RBC BlueBay Core Plus Bd Fd USD Class I (RCPIX) Exchange: NMFQS

The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in fixed income securities. The fixed income securities in which the Fund may invest include, but are not limited to, bonds, municipal securities, mortgage-related and asset-backed securities (including Collateralized Mortgage Obligations (“CMOs”)), and obligations of U.S. and foreign governments (and supranational organizations) and their agencies. The Fund may invest in securities with fixed, floating or variable rates of interest. The Fund may invest up to 20% of its net assets in securities that are non‑investment grade (high yield/junk bond). The Fund will be managed relative to the Bloomberg US Aggregate Bond Index as the Fund’s duration will be managed relative to the Index. The weighted average effective duration of the Bloomberg U.S. Aggregate Bond Index was 6.29 years as of September 30, 2021. The Fund typically seeks to maintain a duration of +/- 2 years versus benchmark. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities relative to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The Fund’s investment strategy is referred to as “Core Plus” because the Advisor has the ability to add high yield securities and other securities to a core portfolio of investment grade fixed income securities that are generally representative of the Bloomberg US Aggregate Bond Index.  The Fund may invest in securities of both U.S. and foreign issuers. The Fund will normally invest in a portfolio of fixed income securities denominated in U.S. Dollars but may invest in securities denominated in currencies of other countries.  In addition, the Fund may invest its assets in derivatives, which are instruments that have a value derived from or directly linked to an underlying asset, such as equity securities, bonds, commodities, currencies, interest rates, or market indices. In particular, the Fund may use exchange-traded options, bond futures, interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities) and currency futures for portfolio positioning and risk management purposes. The Fund’s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the Fund’s direct investments.  The Advisor is primarily responsible for managing the Fund’s assets. The Advisor uses a bottom‑up, fundamental process combined with top‑down risk management tools designed to meet the Fund’s investment objective. The Advisor uses detailed credit analysis to identify investment opportunities while simultaneously seeking to minimize principal losses.  The Advisor incorporates environmental, social and governance (“ESG”) factors as part of the investment process to identify and invest in issuers that have appropriate oversight and management of material ESG factors.  ESG Integration is defined by the Advisor as the systematic and explicit inclusion of material ESG factors into investment analysis and investment decisions by the Advisor. ESG factors are used as part of the investment analysis of corporate issuers and inform the Advisor’s portfolio construction decisions. In addition to applying ESG Exclusion / Negative Screening (as defined below), the Fund also uses the outcomes of the Advisor’s evaluation to further exclude issuers based on ESG criteria. Issuers deemed to have “very high” ESG risks by the Advisor are restricted from investment.  ESG Exclusion / Negative Screening is defined as the exclusion of certain sectors, issuers or practices based on specific ESG considerations determined by the Advisor, including product-based and conduct-based restrictions. Product-based restrictions exclude issuers and sectors to avoid investments that may contribute to the production or distribution of certain goods associated with significant environmental and societal risks. Conduct-based restrictions exclude issuers who do not adequately address ethical, environmental, and societal risk in their operations.  The ESG Exclusion / Negative Screening applied by the Fund’s Advisor includes:  •  Non-compliance with the UN Global Compact Principles;   •  Producers of controversial weapons, including, but not limited to, cluster munitions, anti-personnel mines, chemical and biological weapons and depleted uranium;   •  Tobacco producers; and   •  Certain thresholds of involvement in thermal coal mining and power generation.  ESG Engagement is defined by the Advisor as the interactions between the Advisor and current or potential investees (which may be companies and/or other stakeholders of relevance to the investees on ESG issues). ESG Engagements are undertaken to gain insight and/or influence (or identify the need to influence) involving ESG practices and/or improve ESG disclosure, to the extent possible.  All fixed income securities held are subject to the Advisor’s ESG evaluation. The Advisor’s ESG evaluation is part of its wider credit analysis of any issuer held by the Fund. The Advisor uses proprietary in-house ESG research supplemented by external third-party ESG information providers to source information for the implementation of their ESG framework.