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Decline

Total Fund Assets as of June 30, 2023

Fund Name	Benchmark	Inception Date	($ millions)
Cash Management Solutions
PH&N Canadian Money Market Fund	FTSE Canada 30 Day T-Bill Index	Jul '86	3,220.39
PH&N Institutional S.T.I.F.	FTSE Canada 91 Day TBill Index	Jan '97	656.99
Fixed Income Solutions
Broad Market Funds
PH&N Short Term Bond & Mortgage Fund	FTSE Canada Short Term Overall Bond Index	Dec '93	8,216.37
PH&N Short Core Plus Bond Fund	FTSE Canada Short Term Overall Bond Index	Aug '20	2,026.55
PH&N Bond Fund	FTSE Canada Universe Bond Index	Dec '70	8,505.04
PH&N Total Return Bond Fund	FTSE Canada Universe Bond Index	Jul '00	10,800.84
PH&N Enhanced Total Return Bond Fund	FTSE Canada Universe Bond Index	Mar '08	4,078.99
PH&N Core Plus Bond Fund	FTSE Canada Universe Bond Index	Jun '13	10,871.59
PH&N Enhanced Long Bond Pension Trust	FTSE Canada Long Term Overall Bond Index	Aug '14	2,441.11
PH&N Long Core Plus Bond Fund	FTSE Canada Long Term Overall Bond Index	Jul '15	3,558.46
Specialty Funds
PH&N Infrastructure Debt Fund	No formal benchmark	Nov '11	180.37
PH&N Corporate Bond Trust	FTSE Canada All Corporate Bond Index	Jun '11	544.73
PH&N Long Corporate Bond Trust	FTSE Canada Long Corporate Bond Index	Jun '13	1,498.22
PH&N High Yield Bond Fund¹	FTSE Canada Universe Bond Index	Jul '00	9,687.55
RBC High Yield Bond Fund	FTSE Canada Universe Bond Index	Sep '10	2,374.78
PH&N 20+ Strip Fund	FTSE Canada 20+ Strip Bond Index	Jun '13	81.54
BlueBay $U.S. Global High Yield Bond Fund (Canada)	No formal benchmark	Jan '21	433.15
PH&N Multi-Strategy Credit Fund	50% Bloomberg Barclays Global Aggregate Corporate Index (CAD Hedged), 50% FTSE Canada Short Corporate Bond Index	Oct '21	44.02
BlueBay Total Return Credit Fund (Canada)	FTSE Canada 91 Day T-Bill Index	May '21	431.93
RBC Emerging Markets Foreign Exchange Fund	JP Morgan ELMI+ Total Return Index	Nov '14	990.68
PH&N Private Placement Corporate Debt Fund	FTSE Canada Universe Bond Index	Jul '16	1,638.40
PH&N Enhanced Long Government Bond Fund	No formal benchmark	Jul '13	326.99
PH&N Long Private Placement Corporate Debt Fund	FTSE Canada Long Term Corporate Bond Index	Oct '23	-
Component Funds for Customized Portfolios
PH&N PRisM - Short	No formal benchmark	Apr '05	1,281.68
PH&N PRisM - Mid	No formal benchmark	Apr '05	869.23
PH&N PRisM - Long	No formal benchmark	Apr '05	1,051.62
PH&N PRisM Levered Government Bond Fund	No formal benchmark	Jan '17	410.96
PH&N Enhanced PRisM - Long	No formal benchmark	Apr '11	754.87
PH&N Enhanced Long Government Bond Fund	No formal benchmark	Jul '13	326.99
PH&N Investment Grade Corporate Bond Trust	No formal benchmark⁴	Dec '98	5,794.76
PH&N Long Investment Grade Corporate Bond Trust	No formal benchmark⁴	Jul '05	5,366.88
PH&N Municipal Plus Bond Fund	No formal benchmark	Nov '17	660.05
PH&N Long Municipal Plus Bond Fund	No formal benchmark	Nov '17	649.33
PH&N PRisM Long Corporate Bond Trust	FTSE Canada Long Term Corporate Bond Index	Jun '18	58.70
Equities Solutions
Canadian Equity Funds
PH&N Canadian Equity Value Fund	S&P/TSX Capped Composite Index	Dec '09	2,466.26
PH&N Canadian Equity Fund (or PH&N Canadian Equity Pension Trust $509.5 million)	S&P/TSX Capped Composite Index	Jun '71	1,493.85
RBC QUBE Canadian Equity Fund	S&P/TSX Capped Composite Index	Jun '13	1,999.38
PH&N Dividend Income Fund	S&P/TSX Capped Composite Index ⁵	Jun '77	3,046.99
PH&N Canadian Equity Plus Pension Trust	S&P/TSX Capped Composite Index	Feb '67	89.52
U.S. Equity Funds
PH&N U.S. Equity Fund	S&P 500 Index (C$)	Sep '64	2,381.27
PH&N Currency-Hedged U.S. Equity Fund	S&P 500 Index (CAD Hedged)	Jun '06	98.76
RBC QUBE U.S. Equity Fund	S&P 500 Index (C$)	Jun '13	6,698.85
RBC U.S. Mid-Cap Growth Equity Fund	Russell Midcap Growth Index C$	Sep '06	1,836.52
RBC U.S. Mid-Cap Value Equity Fund	Russell Midcap Value Index C$	Jan '12	1,068.05
RBC U.S. Small-Cap Core Equity Fund	Russell 2000 Index C$	Jan '12	248.94
RBC U.S. Small-Cap Value Equity Fund	Russell 2000 Value Index C$	Sep '15	66.14
International Equity Funds
PH&N Overseas Equity Fund ¹	MSCI EAFE Index (C$)	Dec '00	1,932.02
PH&N Currency-Hedged Overseas Equity Fund ¹	MSCI EAFE Index (100% Hedged to CAD)	Jun '06	142.49
Global Equity Funds
PH&N Global Equity Fund ¹	MSCI World Net Index (C$)	Dec '00	1,766.12
RBC Global Equity Focus Fund ¹	MSCI World Net Index (C$)	Apr '14	7,550.81
RBC Global Equity Focus Pension Trust ¹	MSCI World Total Return Net Index (C$)	May '21	2,132.67
RBC Global Equity Leaders Fund	MSCI World Net Index Total Return (C$)	May '21	1,966.21
RBC QUBE Global Equity Fund	MSCI World Net Index (C$)	Jun '13	1,353.45
Emerging Markets Funds
RBC Emerging Markets Equity Fund ¹	MSCI Emerging Markets Net Index (C$)	Dec '09	6,847.27
RBC Emerging Markets Equity Focus Fund	MSCI Emerging Markets Net Index (C$)	Oct '19	1,615.14
RBC Emerging Markets Dividend Fund	MSCI Emerging Markets Net Index (C$)	Jun '13	1,481.80
RBC Emerging Markets Small-Cap Equity Fund	MSCI Emerging Markets Small Cap (Net) Total Return Index (C$)	Jun '13	795.24
Objective-Oriented Funds
PH&N Conservative Equity Income Fund	S&P/TSX Composite High Dividend Index	Jun '15	2,274.59
RBC QUBE Low Volatility Canadian Equity Fund	Sharpe Ratio of the	Nov '12	2,895.59
RBC QUBE Low Volatility U.S. Equity Fund	Sharpe Ratio of the S&P 1500 Total Return Index (C$)	Nov '12	1,703.73
RBC QUBE Low Volatility Global Equity Fund	Sharpe Ratio of the MSCI World Net Total Return Index (C$)	Jan '13	2,107.91
RBC QUBE Low Volatility All Country World Equity Fund	Sharpe Ratio of the MSCI All Country World Net Index (C$)	Apr '14	88.95
Multi-Asset Class/Target Date Solutions
PH&N Conservative Pension Trust	FTSE Canada 30 Day T-Bill Index (1%) FTSE Canada Universe Bond Index (59%) 13% S&P/TSX Capped Composite Total Return Index (13%) MSCI World Total Return Net Index (CAD) (24%) MSCI Emerging Markets Total Return Net Index (CAD) (3%)	Jul '19	0.59
PH&N Balanced Pension Trust	FTSE Canada 30 Day T-Bill Index (1%) FTSE Canada Universe Bond Index (39%) S&P/TSX Capped Composite Total Return Index (20%) MSCI World Total Return Net Index (CAD) (36%) MSCI Emerging Markets Total Return Net Index (CAD) (4%)	Jul '01	1,957.52
PH&N Growth Pension Trust	FTSE Canada 30 Day T-Bill Index (1%) FTSE Canada Universe Bond Index (24%) S&P/TSX Capped Composite Total Return Index (25%) MSCI World Total Return Net Index (CAD) (45%) MSCI Emerging Markets Total Return Net Index (CAD) (5%)	Jul '19	1.52
PH&N PRisM Balanced Fund	FTSE Canada 30 Day T-Bill Index	Jun '07	2,124.48
PH&N LifeTime 2015 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jan '11	5.67
PH&N LifeTime 2020 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jan '11	28.73
PH&N LifeTime 2025 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jan '11	88.08
PH&N LifeTime 2030 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jan '11	121.35
PH&N LifeTime 2035 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jan '11	155.83
PH&N LifeTime 2040 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jan '11	176.33
PH&N LifeTime 2045 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jan '11	301.15
PH&N LifeTime 2050 Fund	PH&N LifeTime Fund Proprietary Glidepath	Aug '14	261.82
PH&N LifeTime 2055 Fund	PH&N LifeTime Fund Proprietary Glidepath	Oct '18	129.86
PH&N LifeTime 2060 Fund	PH&N LifeTime Fund Proprietary Glidepath	Jul '20	32.95
RBC Vision™ Funds
RBC Vision Bond Fund	FTSE Canada Universe Bond Index	Sep '02	448.72
RBC Vision Fossil Fuel Free Bond Fund	FTSE Canada Universe Bond Index	Jan '21	272.49
RBC Vision Fossil Fuel Free Short Term Bond Fund	FTSE Canada Short Term Overall Bond Index	Jan '21	356.18
RBC Vision Canadian Equity Fund	S&P/TSX Capped Composite Index	Jul '07	474.52
RBC Vision Fossil Fuel Free Emerging Markets Equity Fund	MSCI Emerging Markets Total Return Net Index (CAD)	Jan '22	109.36
RBC Vision QUBE Fossil Fuel Free Low Volatility Canadian Equity Fund	Sharpe ratio of the S&P/TSX Capped Composite Total Return Index	Apr '20	154.43
RBC Vision Global Equity Fund	MSCI World Net Index (C$)	Jul '07	1,309.33
RBC Vision Fossil Fuel Free Global Equity Fund	MSCI All Country World Index (C$)	Nov '16	858.80
RBC Vision Balanced Fund	S&P/TSX Capped Composite Index (30%), MSCI World Net Index (C$) (30%), FTSE Canada Universe Bond Index (38%), FTSE Canada 30 Day T-Bill Index (2%)	Jul '07	1,049.93
RBC Vision Fossil Fuel Free Balanced Fund	2% FTSE Canada 30 Day T-Bill Index, 9% FTSE Canada Short Term Overall Bond Index, 29% FTSE Canada Universe Bond Index, 53% MSCI World Total Return (Net) Index (CAD), 7% MSCI Emerging Markets Total Return (Net) Index (CAD)	Jan '21	121.95
RBC Vision Future Solutions Bond Fund	FTSE Canada Universe Bond Index	Jul '22	8.77
Alternatives
Direct Lending Fund I ²	No formal benchmark	2012	955.00
Direct Lending Fund II ²	No formal benchmark	2015	2,400.00
Direct Lending Fund III ²	No formal benchmark	2019	6,000.00
Senior Loan Fund ²	No formal benchmark	2016	3,400.00
Senior Loan Fund II ²	No formal benchmark	2020	5,000.00
PH&N Mortgage Pension Trust	FTSE Canada Short Term Overall Bond Index	Nov '01	5,069.04
PH&N Conventional Plus Mortgage Fund ³	FTSE Canada Short Term Overall Bond Index	Mar '19	183.72
PH&N High Yield Mortgage Fund	FTSE Canada Short Term Overall Bond Index	Jun '15	485.13
PH&N Long Mortgage Pension Trust	No formal benchmark	Jul '05	1,334.67
RBC Commercial Mortgage Fund	FTSE Canada Short Term Overall Bond Index	Jun '22	436.80
RBC Canadian Core Real Estate Fund	Canadian CPI (non-seasonally adjusted) 1-month lag plus 4%	Oct '19	3,823.40
RBC QUBE Market Neutral Canadian Equity Fund	FTSE Canada 91 Day T-Bill Index	Nov '11	-
RBC QUBE Market Neutral World Equity Fund (CAD) Hedged	FTSE Canada 91 Day T-Bill Index	Aug '15	17.09
RBC QUBE Market Neutral World Equity Fund - $US	Citigroup 3 Month U.S. T-Bill Index (US$)	Aug '15	31.62
RBC Multi-Strategy Alpha Fund	FTSE Canada 91 Day T-Bill Index	Sep '13	203.99
RBC Global Infrastructure Fund LP	Canadian CPI (non-seasonally adjusted) 1-month lag plus 4%	Apr '23	678.79

¹This fund is hard-closed

²This fund is soft-closed

³ Managed by Arcmont Asset Management Limited (previously by BlueBay Asset Management LLP). Direct lending funds’ inception dates reflect the fund vintage year and total fund assets reflect committed capital at date of final close in Euros.

⁴Committed capital

⁵Previously named PH&N Strategic Mortgage Fund

⁶There is no benchmark as the Fund will not be managed on a ‘stand-alone’ basis.

⁷The benchmark for the fund is 2/3 S&P/TSX Dividend Index + 1/3 S&P/TSX Dividend Index (excluding Energy & Materials, but including Oil & Gas Refining & Marketing and Oil & Gas Storage & Transportation sub-industries). The S&P/TSX Capped Composite Total Return Index is used for performance comparisons, however, the fund is managed relative to the benchmark. There are differences which include security holdings and sector allocation that impact comparability. As a result, the fund may experience periods when its performance differs materially from the index.

^**There are differences which include security holdings and sector allocation that impact comparability. As a result, the fund may experience periods when its performance differs materially from the index.

This material is intended for qualified investors only.

This material has been provided by PH&N Institutional for information purposes only and may not be reproduced, distributed or published without the written consent of PH&N Institutional. It is not intended to provide professional advice and should not be relied upon in that regard.

PH&N Institutional takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when produced. This information is not intended to be an offer or solicitation to buy or sell securities or to participate in or subscribe for any service. No securities are being offered, except pursuant and subject to the respective offering documents and subscription materials, which may be provided to qualified investors only, and not to any other category of investor. This material is for general information only and is not, nor does it purport to be, a complete description of an investment in any Phillips, Hager & North (PH&N), BlueBay, or RBC investment fund. If there is an inconsistency between this material and the respective offering documents, the provisions of the respective offering documents shall prevail.

Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by PH&N Institutional, its affiliates or any other person as to its accuracy, completeness or correctness. We assume no responsibility for any errors or omissions in such information.

Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Alternative funds: (i) may engage in leverage and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide periodic pricing or valuation information to investors; and (iv) are not subject to the same regulatory requirements as prospectus-offered mutual funds. In assessing the suitability of these investments, investors should carefully consider their personal circumstances including time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the funds mentioned in this material are a suitable investment for them.

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the fund’s offering documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The unit values of non-money market funds change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.

PH&N Institutional is the institutional business division of RBC Global Asset Management Inc. (RBC GAM Inc.), an indirect, wholly-owned subsidiary of Royal Bank of Canada. RBC GAM Inc. is the manager and principal portfolio adviser of the PH&N, BlueBay and RBC investment funds.

RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) which includes RBC GAM Inc., RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, and RBC Global Asset Management (Asia) Limited, which are separate, but affiliated subsidiaries of RBC.

®/™ Trademark(s) of Royal Bank of Canada. Used under licence.

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