. We do not share any non-public personal information about the Wrap Investors with anyone, except as necessary to process your business or where required or permitted by law or regulation.

Confidentiality and security. We consider all information we have about your institution to be confidential (unless you tell us otherwise), including the fact that you are a RBC GAM-US client. Your information is only to be handled in the manner described in this notice, and we will apply the same policies to former clients as to current clients. We maintain physical, electronic and procedural safeguards to maintain the confidentiality of your information.

Further Information. We reserve the right to change our privacy policies and this Privacy Notice at any time. The examples contained within this Privacy Notice are illustrations only and are not intended to be exclusive. You may have additional rights under other foreign or domestic laws that may apply to you.

ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED?

INSR ADDL SUBR

LTR INSD WVD
PRODUCER CONTACT NAME: PHONE FAX
(A/C, No, Ext): (A/C, No): E-MAIL ADDRESS:

INSURER A :

INSURED INSURER B :

INSURER C :

INSURER D :

INSURER E :

INSURER F :

POLICY NUMBER POLICY EFF POLICY EXP TYPE OF INSURANCE (MM/DD/YYYY) (MM/DD/YYYY) LIMITS

AUTOMOBILE LIABILITY

UMBRELLA LIAB

EXCESS LIAB WORKERS COMPENSATION

AND EMPLOYERS' LIABILITY
DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)

AUTHORIZED REPRESENTATIVE
EACH OCCURRENCE $ DAMAGE TO RENTED CLAIMS-MADE OCCUR PREMISES (Ea occurrence) $ MED EXP (Any one person) $ PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ PRO- POLICY JECT LOC PRODUCTS - COMP/OP AGG OTHER: $ COMBINED SINGLE LIMIT
(Ea accident) $ ANY AUTO BODILY INJURY (Per person) $ OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY (Per accident) $ HIRED NON-OWNED PROPERTY DAMAGE AUTOS ONLY AUTOS ONLY (Per accident) $
$ OCCUR EACH OCCURRENCE CLAIMS-MADE AGGREGATE $ DED RETENTION $ PER OTH- STATUTE ER E.L. EACH ACCIDENT E.L. DISEASE - EA EMPLOYEE $
If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT INSURER(S) AFFORDING COVERAGE NAIC #

COMMERCIAL GENERAL LIABILITY
Y / N
N / A
(Mandatory in NH)

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS

CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.

If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:

CERTIFICATE HOLDER CANCELLATION
ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved.

CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY)
$
$
$
$
$
The ACORD name and logo are registered marks of ACORD
5/28/2021
License # 0726293
22276
RBC USA HOLDCO Corporation
60 South 6th Street
Minneapolis, MN 55402-4400
37885
A FI Bond 1 47-EPF-302609-06 6/1/2021 Limit 15,000,000
B FI Bond 2 ELU175444-21 6/1/2021 6/1/2022 Limit 10,000,000 Total Limits: $25,000,000 per occurrence / $50,000,000 aggregate Deductible:
- $5,000,000 RBC
- $1,000,000 CNB
- $500,000 RBC Bank (Georgia)
This bond is FINRA 4360 compliant
Evidence of Coverage Only
RBCUSAH-01 JONJE1
Arthur J. Gallagher & Co. Insurance Brokers of CA., Inc. 505 N. Brand Boulevard, Suite 600
Glendale, CA 91203
Alex Jackson
[email protected]
Berkshire Hathaway Specialty Insurance Company
XL Specialty Insurance Company
6/1/2022
ANY PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER EXCLUDED?

INSR ADDL SUBR

LTR INSD WVD
PRODUCER CONTACT NAME: PHONE FAX
(A/C, No, Ext): (A/C, No): E-MAIL ADDRESS:

INSURER A :

INSURED INSURER B :

INSURER C :

INSURER D :

INSURER E :

INSURER F :

POLICY NUMBER POLICY EFF POLICY EXP TYPE OF INSURANCE (MM/DD/YYYY) (MM/DD/YYYY) LIMITS

AUTOMOBILE LIABILITY

UMBRELLA LIAB

EXCESS LIAB WORKERS COMPENSATION

AND EMPLOYERS' LIABILITY

AUTHORIZED REPRESENTATIVE
EACH OCCURRENCE $ DAMAGE TO RENTED CLAIMS-MADE OCCUR PREMISES (Ea occurrence) $ MED EXP (Any one person) $
PERSONAL & ADV INJURY $ GEN'L AGGREGATE LIMIT APPLIES PER: GENERAL AGGREGATE $ PRO- POLICY JECT LOC PRODUCTS - COMP/OP AGG OTHER: $ COMBINED SINGLE LIMIT
(Ea accident) $ ANY AUTO BODILY INJURY (Per person) $ OWNED SCHEDULED AUTOS ONLY AUTOS BODILY INJURY (Per accident) $ HIRED NON-OWNED PROPERTY DAMAGE AUTOS ONLY AUTOS ONLY (Per accident) $
$ OCCUR EACH OCCURRENCE CLAIMS-MADE AGGREGATE $
DED RETENTION $ PER OTH- STATUTE ER
E.L. EACH ACCIDENT E.L. DISEASE - EA EMPLOYEE $
If yes, describe under DESCRIPTION OF OPERATIONS below E.L. DISEASE - POLICY LIMIT INSURER(S) AFFORDING COVERAGE NAIC #

COMMERCIAL GENERAL LIABILITY
Y / N
N / A
(Mandatory in NH)

SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE

THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.

THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS

CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.

THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS

CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.

IMPORTANT: If the certificate holder is an ADDITIONAL INSURED, the policy(ies) must have ADDITIONAL INSURED provisions or be endorsed.

If SUBROGATION IS WAIVED, subject to the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the certificate holder in lieu of such endorsement(s).

COVERAGES CERTIFICATE NUMBER: REVISION NUMBER:

CERTIFICATE HOLDER CANCELLATION
ACORD 25 (2016/03) © 1988-2015 ACORD CORPORATION. All rights reserved.

CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY)
$
$
$
$
$
The ACORD name and logo are registered marks of ACORD
6/17/2021
License # 0726293
22667
RBC Global Asset Management (U.S.), Inc.
50 South 6th Street
Suite 2350
Minneapolis, MN 55402
37885
A Primary IA E&O DON G24575718 012 6/1/2020 Limit 5,000,000 B Excess IA E&O ELU167596-20 6/1/2020 6/1/2022 Limit 5,000,000 DESCRIPTION OF OPERATIONS / LOCATIONS / VEHICLES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required) IA E&O Excess Carrier: Berkshire Hathaway Specialty Insurance Company; Policy Number: 47-EPF-305379-03; Effective: 06/01/2020 to 06/01/2022; Limit:
$5,000,000 xs $10,000,000
IA E&O Excess Carrier: Arch Insurance Company; Policy Number: BLX9300034-02; Effective: 06/01/2020 to 06/01/2022; Limit: $5,000,000 xs $15,000,000 IA E&O Excess Carrier: Axis Insurance Company; Policy Number: P-001-000126421-01; Effective: 06/01/2020 to 06/01/2022; Limit: $5,000,000 xs $20,000,000 (IA
Only)
SEE ATTACHED ACORD 101
RBC Global Asset Management (U.S.), Inc.
50 South 6th Street, Suite 2350
Minneapolis, MN 55402
RBCUSAH-01 REYCH4
Arthur J. Gallagher & Co. Insurance Brokers of CA., Inc. 505 N. Brand Boulevard, Suite 600
Glendale, CA 91203
Alex Jackson
[email protected]
ACE American Insurance Company
XL Specialty Insurance Company
6/1/2022
FORM NUMBER:

EFFECTIVE DATE:

The ACORD name and logo are registered marks of ACORD

ADDITIONAL REMARKS

ADDITIONAL REMARKS SCHEDULE
FORM TITLE:

Page of

THIS ADDITIONAL REMARKS FORM IS A SCHEDULE TO ACORD FORM, ACORD 101 (2008/01)
AGENCY CUSTOMER ID:

LOC #:

AGENCY NAMED INSURED

POLICY NUMBER

CARRIER NAIC CODE
© 2008 ACORD CORPORATION. All rights reserved.

Arthur J. Gallagher & Co. Insurance Brokers of CA., Inc.

RBCUSAH-01
SEE PAGE 1
1 SEE PAGE 1
ACORD 25 Certificate of Liability Insurance
License # 0726293
SEE P 1
RBC Global Asset Management (U.S.), Inc. 50 South 6th Street Suite 2350
Minneapolis, MN 55402 SEE PAGE 1
REYCH4
1 Description of Operations/Locations/Vehicles:

IA E&O Excess Carrier: Axis Insurance Company; Policy Number: P-001-000126408-01; Effective: 06/01/2020 to 06/01/2022; Limit: $5,000,000 xs $20,000,000 (BPL Only)

Sample Client Report
0RQWKO\5HSRUWDVRI0DUFK
***This sample report is provided at your request to illustrate the type of reporting RBC GAM provides to its clients. The portfolio holdings information provided by RBC GAM and the recipient agrees that holdings data is not being obtained in order to affect securities transactions based upon such information or to provide such information to another party.**** 7DEOHRIFRQWHQWV 0DUFK
,QYHVWPHQWVXPPDU\ 3DJH.H\PDUNHWLQGLFDWRUV 3DJH0DUNHWUHYLHZRXWORRN 3DJH3HUIRUPDQFH 3DJH3RUWIROLRFKDUDFWHULVWLFV 3DJH5DWLQJVFKDQJHV 3DJH6XPPDU\RIWUDQVDFWLRQV 3DJH3XUFKDVHVDQGVDOHV 3DJH+ROGLQJV 3DJH'LVFORVXUHV 3DJH

,QYHVWPHQWVXPPDU\ 0DUFK
3RUWIROLR6XPPDU\,QYHVWPHQW6WUDWHJ\ 866KRUW'XUDWLRQ)L[HG,QFRPH9HKLFOH 6HSDUDWH$FFRXQW&XUUHQF\ 86'%HQFKPDUN ,&(%RI$<HDU$$$$86&RUSRUDWH *RYHUQPHQW,QFHSWLRQ'DWH ,QYHVWPHQW3ROLF\'DWH 6L]HRI,QYHVWPHQW%HJLQQLQJ9DOXH (QGLQJ9DOXH &RQWULEXWLRQV LQFOXGHVVHFXULW\WUDQVIHUV
² :LWKGUDZDOV
LQFOXGHVVHFXULW\WUDQVIHUV
² &KDQJHLQ9DOXH
1HWRI&RQWULEXWLRQV:LWKGUDZDOV

&RQWDFW7HDP5DQGDO+DUULVRQ&)$,QVWLWXWLRQDO3RUWIROLR0DQDJHUUDQGDOKDUULVRQ#UEFFRP&KULV%RSSUH&)$$VVRFLDWH,QVWLWXWLRQDO3RUWIROLR0DQDJHUFKULVERSSUH#UEFFRP

.H\PDUNHWLQGLFDWRUV 0DUFK
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

0DUNHWUHYLHZ RXWORRN 0DUFK
(FRQRPLF 2YHUYLHZ7KH \HDU VWDUWHG RXW RQ D IDVW DQG IXULRXV SDFH GRPLQDWHG E\ LQIODWLRQFRQFHUQV KDZNLVK FHQWUDO EDQNV ULVLQJ ERQG \LHOGV DQG WKH 5XVVLD8NUDLQH FRQIOLFW 7KH FRQVXPHU 3ULFH ,QGH[ &3,
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¶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

0DUNHWUHYLHZ RXWORRN 0DUFK
EH VHHQ KRZ DQG LI WKH )HG¶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

3HUIRUPDQFH 0DUFK

0$5 475 <5 <5 <5 <5 <5 6LQFH,QFHSWLRQ

*URVVRI)HHV 1HWRI)HHV %HQFKPDUN
5HWXUQV

0$5 475 <5 <5 <5 <5 <5 6,*URVVRI)HHV 1HWRI)HHV 3ULQFLSDO5HWXUQ ,QFRPH5HWXUQ %HQFKPDUN &XUUHQW,&(%RI$<HDU$$$$86&RUSRUDWH *RYHUQPHQW,QGH[,&(%RI$<HDU86&RUSRUDWH *RYHUQPHQW,QGH[

3HUIRUPDQFH 0DUFK

*URVVRI)HHV 1HWRI)HHV %HQFKPDUN
&DOHQGDU<HDU

*URVVRI)HHV 1HWRI)HHV 3ULQFLSDO5HWXUQ ,QFRPH5HWXUQ %HQFKPDUN &XUUHQW,&(%RI$<HDU$$$$86&RUSRUDWH *RYHUQPHQW,QGH[,&(%RI$<HDU86&RUSRUDWH *RYHUQPHQW,QGH[

3RUWIROLRFKDUDFWHULVWLFV 0DUFK
$VRI $VRI
3RUWIROLR %HQFKPDUN 3RUWIROLR %HQFKPDUN
(IIHFWLYHGXUDWLRQ \HDUV \HDUV \HDUV \HDUV6SUHDGGXUDWLRQ \HDUV \HDUV \HDUV \HDUV0DUNHW\LHOG %RRN\LHOG ² ² $YHUDJHFUHGLWTXDOLW\ $$ $$ $$ $$2$6 ESV ESV ESV ESV&RQYH[LW\

&DVK
6HFXULWL]HG
*RYW5HODWHG
0XQLFLSDOV
7UHDVXU\
&RUSRUDWH
3RUWIROLR %HQFKPDUN
6HFWRU$OORFDWLRQ

&DVK
%%%
$
$$
$$$
3RUWIROLR %HQFKPDUN
&UHGLW4XDOLW\

3RUWIROLRFKDUDFWHULVWLFV 0DUFK
$VRI $VRI
'XUDWLRQ%\6HFWRU 'XUDWLRQ $VVHWV

&RQWULEXWLRQ

'XUDWLRQ $VVHWV

&RQWULEXWLRQ

&RUSRUDWH \HDUV \HDUV *RYHUQPHQW5HODWHG \HDUV \HDUV 0XQLFLSDOV \HDUV \HDUV 6HFXULWL]HG \HDUV \HDUV 7UHDVXU\ \HDUV \HDUV &DVK \HDUV \HDUV 7RWDO \HDUV \HDUV

!<HDUV
<HDUV
<HDUV<HDUV<HDUV
<HDU
3RUWIROLR %HQFKPDUN
(IIHFWLYH0DWXULW\

<HDUV<HDUV
<HDU
3RUWIROLR %HQFKPDUN
'XUDWLRQ

5DWLQJFKDQJHV 0DUFK
7KHUHZHUHQRUDWLQJFKDQJHVGXULQJWKLVUHSRUWLQJSHULRG

6XPPDU\RIWUDQVDFWLRQV 0DUFK
%HJLQQLQJ&DVK%DODQFH %X\ &RXSRQ ,QFRPH 3D\GRZQ 6HOO (QGLQJ&DVK%DODQFH

3XUFKDVHVDQGVDOHV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
7UDGH
'DWH
1HW
$PRXQW
6HWWOH
'DWH
3ULQFLSDO
$PRXQW
&RXSRQ
0DWXULW\
5HDOL]HG
*DLQ/RVV
4XDQWLW\

3DU

7UDQ
3ULFH
7UDGH
<LHOG
%X\
%< &KDUOHV6FKZDE&RUS %%& <XFDLSD9DOOH\:DWHU'LVWULFW)LQDQFLQJ$XWKRULW\ (- (O'RUDGR,UULJDWLRQ'LVWULFW 7%$)1 )10$'867%$ '0 (O'RUDGR,UULJDWLRQ'LVWULFW &= %HUNVKLUH+DWKDZD\)LQDQFH&RUS &+ :LVFRQVLQ(OHFWULF3RZHU&R )3 1RUWKHUQ&DOLIRUQLD3RZHU$JHQF\ 7-= 7R\RWD0RWRU&UHGLW&RUS &1 +RPH'HSRW,QF 6XEWRWDO
6HOO
0 8QLWHG6WDWHV7UHDVXU\1RWH%RQG

$-< )HGHUDO+RPH/RDQ%DQNV

3XUFKDVHVDQGVDOHV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
7UDGH
'DWH
1HW
$PRXQW
6HWWOH
'DWH
3ULQFLSDO
$PRXQW
&RXSRQ
0DWXULW\
5HDOL]HG
*DLQ/RVV
4XDQWLW\

3DU

7UDQ
3ULFH
7UDGH
<LHOG
6HOO
&'* 8QLWHG6WDWHV7UHDVXU\1RWH%RQG

&'* 8QLWHG6WDWHV7UHDVXU\1RWH%RQG

-; ,QWHUQDWLRQDO%XVLQHVV0DFKLQHV&RUS

$* 3UHFLVLRQ&DVWSDUWV&RUS

6XEWRWDO
*DLQ/RVVLVEDVHGRQ2ULJLQDO&RVW

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
&RUSRUDWH
$ -$$ 86%DQFRUS
$$

$ %' *HQHUDO'\QDPLFV&RUS
$15

$ $/ *OD[R6PLWK.OLQH&DSLWDO,QF
$$

$ (8+ -RKQ'HHUH&DSLWDO&RUS
$$

$ 5$- %DQNRI1HZ<RUN0HOORQ&RUS
$$$

$ 7)6 7R\RWD0RWRU&UHGLW&RUS
$$

$ (85 -RKQ'HHUH&DSLWDO&RUS
$$

$ :&7 $PHULFDQ+RQGD)LQDQFH&RUS
$$

$D )$6 &LWLEDQN1$
$$

$ +-7 -30RUJDQ&KDVH &R
$$$

$ ++9 86%DQFRUS
$$

$ %& +RPH'HSRW,QF
$$

$ 3%= -30RUJDQ&KDVH &R
$$$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
&RUSRUDWH
$ $; 8QLOHYHU&DSLWDO&RUS
$$

$ 49 &DWHUSLOODU)LQDQFLDO6HUYLFHV&RUS
$$

$ 85 :HOOV)DUJR &R
%%%$

$ ++; 86%DQFRUS
$$

$ %: +RQH\ZHOO,QWHUQDWLRQDO,QF
$$

$ 54 3$&&$5)LQDQFLDO&RUS
$1$

$D *%& ([[RQ0RELO&RUS
$$1$

$DD '0 $SSOH,QF
$$1$

$ 7*/ 7R\RWD0RWRU&UHGLW&RUS
$$

$ *-+ %DQNRI$PHULFD&RUS
$$$

$ &/ :LVFRQVLQ(OHFWULF3RZHU&R
$$

$ (9& -RKQ'HHUH&DSLWDO&RUS
$$

$ +3/ 86%DQN1$&LQFLQQDWL2+
$$$$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
&RUSRUDWH
$ 3%1 /LQGH,QF&7
$1$

$ 54 3$&&$5)LQDQFLDO&RUS
$1$

$ +$3 1RYDUWLV&DSLWDO&RUS
$$$$

$ %*+ :HOOV)DUJR &R
%%%$

$D *$) ([[RQ0RELO&RUS
$$1$

$ )$8 &RQRFR3KLOOLSV&R
$$

$ -$$ 7UXLVW%DQN
$$

$D %+ 7H[DV,QVWUXPHQWV,QF
$15

$D )= )ORULGD3RZHU /LJKW&R
$$$

$ (%/ 7DUJHW&RUS
$$

$ *-5 %DQNRI$PHULFD&RUS
$$$

$DD '7 $SSOH,QF
$$1$

$ &+ :LVFRQVLQ(OHFWULF3RZHU&R
$$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
&RUSRUDWH
$ $6 ,QWHO&RUS
$$

$ $8 &XPPLQV,QF
$1$

$D )/ 3URFWHU *DPEOH&R
$$1$

$ 5+ &DWHUSLOODU)LQDQFLDO6HUYLFHV&RUS
$$

$ &$. 167$5(OHFWULF&R
$$

$D )0 )ORULGD3RZHU /LJKW&R
$$$

$ 5$4 %DQNRI1HZ<RUN0HOORQ&RUS
$$$

$DD %< $SSOH,QF
$$1$

$ 3%+ -30RUJDQ&KDVH &R
$$$

$ 4&) 3XEOLF6HUYLFH(OHFWULFDQG*DV&R
$1$

$ %; $PD]RQFRP,QF
$$$$

$ 3(& 8QLWHG+HDOWK*URXS,QF
$$

$ %1 *HQHUDO'\QDPLFV&RUS
$1$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
&RUSRUDWH
$D (5 :DOPDUW,QF
$$$$

$ (9: -RKQ'HHUH&DSLWDO&RUS
$$

$D $$ 760&$UL]RQD&RUS
$$1$

$ '$* 3XEOLF6WRUDJH
$1$

$ 7-9 7R\RWD0RWRU&UHGLW&RUS
$$

$ (%0 7DUJHW&RUS
$$

$D )9 3URFWHU *DPEOH&R
$$1$

$ 55 3$&&$5)LQDQFLDO&RUS
$1$

$ %< &KDUOHV6FKZDE&RUS
$$

$D &= %HUNVKLUH+DWKDZD\)LQDQFH&RUS
$$$

$ 7-= 7R\RWD0RWRU&UHGLW&RUS
$$

$ &1 +RPH'HSRW,QF
$$

6XEWRWDO

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
*RYHUQPHQW5HODWHG
$DD ($(4 )HGHUDO+RPH/RDQ0RUWJDJH&RUS
$$$$$

$DD ($(5 )HGHUDO+RPH/RDQ0RUWJDJH&RUS
$$$$$

$DD ($(6 )HGHUDO+RPH/RDQ0RUWJDJH&RUS
$$$$$

$DD ** )HGHUDO1DWLRQDO0RUWJDJH$VVRFLDWLRQ
$$$$$

$DD ($(< )HGHUDO+RPH/RDQ0RUWJDJH&RUS
$$$$$

$DD $-+8 )HGHUDO+RPH/RDQ%DQNV
$$$$$

$DD *8 )HGHUDO1DWLRQDO0RUWJDJH$VVRFLDWLRQ
$$$$$

$DD *= )HGHUDO1DWLRQDO0RUWJDJH$VVRFLDWLRQ
$$$$$

$DD ($(8 )HGHUDO+RPH/RDQ0RUWJDJH&RUS
$$$$$

$DD *; )HGHUDO1DWLRQDO0RUWJDJH$VVRFLDWLRQ
$$$$$

$DD ($(; )HGHUDO+RPH/RDQ0RUWJDJH&RUS
$$$$$

$DD ** )HGHUDO1DWLRQDO0RUWJDJH$VVRFLDWLRQ
$$$$$

6XEWRWDO

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
0XQLFLSDOV
1$ $: 6RQRPD0DULQ$UHD5DLO7UDQVLW'LVWULFW
$$1$

$D :1 %D\$UHD7ROO$XWKRULW\
$$$$

$D 7'6 6WDWHRI2UHJRQ
$$$$

$D +%. 8QLYHUVLW\RI&DOLIRUQLD
$$$$

$D 0/ $QWHORSH9DOOH\8QLRQ+LJK6FKRRO'LVWULFW
1$1$

+& (O&DPLQR&RPPXQLW\&ROOHJH'LVWULFW
)RXQGDWLRQ
$D
$$1$

1$ 5 2[QDUG6FKRRO'LVWULFW
$$1$

1$ $= &LW\RI2FHDQVLGH&$
$$1$

$D (7 .HUQ&RPPXQLW\&ROOHJH'LVWULFW
$$1$

$D '0 (O'RUDGR,UULJDWLRQ'LVWULFW
$$1$

$D :3 %D\$UHD7ROO$XWKRULW\
$$$$

$DD ; &LW\ &RXQW\RI6DQ)UDQFLVFR&$
$$$$$

$D 98 6DQWD0RQLFD0DOLEX8QLILHG6FKRRO'LVWULFW
1$1$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
0XQLFLSDOV
$D % $FDODQHV8QLRQ+LJK6FKRRO'LVWULFW
$$1$

$D +$ %HDXPRQW8QLILHG6FKRRO'LVWULFW
1$1$

$D 4& &KLFR8QLILHG6FKRRO'LVWULFW
1$1$

$D -( &RQWUD&RVWD&RPPXQLW\&ROOHJH'LVWULFW
$$1$

$D 1 &XSHUWLQR8QLRQ6FKRRO'LVWULFW
$$1$

$D 35 (DVW6LGH8QLRQ+LJK6FKRRO'LVWULFW
$$1$

$D < *DUGHQ*URYH8QLILHG6FKRRO'LVWULFW
$$1$

$D 0* 0LOSLWDV8QLILHG6FKRRO'LVWULFW&$
1$1$

$D *9 2KORQH&RPPXQLW\&ROOHJH'LVWULFW
$$1$

1$ 5 2[QDUG6FKRRO'LVWULFW
$$1$

$D (( 5HGZRRG&LW\6FKRRO'LVWULFW
1$1$

$D 14 6DQ%HUQDUGLQR&RPPXQLW\&ROOHJH'LVWULFW
$$1$

$D = 6DQ5DPRQ9DOOH\8QLILHG6FKRRO'LVWULFW&$
$$1$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
0XQLFLSDOV
$D /3 6RXWKZHVWHUQ&RPPXQLW\&ROOHJH'LVWULFW
$$1$

1$ 5+& 9DO9HUGH8QLILHG6FKRRO'LVWULFW
$$1$

1$ -' &LW\RI6DFUDPHQWR&$:DWHU5HYHQXH
$$$$

$D /* 3HUULV8QLRQ+LJK6FKRRO'LVWULFW&$
$$1$

$DD 4= 6WDWHRI7H[DV
$$$1$

$D '0. &DOLIRUQLD6WDWH8QLYHUVLW\
$$1$

:5% 6WDWHRI&DOLIRUQLD'HSDUWPHQWRI:DWHU
5HVRXUFHV
$D
$$$1$

$D 08. 6WDWHRI:LVFRQVLQ
$$1$

$D +-/ 8QLYHUVLW\RI&DOLIRUQLD
$$$$

$D 8;0 &DOLIRUQLD+HDOWK)DFLOLWLHV)LQDQFLQJ$XWKRULW\
$$$$

$D 3' 6WDWHRI0LVVLVVLSSL
$$$$

$D 0&$ &DOOHJXDV0XQLFLSDO:DWHU'LVWULFW
$$1$

$D 99 6DQWD0RQLFD0DOLEX8QLILHG6FKRRO'LVWULFW
1$1$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
0XQLFLSDOV
$D +% %HDXPRQW8QLILHG6FKRRO'LVWULFW
1$1$

1$ 9: %RQLWD8QLILHG6FKRRO'LVWULFW&$
$$1$

$D 4' &KLFR8QLILHG6FKRRO'LVWULFW
1$1$

$DD 3* )RRWKLOO'H$Q]D&RPPXQLW\&ROOHJH'LVWULFW
$$$1$

$D 09 3ODFHQWLD<RUED/LQGD8QLILHG6FKRRO'LVWULFW
$$1$

$D :3 6DQ-XDQ8QLILHG6FKRRO'LVWULFW
1$15

$D %'0 6LOLFRQ9DOOH\&OHDQ:DWHU
$$1$

$D /4 6RXWKZHVWHUQ&RPPXQLW\&ROOHJH'LVWULFW
$$1$

$D +9 6WDWH&HQWHU&RPPXQLW\&ROOHJH'LVWULFW
$$1$

1$ 5+' 9DO9HUGH8QLILHG6FKRRO'LVWULFW
$$1$

1$ 9 :HVW&RQWUD&RVWD8QLILHG6FKRRO'LVWULFW
$$$$$

$D '* :LOOLDP6+DUW8QLRQ+LJK6FKRRO'LVWULFW
1$1$

$D 6. -HIIHUVRQ(OHPHQWDU\6FKRRO'LVWULFW
1$1$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
0XQLFLSDOV
$D 34 0XUULHWD9DOOH\8QLILHG6FKRRO'LVWULFW
1$1$

$D /+ 3HUULV8QLRQ+LJK6FKRRO'LVWULFW&$
$$1$

5; 6DQ-RVH(YHUJUHHQ&RPPXQLW\&ROOHJH
'LVWULFW
$D
1$1$

14 6DQ0DWHR&RXQW\&RPPXQLW\&ROOHJH
'LVWULFW
$DD
$$$1$

1$ &$ &LW\RI0RGHVWR&$:DVWHZDWHU5HYHQXH
$$1$

'): 5LYHUVLGH&RXQW\,QIUDVWUXFWXUH)LQDQFLQJ
$XWKRULW\
1$
$$1$

$D (- (O'RUDGR,UULJDWLRQ'LVWULFW
$$1$

$D 9+ &LW\RI/RV$QJHOHV'HSDUWPHQWRI$LUSRUWV
$$$$

$D )3 1RUWKHUQ&DOLIRUQLD3RZHU$JHQF\
1$$$

$D +& %HDXPRQW8QLILHG6FKRRO'LVWULFW
1$1$

7-5 &KDERW/DV3RVLWDV&RPPXQLW\&ROOHJH
'LVWULFW
$D
$$1$

$D 6* 2[QDUG8QLRQ+LJK6FKRRO'LVWULFW
$$1$

$D )= 3ODFHQWLD<RUED/LQGD8QLILHG6FKRRO'LVWULFW
$$1$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
0XQLFLSDOV
1$ $( 6DQWD&UX]0HWURSROLWDQ7UDQVLW'LVWULFW
$$1$

1$ 5+( 9DO9HUGH8QLILHG6FKRRO'LVWULFW
$$1$

%%& <XFDLSD9DOOH\:DWHU'LVWULFW)LQDQFLQJ
$XWKRULW\
1$
$$$

$D ' 6WDWHRI+DZDLL
$$$$

6XEWRWDO

6HFXULWL]HG
$DD /9< )DQQLH0DH3RRO
$0

$$$$$

$DD /7$ )DQQLH0DH3RRO
$0

$$$$$

$DD /&: )DQQLH0DH3RRO
$0

$$$$$

$DD /' )DQQLH0DH3RRO
$0

$$$$$

$DD /1 )DQQLH0DH3RRO
$0

$$$$$

$DD )$* $PHUL&UHGLW$XWRPRELOH5HFHLYDEOHV7UXVW
$$$1$

$DD /+47 )DQQLH0DH3RRO
$1

$$$$$

$DD /+.= )DQQLH0DH3RRO
$1

$$$$$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
6HFXULWL]HG
$DD /% )DQQLH0DH3RRO
$0

$$$$$

$DD +<$ )DQQLH0DH3RRO
%/

$$$$$

$DD -' )DQQLH0DH3RRO
%/

$$$$$

$DD ;))+ )UHGGLH0DF3RRO
:1

$$$$$

$DD $' 'ULYH$XWR5HFHLYDEOHV7UXVW
$$1$

$DD /$8* )DQQLH0DH3RRO
%6

$$$$$

$DD 7%$)1 )10$'867%$
$$$$$

6XEWRWDO

7UHDVXU\
$DD / 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD 8 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD . 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD &%( 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD &&& 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

+ROGLQJV 0DUFK
$VVHW,' 6HFXULW\'HVFULSWLRQ
0RRG\
V6 3)LWFK &RVW
4XDQWLW\

3DU
3ULFH0DUNHW9DOXH

$VVHWV
$FFUXHG
,QFRPH
8QUHDOL]HG
*DLQ/RVV
&RXSRQ
0DWXULW\
'XUDWLRQ
$YJ/LIH
%RRN<LHOG
0NW<LHOG
7UHDVXU\
$DD =) 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD =: 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD &%+ 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD &&: 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

$DD &'* 8QLWHG6WDWHV7UHDVXU\1RWH%RQG
$$$$$

6XEWRWDO

&DVK (TXLYDOHQWV
&$6+86' 86'ROODU

6XEWRWDO

7RWDO

&RVWDQG*DLQ/RVVDUHEDVHGRQ2ULJLQDO&RVW

'LVFORVXUHV 0DUFK
,QYHVWPHQW DGYLVRU\ VHUYLFHV DUH SURYLGHG E\ 5%& *OREDO $VVHW 0DQDJHPHQW 86 ,QF
5%& *$086
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
ZDV GHYHORSHG E\ DQG LV WKH H[FOXVLYH SURSHUW\ DQG D VHUYLFH PDUN RI 06&, ,QF 06&,
DQG 6WDQGDUG 3RRU¶V )LQDQFLDO 6HUYLFHV //&
6 3
DQG LVOLFHQVHG IRU XVH E\ 5R\DO %DQN RI &DQDGD 1HLWKHU 06&, 6 3 QRU DQ\ RWKHU SDUW\ LQYROYHG LQ PDNLQJ RU FRPSLOLQJ WKH *,&6 RU DQ\ *,&6 FODVVLILFDWLRQV PDNHV DQ\ H[SUHVV RU LPSOLHG ZDUUDQWLHV RUUHSUHVHQWDWLRQV ZLWK UHVSHFW WR VXFK VWDQGDUG RU FODVVLILFDWLRQ RU WKH UHVXOWV WR EH REWDLQHG E\ WKH XVH WKHUHRI
DQG DOO VXFK SDUWLHV KHUHE\ H[SUHVVO\ GLVFODLP DOO ZDUUDQWLHV RI RULJLQDOLW\ DFFXUDF\FRPSOHWHQHVV PHUFKDQWDELOLW\ DQG ILWQHVV IRU D SDUWLFXODU SXUSRVH ZLWK UHVSHFW WR DQ\ RI VXFK VWDQGDUG RU FODVVLILFDWLRQ :LWKRXW OLPLWLQJ DQ\ RI WKH IRUHJRLQJ LQ QR HYHQW VKDOO 06&, 6 3 DQ\ RI WKHLUDIILOLDWHV RU DQ\ WKLUG SDUW\ LQYROYHG LQ PDNLQJ RU FRPSLOLQJ WKH *,&6 RU DQ\ *,&6 FODVVLILFDWLRQV KDYH DQ\ OLDELOLW\ IRU DQ\ GLUHFW LQGLUHFW VSHFLDO SXQLWLYH FRQVHTXHQWLDO RU DQ\ RWKHU GDPDJHV

LQFOXGLQJORVW SURILWV
HYHQ LI QRWLILHG RI WKH SRVVLELOLW\ RI VXFK GDPDJHV7KH 06&, LQIRUPDWLRQ PD\ RQO\ EH XVHG IRU \RXU LQWHUQDO XVH PD\ QRW EH UHSURGXFHG RU UHGLVVHPLQDWHG LQ DQ\ IRUP DQG PD\ QRW EH XVHG DV D EDVLV IRU RU D FRPSRQHQW RI DQ\ ILQDQFLDO LQVWUXPHQWV RUSURGXFWV RU LQGLFHV 1RQH RI WKH 06&, LQIRUPDWLRQ LV LQWHQGHG WR FRQVWLWXWH LQYHVWPHQW DGYLFH RU D UHFRPPHQGDWLRQ WR PDNH

RU UHIUDLQ IURP PDNLQJ
DQ\ NLQG RI LQYHVWPHQW GHFLVLRQ DQG PD\ QRW EH UHOLHGRQ DV VXFK +LVWRULFDO GDWD DQG DQDO\VLV VKRXOG QRW EH WDNHQ DV DQ LQGLFDWLRQ RU JXDUDQWHH RI DQ\ IXWXUH SHUIRUPDQFH DQDO\VLV IRUHFDVW RU SUHGLFWLRQ 7KH 06&, LQIRUPDWLRQ LV SURYLGHG RQ DQ ³DV LV´ EDVLVDQG WKH XVHU RI WKLV LQIRUPDWLRQ DVVXPHV WKH HQWLUH ULVN RI DQ\ XVH PDGH RI WKLV LQIRUPDWLRQ 06&, HDFK RI LWV DIILOLDWHV DQG HDFK RWKHU SHUVRQ LQYROYHG LQ RU UHODWHG WR FRPSLOLQJ FRPSXWLQJ RU FUHDWLQJ DQ\06&, LQIRUPDWLRQ FROOHFWLYHO\ WKH ³06&, 3DUWLHV´
H[SUHVVO\ GLVFODLPV DOO ZDUUDQWLHV
LQFOXGLQJ ZLWKRXW OLPLWDWLRQ DQ\ ZDUUDQWLHV RI RULJLQDOLW\ DFFXUDF\ FRPSOHWHQHVV WLPHOLQHVV QRQLQIULQJHPHQWPHUFKDQWDELOLW\ DQG ILWQHVV IRU D SDUWLFXODU SXUSRVH ZLWK UHVSHFW WR WKLV LQIRUPDWLRQ :LWKRXW OLPLWLQJ DQ\ RI WKH IRUHJRLQJ LQ QR HYHQW VKDOO DQ\ 06&, 3DUW\ KDYH DQ\ OLDELOLW\ IRU DQ\ GLUHFW LQGLUHFW VSHFLDO

LQFLGHQWDO SXQLWLYH FRQVHTXHQWLDO

LQFOXGLQJ ZLWKRXW OLPLWDWLRQ ORVW SURILWV
RU DQ\ RWKHU GDPDJHV

ZZZPVFLFRP
7D[DEOH FOLHQWV DUH DGYLVHG WR FRQVXOW ZLWK WKHLU WD[ DGYLVRU WR GHWHUPLQH WKH DFWXDO EDVLV WR XVH LQ WD[ UHSRUWLQJ DV ZHOO DV ZLWK DQ\ TXHVWLRQV FRQFHUQLQJ WKH WD[ LPSDFW RI JDLQV RU ORVVHV RQ VHFXULWLHV RULQFRPH HDUQHG LQ \RXU DFFRXQW5%& *OREDO $VVHW 0DQDJHPHQW 5%& *$0
LV WKH DVVHW PDQDJHPHQW GLYLVLRQ RI 5R\DO %DQN RI &DQDGD 5%&
ZKLFK LQFOXGHV 5%& *OREDO $VVHW 0DQDJHPHQW
86 ,QF 5%& *OREDO $VVHW0DQDJHPHQW ,QF
&DQDGD
5%& *OREDO $VVHW 0DQDJHPHQW

8. /LPLWHG %OXH%D\ $VVHW 0DQDJHPHQW //3 DQG 5%& *OREDO $VVHW 0DQDJHPHQW $VLD
/WG ZKLFK DUH VHSDUDWH EXW DIILOLDWHG FRUSRUDWHHQWLWLHV ŠŒ 7UDGHPDUN V
RI 5R\DO %DQN RI &DQDGD 8VHG XQGHU OLFHQVH ‹ 5%& *OREDO $VVHW 0DQDJHPHQW 86 ,QF (TXDO 2SSRUWXQLW\ (PSOR\HU 0)'92IIHU RI )RUP $'95XOH RI WKH ,QYHVWPHQW $GYLVHUV $FW RI UHTXLUHV DOO ,QYHVWPHQW $GYLVHUV WR GHOLYHU DQQXDOO\ RU RIIHU WR GHOLYHU DQQXDOO\ ZLWKRXW FKDUJH )RUP $'9 3DUW $ % WR WKH FOLHQW 3OHDVH VXEPLW \RXU ZULWWHQ UHTXHVW IRU WKH 5%& *OREDO $VVHW 0DQDJHPHQW 86 ,QF )RUP $'9 3DUW $ % WR \RXU &OLHQW 6HUYLFH FRQWDFW )RUP $'9 3DUW $ % ZLOO EH PDLOHG ZLWKLQ VHYHQ

GD\V XSRQ UHFHLSWRI WKH UHTXHVW

December 31, 2021
Liquidity Management
Our goal is to help maximize the value of cash through the market cycle by analyzing investment objectives, liquidity needs, time horizon, and risk tolerance.
• Desired outcomes
− Increased control over cash investments
− Stability of principal
− Competitive yields vs. appropriate benchmark
• Dedicated client service
− High-touch institutional portfolio manager
− Robust accounting, risk management, and reporting
− Access to experienced management team to adapt/customize investment guidelines Executive summary
2 We are single-mindedly focused on our clients
• Service mindset pervades our organization
• Different clients, unique needs, relevant solutions
Our investment teams are specialized and
strengthened by global infrastructure
• Disciplined approach and accountable for delivering client performance • Shared philosophy and a long-term focus on generating alpha Our ownership enhances our business
• One of the highest rated and largest banks in the world1 • Investment in our business has allowed for funding new product development, capital for key hires and strategic acquisitions RBC Global Asset Management
1Ratings: S&P: AA-, Moody's: Aa2+. Ranked 5th largest bank in North America and 8th globally based on market capitalization (Bloomberg, 12.31.21). All other data in US dollars as of 12.31.21. 2By client location
Values may not add up to 100% due to rounding.

RBC Global Asset Management ("RBC GAM") is the asset management division of Royal Bank of Canada ("RBC") which includes RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US") and several separate, but affiliated corporate entities. Refer to Disclosures page for more information on RBC GAM and its affiliates. 3 By Asset Class
Equity
43%
Cash
12%
Fixed
Income
45%
By Client Type
Institutional
47%
Individual
Investors/Other
53%
By Geographical Location2
US
12%
EMEA
17%
Canada
71%
Over $486 billion in AUM
RBC Global Asset Management
Our global presence
4 1Phillips, Hager & North Investment Management is a division of RBC Global Asset Management Inc.

Source: BlueBay Asset Management, 31 December 2021
2Note: Team overview schematic does not show reporting lines. Asterisks denote shared investment resource US Fixed Income Euro IG
Sid Chhabra
Head of Structured
Credit (SC) and CLOs
Pierre-Henri de
Monts de Savasse
Head of Convertibles
Esther Krukowski
Kirsten Macaulay
Vanessa Stevenson*
Zain Jaffer
Mark Dowding
Chief Investment Officer
Euro SC and CLOs
Ashley Blatter
Scott Spurling
Tom Mowl
Geraud Charpin
Harrison Hill
James MacDonald
James Pettit
Marc Stacey
Nesche Yazgan
Pritam Varsani
Robert Lambert
Russell Vincett
Tom Moulds
Macro
Simon Chennell
Peter Goldsworthy
Stuart Campbell
Daniel Grimstead
Ashley Wright
Jean-Yves Guibert
Magda
Papacharalambous
Rajat Mittal
Sanford Ngai
Warren Dyer
Xiaoyun Liang
Kaspar Hense
Malin Rosengren
Neil Mehta
Sheraz Hussain
Lucy Best
Russel Matthews
Anami Patel
Brent David
Gautam Kalani
Zhenbo Hou
Gary Sedgwick
Jana Velebova
Tim Ash
Graham Stock
Christian Libralato
Jo Morris
Mark Harrison
Deepe Raja
Anthony Kettle
Alex Collins
Andrius Isciukas
John Shaw
Malcolm Kane
Mark Agaiby
Matias Vammalle
Som Bhattacharya
Sven Scholze
Vanessa Stevenson*
Vishal Iyer
Spencer Woodward
Director of Investment
Operations
EM Credit
Raphael Robelin
Head of Multi Asset
Credit
Blair Reid
Maria Satizabal
Findlay Franklin
Polina Kurdyavko
Head of Emerging Markets
David Riley
Chief Investment
Strategist
Investment Grade
Alexey Baskakov
Arun Konkoth
Brandon Swensen
Brian Svendahl
Brian O’Hara
Eric Hathaway
John Guarnera
James Weinand
John Northrup
Juan Camilo
Karen Ly
Kelly Foley
Kelsey Bosshardt
Matt Mueller
Neil Sun
Raye Kanzenbach
Ronald Homer Mihai Florian
Illya Zyskind
Duncan Farley
Giovanni Galvani
Juan Herrero
Neill Morgan
Ameneh Ziai
Bashir Farukh
Sophie Hakim
Tyler Dunfee
Tia Dhaliwal
Ben Thompson
Dave Watling
Michael Silk
Anita Kaur
Andrew Farrell
Risk Taking resource
Non-Risk Taking resource
Phil Steel
Camille Lancesseur
Emma Whiteacre
Lucy Byrne
Fiona Physick
Ines Kabwe
Catherine Hill
Adam Phillips
Head of DM Special
Situations
My-Linh Ngo
Head of ESG
Justin Jewell
Head of Euro High
Yield
Claudio Da Gama Rose
Dillon Neale
Tim Van Der Weyden
Total 137 investment professionals
Andrzej Skiba
Head of US Fixed Income
US SC and CLOs
Matt Maggio
Ajeet Atwal
Leslie Popp
Mark Shohet
Scott Johnston
Chris Lemmo
Laurie Mount
Soknea Theng
Teri Savage
Valinie Dayaljee
Yeng Lee
Elena Koycheva
High Yield
Caroline Brown
Charlie Whinery
Jeff Cramer
Jeff Jablons
Frank McCreary
Joshua Chen
Marion Ferrand
Tim Horan
Tim Leary
Weizhen Li
James Rous
Joe Amoyal
Skilled individuals centred around one investment
process
US Fixed Income platform overview
Large footprint and deep experience in US fixed income, with the benefit of a global investment platform Data as at 31 December 2021
$50bn
Assets Under
Management
8 Specialist strategies
40 Investment
professionals
89 US client
relationships
19 Average years
experience
26 Clients invested for
over 20 years
Two offices, One team, One process
US Fixed Income strategies
Wide range of capabilities across the entire spectrum of US fixed income asset classes Source: RBC GAM, as at 31 December 2021
Note: 1 Represents the midpoint of the range of alpha targets for all accounts; 2 Data is from the oldest composite in each category of strategies Liquidity Daily Daily Daily Daily Daily Daily Daily Daily Target return Gross 1
Benchmark
+0.05%
Benchmark
+0.45%
Benchmark
+0.45%
Benchmark
+0.40%
Benchmark
+0.50%
Benchmark
+1.50%
Benchmark
+2.00%
Cash
+4.00%
Vehicle availability Mutual Fund
Separate Account
Mutual Fund
Separate Account
Mutual Fund
Separate Account Separate Account SeparateAccount
Mutual Fund
Separate Account
Mutual Fund
Separate Account
Mutual Fund
Separate Account
Available strategies Government MM
Cash Management
Short / Ultra-Short
Duration
Access Capital
Impact Strategy
Investment Grade
Credit Intermediate/Core Core Plus High Yield Strategic Income Strategy inception 2 October 1994 July 1989 July 1998 June 2010 January 1988 November 2021 November 2017 November 2021 AUM Strategy USD $28,603m $8,948m $2,016m $4,273m $4,670m $50m $300m $50m Annualised alpha
since inception 2

0.32% 0.46% Access: 0.36%
Impact: 0.51% 0.27% 0.22% - 1.88% -
Annualised tracking
error since inception 2 0.12% 0.86% Access: 0.90%Impact: 0.91% 0.44% 1.14% - 2.57% - Portfolio Managers Brian Svendahl
Brandon Swensen
Brian Svendahl
Brandon Swensen
Brian Svendahl
Brandon Swensen
Brian Svendahl
Brandon Swensen
Brian Svendahl
Brandon Swensen
Andrzej Skiba
Brian Svendahl
Brandon Swensen
Tim Leary
Andrzej Skiba
Justin Jewell
Andrzej Skiba
Brian Svendahl
Brandon Swensen
Benchmark Relative
US Money
Markets
US Short
Duration
Impact
Investing US Core US Core Plus US High Yield US Unconstrained Total Return
US Investment
Grade Credit
US Fixed Income investment spectrum Potential Return
Potential Risk
IG corporate credit
HY Corporate credit
Private
Lending
Opportunistic
Credit
Government bonds
Structured Credit
(CLOs)
DM sovereign credit
Core
Plus Sectors
Alternatives
Money Markets
Bank Loans
Distressed
Municipal bonds
Non-Agency MBS / CMBS / ABS
Agency MBS
Money Markets
Core
Core Plus /
Unconstrained
Emerging Market Debt
Financial Capital (Cocos)
Illiquid Credit
IG Corporate
HY Corporate
Solutions and capabilities of US fixed income expertise Duration of strategy
Over a full market cycle
expectations of return increase
with the portfolio duration
9 Shared responsibility – individual accountability
10 • We believe active management adds value to client outcomes • Our investment teams are highly skilled, experienced and creative investors • Our clients are responsible investors and we are an ESG-focused organization • We have at our disposal a broad, deep and constantly refreshed investment toolkit 11 Scale and breadth of expertise in Short-Term Fixed
Income
As of 12.31.21.
• Over $37 billion in short term fixed income assets under management • More than 38 years experience managing short term fixed income • Long-standing client relations
− Twelve clients with track records of 10-19 years
− Four clients with track records of 20 years or more
• We have the scale and capabilities to effectively tailor solutions to meet clients’ specific mandate goals
• The relationship will be surrounded by the firm’s best resources. Multiple touch points provide full access to your investments and research with dedicated:
− Team of senior level investment professionals
− Senior Institutional Portfolio Manager
− Team of Client Service Associates
• Our liquidity management team is well-positioned to meet your cash investment needs − Substantial experience in institutional asset management − Long track record
− Consistent, disciplined investment process
• Liquidity management is a core, strategic business at RBC GAM − Focus is on the unique cash management needs of large institutions − Take an innovative and highly responsive approach to client investment objectives − Look to partner with a select group of clients who expect superior investment performance and safety Why RBC Global Asset Management
12 We will work with you to fully understand your business and investment needs, offering a range of tailored services and a strong selection of investment strategies The liquidity management team
13 Experience and depth
Investment team
empowered to excel
through research-focused,
sector-team structure
Institutional Portfolio
Managers provide
continuous engagement
and client communication
Lead Portfolio Managers
and sector teams average
19 years of experience1
John C. Donohue
Managing Director, Head, RBC Banking
Channel & Liquidity Management
Sara Flour
Director, Liquidity Management Sales
Liquidity Management Solutions
As of 12.1.21. 1Experience updated annually.

John Utter
Head of Institutional
Client Service – US
Randy Harrison, CFA
Institutional Portfolio Manager
Bethany Jessen
Institutional Portfolio Manager
Mindy Frye
Institutional Portfolio Manager
Amy Carlson
Associate Institutional Portfolio
Manager
Chris Boppre, CFA
Associate Institutional Portfolio
Manager
Ao Vang
Client Service Analyst
Michael Hamp
Vice President, Head of
Investment Risk Management
Patrick Sonmene, CFA
Senior Investment Risk Analyst
Ly Hsieh
Senior Risk Management
Analyst
The liquidity management team
Institutional Portfolio Managers / Client Service
Portfolio Managers
Risk Management
Lucy Diggs
Analyst, Institutional Sales
Andrzej Skiba, CFA
Head of US Fixed Income
Brian Svendahl, CFA
Senior Porftolio Manager
Eric Hathaway, CFA
Sr Portfolio Manager
Raye Kanzenbach, CFA
Sr Portfolio Manager
Brandon Swensen, CFA
Senior Portfolio Manager
John Northup, CFA
Portfolio Manager
Kelsey Bosshardt
Assistant Portfolio Manager
Credit Research Municipal, Government &
Mortgage Research
Analysts / Traders
Ronald Homer
Chief Strategist,
US Impact Investing
Laurie Mount
Senior Trader
Valinie Dayaljee
Trader
Soknea Theng
Trader
Juan Camilo
ABS Analyst
Teri Savage
Senior MBS Trader
James Weinand, CFA
Senior Corporate Analyst
Alexey Baskakov, CFA
Senior Corporate Analyst
Yeng Lee
Trader
Matt Mueller, CFA
Senior Corporate Analyst
Kelly Brand
Analyst
Karen Ly
Analyst
Investment Policy
Compliance
Eric Smith, CFA
Director, Client Operations
Ryan Schaitberger
Manager, Investment Policy
Michael Plautz
Investment Policy Analyst
14 • Active management aimed to deliver consistent excess returns Inefficiencies in fixed income markets require focused execution • Income drives returns in fixed income over the long term Focus on fundamentals while managing duration risk to limit potential loss • Prudent underwriting and diligent risk management are crucial Disciplined process creates resilient portfolios
• Teams perform better than individuals
Diversity of thought and open communication lead to possibly better outcomes
Investment philosophy
15 Capital preservation mind-set
focusing on mitigating
downside potential
Bottom-up, fundamental
security selection with a focus
on stable to improving credits
Stable team of highly
experienced analysts and
portfolio managers executing
a proven repeatable process
High quality focus that aims to
deliver consistent income with
low volatility
Income-oriented
Disciplined approach
Goal: high quality,
diversified portfolio with
attractive risk-adjusted
returns
Our approach
16 Investable universe
& objectives Sector allocation Security analysis& selection Portfolio
construction
▪ Mandate guidelines
determine investment
universe with clearly
defined risk-adjusted return
goals
▪ Assess market
opportunities
▪ Defined universe of
diversified sources of
income
▪ Sector weightings seek
consistent income and
capital preservation
▪ Sector outlook analysis -
fundamentals, credit,
cyclical factors
▪ Out of benchmark sector
considerations
▪ Continuous evaluation of
sectors, issuers and
securities
▪ Security analysis for relative
attractiveness
▪ Technical assessments
▪ Valuation analysis (long and
short run)
▪ Liquidity analysis
▪ Highly diversified – broad
sector exposure and
diversified income sources
with typically lower than
benchmark beta
▪ Actively managed –
exposure based on
fundamental and cyclical
considerations
▪ Stay fully invested with the
goal of generating
consistent income
Monitoring / risk management
▪ Continual assessment of market dynamics
▪ Ongoing security valuation
▪ Integrated proprietary portfolio and risk management system Investment process
17 ✓ Focus on stable to improving credit profiles
✓ Independently assess the risk profile of each issuer, regardless of agency rating
✓ Integrated ESG approach
Rigorous security selection
Corporate risk rating Business risk Financial risk
(1) Defensive Non-cyclical revenue stream
Very stable cash flow
Modest leverage
Conservative management profile
(2) Core Stable industry trends
Dominant market participants
Average credit metrics given industry
Remains profitable through the cycle
(3) Opportunistic Volatile revenue stream
Secular change in industry
Higher leverage
May lose money during recession
Unpredictable/aggressive management
✓ Understand sources vs. sustainability of cash
✓ Historic operating assessment: volatility, trends
✓ Scenario analysis, stress testing, liquidity
✓ Balance sheet, capital structure, earnings
✓ Management and covenant review, sources of security
Bottom-up analysis
Fundamental credit research
Idea generation and fundamental credit analysis
18 Risk management philosophy
✓ Avoid permanent losses – via
prudent underwriting,
experience, focus on stable to
improving credits
✓ Minimize duration risk and
avoid interest rate timing
✓ Measured, disciplined, and
repeatable process
Disciplined process to monitor and
manage risk
✓ Duration positioning
✓ Yield optimization
✓ Remain fully invested
✓ Minimize trading costs with low turnover
rates
✓ Independent internal credit rating
✓ Diversification
Integrated risk process
Internal systems developed to quantify,
monitor and report on numerous risk
factors
Ascero: proprietary investment and risk
management system
✓ Performance attribution
✓ Risk management reporting
✓ Simulation and shock testing
✓ Market and economic time series
Robust infrastructure
✓ Daily risk positioning reporting
✓ Tracking Error contributors
✓ Value at Risk (VaR)
✓ Volatility metrics
✓ Scenario analysis / stress testing
Risk factors
Dedicated and independent compliance
team continually testing portfolio
compliance and trading
Compliance oversight
Integrated risk management process and philosophy
19 Consistent results
Focus on limiting
downside potential
• Our goal is to remain fully invested and build incremental income, that over time, has the potential to deliver consistent returns with lower volatility
Fundamental
credit research
• Investment process focused on minimizing downside risk is the key contributor to long-term market outperformance
• Security selection at the core. Rigorous fundamental analysis with strategic focus on stable to improving issuers
Strategy focused on income
A well-defined universe
Source: RBC Global Asset Management, ICE Data Indices, FactSet. Past performance is not indicative of future results. 1This information is for illustrative purposes only to
highlight the various characteristics for fixed income securities of various credit quality ratings. It does not represent any specific security and these characteristics will vary depending on interest rate and changes in the overall market. The information contained herein should not be relied upon as the sole factor when making an investment decision.

Diversified High Quality
• Benchmark and non-benchmark
exposure
• Broad sector coverage
− Treasury
− Mortgage
− Municipal
− Credit
• Diversified sources of income
− Sub-sectors
− Issuers
• Strategic overweight to spread
sectors
• Persistent Treasury underweight
• AAA–BBB rated
• Typical maturities 1–5 years
• Duration 1–3 years
RBC short term portfolio investments
Risk management
• High quality focus reduces
potential credit risk and
portfolio volatility
20 High quality credits (AA) have provided consistent positive excess returns with high correlation to Treasury securities.1 Information Ratio – measures portfolio management’s performance against risk and return relative to a benchmark.

ICE BofA US Treasury 1-3 Year Index (1/1997 to 12/31/2021) Information
Ratio Standard Deviation Excess Return
Correlation/
Treasury (%)
AA 0.53 1.7 0.7 63
A 0.33 2.6 0.8 32
BBB 0.51 2.7 1.4 18
Financial 0.38 2.9 1.1 26
Industrial 0.53 2.1 1.1 38
(By maturity basket)
Information ratios for IG corporates through the credit cycle 21 IG Corporate Index Spread Regimes
Total

12.31.96-

12.31.21 Wider

7.31.97-10.31.02
Tighter

10.31.02-2.28.05
Stable

2.28.05-5.31.07
Wider

5.31.07-11.30.08
Tighter

11.30.08-3.31.10
Stable

3.31.10-12.31.21
1 1-3 Years

0.41 1-3 Years

0.01 5-7 Years

2.99 1-3 Years

1.82 1-3 Years
-1.51
1-3 Years

3.18 1-3 Years

0.69 2
3-5 Years

0.29 3-5 Years
-0.48
3-5 Years

2.90 3-5 Years

0.99 3-5 Years
-1.98
3-5 Years

2.84 3-5 Years

0.54 3
5-7 Years

0.26 5-7 Years
-0.53
1-3 Years

2.68 5-7 Years

0.48 5-7 Years
-2.10
5-7 Years

2.75 5-7 Years

0.49 4
1-30 Years

0.15 10+ Years
-0.54
1-30 Years

2.49 7-10 Years

0.33 1-30 Years
-2.14
1-30 Years

2.53 1-30 Years

0.31 5
7-10 Years

0.09 1-30 Years
-0.56
7-10 Years

2.32 1-30 Years

0.28 10+ Years
-2.18
10+ Years

2.30 7-10 Years

0.29 6
10+ Years

0.05 7-10 Years
-0.67
10+ Years

2.04 10+ Years
-0.19
7-10 Years
-2.39
7-10 Years

2.23 10+ Years

0.14 As of 12.31.21
Source: RBC Global Asset Management, ICE Data Indices
Short Duration: 1-3 Year Full Style
Active portfolio construction
Characteristics Short Duration:
1-3 Year Full Style
ICE BofA 1-3 Year
US Corporate & Government Index
Effective Duration 2.0 years 1.9 years
Yield to Maturity 1.5% 0.8%
Average Credit Rating A- AA+
Sector distribution Credit quality distribution

0.0%

9.2%

10.7%

4.0%

76.1%

3.8%

52.6%

25.5%

6.8%

11.3%
0% 20% 40% 60% 80%
BB
BBB
A
AA
AAA
Short Duration: 1-3 Year Full Style
ICE BofA 1-3 Year US Corporate & Government Index

70.2%

0.1%

0.0%

24.6%

5.2%

7.1%

0.0%

30.3%

61.6%

0.0%
0% 20% 40% 60% 80%
Teasury
Municipals
ABS
Corporate
Agency
Short Duration: 1-3 Year Full Style
ICE BofA 1-3 Yr US Corporate & Government Index
As of 12.31.21. Source: RBC Global Asset Management, ICE Data Indices, FactSet.

Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the Strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for this strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Strategic allocation
Overweights
• Spread duration
• High quality credit, favoring
industrials
• AAA ABS (focus on autos
and equipment)
Underweights
• Treasuries/Agencies
22 Short Duration: 1-3 Year High Quality Credit
Active portfolio construction
As of 12.31.21. Source: RBC Global Asset Management, ICE Data Indices, FactSet.

Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the Strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for this strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Characteristics Short Duration:
1-3 Year High Quality Credit
ICE BofA 1-3 Year AAA-A
US Corporate & Government Index
Effective Duration 1.8 years 1.9 years
Yield to Maturity 0.9% 0.8%
Average Credit Rating AA AA+
Sector distribution Credit quality distribution Strategic allocation Overweights
• Spread duration
• High quality credit, favoring
industrials
• Short dated (<5 years)
agency secured
• Municipals
Underweights

77.5% • Treasuries/Agencies

0.1%

0.0%

0.0%

0.0%

17.4%

4.3%

25.0%

13.5%

0.8%

5.0%

0.1%

39.0%

16.4%
0% 20% 40% 60% 80% 100%
Treasury
Municipal
ABS
Agency Secured
MBS
Corporate
Agency
Short Duration: 1-3 Year High Quality Credit
ICE BofA 1-3 Year AAA-A US Corporate & Government Index

0.1%

11.4%

4.4%

84.1%

9.4%

26.1%

14.9%

49.6%
0% 20% 40% 60% 80% 100%
BBB
A
AA
AAA
Short Duration: 1-3 Year High Quality Credit
ICE BofA 1-3 Year AAA-A US Corporate & Government Index 23 Short Duration: 1-3 Year Government
Active portfolio construction
As of 12.31.21. Source: RBC Global Asset Management, ICE Data Indices, FactSet.

Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the Strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for this strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Characteristics Short Duration:
1-3 Year Government
ICE BofA1-3 year
US Treasury & Agency Index
Effective Duration 1.7 years 1.9 years
Yield to Maturity 1.1% 0.7%
Average Credit Rating AAA AAA
Sector distribution Credit quality distribution

96.6%

0.0%

0.0%

0.0%

0.0%

3.4%

33.0%

25.4%

40.8%

0.9%

0.0%

0.0%
0% 20% 40% 60% 80% 100% 120%
Treasury
Municipal
Agency Secured
MBS
Corporate
Agency
Short Duration: 1-3 Year Government
ICE BofA 1-3 Year US Treasury & Agency Index

0.5%

99.5%

17.5%

82.5%
0% 20% 40% 60% 80% 100% 120%
AA
AAA
Short Duration: 1-3 Year Government
ICE BofA 1-3 Year US Treasury & Agency Index
Strategic allocation
Overweights
• Short dated (<5 years)
agency secured
• Agency secured
• Municipals
Underweights
• Treasuries
24 Ultra-Short Duration: Full Style
Active portfolio construction
As of 12.31.21. Source: RBC Global Asset Management, ICE Data Indices, FactSet.

Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the Strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for this strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Characteristics Ultra Short Duration:

Full Style
Bloomberg Barclays Short-Term
Government/Corporate Index
Effective Duration 1.2 years 0.5 years
Yield to Maturity 1.2% 0.4%
Average Credit Rating A- AA+
Sector distribution Credit quality distribution

75.8%

3.3%

0.0%

0.0%

21.0%

0.0%

8.5%

0.0%

0.2%

29.4%

59.5%

0.7%
0% 20% 40% 60% 80%
Treasury
Agency
MBS
ABS
Corporate
Agency
Secured
Ultra Short Duration: Full Style
Bloomberg Barclays Short-Term Government/Corporate Index

0.0%

7.4%

10.6%

2.5%

79.5%

1.1%

54.3%

27.1%

5.8%

11.7%
0% 20% 40% 60% 80% 100%
BB
BBB
A
AA
AAA
Ultra Short Duration: Full Style
Bloomberg Barclays Short-Term Government/Corporate Index Strategic allocation
Overweights
• High quality corporate credit
(industrials and select
financials)
• AAA ABS (focus on autos
and equipment
25 Ultra Short Duration: High Quality Credit
Active Portfolio Construction
As of 12.31.21. Source: RBC Global Asset Management, ICE Data Indices, FactSet.

Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the Strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for this strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Characteristics Ultra Short Duration:

High Quality Credit
Bloomberg Barclays Short-Term
Government/Corporate Index
Effective Duration 0.8 years 0.5 years
Yield to Maturity 0.6% 0.4%
Average Credit Rating AA AA+
Sector distribution Credit quality distribution

75.8%

3.3%

0.0%

21.0%

25.1%

0.0%

16.8%

58.0%
0% 20% 40% 60% 80%
Treasury
Agency
ABS
Corporate
Ultra Short Duration: High Quality Credit
Bloomberg Barclays Short-Term Government/Corporate Index Strategic allocation
Overweights
• High quality corporate credit
(industrials and select
financials)
• AAA ABS (focus on autos
and equipment
• Agency Secured (well-structured short cash flows)

7.4%

10.6%

2.5%

79.5%

0.0%

32.5%

24.5%

43.0%
0% 20% 40% 60% 80% 100%
BBB
A
AA
AAA
Ultra Short Duration: High Quality Credit
Bloomberg Barclays Short-Term Government/Corporate Index 26 Proprietary risk management
For illustration purposes only to demonstrate the risk management process.

Risk management does not mean the investments are low risk.

Primary risk and portfolio
management toolset
Web-based investment and risk management
platform. It includes:
• Performance attribution tools
• Portfolio holdings and characteristics data
• Risk management reporting
• Simulation and shock testing capabilities
• Market and economic time series
27 Broad range of options for Core Cash investing
1Yield-to-Worst, 2Rate of Return, As of 12.31.21. Source ICE Data Indices, Bloomberg, FactSet. Past performance is not indicative of future results. 28 10 year historical risk-return
Duration Yield1 1 Year ROR2
1 Year
Volatility 5 Year ROR
5 Year
Volatility 10 Year ROR
10 Year
Volatility
♦ ICE BofA 3 Mo Constant Maturity USD LIBOR 0.25 0.21 0.17 0.03 1.40 0.29 0.89 0.26 ♦ ICE BofA 3 Mo US T-Bills 0.24 0.05 0.05 0.01 1.14 0.28 0.63 0.25 ♦ ICE BofA 1-3 Yr US Treasuries 1.88 0.70 -0.55 0.45 1.61 1.06 1.09 0.88 ♦ Bloomberg Barclays US Government 1-3 Yr 1.95 0.72 -0.60 0.45 1.62 1.05 1.10 0.88 ♦ Bloomberg Barclays US Corporate 1-3 Yr 1.82 1.20 -0.12 0.53 2.46 1.85 2.27 1.48 ♦ Bloomberg Barclays US Government 1-5 Yr 2.75 0.90 -1.18 0.86 1.90 1.52 1.35 1.39 ♦ Bloomberg Barclays US Corporate 1-5 Yr 2.76 1.49 -0.47 0.99 3.05 2.64 2.91 2.21 ♦ Bloomberg Barclays US MBS 4.76 1.98 -1.04 1.25 2.50 1.94 2.28 2.03 ♦ Bloomberg Barclays US Corporate High Yield 3.83 4.86 5.28 2.45 6.30 7.30 6.83 6.46 ICE BofA 3 Mo Constant Maturity USD LIBOR
ICE BofA 3 Mo U.S.

T-Bills
ICE BofA 1-3 Yr
U.S. Treasuries
Bloomberg Barclays US Government 1-3 Yr
Bloomberg Barclays US Corporate 1-3 Yr
Bloomberg Barclays US
Government 1-5 Yr
Bloomberg Barclays US Corporate 1-5 Yr Bloomberg Barclays US MBS Bloomberg Barclays US Corporate High Yield

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
Annualized Volatility
Annualized Return
Customized highly liquid strategies can be crafted for each segment of cash Evaluate cash in three different ways
Portfolio considerations Primary liquidity Transitional liquidity Core balances Investment Horizon 0-6 months 6 months or longer Indefinite Cash Flow Volatility High Medium Low
Objective Preservation of capital and
immediate liquidity
Enhanced return and
preservation of capital
Greater emphasis on maximizing
return potential
Strategy Cash Management Ultra Short Short Duration
Cash flow volatility
High Medium Low
80%
10%
10%
20% 60%
20%
40%
30%
30%
Primary liquidity Transitional liquidity Core balances
29 Investment policy considerations
Investment parameters
Objectives
Liquidity
Suitability
Risk tolerance
Global cash framework
Tailoring an investment policy is a dynamic process that evolves with a corporation’s life cycle and business needs
Corporate governance
Accounting tax
considerations
Compliance
Reporting structure
Investment controls
Permissible
investments
Asset/security type
Credit quality
Maturity
Domicile of cash
Currency
Risk management
Portfolio restrictions
Interest rate risk
Concentration risk
Operational risk
30 Results
US Fixed Income Short Duration
Annualized performance
1 Mo. 3 Mo. YTD 1 YR 3 YR 5 YR 10 YR SI
Short Duration: 1-3 Year Full Style
Composite – Gross of Fees -0.04 -0.40 0.27 0.27 3.26 2.73 N/A 2.35 Composite - Net of Fees -0.06 -0.46 0.02 0.02 3.00 2.47 N/A 2.08 ICE BofA 1-3 Year US Corporate & Government Index -0.20 -0.53 -0.41 -0.41 2.32 1.89 N/A 1.52 Short Duration: 1-3 Year High Quality Credit
Composite - Gross of Fees -0.10 -0.45 -0.16 -0.16 2.59 2.14 1.64 4.58 Composite - Net of Fees -0.12 -0.51 -0.41 -0.41 2.34 1.88 1.38 4.41 ICE BofA 1-3 Year AAA-A US Corporate & Government Index -0.22 -0.54 -0.49 -0.49 2.17 1.77 1.35 4.10 Short Duration: 1-3 Year Government
Composite - Gross of Fees -0.18 -0.41 -0.23 -0.23 2.19 1.84 1.37 3.17 Composite - Net of Fees -0.20 -0.47 -0.48 -0.48 1.93 1.59 1.14 2.98 ICE BofA 1-3 Year US Treasury & Agency Index -0.25 -0.53 -0.55 -0.55 2.01 1.61 1.10 2.94 Ultra Short Duration: Full Style
Composite - Gross of Fees 0.02 -0.29 0.37 0.37 2.50 2.31 N/A 1.91 Composite - Net of Fees 0.00 -0.34 0.17 0.17 2.30 2.10 N/A 1.70 Bloomberg Barclays Short-Term Government/Corporate Index -0.02 -0.04 0.10 0.10 1.36 1.41 N/A 0.96 Ultra Short Duration: High Quality Credit
Composite - Gross of Fees -0.05 -0.17 0.00 0.00 1.64 1.64 1.18 1.17 Composite - Net of Fees -0.07 -0.22 -0.20 -0.20 1.44 1.43 1.00 1.00 Bloomberg Barclays Short-Term Government/Corporate Index -0.02 -0.04 0.10 0.10 1.36 1.41 0.89 0.83 As of 12.31.21. Source: RBC Global Asset Management, ICE Data Indices, Bloomberg Past performance is not indicative of future results. Returns include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Performance is presented as supplemental to the “GIPS® Composite Report” appendix which contains additional disclosures and important information regarding calculation of performance data, including the inception date of each composite.
32 US Fixed Income Cash Management
Annualized performance
As of 12.31.21. Source: RBC Global Asset Management, FTSE Past performance is not indicative of future results. Returns include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Performance is presented as supplemental to the “GIPS® Composite Report” appendix which contains additional disclosures and important information regarding calculation of performance data, including the inception date of each composite.
1 Mo. 3 Mo. YTD 1 YR 3 YR 5 YR 10 YR SI
Cash Management: High Quality Credit
Composite – Gross of Fees 0.01 0.02 0.10 0.10 1.04 1.23 0.76 2.59 Composite - Net of Fees -0.00 -0.00 -0.02 -0.02 0.92 1.11 0.64 2.41 FTSE 3-Month T-Bill Index 0.00 0.01 0.05 0.05 0.96 1.11 0.60 2.26 Cash Management: Government
Composite - Gross of Fees 0.00 -0.00 0.05 0.05 0.96 1.14 0.67 2.33 Composite - Net of Fees -0.01 -0.03 -0.07 -0.07 0.84 1.01 0.55 2.19 FTSE 3-Month T-Bill Index 0.00 0.01 0.05 0.05 0.96 1.11 0.60 2.08 33 US Fixed Income Short Duration
Annual performance
As of 12.31.21. Source: RBC Global Asset Management, ICE Data Indices, Bloomberg 13/2013-12/2013 26/2010-12/2010
Past performance is not indicative of future results. Returns include the reinvestment of all income. Performance is presented as supplemental to the “GIPS® Composite Report” appendix which contains additional disclosures and important information regarding calculation of performance data, including the inception date of each composite. 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Short Duration: 1-3 Year Full Style
Composite – Gross of Fees 0.27 3.75 5.83 1.44 2.43 2.63 1.04 1.53 N/A N/A N/A N/A Composite - Net of Fees 0.02 3.49 5.57 1.18 2.16 2.32 0.74 1.23 N/A N/A N/A N/A ICE BofA 1-3 Year US Corporate & Government Index -0.41 3.35 4.07 1.63 0.86 1.29 0.67 0.78 N/A N/A N/A N/A Short Duration: 1-3 Year High Quality Credit
Composite - Gross of Fees -0.16 3.72 4.28 1.74 1.20 1.30 0.91 1.21 0.53 1.80 2.33 3.50 Composite - Net of Fees -0.41 3.46 4.02 1.48 0.93 0.99 0.61 0.91 0.23 1.67 2.20 3.37 ICE BofA1-3 Year AAA-A US Corporate & Government
Index -0.49 3.24 3.83 1.63 0.70 1.07 0.66 0.72 0.71 1.48 1.56 2.57 Short Duration: 1-3 Year Government
Composite - Gross of Fees -0.23 3.16 3.67 1.76 0.87 1.10 0.76 0.94 0.43 1.31 1.93 2.86 Composite - Net of Fees -0.48 2.91 3.41 1.50 0.62 0.85 0.51 0.69 0.18 1.20 1.82 2.74 ICE BofA 1-3 Year US Treasury & Agency Index -0.55 3.09 3.55 1.60 0.44 0.89 0.55 0.62 0.36 0.51 1.55 2.34 Ultra Short Duration: Full Style
Composite - Gross of Fees 0.37 2.62 4.56 1.90 2.13 2.30 1.24 0.85 0.921 N/A N/A N/A Composite - Net of Fees 0.17 2.42 4.35 1.69 1.93 2.10 1.04 0.64 0.751 N/A N/A N/A Bloomberg Barclays Short-Term Government/Corporate
Index 0.10 1.31 2.69 1.99 0.98 0.80 0.26 0.18 0.201 N/A N/A N/A Ultra Short Duration: High Quality Credit
Composite - Gross of Fees 0.00 1.78 3.18 1.83 1.42 1.31 0.33 0.52 0.51 0.99 1.07 0.692 Composite - Net of Fees -0.20 1.57 2.97 1.62 1.22 1.11 0.13 0.32 0.31 0.94 1.01 0.662 Bloomberg Barclays Short-Term Government/Corporate
Index 0.10 1.31 2.69 1.99 0.98 0.80 0.26 0.18 0.25 0.36 0.37 0.402 34 US Fixed Income Cash Management
Annual performance
As of 12.31.21. Source: RBC Global Asset Management, FTSE Past performance is not indicative of future results. Returns include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Performance is presented as supplemental to the “GIPS® Composite Report” appendix which contains additional disclosures and important information regarding calculation of performance data, including the inception date of each composite.
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Cash Management: High Quality Credit
Composite – Gross of Fees 0.10 0.70 2.34 2.03 1.01 0.55 0.23 0.17 0.21 0.28 0.27 0.32 Composite – Net of Fees -0.02 0.58 2.22 1.90 0.89 0.43 0.11 0.05 0.09 0.19 0.18 0.23 FTSE 3-Month T-Bill Index 0.05 0.58 2.25 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 Cash Management: Government
Composite - Gross of Fees 0.05 0.59 2.26 1.90 0.89 0.49 0.13 0.10 0.12 0.17 0.19 0.27 Composite - Net of Fees -0.07 0.47 2.14 1.78 0.76 0.37 0.01 -0.02 0.00 0.08 0.10 0.18 FTSE 3-Month T-Bill Index 0.05 0.58 2.25 1.86 0.84 0.27 0.03 0.03 0.05 0.07 0.08 0.13 35 RBC US Short Duration: 1-3 Year Full Style
Annualized returns
36 Past performance is not indicative of future results and is calculated in USD.

As at 12.31.2021
Source: RBC Global Asset Management, ICE Data Services. Returns are presented gross and net of management fees and include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Net calendar returns can be viewed in the GIPS® Appendix. Performance is presented as supplemental to the “GIPS® Composite Report” which contains additional information regarding calculation of performance data.

Relative performance (%) QTD YTD 1 year 3 year 5 year Since Inception Gross (relative to primary benchmark) 0.13 0.68 0.68 0.92 0.83 0.82 Net (relative to primary benchmark) 0.07 0.43 0.43 0.67 0.57 0.55 -0.40

0.27 0.27

3.26 2.73

2.35 -0.46

0.02 0.02

3.00 2.47

2.08 -0.53
-0.41 -0.41

2.32 1.89

1.52 -1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
QTD YTD 1 year 3 year 5 year Since Inception
(1.1.2014)
RBC US Short Duration: 1-3 Year Full Style (Gross) RBC US Short Duration: 1-3 Year Full Style (Net) ICE BofA 1-3 Year US Corporate & Government
RBC US Short Duration: 1-3 Year High Quality
Annualized returns
37 Past performance is not indicative of future results and is calculated in USD.

As at 12.31.2021
Source: RBC Global Asset Management, ICE Data Services. Returns are presented gross and net of management fees and include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Net calendar returns can be viewed in the GIPS® Appendix. Performance is presented as supplemental to the “GIPS® Composite Report” which contains additional information regarding calculation of performance data. Note: The benchmark was changed on January 1, 2014 from the ICE BofA Merrill Lynch 1-3 Year U.S. Corporate & Government Index, and on August 1, 2010 from the ICE BofA Merrill Lynch U.S. Treasury & Agency Index to better reflect the investment guidelines of portfolios included in this composite.

Relative performance (%) QTD YTD 1 year 3 year 5 year 10 year Since Inception Gross (relative to primary benchmark) 0.09 0.33 0.33 0.41 0.37 0.29 0.46 Net (relative to primary benchmark) 0.03 0.08 0.08 0.16 0.11 0.03 0.29 -0.44
-0.16 -0.16

2.59 2.14

1.64 4.58
-0.51 -0.41 -0.41

2.34 1.88

1.38 4.41
-0.54 -0.49 -0.49

2.17 1.77

1.35 4.10
-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%
QTD YTD 1 year 3 year 5 year 10 year Since Inception
(7.1.1989)
RBC US Short Duration: 1-3 Year High Quality (Gross) RBC US Short Duration: 1-3 Year High Quality (Net) ICE BofA 1-3 Year AAA-A US Corporate & Government
RBC US Short Duration: 1-3 Year Government
Annualized returns
38 Past performance is not indicative of future results and is calculated in USD.

As at 12.31.2021
Source: RBC Global Asset Management, ICE Data Services. Returns are presented gross and net of management fees and include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Net calendar returns can be viewed in the GIPS® Appendix. Performance is presented as supplemental to the “GIPS® Composite Report” which contains additional information regarding calculation of performance data.

Relative performance (%) QTD YTD 1 year 3 year 5 year 10 year Since Inception Gross (relative to primary benchmark) 0.12 0.32 0.32 0.17 0.23 0.27 0.22 Net (relative to primary benchmark) 0.06 0.07 0.07 -0.08 -0.02 0.04 0.04 -0.41
-0.23 -0.23

2.19 1.84

1.37 3.17
-0.47 -0.48 -0.48

1.93 1.59

1.14 2.98
-0.53 -0.55 -0.55

2.01 1.61

1.10 2.94
-1.0%
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%
QTD YTD 1 year 3 year 5 year 10 year Since Inception
(1.1.1998)
RBC US Short Duration: 1-3 Year Government (Gross) RBC US Short Duration: 1-3 Year Government (Net) ICE BofA 1-3 Year US Treasury & Agency
RBC US Ultra Short Duration: Full Style
Annualized returns
39 Past performance is not indicative of future results and is calculated in USD.

As at 12.31.2021
Source: RBC Global Asset Management, Bloomberg Indices. Returns are presented gross and net of management fees and include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Net calendar returns can be viewed in the GIPS® Appendix. Performance is presented as supplemental to the “GIPS® Composite Report” which contains additional information regarding calculation of performance data.

Relative performance (%) QTD YTD 1 year 3 year 5 year Since Inception Gross (relative to primary benchmark) -0.25 0.27 0.27 1.13 0.88 0.94 Net (relative to primary benchmark) -0.30 0.07 0.07 0.92 0.68 0.73 -0.29

0.37 0.37

2.50 2.31

1.91 -0.34

0.17 0.17

2.30 2.10

1.70 -0.04

0.10 0.10

1.36 1.41

0.96 -0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%
QTD YTD 1 year 3 year 5 year Since Inception
(3.1.2013)
RBC US Ultra Short Duration: Full Style (Gross) RBC US Ultra Short Duration: Full Style (Net) Bloomberg Short-Term US Government/Corporate
RBC US Ultra Short Duration: High Quality
Annualized returns
40 Past performance is not indicative of future results and is calculated in USD.

As at 12.31.2021
Source: RBC Global Asset Management, Bloomberg Indices. Returns are presented gross and net of management fees and include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Net calendar returns can be viewed in the GIPS® Appendix. Performance is presented as supplemental to the “GIPS® Composite Report” which contains additional information regarding calculation of performance data.

Relative performance (%) QTD YTD 1 year 3 year 5 year 10 year Since Inception Gross (relative to primary benchmark) -0.13 -0.10 -0.10 0.28 0.22 0.29 0.34 Net (relative to primary benchmark) -0.18 -0.30 -0.30 0.08 0.02 0.11 0.17 -0.17

0.00 0.00

1.64 1.64

1.18 1.17
-0.22 -0.20 -0.20

1.44 1.43

1.00 1.00
-0.04

0.10 0.10

1.36 1.41

0.89 0.83
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%
QTD YTD 1 year 3 year 5 year 10 year Since Inception
(6.1.2010)
RBC US Ultra Short Duration: High Quality (Gross) RBC US Ultra Short Duration: High Quality (Net) Bloomberg Short-Term US Government/Corporate
RBC US Cash Management: High Quality
Annualized returns
41 Past performance is not indicative of future results and is calculated in USD.

As at 12.31.2021
Source: RBC Global Asset Management, FTSE Russell. Returns are presented gross and net of management fees and include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Net calendar returns can be viewed in the GIPS® Appendix. Performance is presented as supplemental to the “GIPS® Composite Report” which contains additional information regarding calculation of performance data.

Relative performance (%) QTD YTD 1 year 3 year 5 year 10 year Since Inception Gross (relative to primary benchmark) 0.01 0.06 0.06 0.09 0.12 0.16 0.32 Net (relative to primary benchmark) -0.02 -0.06 -0.06 -0.03 0.00 0.04 0.14

0.02 0.10 0.10

1.04 1.23

0.76 2.59
-0.01 -0.02 -0.02

0.92 1.11

0.64 2.41

0.01 0.05 0.05

0.96 1.11

0.60 2.26
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%
QTD YTD 1 year 3 year 5 year 10 year Since Inception
(10.1.1994)
RBC US Cash Management: High Quality (Gross) RBC US Cash Management: High Quality (Net) FTSE 3-Month T-Bill RBC US Cash Management: Government
Annualized returns
42 Past performance is not indicative of future results and is calculated in USD.

As at 12.31.2021
Source: RBC Global Asset Management, FTSE Russell. Returns are presented gross and net of management fees and include the reinvestment of all income. All returns for periods greater than one year are shown on an annualized basis. Net calendar returns can be viewed in the GIPS® Appendix. Performance is presented as supplemental to the “GIPS® Composite Report” which contains additional information regarding calculation of performance data.

Relative performance (%) QTD YTD 1 year 3 year 5 year 10 year Since Inception Gross (relative to primary benchmark) -0.01 0.01 0.01 0.01 0.02 0.07 0.24 Net (relative to primary benchmark) -0.04 -0.11 -0.11 -0.11 -0.10 -0.05 0.11

0.00 0.05 0.05

0.96 1.14

0.67 2.33
-0.03 -0.07 -0.07

0.84 1.01

0.55 2.19

0.01 0.05 0.05

0.96 1.11

0.60 2.08
-0.5%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%
QTD YTD 1 year 3 year 5 year 10 year Since Inception
(3.1.1996)
RBC US Cash Management: Government (Gross) RBC US Cash Management: Government (Net) FTSE 3-Month T-Bill Representative portfolios
Short Duration: 1-3 Year High Quality Credit
Representative portfolio
Sector allocation Rating distribution
Distribution by maturity (months)
Portfolio characteristics
Spread to Treasury (bps) +23
Yield to Maturity 0.9%
Effective Duration (Years) 1.8
Sector characteristics
Sector
Avg Credit
Rating Allocation
Yield to
Maturity
Duration
(Years)
Corporate A 39.0% 1.0% 1.7
ABS AA+ 0.8% 0.8% 0.9
Agency Secured AAA 5.0% 1.4% 1.2
MBS AAA 0.1% 4.6% 2.3
Municipal AA 13.5% 0.9% 1.9
Agency AAA 16.4% 0.5% 1.4
Treasury AAA 25.0% 0.8% 2.4
Total Ex-Cash AA 100% 0.9% 1.8

1.5% 3.6%

11.6%

37.7%

26.7%

18.9%
0%
5%
10%
15%
20%
25%
30%
35%
40%
0-3 3-6 6-12 12-24 24-36 >36
As of 12.31.21
Source: RBC Global Asset Management, FactSet. Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for the strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

39.0%

25.0%

16.4%

5.0%

13.5%

0.1% 0.8%
Corporate
Treasury
Agency
Agency Secured
Municipal
MBS
ABS

49.6%

14.9%

26.1%

9.4%
AAA
AA
A
BBB
44 Short Duration: 1-3 Year Government
Representative portfolio
As of 12.31.21
Source: RBC Global Asset Management, FactSet. Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for the strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Sector allocation Rating distribution Distribution by maturity (months) Portfolio characteristics
Spread to Treasury (bps) +45
Yield to Maturity 1.0%
Effective Duration (Years) 1.7
Sector characteristics
Sector
Avg Credit
Rating Allocation
Yield to
Maturity
Duration
(Years)
Agency Secured AAA 40.8% 1.3% 0.8
MBS AAA 0.8% 1.9% 3.2
Municipal AA+ 25.4% 0.9% 1.9
Treasury AAA 33.0% 0.9% 2.8
Total Ex-Cash AAA 100% 1.0% 1.7

1.6% 2.6%

24.9%

31.3%

21.5%

18.1%
0%
5%
10%
15%
20%
25%
30%
35%
0-3 3-6 6-12 12-24 24-36 >36

40.8%

33.0%

25.4%

0.8%
Agency Secured
Treasury
Municipal
MBS

82.5%

17.5%
AAA
AA
45 Ultra Short Duration: High Quality Credit
Representative portfolio
As of 12.31.21
Source: RBC Global Asset Management, FactSet. Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for the strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Sector allocation Rating distribution Distribution by maturity (months) Portfolio characteristics
Spread to Treasury (bps) +23
Yield to Maturity 0.6%
Effective Duration (Years) 0.8
Sector characteristics
Sector
Avg Credit
Rating Allocation
Yield to
Maturity
Duration
(Years)
Corporate A+ 58.0% 0.8% 0.9
ABS AAA 16.8% 0.5% 0.4
Treasury AAA 25.1% 0.5% 1.2
Total Ex-Cash AA 100% 0.6% 0.8

12.3%

20.4% 19.3%

48.0%
0%
10%
20%
30%
40%
50%
60%
0-3 3-6 6-12 12-24

58.0% 16.8%

25.1%
Corporate
ABS
Treasury

43.0%

24.5%

32.5%
AAA
AA
A
46 Cash Management: High Quality Credit
Representative portfolio
As of 12.31.21
Source: RBC Global Asset Management, FactSet. Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for the strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Sector allocation Rating distribution Distribution by maturity (months) Portfolio characteristics
Spread to Treasury (bps) +5
Yield to Maturity 0.2%
Effective Duration (Years) 0.1

77.1%

14.5%

8.4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
0-3 3-6 6-12

9.0%

59.2% 31.8%
AAA
AA
A
47 Sector characteristics
Sector
Avg Credit
Rating Allocation
Yield to
Maturity
Duration
(Years)
Agency AAA 1.1% 0.1% 0.0
Money Market AA- 98.9% 0.1% 0.1
Total AA- 100% 0.2% 0.1

98.9%

1.1%
Money Market
Agency
Cash Management: Government
Representative portfolio
As of 12.31.21
Source: RBC Global Asset Management, FactSet.
1Variable Rate Demand Notes that have a weekly put option and an irrevocable LOC from a Government Agency. Past performance is not indicative of future results. The Portfolio Characteristics presented above are those of a representative account in the strategy. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is the account in the composite that most closely reflects the current portfolio management style for the strategy. Representative account data is supplemental information to the “GIPS® Composite Report” appendix to these materials.

Sector allocation Rating distribution Distribution by maturity (months) Portfolio characteristics
Spread to Treasury (bps) 2
Yield to Maturity 0.1%
Effective Duration (Years) 0.1
Sector characteristics
Sector
Avg Credit
Rating Allocation
Yield to
Maturity
Duration
(Years)
Agency AAA 25.0% 0.2% 0.1
Treasury AAA 10.7% 0.3% 0.6
Money Market AAA 64.2% 0.1% 0.0
Total AAA 100% 0.1% 0.2

73.0%

8.0% 9.7% 9.3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
0-3 3-6 6-12 12-24

25.0%

64.2% 10.7%
Agency
Treasury
Money Market

93.5%

6.5%
AAA
AA
48 Andrzej Skiba, CFA
21 years of experience
Head of US Fixed Income
CFA; BSc (Hons) (Management and International Business Economics), University of Manchester Institute of Science and Technology, U.K.

Andrzej is head of the BlueBay U.S. Fixed Income team based in Minneapolis and Stamford. He assumed this role in 2021 following the alignment of BlueBay's U.S. business with RBC GAM-US in November 2021. Andrzej moved to this position after an 8-year stint as a senior portfolio manager on the Developed Markets team, where he was responsible for global leverage finance and investment grade & rates. Prior to joining BlueBay in 2005, Andrzej had worked for an investment bank as a credit analyst covering European investment grade telecom, media, and utility sectors. He started his career in the investment industry in 2001.

Brian Svendahl, CFA
30 years of experience
Senior Portfolio Manager, U.S. Fixed Income
CFA (2006); FRM (2002); MBA (1995), BBA (Finance) (1993), BSc (Economics) (1993), University of Minnesota, U.S.

Brian is a senior portfolio manager within the BlueBay Fixed income team. He has been the lead portfolio manager for RBC GAM’s impact investing strategies since 2006 along with many government and mortgage strategies. Brian joined RBC GAM in 2005 and has co-led the Minneapolis-based fixed income group since 2012. He had previously held several risk management, research, and trading positions with a large American multinational financial services company and first started in the investment industry in 1992.

Biographies
49 Brandon Swensen, CFA
24 years of experience
Senior Portfolio Manager, U.S. Fixed Income
CFA (2006); MBA (Finance) (2008), University of St. Thomas; BSc (Finance) (1998), St. Cloud State University, U.S.

Brandon is a senior portfolio manager at RBC GAM-US for several cash management and core solutions. He is based in Minneapolis and is part of the BlueBay Fixed Income team following the alignment of BlueBay's U.S. business with RBC GAM-US in November 2021. He was part of the RBC GAM Mortgage and Government since 2000, having earlier held positions as a research analyst covering asset-backed securities and credit, and as a financial analyst. Brandon began his career in the investment industry in 1998.

Raye Kanzenbach, CFA
49 years of experience
Senior Portfolio Manager, U.S. Fixed Income
CFA (1978); MBA (Finance) (1973), University of Michigan; BA (Economics) (1971), Lawrence University, U.S.

Raye is a senior portfolio manager within the BlueBay Fixed Income team. In this role, he is responsible for researching municipal bond securities. He is also a portfolio manager for several tax-exempt and community investing mandates. Raye has worked in fixed income research and portfolio management since joining the firm in 1983. Previously, he had worked at a Minnesota-based regional bank holding company, where he managed municipal bond and money market funds in addition to supervising municipal and credit research. Earlier, he worked as an investment officer at an insurance company. Raye started his career in the investment industry in 1973.

Biographies
50 Eric Hathaway, CFA
21 years of experience
Senior Portfolio Manager, U.S. Fixed Income
CFA (2010); MBA (2005), University of Minnesota; BA (Business Administration) (2001), University of South Dakota, U.S.

Eric is a senior portfolio manager within the BlueBay Fixed Income team. He plays a key role in managing impact investing strategies. In this role, he oversees the asset-backed securities effort and supports mortgage-backed mandates. Eric joined RBC GAM in 2006 as an analyst researching all areas of the rates market. Prior to joining the organization, Eric had held various positions in treasury and risk management at a large U.S. investment management company. He started his career in the investment industry in 2001.

James Weinand, CFA
26 years of experience
Senior Corporate Analyst, U.S. Fixed Income
CFA (1999); BS (Finance) (1995), University of Minnesota, U.S.

Jim is a senior analyst within the BlueBay Fixed Income team responsible for supporting investment grade corporate strategies. He also researches the telecommunications, media, technology, and consumer sectors of the corporate market. Before joining RBC GAM in 2010, Jim had worked at a U.S. investment adviser firm, where he conducted high yield credit and quantitative equity research. He has worked in the investment industry since 1996.

Biographies
51 Alexey Baskakov, CFA
25 years of experience
Senior Corporate Analyst, U.S. Fixed Income
CFA (2000); MBA (Finance/Accounting) (1996), University of Rochester, U.S.; BSc (Economics and Engineering) (1993), Moscow Aviation Institute, Russia.

Alexey is a senior analyst focusing on credit research within the BlueBay Fixed Income team. He researches the energy, pipelines, basic industry, and utilities sectors. Alexey joined RBC GAM in 2012 from a U.S. high yield and distressed credit hedge fund, where he was a fund manager/credit analyst. His investment experience also includes roles at a private equity firm and a hedge fund in the U.S., as well as an investment bank in Russia, where he covered the aerospace, airline and automotive sectors of the Russian equity market. He started his career in the investment industry in 1997.

Matt Mueller, CFA
14 years of experience
Senior Corporate Analyst, U.S. Fixed Income
CFA (2014); BA (Finance) (2008), University of St. Thomas, U.S.

Matt is a senior analyst focusing on credit research within the BlueBay Fixed Income team. He is responsible for researching the health care sector of the corporate market. Matt joined RBC GAM in 2014 as a member of the Client Service team. Prior to joining the firm, he had worked as a reporting analyst for an investment advisor. Earlier, Matt had worked at a financial services and bank holding company, where he had supported two independent financial advisors. He began his career in the investment industry in 2008.

Biographies
52 John Northup, CFA
22 years of experience
Portfolio Manager, U.S. Fixed Income
CFA (2008); BBA (Economics) (1999), University of Wisconsin-Eau Claire, U.S.

John is a portfolio manager within the BlueBay Fixed Income team. He provides implementation and portfolio management support for several cash management and government strategies. He joined RBC GAM in 2005 and served as a portfolio administrator before joining his current team. John had previously worked in municipal bond settlement operations at our affiliate, RBC Dain Rauscher (now RBC Wealth Management). He started his career in the investment industry in 2000.

Kelsey Bosshardt
5 years of experience
Assistant Portfolio Manager, U.S. Fixed Income
BBA (Economics) (2017), Loyola University Chicago, U.S.

Kelsey is an assistant portfolio manager within the BlueBay Fixed Income team focusing on credit research, commercial paper, and corporate bonds. She also supports credit analysis of the banking and financial services sector, in addition to providing implementation and portfolio management support for liquidity management strategies. Before assuming her current role in 2017, Kelsey was a fixed income intern with the firm. She has been in the financial industry since 2017.

Biographies
53 Laurie Mount
28 years of experience
Senior Trader, U.S. Fixed Income
BSc (Economics) (1994), University of Minnesota, U.S.

Laurie is a senior trader within the BlueBay Fixed income team focussing on money market trading. Laurie joined RBC GAM in 2011 and served as a portfolio administrator before joining the U.S. Fixed Income team. She had previously worked in the public finance division of a broker-dealer, where her responsibilities included trading, pricing, and remarketing a portfolio of municipal variable rate demand obligations and tender option bonds. Laurie has been in the investment industry since 1996.

Valinie Dayaljee
11 years of experience
Trader, U.S. Fixed Income
BS (Finance and Accounting) (2014), Concordia University, U.S.

Valinie is a trader on the BlueBay Fixed Income team focusing primarily on municipal bonds but also other government and money market instruments. Before joining her current team, Valinie was an investment policy and data analyst in the firm’s Investment Policy group. Prior to joining RBC GAM in 2015, she had worked on the funding desk of a Minneapolis-based bank holding company as an operations funding associate. Valinie started her career in the investment industry in 2014.

Biographies
54 Karen Ly
5 years of experience
Analyst, U.S. Fixed Income
Credential of Readiness (2016), Harvard Business School; BA (Biology, Society and Environment) (2016), University of Minnesota Twin Cities, U.S.

Karen is an analyst within the BlueBay Fixed Income team, serving a dual role of both data analyst and money market trader. She provides insight into markets, portfolios, and impact investment using data science to analyze and interpret large data sets. She started her career in the investment industry with RBC GAM in 2017.

Kelly Brand
7 years of experience
Corporate Analyst, U.S. Fixed Income
BA (Financial Management) (2015), University of St. Thomas, U.S.

Kelly is an analyst focussing on credit research within the BlueBay Fixed Income team. In this role, she supports credit analysis of the basic materials and energy sectors. Before joining RBC GAM in 2018, Kelly was a financial analyst for a leading provider of business information services, and an investment manager for a wealth management firm. She started her career in the investment industry in 2015.

Biographies
55 Teri Savage
23 years of experience
Senior Trader, U.S. Fixed Income
BBA (Finance, Investment, and Banking & Marketing) (1998), University of Wisconsin, Madison, U.S.

Teri is a senior trader within the BlueBay Fixed income team responsible for trades in mortgage-backed securities (MBS) and asset-backed securities (ABS). Before joining RBC GAM in 2021, Teri had worked with a global investment manager in New York, where she had focused on managing and trading securitized products for multi-sector portfolios. She has worked in the investment industry since 1998.

Juan Camilo
7 years of experience
Analyst, U.S. Fixed Income
MBA (Finance) (2018) University of Minnesota, U.S.; BA (Finance) (2016) University of St. Thomas, U.S.

Juan is an analyst within the BlueBay Fixed Income team focusing on ABS securities. Before joining RBC GAM in 2021, he had worked for a North American life insurance company where he focused on portfolio analytics and asset allocation for the U.S. accounts. Juan began his career in the investment industry in 2015.

Biographies
56 Chansoknea Theng
6 years of experience
Trader, U.S. Fixed Income
BA (Economics) (2014) St. Lawrence University, U.S.

Soknea is a trader on the BlueBay Fixed income team focusing primarily on government and money market instruments. Before joining RBC GAM in 2021, Soknea was a trader at an American banking company in Minneapolis primarily working with short-term government securities, commercial paper and money market funds. She has worked in the investment industry since 2016.

Yeng Lee
3 years of experience
Trader, U.S. Fixed Income
BA (Financial Economics) (2019), Gustavus Adolphus College, U.S.

Yeng is a trader within the BlueBay Fixed Income team. In this role, she works on reverse repurchase agreement (repo) trading and uses big data to build tools for the team. Before joining RBC GAM in 2020, Yeng was a client service associate at another large global wealth management firm, where she maintained client relationships and built quarterly reports. Yeng started her career in the investment industry in 2019.

Biographies
57 John Utter
33 years of experience
Managing Director, Head of Institutional Client Service - US BA (1988), St. Lawrence University, U.S.

John is Head, Institutional Client Service at RBC GAM. He is responsible for developing and implementing industry leading client service practices. John sits on the Investment Policy Committee and Investment Risk Oversight Committee. He joined the organization in 2010 from a U.S.-based investment management and life insurance firm, where he was a divisional sales director. His sales team helped clients with investment solutions ranging from traditional equities and fixed income to portable alpha and absolute return strategies. Prior to that, John spent 15 years in institutional sales assisting banks, insurance companies and hedge funds in the U.S. and Europe with their fixed income investments. He began his career in the investment industry in 1988.

Randal Harrison, CFA
32 years of experience
Vice President, Institutional Portfolio Manager
CFA (1994); MBA (1990), University of Iowa; BSBA (Finance) (1985), Miami University, U.S.

Randy is an institutional portfolio manager within the fixed income group’s Client Service Team at RBC GAM. Randy articulates and coordinates the firm’s strategies, account positioning and performance to ensure the most appropriate investment solutions and service for each client. He specializes in fixed income accounts for public and corporate clients. Prior to joining the organization, Randy was head of the insurance advisory group at a large asset management firm. For nearly five years, Randy was both portfolio manager and director of their external insurance advisory and portfolio management group. Before that, Randy was a portfolio manager and structured finance analyst/trader for RBC GAM’s predecessor company. Randy began his career in the investment industry in 1990 as a structured finance analyst and trader for a global investment management firm in the U.S.

Biographies
58 Bethany Jessen
14 years of experience
Institutional Portfolio Manager
MBA (2013), University of St. Thomas; BSBA (Finance) (2007), Creighton University, U.S.

Bethany is an institutional portfolio manager within the fixed income group’s Client Service Team at RBC GAM. Bethany articulates and coordinates the firm’s strategies, account positioning and performance to ensure the most appropriate investment solutions and service for each client. She specializes in fixed income accounts for public and corporate clients. Prior to joining the organization, Bethany was a senior research analyst on the global fixed income team at a Canada-based investment consulting and advisory firm where she was responsible for fixed income investment manager research and due diligence. She joined the investment industry in 2007.

Chris Boppre, CFA
18 years of experience
Associate Institutional Portfolio Manager
CFA (2017); BA (Business Management) (2006), University of Phoenix, U.S.

Chris is an associate institutional portfolio manager at RBC GAM responsible for partnering with the firm’s fixed income institutional portfolio managers to service client needs and provide specialist knowledge of U.S. fixed income strategies. Chris’ previous role within the organization was client service portfolio administrator. He then supported client services by producing client reports, responding to ad hoc requests for customized reports and collaborating across the organization to coordinate responses to client-generated requests for information for both equity and fixed income clients. Prior to joining RBC GAM in 2012, Chris held various positions at a large investment bank where he provided support for fixed income sales and trading, in addition to managing accounts and client service. Chris joined the investment industry in 2004.

Biographies
59 Amy Carlson
28 years of experience
Associate Institutional Portfolio Manager
Amy is an associate institutional portfolio manager on the Client Service Team at RBC GAM. She coordinates client service activities for many of the firm’s institutional fixed income clients. Amy’s responsibilities include collaborating with clients and portfolio managers to ensure that clients receive appropriate service and reporting. She also organizes meetings with clients and their portfolio managers. Before joining the Client Service Team, Amy worked as an analyst on RBC GAM’s Fixed Income Team. Prior to joining the firm in 1999, Amy worked as a debt management analyst in the corporate trust division of a large U.S. bank. Amy began working in the investment industry in 1994.

John Donohue
29 years of experience
Managing Director, Head, RBC Banking Channel & Liquidity Management MBA (1998), Assumption College; BA (1992), Saint Anselm College, U.S.

John is Head of RBC Banking Channel and Liquidity Management at RBC GAM in the U.S. He has spent his entire career in short duration fixed income investment, and held leadership roles within both portfolio management and distribution. He joined RBC GAM in 2015 from a Boston-based investment management firm, where he was the director and head of institutional cash management services. Prior to this, he held senior level positions at another American asset management company, where he was executive vice president, head of liquidity management. John is a member of the iMoneyNet Money Market Advisory Board and Conference Faculty. He is also a frequent presenter at industry conferences such as Association of Financial Professionals events, and global forums including the American Chamber of Commerce in Singapore. He has worked in the financial services industry since 1992.

Biographies
60 Sara Flour
27 years of experience
Director, Liquidity Management Sales
BA (Psychology) (1986), University of Pennsylvania, U.S.

Sara Flour is Director, Institutional Liquidity Sales for RBC GAM in the U.S. In that capacity, she builds relationships and brings liquidity management solutions to clients. Before joining RBC GAM in 2021, Sara was head of corporate treasury coverage specializing in liquidity and fixed income strategies at a German asset management company. She has worked in the investment industry since 1994. She is a Certified Treasury Professional with the Association for Financial Professionals and holds FINRA Series 7, 24, 63, and 79 licenses.

Lucy Diggs
2 years of experience
Analyst, Institutional Sales
BS (Economics and Communications) (2021), Boston College, U.S.

Lucy Diggs is an Institutional Sales Analyst on who support the Institutional Sales team to facilitate and drive business growth, primarily for our Liquidity Management strategies. Before joining RBC GAM full time in 2021, she was a Distribution Intern for the firm. She began her career in the financial industry in 2020.

Biographies
61 RBC US Short Duration: 1-3 Year Government
GIPS® Composite Report
The GIPS® Composite Report is incomplete without the full disclosures, continued on the next page n/a = not applicable, Std dev = Standard deviation
62 As at 12.31.2021
Annual returns
Annualized returns (%)
Year end
Composite
gross
return (%)
Composite
net return
(%)
Benchmark
return
(%)
Composite
3 yr std dev
(%)
Benchmark
3 yr std dev
(%)
Number of
portfolios
Internal
dispersion
(%)
Composite
assets
(millions)
Firm assets
(millions)
2021 -0.23 -0.48 -0.55 0.94 1.18 5 0.24 621.8 481,049.3 2020 3.15 2.89 3.09 0.93 1.20 5 0.20 575.5 424,813.8
2019 3.69 3.43 3.55 0.85 0.93 5 0.15 683.2 361,400.0
2018 1.78 1.52 1.60 0.80 0.84 5 0.08 737.6 305,983.2
2017 0.88 0.63 0.44 0.74 0.73 7 0.22 1,027.0 331,885.2
2016 1.10 0.85 0.89 0.77 0.75 12 0.06 1,250.8 289,538.6 2015 0.76 0.51 0.55 0.62 0.55 6 0.07 585.3 276,979.3
2014 0.94 0.69 0.62 0.53 0.42 7 0.05 537.5 302,064.4
2013 0.43 0.18 0.36 0.54 0.48 5 0.11 304.2 296,003.0
2012 1.31 1.20 0.51 0.72 0.70 6 0.07 320.2 279,416.3
Composite or benchmark QTD YTD 1 year 3 year 5 year 7 year 10 year Composite – Gross of fees -0.41 -0.23 -0.23 2.19 1.84 1.58 1.37 Composite – Net of fees -0.47 -0.48 -0.48 1.93 1.59 1.33 1.14 Benchmark -0.53 -0.55 -0.55 2.01 1.61 1.36 1.10
Composite name: RBC GAM U.S. Fixed Income - Short Duration 1-3 Year Government Inception date: January 1, 1998
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index Currency: USD
As at 12.31.2021
Description of the Firm: For the purposes of Global Investment Performance Standards (GIPS®), RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) operating under the following brands: RBC Global Asset Management (RBC GAM) in Canada, the U.S. (institutional), the U.K. and Hong Kong; PH&N Institutional; and BlueBay Asset Management (institutional). With offices around the world, RBC GAM offers a full range of global investment solutions in cash management and fixed income, equity, balanced, alternative, and specialty investment strategies through mutual funds, hedge funds, pooled funds and separately managed accounts. The RBC GAM group of companies has more than C$608 billion (US$481 billion) in assets under management as of December 31, 2021. RBC purchased Phillips, Hager & North Investment Management, including the assets of BonaVista Asset Management, on May 1, 2008, and BlueBay Asset Management on December 17, 2010. RBC GAM's lists of composite descriptions, limited distribution pooled fund descriptions and broad distribution pooled funds are available upon request.

Compliance Statement: RBC GAM claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. RBC GAM has been independently verified for the periods January 1, 2002 through December 31, 2020. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS® standards must establish policies and procedures for complying with all the applicable requirements of the GIPS® standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS® standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. The U.S. Fixed Income - Short Duration 1-3 Year Government composite has been examined for the periods January 1, 2003 - December 31, 2020. The verification and performance examination reports are available upon request.

Composite Description: The Short Duration 1-3 Year Government Composite consists of accounts that invest primarily in short duration taxable U.S. Treasury and Government Agency securities. Holdings may include government-guaranteed structured product and taxable municipals. Portfolios in the composite may employ the use of over the counter and exchange traded derivatives where investment guidelines allow, however, their use is not required. Derivatives contracts such as, but not limited to, U.S. Treasury bond futures, Eurodollar futures, interest rate futures, and interest rate swaps may be used for managing risk.

Benchmark: The benchmark for this composite is the ICE BofA 1-3 Year US Treasury & Agency Index, which is an unmanaged index which measures the performance of certain U.S. Government bonds with maturities of 1-3 years. Index returns are provided for comparison purposes to represent the investment environment existing during the time periods shown. An index is fully invested, includes the reinvestment of dividends and capital gains, but does not include any transaction costs, management fees, or other costs. Holdings of each separately managed account in a composite will differ from the index. An investor may not invest directly in an index.

Gross of Fees: Gross of fees performance returns are presented before management fees, but after all trading expenses. Returns are presented net of withholding taxes on dividends, interest income and capital gains where applicable.

Net of Fees: Net of fee performance is calculated using the maximum stated annual fee of 0.25% applied monthly. Prior to January 1, 2013 net of fee performance was calculated using actual fees.

Performance Calculations: Results are based on all fully discretionary accounts meeting the composite definition, including those accounts no longer with the firm. Returns are shown in U.S. Dollars, and include the reinvestment of all income. Additional information regarding policies for valuing investments, calculating performance, and creating GIPS® Reports is available upon request. Past performance is not indicative of future results.

Composite Dispersion: The composite dispersion of annual returns is indicated by the performance of individual accounts representing the equal weighted standard deviation of returns. Dispersion of returns is calculated for portfolios included in the composite for the full year. Calculations are based on gross portfolio returns if gross composite returns are presented. If only net composite returns are presented, then net portfolio returns are used in the composite dispersion calculation. 3-Year Standard Deviation: Periods with less than 3 years of data will show "n/a". Calculations are based on gross composite returns, if gross composite returns are presented. If only net composite returns are presented, then net composite returns are used in the calculation.

Derivatives, Leverage and Short Positions: Derivatives are never used for speculative purposes, however, they may represent a significant percentage of the portfolio when calculated using the notional amount. No portfolios in this composite utilize leverage or short positions, with the exception of the derivatives strategy described in the Composite Description.

Cash Flow Policy: As of April 1, 2015 the significant cash flow policy was removed from the composite. Prior to that date, composite policy required the temporary removal of any portfolio incurring a client-initiated significant cash inflow or outflow of at least 10% of portfolio assets. The temporary removal of such an account occurred at the beginning of the month in which the significant cash flow occurred and the account re-entered the composite the first full month of being fully invested.

Fee Schedule: 0.25% on first $25 million; 0.15% on next $25 million; 0.10% on next $50 million; 0.08% on assets exceeding $100 million. Advisory fees are described on this page and in Form ADV Part 2A. RBC GAM reserves the right to negotiate all advisory fees.

Minimum Account Size: There is no minimum account size for this composite.

Creation Date: This composite was created on January 1, 2008 and has an inception date of January 1, 1998.

Composite History: Prior to December 1, 2016 this composite was named Short Government. This composite was redefined on July 1, 2016 to include a broader range of accounts that invest primarily in short duration U.S. Government securities. The change was made because the more constrained accounts that had previously been excluded were determined to have risk and return profiles that were substantially similar to accounts included in the composite, and that their inclusion would more fully represent RBC GAM-US capabilities in this space.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. ®/™ Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc., 2021 RBC US Short Duration: 1-3 Year Government
GIPS® Composite Report
63 Composite name: RBC GAM U.S. Fixed Income - Short Duration 1-3 Year Government Inception date: January 1, 1998
Benchmark: ICE BofA 1-3 Year US Treasury & Agency Index Currency: USD
RBC US Short Duration: 1-3 Year Full Style
GIPS® Composite Report
The GIPS® Composite Report is incomplete without the full disclosures, continued on the next page n/a = not applicable, Std dev = Standard deviation, SI = Since inception 64 As at 12.31.2021
Annual returns
Annualized returns (%)
Year end
Composite
gross
return (%)
Composite
net return
(%)
Benchmark
return
(%)
Composite
3 yr std dev
(%)
Benchmark
3 yr std dev
(%)
Number of
portfolios
Internal
dispersion
(%)
Composite
assets
(millions)
Firm assets
(millions)
2021 0.27 0.02 -0.41 3.17 0.96 1 - 50.8 481,049.3
2020 3.75 3.49 3.35 3.15 0.95 1 - 72.3 424,813.8
2019 5.83 5.57 4.07 0.93 0.90 1 - 50.9 361,400.0
2018 1.44 1.18 1.63 0.84 0.80 1 - 26.2 305,983.2
2017 2.43 2.16 0.86 0.83 0.71 1 - 26.3 331,885.2
2016 2.63 2.32 1.29 0.90 0.73 1 - 17.4 289,538.6
2015 1.04 0.74 0.67 n/a n/a 2 0.25 382.9 276,979.3
2014 1.53 1.23 0.78 n/a n/a 1 - 371.3 302,064.4
Composite or benchmark QTD YTD 1 year 3 year 5 year 7 year SI Composite – Gross of fees -0.40 0.27 0.27 3.26 2.73 2.47 2.35 Composite – Net of fees -0.46 0.02 0.02 3.00 2.47 2.20 2.08 Benchmark -0.53 -0.41 -0.41 2.32 1.89 1.62 1.52
Composite name: RBC GAM U.S. Fixed Income - Short Duration 1-3 Year Full Style Inception date: January 1, 2014
Benchmark: ICE BofA 1-3 Year US Corporate & Government Index Currency: USD
As at 12.31.2021
Description of the Firm: For the purposes of Global Investment Performance Standards (GIPS®), RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) operating under the following brands: RBC Global Asset Management (RBC GAM) in Canada, the U.S. (institutional), the U.K. and Hong Kong; PH&N Institutional; and BlueBay Asset Management (institutional). With offices around the world, RBC GAM offers a full range of global investment solutions in cash management and fixed income, equity, balanced, alternative, and specialty investment strategies through mutual funds, hedge funds, pooled funds and separately managed accounts. The RBC GAM group of companies has more than C$608 billion (US$481 billion) in assets under management as of December 31, 2021. RBC purchased Phillips, Hager & North Investment Management, including the assets of BonaVista Asset Management, on May 1, 2008, and BlueBay Asset Management on December 17, 2010. RBC GAM's lists of composite descriptions, limited distribution pooled fund descriptions and broad distribution pooled funds are available upon request.

Compliance Statement: RBC GAM claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS® standards. RBC GAM has been independently verified for the periods January 1, 2002 through December 31, 2020. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS® standards must establish policies and procedures for complying with all the applicable requirements of the GIPS® standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS® standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report. The U.S. Fixed Income - Short Duration 1-3 Year Full Style composite has been examined for the periods January 1, 2014 - December 31, 2020. The verification and performance examination reports are available upon request.

Composite Description: The Short Duration 1-3 Year Full Style Composite consists of fully discretionary accounts invested primarily in fixed income securities. Portfolio duration is typically targeted between 1 and 3 years. Portfolios have the ability to invest across multiple fixed income sectors including government, corporate and structured product. Portfolios are able to invest across the ratings quality spectrum, including non-rated securities and those rated below-investment-grade. Portfolios in the composite may employ the use of over the counter and exchange traded derivatives where permitted by investment guidelines. Derivatives contracts such as, but not limited to, U.S. Treasury bond futures, Eurodollar futures, interest rate futures, and interest rate swaps may be used for managing risk.

Benchmark: The benchmark for this composite is the ICE BofA 1-3 Year US Corporate & Government Index, which is an unmanaged index that measures the performance of short duration, U.S. investment-grade fixed income securities. Index returns are provided for comparison purposes to represent the investment environment existing during the time periods shown. An index is fully invested, includes the reinvestment of dividends and capital gains, but does not include any transaction costs, management fees, or other costs. Holdings of each separately managed account in a composite will differ from the index. An investor may not invest directly in an index.

Gross of Fees: Gross of fees performance returns are presented before management fees, but after all trading expenses. Returns are presented net of withholding taxes on dividends, interest income and capital gains where applicable.

Net of Fees: Net of fee performance is calculated using the maximum stated annual fee of 0.25% applied monthly. Prior to April 1, 2017 net of fee performance was calculated using an annual fee of 0.30% applied monthly.

Performance Calculations: Results are based on all fully discretionary accounts meeting the composite definition, including those accounts no longer with the firm. Returns are shown in U.S. Dollars, and include the reinvestment of all income. Additional information regarding policies for valuing investments, calculating performance, and creating GIPS® Reports is available upon request. Past performance is not indicative of future results.

Composite Dispersion: The composite dispersion of annual returns is indicated by the performance of individual accounts representing the equal weighted standard deviation of returns. Dispersion of returns is calculated for portfolios included in the composite for the full year. Calculations are based on gross portfolio returns if gross composite returns are presented. If only net composite returns are presented, then net portfolio returns are used in the composite dispersion calculation. 3-Year Standard Deviation: Periods with less than 3 years of data will show "n/a". Calculations are based on gross composite returns, if gross composite returns are presented. If only net composite returns are presented, then net composite returns are used in the calculation.

Derivatives, Leverage and Short Positions: Derivatives are not used for speculative purposes, however, they may represent a significant percentage of the portfolio when calculated using the notional amount. No portfolios in this composite utilize leverage or short positions, with the exception of the derivatives strategy described in the Composite Description.

Cash Flow Policy: As of April 1, 2015 the significant cash flow policy was removed from the composite. Prior to that date, composite policy required the temporary removal of any portfolio incurring a client-initiated significant cash inflow or outflow of at least 10% of portfolio assets. The temporary removal of such an account occurred at the beginning of the month in which the significant cash flow occurred and the account re-entered the composite the first full month of being fully invested.

Fee Schedule: 0.25% on first $25 million; 0.15% on next $25 million; 0.10% on next $50 million; 0.08% on assets exceeding $100 million. Advisory fees are described on this page and in Form ADV Part 2A. RBC GAM reserves the right to negotiate all advisory fees.

Minimum Account Size: There is currently no minimum account size for inclusion in this composite.

Creation Date: This composite was created on January 1, 2014 and has an inception date of January 1, 2014.

Composite History: Prior to December 1, 2016 this composite was named Short Duration Full Style. This composite was redefined on July 1, 2016. An account previously included in the composite was advised by an affiliate within our GIPS® firm, who had control over the amount allocated to high yield. All accounts included in the strategy historically had risk and return profiles substantially similar to each other, but the composite was revised to increase the minimum allowable allocation to high yield and to require that RBC GAM-US has discretion over the percentage of high yield assets to ensure that the strategy reflects the views of our portfolio management team going forward.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein. ®/™ Trademark(s) of Royal Bank of Canada. Used under license. © RBC Global Asset Management Inc., 2021 RBC US Short Duration: 1-3 Year Full Style
GIPS® Composite Report
65 Composite name: RBC GAM U.S. Fixed Income - Short Duration 1-3 Year Full Style Inception date: January 1, 2014
Benchmark: ICE BofA 1-3 Year US Corporate & Government Index Currency: USD
RBC US Short Duration: 1-3 Year High Quality
GIPS® Composite Report
The GIPS® Composite Report is incomplete without the full disclosures, continued on the next page n/a = not applicable, Std dev = Standard deviation
66 As at 12.31.2021
Annual returns
Annualized returns (%)
Year end
Composite
gross
return (%)
Composite
net return
(%)
Benchmark
return
(%)
Composite
3 yr std dev
(%)
Benchmark
3 yr std dev
(%)
Number of
portfolios
Internal
dispersion
(%)
Composite
assets
(millions)
Firm assets
(millions)
2021 -0.16 -0.41 -0.49 1.08 1.02 4 0.11 195.5 481,049.3 2020 3.72 3.46 3.24 1.04 1.02 4 0.41 141.8 424,813.8
2019 4.28 4.02 3.83 0.84 0.91 4 0.14 163.0 361,400.0
2018 1.74 1.48 1.63 0.75 0.82 4 0.04 152.7 305,983.2
2017 1.20 0.93 0.70 0.72 0.72 4 0.15 148.8 331,885.2
2016 1.30 0.99 1.07 0.77 0.74 3 0.16 142.3 289,538.6
2015 0.91 0.61 0.66 0.75 0.57 4 0.06 167.5 276,979.3
2014 1.21 0.91 0.72 0.71 0.48 4 0.20 304.3 302,064.4
2013 0.53 0.23 0.71 0.73 0.54 5 0.02 358.7 296,003.0
2012 1.80 1.67 1.48 0.81 0.71 4 0.15 245.3 279,416.3
Composite or benchmark QTD YTD 1 year 3 year 5 year 7 year 10 year Composite – Gross of fees -0.44 -0.16 -0.16 2.59 2.14 1.84 1.64 Composite – Net of fees -0.51 -0.41 -0.41 2.34 1.88 1.57 1.38 Benchmark -0.54 -0.49 -0.49 2.17 1.77 1.51 1.35
Composite name: RBC GAM U.S. Fixed Income - Short Duration 1-3 Year High Quality Inception date: July 1, 1989
Benchmark: ICE BofA 1-3 Year AAA-A US Corporate & Government Index Currency: USD
As at 12.31.2021
Description of the Firm: For the purposes of Global Investment Performance Standards (GIPS®), RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) operating under the following brands: RBC Global Asset Management (RBC GAM) in Canada, the U.S. (institutional), the U.K. and Hong Kong; PH&N Institutional; and BlueBay Asset Management (institutional). With offices around the world, RBC GAM offers a full range of global investment solutions in cash management and fixed income, equity, balanced, alternative, and specialty investment strategies through mutual funds, hedge funds, pooled funds and separately managed accounts. The RBC GAM group of companies has more than C$608 billion (US$481 billion) in assets under management as of December 31, 2021. RBC purchased Phillips, Hager & North Investment Management, including the assets of BonaVista Asset Management, on May 1, 2008, and BlueBay Asset Management on December 17, 2010. RBC GAM's lists of composite descriptions, limited distribution pooled fund descriptions and broad distribution pooled funds are available upon request.