OK so that bike does not actually fall into the classification of first or second gen as we refer to them, as those connotations apply only to Ventures.
The Royal Star line was started in 1996 after Yamaha dropped the Gen I Venture series a few years before. Those Ventures were first gens and came in the flavors of MKI and MKII. in 1999 Yamaha revived the Venture name with the Royal Star Venture, that is the start of the 2nd Gen, it used the same power plant as the Royal Stars but had some improvements in horsepower, bigger carbs, comfort and smoothness. Yamaha stopped making the standard Royal Stars like yours in 2001 and had only the Venture left in the Royal Star line. In 2005 they re-introduced a Tour Deluxe model, which was a stripped down version of the Venture, same power plant, but no fairing, no trunk and no audio. The Tour Deluxe was dropped in 2010 and the Venture sadly was dropped in 2013.
So you have a first generation Royal Star. I doubt there will ever be a second generation Royal Star or third generation Venture, as sad as that is. Because I left Royal Star line after owning 2 for 16 years because Yamaha refused to upgrade and up date the Venture, I am now riding a Goldwing and probably will do until I quit riding, unless Yamaha comes up with something REALLY SPECIAL. I hope Mama Yamaha is reading this.