RBC Balanced Fund

Investment objective Performance analysis for Series A as of December 31, 2023

To provide a combination of capital growth and Growth of $10,000 Series A $15,865
modest income by investing primarily in a 18
balance of Canadian equities, bonds and short- 17
term debt securities. 16
15
14
Fund details
13
Load Fund 12
Series Currency
structure code 11
A No load CAD RBF272 10
T5 No load CAD RBF536 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
T8 No load CAD RBF596
Calendar returns %
Inception date December 1987 15
Total fund assets $MM 4,511.0 10
Series A NAV $ 15.18 5
Series A MER % 2.10 0
-5
Income distribution Quarterly
Capital gains distribution Annually -10

Sales status Open -15

Minimum investment $ 500
Subsequent investment $ 25 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD
Risk rating Low to Medium
Fund category Canadian Neutral 8.8 0.8 7.0 7.0 -4.8 13.2 8.5 11.3 -10.9 8.9 8.9 Fund
Balanced
2nd 2nd 3rd 2nd 3rd 2nd 1st 3rd 4th 2nd 2nd Quartile

Benchmark
35% FTSE Canada All Gov't Bond Index 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since incep. Trailing return %
34% S&P/TSX Capped Composite Total
3.2 7.5 4.1 8.9 2.6 5.8 4.7 6.1 Fund
Return Index
13% S&P 500 Total Return Index (CAD) 3rd 2nd 3rd 2nd 4th 3rd 3rd — Quartile
9% MSCI EAFE Total Return Net Index 405 403 403 393 356 333 259 — # of funds in category
(CAD)
5% FTSE Canada All Corporate Bond Portfolio analysis as of December 31, 2023
Index
4% MSCI EM Total Return Net Index Asset mix % Assets
(CAD) ● Cash 1.3
● Fixed income 36.3
● Canadian equities 34.3
● U.S. equities 12.2
● European equities 6.6
● Asia-Pacific equities 2.9
● Emerging markets equities 3.8
● Real estate 2.6

Equity style Equity characteristics

Weight % Dividend yield (%) 2.6

Large 24 30 28 Price to earnings ratio (forward) 14.7
> 50 Price to book ratio 2.1
25-50 Weighted average market 248.9
Mid 3 7 5
capitalization ($Bn)
10-25
Small 1 1 0
0-10

Value Blend Growth

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 RBC Balanced Fund

Portfolio analysis continued as of December 31, 2023

Top 25 holdings % Assets Equity sector allocation % Fixed income characteristics

RBC Emerging Markets Equity Fund - Series 3.3 Financials 25.6 Current yield (%) 3.4
O Industrials 13.6 Yield to maturity (%) 4.1
Royal Bank of Canada 2.1 Duration (years) 7.6
Information Technology 13.4
RBC Canadian Core Real Estate Fund - 2.0 Average term to maturity (years) 10.6
Energy 11.3
Series N
Materials 7.4 Average credit rating AA
Toronto-Dominion Bank 1.7
Province of Ontario 3.750% Jun 02, 2032 1.4 Consumer Discretionary 6.8
Consumer Staples 6.3
Shopify Inc 1.3 Health Care 6.1
Canadian Natural Resources Ltd 1.2 Communication Services 4.3
Bank of Montreal 1.1 Utilities 2.9 Fixed income breakdown %
Canadian Pacific Kansas City Ltd 1.1 Real Estate 2.3 Government Bonds 66.4
Brookfield Corp 1.1 Unclassified 0.0 Corporate Bonds 33.6
Other Bonds 0.0
RBC U.S. Mid-Cap Growth Equity Fund - 1.0
Series O Securitized Debt 0.0
The S&P/TSX 60 Index Future, Mar 2024 1.0 ST Investments (Cash & Other) 0.0
Enbridge Inc 1.0 Direct Mortgages 0.0
Canadian Government Bond 2.000% Dec 01, 1.0
2051
Canadian National Railway Co 1.0

RBC Canadian Small & Mid-Cap Resources 0.9 Distributions

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Fund - Series O ($)/unit*
Province of Ontario 1.900% Dec 02, 2051 0.9 Interest — 0.00 0.01 0.00 0.00 0.00 — — — — —
Province of Ontario 3.450% Jun 02, 2045 0.8 Canadian dividends — 0.13 0.01 0.14 0.13 0.06 0.03 0.11 0.12 0.06 —
Province of Ontario 1.750% Sep 08, 2025 0.8 Foreign dividends — 0.01 — 0.02 0.03 — — — 0.01 — —
Hydro-Quebec 6.500% Feb 15, 2035 0.8 Foreign taxes paid — 0.00 — 0.00 0.00 — — — 0.00 — —
Alimentation Couche-Tard Inc 0.8 Capital gains — 0.21 0.87 0.11 0.09 0.39 0.52 0.12 0.27 0.50 —
Microsoft Corp 0.8 Return of capital — 0.00 0.00 — — — — — — — —
Apple Inc 0.7 Total distributions 0.17 0.35 0.89 0.27 0.25 0.44 0.56 0.23 0.39 0.57 —
Province of Ontario 5.600% Jun 02, 2035 0.7
*Income type characterization and foreign taxes paid for the previous year, are reported at or around
Manulife Financial Corp 0.7 January month-end. Distributions reported are for the same series as the performance analysis. For
distributions on other series please visit rbcgam.com/funds.
Total % of top 25 holdings 29.0
Manager bios
Stu Kedwell, RBC Global Asset Management Inc.
Stu is Managing Director, Senior Portfolio Manager & Co-Head of the North American Equity Team at RBC
GAM. He is also a member of the RBC Investment Policy Committee, the Executive Committee, and the
RBC Investment Strategy Committee, which is responsible for establishing the firm-wide global asset mix for
mutual funds and for institutional and high net worth private clients. Stu joined the firm in 2002 and he is a
CFA charterholder.

Dagmara Fijalkowski, RBC Global Asset Management Inc.

Dagmara is Managing Director, Senior Portfolio Manager & Head of Global Fixed Income & Currencies at
RBC GAM. She leads investment teams in Toronto, London, and Vancouver in charge of over $200 billion in
fixed income assets. Dagmara, who began her investment career in 1994, holds an MBA from the Richard
Ivey School of Business, a Master’s degree in economics from the University of Lodz in Poland, and is a
CFA charterholder.

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Disclosure

RBC Funds, RBC Private Pools, RBC Alternative Funds and PH&N Funds are offered by RBC Global Asset Management Inc. (RBC GAM) and
distributed through authorized dealers.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the
prospectus or Fund Facts document before investing. Except as otherwise noted, the indicated rates of return are the historical annual compounded
total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or
optional charges or income taxes payable by any unitholder that would have reduced returns. The rates of return for periods of less than one year are
simple rates of return. Mutual funds are not guaranteed or covered by the Canadian Deposit Insurance Corporation or by any other government
deposit insurer. For funds other than money market funds, unit values 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.

The fund profile is provided for informational purposes only. Particular investments and/or trading strategies should be evaluated relative to each
individual’s investment objectives. The information contained in the fund profile is not, and should not be construed as, investment or tax advice. You
should not act or rely on the information contained in the fund profile without seeking the advice of an appropriate professional advisor.

This document has been compiled by RBC GAM from sources believed to be reliable, but no representations or warranty, express or implied, are
made by RBC GAM, its affiliates or any other person as to its accuracy, completeness or correctness. All opinions and estimates constitute RBC
GAM's judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility.

Graphs are only used to illustrate the effects of the compound growth rate and do not reflect future values of any fund or returns on investment of any
fund. Growth of $10K chart shown represents a hypothetical investment of the Fund over the last 10 years, or from the last day of the since inception
month for funds with less than 10 years performance history. The chart assumes reinvestment of all distributions and is net of fees.

MER (%) for RBC Funds, PH&N Funds and BlueBay Funds is based on actual expenses for the preceding calendar year or most recent half-year
period ended June 30 expressed on an annualized basis, depending on availability of data at the time of publication. Net asset figures include all
series of a fund. Fund category is determined by the Canadian Investment Funds Standards Committee (CIFSC).

Quartile rankings and equity style box information are determined by Morningstar Research Inc., an independent research firm. Quartile rankings are
comparisons of the performance of a fund to other funds in the applicable Fund category and are subject to change monthly. The quartiles divide the
data into four equal segments expressed in terms of rank (1, 2, 3 or 4). The Morningstar Equity Style BoxTM is a nine-square grid that illustrates the
investment style of a security. Morningstar information contained herein is proprietary to Morningstar and is not warranted to be accurate, complete or
timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. © 2024
Morningstar Research Inc.

The information reported in Portfolio Analysis is subject to change and is based on data available to RBC GAM as of the date of this report. Portfolio
characteristics are gross of fees. Equity and fixed income characteristics for balanced funds/portfolio solutions are reported based on the respective
equity or fixed income portion of the portfolio.

Series H and Series I units are not available for purchase by new investors. Existing investors who hold Series H or Series I units can continue to
make additional investments into the same series of the funds they hold.

RBC GAM is the asset management division of Royal Bank of Canada (RBC) which includes RBC Global Asset Management 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. © RBC Global Asset Management Inc. 2024

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