I. Firm Overview RBC Global Asset Management (U.S.) Inc. (“RBC GAM-US” or “the Adviser”) was formed in 1983 and is registered as an Investment Adviser with the U.S. Securities and Exchange Commission (“SEC”), pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). RBC GAM-US is also a member of the National Futures Association (“NFA”) and registered as a Commodity Trading Advisor (“CTA”) with the Commodity Futures Trading Commission (“CFTC”), pursuant to the Commodity Exchange Act (“CEA”). The firm 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”), RBC Global Asset Management (Asia) Limited (“RBC GAM- Asia”) and RBC Indigo Asset Management Inc. 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 are considering 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 (“Private Funds”) and CLOs (together with Mutual Funds collectively “Pooled Investment Vehicles”)
• Wrap fee programs (“Wrap Fee Accounts”)
• Model Portfolios (each an “Advisory Account”). In some cases, RBC GAM-US utilizes non-U.S. advisory affiliates, or such affiliates’ personnel, to perform services through various intercompany arrangements,

including sub-advisory relationships, personnel sharing and “participating affiliate” arrangements. In participating affiliate arrangements, certain personnel of certain of our non-U.S. advisory affiliates act as “associated persons” in providing such services pursuant to a memorandum of understanding between RBC GAM-US and such non- U.S. advisory affiliate, and in that capacity are subject to our supervision and oversight. We, each participating affiliate, and any such personnel, 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 can, 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 personnel under a participating affiliate arrangement 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 can also engage affiliated or unaffiliated sub- advisers to provide advisory services to a Pooled Investment Vehicle. Additionally, RBC GAM-US provides investment advisory services as an adviser, sub-adviser or Model Portfolio Provider for investment companies, Wrap Fee Accounts and Model Portfolio programs offered by other investment managers or sponsors. A. Separate Accounts RBC GAM-US provides investment management solutions to clients in the form of Separate Accounts. Fees and services for each arrangement are individually negotiated. Some Separate Account clients choose to impose restrictions on investing in certain securities or types of securities. Any such restrictions are specified in the client’s written 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 (as discussed in Item 13, below). The fees and services for Separate Account advisory services arrangements are generally based upon a percentage of assets under management. For additional information on fees, refer to