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Printed on October 20, 2010

RBC U.S. Index Fund


Fund Category Morningstar Rating™
US Equity QQQ

Investment Objective Portfolio Analysis as of September 30, 2010


The portfolio is managed with the objective of providing Asset Mix % Assets Top 25 Holdings % Assets
returns similar to the benchmark. The fund will invest Cash 0.2 ExxonMobil Corporation 3.0
primarily in the same securities and in the same Fixed Income 0.0 Apple, Inc. 2.5
proportions as the benchmark index. The benchmark is Canadian Equity 0.0 Microsoft Corporation 1.8
Standard & Poor's 500 (S&P 500) Total Return Index US Equity 99.8 General Electric Company 1.7
(CDN$). International Equity 0.0 Johnson & Johnson 1.7
Other 0.0 Procter & Gamble Company 1.7
Fund Details AT&T, Inc. 1.6
Series Load Structure Currency Fund Code International Business Machines Corp 1.6
Equity Style Equity Statistics
A No Load CAD RBF557 Chevron Corporation 1.6
P/B Ratio 2.0 J.P. Morgan Chase & Co. 1.5

Large Mid
Inception Date October 1998 P/E Ratio 14.1 Berkshire Hathaway Inc. B 1.4
Total Assets $Mil 61.5 Avg Mkt Cap $Bil 45.4 Pfizer Inc. 1.3
Series A NAV $ 7.32
Coca-Cola Company 1.3
Series A MER % 0.68
Small
Wells Fargo Company 1.3
Benchmark S&P 500 ($C)
Bank of America Corporation 1.3
Income Distribution Annually Value Blend Growth
Google, Inc. 1.2
Capital Gains Distribution Annually Cisco Systems, Inc. 1.2
Global Equity Sectors % Equity
Merck & Co Inc 1.1
Sales Status Open Information Technology 18.8 Intel Corporation 1.0
Min. Investment $ 1,000 Financials 15.6 Wal-Mart Stores, Inc. 1.0
Subsequent Investment $ 25 Health Care 11.7
Oracle Corporation 1.0
Management Company RBC Asset Management Consumer Staples 11.4
PepsiCo, Inc. 1.0
Inc. Energy 10.9
Philip Morris International Inc 1.0
Web Site www.rbcam.com Industrials 10.8
Hewlett-Packard Company 0.9
Consumer Discretionary 10.5
Verizon Communications Inc. 0.9
Notes Utilities 3.6
Materials 3.5 Total % of Top 25 Holdings 35.7
This is a continuing fund resulting from a merger Total Number of Stock Holdings 500
Telecommunication Services 3.2
effective June 28, 2002. Total Number of Bond Holdings 0
Unclassified 0.0
Total Number of Other Holdings 1
Total Number of Holdings 501

Performance Analysis as of September 30, 2010


11 Growth of $10,000
10 Series A
9 $6,394

8
7
6
5

30 Calendar Returns %
Series A
15
0
-15
-30
2001 2002 2003 2004 2005 2006 2007 2008 2009 YTD
-7.7 -23.6 4.2 1.6 0.4 14.8 -11.1 -23.4 8.1 0.9 Fund
2nd 2nd 3rd 3rd 3rd 2nd 3rd 2nd 3rd 2nd Quartile

1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since Incep. Trailing Return %


4.9 7.2 -0.6 4.8 -7.0 -2.8 -5.2 -1.5 Fund
3rd 3rd 2nd 2nd 2nd 2nd 2nd — Quartile

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©2010. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed;
and (3) 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.
Past performance is no guarantee of future results. These pages are not complete without the disclosure page.
Printed on October 20, 2010

RBC U.S. Index Fund


Management Overview
Manager Bios Performance Analysis Cont'd as of September 30, 2010
State Street Global Advisors (Montreal) Distributions ($)/Unit YTD* 2009 2008 2007 2006 2005 2004 2003 2002 2001
SSgA's focus has been on providing highly disciplined Total Distributions — 0.11 0.11 0.13 0.12 0.08 0.09 0.06 0.10 0.09
risk controlled investment strategies to the global Interest — 0.11 0.11 0.13 0.12 0.08 0.09 0.06 0.10 0.09
marketplace. SSgA has offices in 28 location around the Dividends — — — — — — — — — —
world, with on-site portfolio management services in Capital Gains — — — — — — — — — —
Boston, London, Montreal, Munich, Paris, Hong Kong, Return Of Capital — — — — — — — — — —
Sydney and Tokyo.
Best/Worst Periods % Ended 1Yr Ended 3Yr Ended 5Yr Ended 10Yr
Best 2-2010 25.4 3-2006 7.1 9-2007 3.8 10-2008 -3.0
Worst 3-2003 -31.0 3-2003 -16.5 2-2009 -8.5 2-2009 -6.0
Average -2.8 -4.2 -3.2 -5.1
No. of Periods 132 108 84 24
Pct. Positive 47.0 29.6 19.0 0.0
* Distributions are characterized into income type at year-end.

Quarterly Commentary as at September 30, 2010

The RBC U.S. Index Fund (Series A) gained 7.2 % Labour Day. With consumer price inflation staying
in the third quarter, compared to 7.5% gain for the near 1% on both the headline and the core
S&P 500 Total Return Index, in Canadian dollar measures, additional quantitative measures from
terms. the Federal Reserve seemed more likely, and
concerns about muted recovery gave way to
Recovering sentiment in Europe and solid growth prospects of increasingly favourable liquidity
in Asia, allowed U.S. equities to hold their own conditions.
during early July and when second-quarter
earnings reports were broadly constructive, share Despite some backing and filling in the last week
prices were able to maintain their resilience of the September, U.S. equities finished with an
through the passage of the Dodd-Frank financial uncharacteristically strong advance that lifted
reform bill and enter August on a firm note. them to their best levels since mid-May.
However, fresh employment data looked a bit
shaky, and cautious outlooks from some key With oil, gold and other base metals well bid
technology firms put buyers back on the defensive. through the quarter, the Canadian dollar gained
more than 3% against the greenback.
As investors braced for the volatility that often
arrives in September, incoming data suggested All ten sectors delivered positive performance,
firmness in manufacturing and spending. When however, it was Information Technology,
the labour picture also brightened a bit, stocks Consumer Discretionary and Industrials groups
quickly reversed their seasonal pattern of that topped the list, while at the bottom, we find
weakness and continued to climb steadily after the Financials, Utilities and Materials sectors.

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©2010. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed;
and (3) 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.
Past performance is no guarantee of future results. These pages are not complete without the disclosure page.
Printed on October 20, 2010

RBC U.S. Index Fund


Disclosure

RBC Funds are offered by RBC Asset year period January 1 to June 30, 2010, comparisons of the performance of a fund to
Management Inc. and distributed through expressed on an annualized basis. other funds in a particular category and are
authorized dealers. RBC Global Asset subject to change monthly. The quartiles
Management (RBC GAM) comprises RBC Graphs are only used to illustrate the effects divide the data into four equal segments
Asset Management Inc. (RBC AM), Phillips, of the compound growth rate and do not expressed in terms of rank (1, 2, 3 or 4). This
Hager & North Investment Management Ltd. reflect future values of any fund or returns on is the Morningstar quartile ranking of Series
(PH&N) and RBC Global Asset Management investment of any fund. A units of the Fund as of September 30, 2010.
(U.S.) Inc., which are separate legal entities
owned by Royal Bank of Canada. This fund profile is provided for informational Morningstar ratings are overall ratings
purposes only. Particular investments and/or reflecting risk adjusted performance as of
Commissions, trailing commissions, trading strategies should be evaluated September 30, 2010. The ratings are subject
management fees and expenses all may be relative to each individual’s investment to change every month. The ratings are
associated with mutual fund investments. objectives. The information contained in this calculated for funds with a minimum of 3
Please read the prospectus of the mutual fund profile is not, and should not be years of performance, calculated from the
fund before investing. Except as otherwise construed as, investment or tax advice. You funds' 1 and 3 year average annual returns
noted, the indicated rates of return are the should not act or rely on the information measured against a 91-day Treasury Bill
historical annual compounded total returns contained in this fund profile without seeking
return with appropriate fee adjustments. The
including changes in unit value and the advice of an appropriate professional
top 10% of the funds in a category receive 5
reinvestment of all distributions and do not advisor.
stars (high); if the funds fall in the next
take into account sales, redemption,
distribution or optional charges or income For money market funds, the performance 22.5%,they receive 4 stars (above average); a
taxes payable by any unitholder that would data assumes reinvestment of distributions place in the middle 35% earns a fund 3 stars
have reduced returns. Mutual funds are not only and does not take into account sales, (neutral or average); those in the next 22.5%
guaranteed or covered by the Canadian redemption, distribution or optional charges receive 2 stars (below average); and the
Deposit Insurance Corporation or by any other or income taxes payable by any unitholder lowest 10% get 1 star (low). Ratings are just
government deposit insurer. The value of that would have reduced returns. In addition, one factor to consider when investing. For
mutual funds change frequently and past for money market funds, there can be no more information, please see www.
performance may not be repeated. assurances that the fund will be able to morningstar.ca.
maintain its net asset value per unit at a
The Top 25 Holdings may change due to constant amount or that the full amount of
ongoing portfolio transactions within the your investment in the fund will be returned ® Registered trademark of Royal Bank of
fund. The Prospectus and other information to you. Canada. RBC Global Asset Management is a
about the underlying investment funds are trademark of Royal Bank of Canada. Used
available at www.sedar.com. Quartile rankings are determined by under licence. © RBC Asset Management
Morningstar Research Inc., an independent Inc. 2010
MER (%) based on actual expenses for half- research firm. Quartile rankings are

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©2010. Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed;
and (3) 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.
Past performance is no guarantee of future results. These pages are not complete without the disclosure page.