Financial Statements of · Realized gain on sale of investments--Sales and redemption of units...

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Unaudited Financial Statements RBC Guaranteed Investment Funds

June 30, 2019

Page

Financial Statements and Supplementary Information

Individual Funds and Portfolios 1 – 66

Notes to the Financial Statements 67 – 74

RBC GUARANTEED INVESTMETN FUNDS of 74

Unaudited interim financial statements of

As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018

Assets Operating activities

Cash -$ -$ Net income (loss ) attributable to contractholders 263,214$ 120,168$

Investments in underlying fund at fa i r va lue 35,833,055 47,315,132 Add (deduct) to convert net income to

Other assets a cash bas is

Accrued income dis tribution from underlying funds - 63,921 Net ga ins on investments - -

Accounts receivable - contractholders - - Change in other assets 61,273 (2,609)

Accounts receivable - sa le of investments - - Change in other l iabi l i ties (1,543) (3,704)

Due from RBC Li fe Insurance Company 10,228 7,606 Purchases of investments (17,422,280) (22,396,101)

Other 681 655 Proceeds from sa les of investments 28,904,357 16,016,901

35,843,964 47,387,314 Cash provided by (used in) oeprating activi ties 11,805,021 (6,265,345)

Liabilities Financing activities

Bank indebtedness 136,774 98,319 Dis tributions to the contractholders - -

Other l iabi l i ties Proceeds from issue of units 25,003,594 28,565,422

Accrued expenses 33,463 35,006 Redemption of units (36,847,070) (22,506,817)

Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (11,843,476) 6,058,605

Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (38,455) (206,740)

Other - - Cash/bank indebtedness at beginning of period (98,319) 154,341

170,237 133,325 Cash/bank indebtedness at end of period (136,774)$ (52,399)$

Net assets attributable to contractholders 35,673,727$ 47,253,989$

Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018

Invest Series 10.27$ 10.20$ ExpensesSeries 1 11.41 11.34 Annual Management fee and Other adminis tration expenses

Series 2 10.13 10.07 Invest Series 0.53% 0.53%

Series 1 1.00% 1.00%

Series2 1.08% 1.08%

Annual Insurance Fee (Limit)

Invest Series 0.10 (0.60) % 0.10 (0.60) %

For the s ix month ended June 30, 2019 2018 Series 1 0.10 (0.60) % 0.10 (0.60) %

Income Series2 0.12 (0.60) % 0.12 (0.60) %

Distribution from underlying fund 400,169$ 216,765$

Real ized ga in on sa le of investments - - Sales and redemption of unitsChange in unreal ized ga in/loss of investments - - Invest Series

400,169 216,765 Opening ba lance as at January 1st 1,465,900 360,004

Expenses Purchases during the period 775,810 396,602

Management fees 85,515 54,748 Redemptions during the period (1,075,510) (323,857)

Insurance fees 21,334 14,953 Clos ing ba lance as at June 30th 1,166,200 432,749

Other adminis trative expenses 87,983 76,121 Series 1

194,832 145,822 Opening ba lance as at January 1st 2,628,702 1,874,938

Less : Expenses waived 57,877 49,225 Purchases during the period 1,426,839 2,177,195

Expenses after waiver 136,955 96,597 Redemptions during the period (2,137,518) (1,710,438)

Net income (loss) attributable to contractholders 263,214$ 120,168$ Clos ing ba lance as at June 30th 1,918,023 2,341,695

Net income (loss ) attributable to contractholders per unit Series 2

Invest Series 0.07$ 0.05$ Opening ba lance as at January 1st 248,262 -

Series 1 0.08 0.05 Purchases during the period 82,210 7,635

Series 2 0.06 0.01 Redemptions during the period (152,285) (286)

Clos ing ba lance as at June 30th 178,187 7,349

As at June 30, 2019 Dec 31, 2018

Investment in underlying fund at fair valueFor the s ix month ended June 30, 2019 2018 Level 1 35,833,055$ 47,315,132$

Net assets , beginning of the period 47,253,989$ 24,672,457$

Premium depos i ts 25,003,594 28,565,422 Schedule of investment in underlying fundNet income (loss ) attributable to contractholders 263,214 120,168 RBC Canadian Money Market Fund, Series O

72,520,797 53,358,047 Number of units 3,583,306 4,731,513

Withdrawals 36,847,070 22,506,817 Cost 35,833,055$ 47,315,132$

Net assets, end of the period 35,673,727$ 30,851,230$ Percentage held in underlying fund 1.7252% 2.4877%

Number of units outstanding Fair va lue 35,833,055$ 47,315,132$

Invest Series 1,166,200 432,749

Series 1 1,918,023 2,341,695

Series 2 178,187 7,349

The accompanying notes are an integral part of these financial statements.

RBC Canadian Money Market GIF

Statements of Financial Position Statements of Cash Flow

Statements of Comprehensive Income

Statements of Changes in Net Assets Attributable to Contractholders

RBC GUARANTEED INVESTMENT FUNDS of 74


RBC Canadian Money Market Fund

Bank of Montreal 1.828% Jul 2 2019 3.5% Bank of Nova Scotia 1.801% Jul 18 2019 1.5%

Toronto-Dominion Bank 1.828% Jul 2 2019 3.1% Bank of Nova Scotia 1.849% Aug 21 2019 1.5%

Enbridge Pipel ines Inc. 2.013% Jul 30 2019 2.6% HSBC Bank Canada 2.290% Jul 23 2019 1.5%

Clari ty Trust 1.950% Jan 3 2020 2.3% Bay Street Funding Trust - Class A 1.950% Dec 10 2019 1.5%

Fus ion Trust 1.950% Jan 3 2020 2.2% BNP Paribas Capita l Trust 1.889% Jul 31 2019 1.5%

Canadian Imperia l Bank of Commerce 2.049% Aug 28 2019 2.2% SURE Trust 2.161% Aug 23 2019 1.5%

SURE Trust 2.050% Sep 16 2019 2.1% Bank of Nova Scotia 1.819% Oct 29 2019 1.5%

Rel iant Trust 2.291% Jul 23 2019 1.9% Canadian Imperia l Bank of Commerce 1.850% Feb 6 2020 1.4%

Canadian Imperia l Bank of Commerce 1.950% Jan 27 2020 1.8% Toronto-Dominion Bank 1.727% Jul 31 2019 1.4%

Toronto-Dominion Bank 1.809% Sep 18 2019 1.7% National Bank of Canada 2.005% Jul 12 2019 1.4%

Bank of Montreal 1.841% Jul 24 2019 1.7% Province of New Brunswick 1.772% Aug 27 2019 1.3%

Canadian Imperia l Bank of Commerce 2.045% Jul 8 2019 1.7% SAFE Trust - Series 1996-1 1.869% Sep 30 2019 1.3%

Prime Trust - Senior Notes 1.911% Aug 20 2019 1.6% 45.7%

The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.

For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015

Net Asset Value attributable to contractholders 10.27$ 10.20$ 10.09$ 10.06$ 10.04$ 11.41$ 11.34$ 11.22$ 11.18$ 11.16$

Net assets attributable to contractholders ($ '000) 11,980$ 14,955$ 3,634$ 5,067$ 3,433$ 21,889$ 29,800$ 21,038$ 19,661$ 16,577$

Net Income (loss ) ($ '000) 79$ 51$ 14$ 8$ 2$ 174$ 250$ 74$ 36$ 33$

Premium depos i ts ($ '000) 7,941$ 17,895$ 6,834$ 6,660$ 4,245$ 16,232$ 43,998$ 34,810$ 34,166$ 24,046$

Withdrawals ($ '000) 10,995$ 6,624$ 8,281$ 5,034$ 903$ 24,316$ 35,489$ 33,507$ 31,118$ 21,312$

Number of units outstanding 1,166,200 1,465,900 360,004 503,825 342,017 1,918,023 2,628,702 1,874,938 1,758,427 1,485,538

Management expense ratio 1 0.69% 0.68% 0.70% 0.69% 0.69% 0.71% 0.71% 0.71% 0.70% 0.70%

Management expense before waiver 1.15% 1.18% 1.27% 1.21% 1.32% 0.94% 0.99% 1.03% 0.97% 1.14%

Portfol io turnover rate of the underlying fund 2 - - - - - - - - - -

Net Asset Value attributable to contractholders 10.13$ 10.07$

Net assets attributable to contractholders ($ '000) 1,805$ 2,499$

Net Income (loss ) ($ '000) 10$ 7$

Premium depos i ts ($ '000) 831$ 3,567$

Withdrawals ($ '000) 1,536$ 1,074$

Number of units outstanding 178,187 248,262

Management expense ratio 1 0.81% 0.80%

Management expense before waiver 1.20% 1.29%

Portfol io turnover rate of the underlying fund 2 - -

1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of

daily average net assets during the period.

3 Financial highlights for the years 2015, 2014 and 2013 are based on IFRS and for the year 2012 is based on CGAAP.

3 Invest series commenced operations on November 7, 2014.

4 Series 2 commenced operations on May 7, 2018.

RBC Canadian Money Market GIF (continued)

Top 25 holdings of the underlying fund (unaudited)

Financial Highlights (unaudited)

Invest Series 3 Series 1

2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of

the securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable

capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

The

comparativ

e data for

the year

2017 not

ava i lable

as Series 2

was

introduced

in 2018.

The

comparativ

e data for

the year

2016 not

ava i lable

as Series 2

was

introduced

in 2018.

The

comparativ

e data for

the year

2015 not

ava i lable

as Series 2

was

introduced

in 2018.

Series 2 4





Cash -$ 114$ Net income (loss ) attributable to contractholders 88,609$ (31,859)$



Accrued income dis tribution from underlying funds - - Net losses on investments (78,640) 42,511

Accounts receivable - contractholders - - Change in other assets 565 (1,593)


Due from RBC Li fe Insurance Company 4,701 5,292 Purchases of investments (497,985) (1,855,118)


4,189,341 5,264,204 Cash provided by (used in) oeprating activi ties 1,158,366 1,884,101


Bank indebtedness 6,248 - Dis tributions to the contractholders - -

Other l iabi l i ties Proceeds from issue of units 589,214 1,645,456


Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (1,164,728) (2,052,460)


Other - - Cash/bank indebtedness at beginning of period 114 163,053



Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018



Series 1 1.60% 1.60%

Series 2 1.41% 1.41%


For the s ix month ended June 30, 2019 2018 Invest Series 0.25 (0.75) % 0.25 (0.75) %

Income Series 1 0.35 (0.65) % 0.35 (0.65) %

Distribution from underlying fund 57,769$ 70,875$ Series 2 0.55 (1.05) % 0.55 (1.05) %

Real ized loss on sa le of investments (3,593) (76,406)

Change in unreal ized ga in/loss of investments 82,233 33,895 Sales and redemption of units136,409 28,364 Invest Series

Expenses Opening balance as at January 1st 23,863 38,256

Management fees 24,754 30,553 Purchases during the period 10,332 4,495

Insurance fees 10,870 14,142 Redemptions during the period (607) (18,216)

Other adminis trative expenses 43,946 48,086 Clos ing ba lance as at June 30th 33,588 24,535

79,570 92,781 Series 1

Less : Expenses waived 31,770 32,558 Opening ba lance as at January 1st 199,484 237,951

Expenses after waiver 47,800 60,223 Purchases during the period 12,645 17,147

Net income (loss) attributable to contractholders 88,609$ (31,859)$ Redemptions during the period (17,246) (31,221)

Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 194,883 223,877

Invest Series 0.20$ (0.03)$ Series 2

Series 1 0.22 (0.06) Opening ba lance as at January 1st 274,512 395,948

Series 2 0.19 (0.06) Purchases during the period 34,308 143,610

Redemptions during the period (156,823) (322,952)


For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018

Net assets , beginning of the period 5,238,999$ 7,036,691$ Investment in underlying fund at fair valuePremium depos i ts 589,214 1,645,456 Level 1 4,183,937$ 5,258,121$

Net income (loss ) attributable to contractholders 88,609 (31,859)

5,916,822 8,650,288 Schedule of investment in underlying fundWithdrawals 1,753,942 3,697,916 RBC Canadian Short-Term Income Fund, Series O

Net assets, end of the period 4,162,880$ 4,952,372$ Number of units 392,585 501,484

Number of units outstanding Cost 4,163,336 5,319,753

Invest Series 33,588 24,535 Percentage held in underlying fund 0.0674% 0.0932%

Series 1 194,883 223,877 Fa i r va lue 4,183,937$ 5,258,121$

Series 2 151,997 216,606





RBC Canadian Short-Term Income GIF



RBC Canadian Short-Term Income Fund

Government of Canada 0.500% Mar 1 2022 3.9% Government of Canada 1.500% Jun 1 2023 1.5%

Cash & Cash Equiva lents 2.8% Canada Hous ing Trust No. 1 2.650% Mar 15 2022 1.4%

Province of Ontario 2.850% Jun 2 2023 2.6% Canada Hous ing Trust No. 1 1.750% Jun 15 2022 1.3%

Government of Canada 2.250% Mar 1 2024 2.3% Province of Manitoba 1.550% Sep 5 2021 1.3%

Canada Hous ing Trust No. 1 2.900% Jun 15 2024 2.2% Province of Ontario 2.100% Sep 8 2019 1.2%

Province of Ontario 1.350% Mar 8 2022 2.1% Bank of Montreal 2.270% Jul 11 2022 1.2%

Province of Quebec 3.500% Dec 1 2022 2.1% HSBC Bank Canada 3.245% Sep 15 2023 1.2%

Canada Hous ing Trust No. 1 1.250% Jun 15 2021 1.9% Toronto-Dominion Bank 3.005% May 30 2023 1.2%

Province of Quebec 4.500% Dec 1 2020 1.8% Government of Canada 2.000% Sep 1 2023 1.2%

Province of Ontario 2.300% Sep 8 2024 1.8% Government of Canada 0.750% Sep 1 2020 1.1%

Canada Hous ing Trust No. 1 3.350% Dec 15 2020 1.8% National Bank of Canada 1.809% Jul 26 2021 1.1%

Province of Ontario 4.000% Jun 2 2021 1.7% Toronto-Dominion Bank 2.850% Mar 8 2024 1.1%

Government of Canada 1.750% Mar 1 2023 1.6% 43.400%




Net assets attributable to contractholders ($ '000) 340$ 237$ 379$ 340$ 563$ 2,310$ 2,320$ 2,775$ 5,284$ 5,997$

Net Income (loss ) ($ '000) 6$ -$ (6)$ (1)$ (12)$ 45$ (8)$ (41)$ (35)$ 32$

Premium depos i ts ($ '000) 103$ 48$ 249$ 363$ 1,966$ 148$ 455$ 200$ 777$ 1,969$

Withdrawals ($ '000) 6$ 191$ 203$ 585$ 1,396$ 203$ 900$ 2,668$ 1,454$ 2,243$

Number of units outstanding 33,588 23,863 38,256 33,840 55,709 194,883 199,484 237,951 445,905 502,869



Portfol io turnover rate of the underlying fund 2 27.91% 27.63% 28.17% 30.90% 30.67% 27.91% 27.63% 28.17% 30.90% 30.67%

Net Asset Value attributable to contractholders 9.95$ 9.77$ 9.81$ 9.98$ 10.06$

Net assets attributable to contractholders ($ '000) 1,513$ 2,682$ 3,883$ 1,295$ 1,764$

Net Income (loss ) ($ '000) 38$ (10)$ (32)$ (12)$ (6)$

Premium depos i ts ($ '000) 338$ 2,909$ 4,980$ 1,608$ 2,331$

Withdrawals ($ '000) 1,545$ 4,100$ 2,361$ 2,065$ 566$

Number of units outstanding 151,997 274,512 395,948 129,822 175,468

Management expense ratio 1 2.18% 2.17% 2.18% 2.16% 2.22%

Management expense before waiver 3.89% 3.72% 3.41% 3.06% 2.97%

Portfol io turnover rate of the underlying fund 2 27.91% 27.63% 28.17% 30.90% 30.67%



3 Invest series and Series 2 commenced operations on November 7, 2014.

RBC Canadian Short-Term Income GIF (continued)







Series 2 3





Cash -$ 7,627$ Net income (loss ) attributable to contractholders 1,000,025$ (126,857)$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (884,153) 248,355

Accounts receivable - contractholders - - Change in other assets (184) (445)




18,143,848 16,779,328 Cash provided by (used in) oeprating activi ties (377,229) 2,098,815





Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 335,055 (2,121,707)


Other - - Cash/bank indebtedness at beginning of period 7,627 (364)






Series 1 1.60% 1.60%

Series 2 1.42% 1.42%



Income Series 1 0.35 (0.65) % 0.35 (0.65) %

Distribution from underlying fund 285,806 324,193$ Series 2 0.55 (1.05) % 0.55 (1.05) %

Real ized ga in on sa le of investments 15,424 (51,769)

Change in unreal ized ga in/loss of investments 868,729 (196,586) Sales and redemption of units1,169,959 75,838 Invest Series



Insurance fees 32,653 39,020 Redemptions during the period (69,935) (20,189)


180,750 213,837 Series 1

Less : Expenses waived 10,816 11,142 Opening ba lance as at January 1st 875,385 1,158,988


Net income (loss) attributable to contractholders 1,000,025$ (126,857)$ Redemptions during the period (124,636) (193,735)








Net assets , beginning of the period 16,745,798$ 21,380,609$ Investment in underlying fund at fair valuePremium depos i ts 3,054,647 1,247,176 Level 1 18,141,519$ 16,769,556$

Net income (loss ) attributable to contractholders 1,000,025 (126,857)

20,800,470 22,500,928 Schedule of investment in underlying fundWithdrawals 2,719,592 3,373,883 RBC Bond Fund, Series O

Net assets, end of the period 18,080,878$ 19,127,045$ Number of units 2,561,023 2,493,132




Series 2 228,754 209,233





RBC Bond GIF


Unaudited interim financial statements of RBC Bond GIF (continued)

RBC Bond Fund

Cash & Cash Equiva lents 4.2% Province of Ontario 2.850% Jun 2 2023 1.4%

Province of Ontario 3.450% Jun 2 2045 2.8% Government of Canada 1.500% Jun 1 2026 1.4%

Province of Ontario 3.500% Jun 2 2043 2.2% Province of Quebec 2.750% Sep 1 2028 1.3%

Province of Ontario 2.900% Jun 2 2049 2.2% Province of Ontario 3.500% Jun 2 2024 1.3%

Province of Ontario 2.900% Dec 2 2046 2.2% Province of Quebec 2.750% Sep 1 2027 1.2%


Province of Ontario 2.600% Jun 2 2025 2.0% BlueBay Emerging Markets Corporate Bond Fund 1.1%


Government of Canada 2.750% Dec 1 2048 1.7% Province of Ontario 4.000% Jun 2 2021 1.0%

Province of Ontario 4.650% Jun 2 2041 1.6% RBC Emerging Markets Foreign Exchange Fund 1.0%

Province of Ontario 2.400% Jun 2 2026 1.5% Province of Quebec 5.000% Dec 1 2041 0.9%


Province of Ontario 2.900% Jun 2 2028 1.5% 41.0%




Net assets attributable to contractholders ($ '000) 3,009$ 2,522$ 2,500$ 2,403$ 867$ 12,529$ 12,602$ 16,824$ 21,362$ 21,415$

Net Income (loss ) ($ '000) 163$ (21)$ 62$ (7)$ 7$ 724$ (158)$ 223$ 201$ 323$

Premium depos i ts ($ '000) 1,093$ 785$ 1,783$ 1,873$ 861$ 1,047$ 779$ 2,741$ 6,439$ 6,102$

Withdrawals ($ '000) 770$ 740$ 1,748$ 331$ 68$ 1,843$ 4,845$ 7,501$ 6,693$ 4,236$

Number of units outstanding 265,385 236,145 232,682 227,268 83,336 820,943 875,385 1,158,988 1,491,121 1,514,186






Net income (loss ) ($ '000) 113$ (22)$ 16$ 12$ (8)$

Premium depos i ts ($ '000) 915$ 634$ 1,477$ 631$ 1,159$

Withdrawals ($ '000) 107$ 1,046$ 628$ 513$ 97$














Series 2 3




Cash 381$ 739$ Net income (loss ) attributable to contractholders 314,674$ (21,956)$




Accounts receivable - contractholders - - Change in other assets 123 (748)


Due from RBC Li fe Insurance Company 3,469 3,618 Purchases of investments (583,887) (964,024)


5,432,814 6,080,841 Cash provided by (used in) oeprating activi ties 957,113 613,422


Bank indebtedness - - Dis tributions to the contractholders - -

Other l iabi l i ties Proceeds from issue of units 586,075 947,583


Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (957,471) (616,348)

Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (358) (2,926)

Other - - Cash/bank indebtedness at beginning of period 739 (26)

14,752 19,982 Cash/bank indebtedness at end of period 381$ (2,952)$





Series 1 1.60% 1.60%

Series 2 1.44% 1.44%



Income Series 1 0.35 (0.65) % 0.35 (0.65) %


Real ized ga in (loss ) on sa le of investments 5,097 (50,876)

Change in unreal ized ga in/loss of investments 277,844 (5,228) Sales and redemption of units375,281 46,772 Invest Series





82,048 89,097 Series 1








Redemptions during the period (910) (31,204)



Net assets , beginning of the period 6,060,859$ 7,035,880$ Investment in underlying fund at fair valuePremium depos i ts 586,075 947,583 Level 1 5,428,259$ 6,075,805$


6,961,608 7,961,507 Schedule of investment in underlying fundWithdrawals 1,543,546 1,564,067 PH&N Total Return Bond Fund, Series O





Series 2 51,996 26,251





RBC PH&N Total Return Bond GIF



Phi l l ips , Hager & North Tota l Return Bond Fund

Government of Canada 2.250% Mar 1 2024 4.3% Government of Canada 2.750% Dec 1 2048 1.4%

Government of Canada 2.250% Jun 1 2029 4.1% Province of Quebec 8.500% Apr 1 2026 1.4%

Canada Hous ing Trust No. 1 2.400% Dec 15 2022 3.4% Province of Quebec 3.100% Dec 1 2051 1.4%

Canada Hous ing Trust No. 1 1.750% Jun 15 2022 3.3% Government of Canada 2.000% Sep 1 2023 1.1%

Government of Canada 1.500% Aug 1 2021 2.6% Province of Alberta 2.200% Jun 1 2026 0.9%

Cash & Cash Equiva lents 2.4% Province of Manitoba 2.850% Sep 5 2046 0.9%

Province of Ontario 3.500% Jun 2 2043 2.4% Bank of Montreal 1.610% Oct 28 2021 0.9%

Province of Ontario 6.200% Jun 2 2031 2.3% Province of Alberta 3.300% Dec 1 2046 0.9%


Province of Ontario 2.900% Jun 2 2049 2.3% Province of Ontario 8.500% Dec 2 2025 0.8%



Canada Hous ing Trust No. 1 2.350% Jun 15 2023 1.4% 46.6%





Net Income (loss ) ($ '000) 26$ (1)$ 2$ (9)$ (1)$ 266$ (37)$ 44$ 70$ 131$

Premium depos i ts ($ '000) 39$ 216$ 198$ 582$ 146$ 375$ 944$ 433$ 2,590$ 1,560$

Withdrawals ($ '000) 44$ 83$ 389$ 182$ 28$ 1,490$ 1,821$ 3,370$ 2,190$ 1,334$





Net Asset Value attributable to contractholders 10.93$ 10.38$ 10.45$ 10.39$ 10.32

Net assets attributable to contractholders ($ '000) 568$ 383$ 576$ 672$ 166$

Net Income (loss ) ($ '000) 23$ -$ (3)$ (19)$ -$

Premium depos i ts ($ '000) 172$ 156$ 348$ 757$ 161$

Withdrawals ($ '000) 10$ 349$ 440$ 232$ -$








RBC PH&N Total Return Bond GIF (continued)






Series 2 3






Cash -$ -$ Net income (loss ) attributable to contractholders 164,183$ (15,888)$






Due from RBC Li fe Insurance Company 3,585 4,500 Purchases of investments (1,468,760) (641,908)

Other 705 679 Proceeds from sa les of investments 1,169,868 462,314

4,326,589 3,881,824 Cash provided by (used in) oeprating activi ties (284,235) (194,069)



Other l iabi l i ties Proceeds from issue of units 1,461,978 689,108

Accrued expenses 21,875 25,528 Redemption of units (1,177,855) (501,471)

Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 284,123 187,637

Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (112) (6,432)

Other - - Cash/bank indebtedness at beginning of period (1,124) (1)






Series 1 1.80% 1.80%

Series 2 1.62% 1.62%



Income Series 1 0.50 (0.80) % 0.50 (0.80) %


Real ized ga in (loss ) on sa le of investments (479) (17,610)






70,504 67,829 Series 1











Net assets , beginning of the period 3,855,172$ 3,031,492$ Investment in underlying fund at fair valuePremium depos i ts 1,461,978 689,108 Level 1 4,322,299$ 3,876,645$


5,481,333 3,704,712 Schedule of investment in underlying fundWithdrawals 1,177,855 501,471 RBC Global Bond Fund, Series O





Series 2 69,494 63,464





RBC Global Bond GIF


Unaudited interim financial statements of RBC Global Bond GIF (continued)

RBC Global Bond Fund

Euro-Schatz Future, September 2019 4.4% Japan Government Twenty Year JPY 0.400% Mar 20 2039 2.1%

Spain Government EUR 1.150% Jul 30 2020 4.0% Japan Government Twenty Year JPY 0.200% Jun 20 2036 2.1%

Cash & Cash Equiva lents 3.7% United States Treasury 2.500% Feb 15 2045 2.0%

United States 2-Year Note Future, September 2019 3.7% Japan Government Thirty Year JPY 0.300% Jun 20 2046 1.9%

United States Treasury 1.500% Jan 31 2022 2.9% United States Treasury 3.500% Feb 15 2039 1.8%

United States 10-Year Note Future, September 2019 2.8% France O.A.T. EUR 1.250% May 25 2036 1.7%

France O.A.T. EUR 0.500% May 25 2026 2.7% Japan Government Twenty Year JPY 0.600% Sep 20 2037 1.6%

Euro - Bobl Future, September 2019 2.5% Buoni Pol iennal i Del Tesoro EUR 0.450% Jun 1 2021 1.5%

United Kingdom Gi l t GBP 3.250% Jan 22 2044 2.5% United States Treasury 1.750% May 15 2023 1.5%

U.S. Treasury Long Bond Future, September 2019 2.4% Denmark Government DKK 1.500% Nov 15 2023 1.5%

Buoni Pol iennal i Del Tesoro EUR 1.450% Sep 15 2022 2.4% Buoni Pol iennal i Del Tesoro EUR 0.650% Nov 1 2020 1.5%

BlueBay Emerging Markets Corporate Bond Fund 2.3% Spain Government EUR 0.450% Oct 31 2022 1.4%

Belgium Government EUR 2.600% Jun 22 2024 2.2% 59.1%




Net assets attributable to contractholders ($ '000) 1,085$ 1,080$ 428$ 388$ 191$ 2,461$ 2,101$ 1,886$ 2,629$ 1,612$

Net Income (loss ) ($ '000) 37$ 12$ 2$ -$ 2$ 98$ 4$ 7$ 8$ 8$

Premium depos i ts ($ '000) 575$ 841$ 239$ 428$ 481$ 819$ 853$ 468$ 2,263$ 858$

Withdrawals ($ '000) 607$ 201$ 202$ 231$ 296$ 557$ 642$ 1,217$ 1,254$ 349$







Net Income (loss ) ($ '000) 29$ -$ 2$ (3)$ (1)$


Withdrawals ($ '000) 14$ 266$ 232$ 339$ 56$








2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all

of the securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving

taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.



Series 1Invest Series 3

Series 2 3












Other 513 492 Proceeds from sa les of investments 326,892 289,472



Bank indebtedness 384 1,745 Dis tributions to the contractholders - -


Accrued expenses 15,641 18,244 Redemption of units (347,120) (310,699)


Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 1,361 (1,511)


16,025 19,989 Cash/bank indebtedness at end of period (384)$ (261)$




Invest Series 1.50% 1.50%

Series 1 1.80% 1.80%


Invest Series 0.45 (0.95) % 0.45 (0.95) %


Income


Real ized ga in (loss ) on sa le of investments (7,234) (1,736)

Change in unreal ized ga in/loss of investments 191,058 (95,211) Sales and redemption of units261,433 (26,123) Invest Series





63,521 60,942 Series 1





Invest Series 0.89$ (0.24)$

Series 1 0.91 (0.26)




3,465,561 2,845,783 Schedule of investment in underlying fundWithdrawals 347,120 310,699 RBC High Yield Bond Fund, Series O









RBC High Yield Bond GIF



RBC High Yield Bond Fund

Cash & Cash Equiva lents 6.3% Avis Budget Car Renta l LLC 5.250% Mar 15 2025 1.1%

CCO Holdings LLC 5.750% Feb 15 2026 2.3% Ford Motor Credit Co. LLC 5.596% Jan 7 2022 1.1%

iShares 0-5 Year High Yield Corporate Bond ETF 1.9% Vistra Operations Co. LLC 5.500% Sep 1 2026 1.1%

SPDR Bloomberg Barclays Short Term High Yield Bond ETF 1.9% Sprint Corp. 7.875% Sep 15 2023 1.0%

Videotron Ltd. 5.750% Jan 15 2026 1.4% Enbridge Inc. USD 5.500% Jul 15 2077 1.0%

Vermi l ion Energy Inc. USD 5.625% Mar 15 2025 1.2% Baytex Energy Corp. USD 5.125% Jun 1 2021 1.0%

HCA Inc. 5.875% Feb 15 2026 1.2% CenturyLink Inc. 7.500% Apr 1 2024 1.0%

Government of Canada 1.000% Jun 1 2027 1.2% T-Mobi le USA Inc. 4.750% Feb 1 2028 0.9%

Hi l ton Domestic Operating Co. Inc. 5.125% May 1 2026 1.2% Ardagh Packaging Finance Plc. USD 4.625% May 15 2023 0.9%

CSC Holdings LLC 5.500% Apr 15 2027 1.2% Superior Plus LP 5.250% Feb 27 2024 0.9%

Tenet Healthcare Corp. 4.625% Jul 15 2024 1.2% United Renta ls North America Inc. 5.875% Sep 15 2026 0.9%

Seven Generations Energy Ltd. USD 5.375% Sep 30 2025 1.2% Cenovus Energy Inc. USD 6.750% Nov 15 2039 0.9%

New Albertson's Inc. 6.625% Jun 15 2024 1.1% 35.1%





Net Income (loss ) ($ '000) 95$ (51)$ 22$ 15$ (2)$ 132$ (87)$ 51$ 144$ (31)$

Premium depos i ts ($ '000) 345$ 592$ 698$ 276$ 42$ 228$ 423$ 507$ 302$ 381$

Withdrawals ($ '000) 178$ 313$ 163$ 13$ 19$ 169$ 316$ 380$ 645$ 1,241$







RBC High Yield Bond GIF (continued)






Invest Series Series 1





Cash -$ 124,368$ Net income (loss ) attributable to contractholders 3,931,130$ 216,955$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (3,740,564) (417,379)



Due from RBC Li fe Insurance Company 971 845 Purchases of investments (5,276,716) (3,883,519)


43,112,974 41,248,080 Cash provided by (used in) oeprating activi ties 1,930,701 (415,984)





Accounts payable - contractholders - 5,000 Cash provided by (used in) financing activi ties (2,120,710) 259,723


Other - - Cash/bank indebtedness at beginning of period 124,368 (1,616)






Series 1 1.97% 2.25%

Series 2 1.73% 1.93%



Income Series 1 0.40 (0.80) % 0.40 (0.80) %


Real ized ga in on sa le of investments 524,987 283,155

Change in unreal ized ga in/loss of investments 3,215,577 134,224 Sales and redemption of units4,481,031 770,984 Invest Series





556,585 560,715 Series 1

Less : Expenses waived 6,684 6,686 Opening ba lance as at January 1st 2,326,261 2,423,194


Net income (loss) attributable to contractholders 3,931,130$ 216,955$ Redemptions during the period (413,530) (280,763)

Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 2,161,493 2,388,753

Invest Series 1.04$ 0.06$ Series 2

Series 1 1.34 0.07 Opening ba lance as at January 1st 643,197 584,471






Net income (loss ) attributable to contractholders 3,931,130 216,955

51,032,674 49,169,752 Schedule of investment in underlying fundWithdrawals 8,069,942 4,848,705 RBC Balanced Fund, Series O


Number of units outstanding Cost 39,644,057$ 40,870,524$


Series 1 2,161,493 2,388,753 Fa i r va lue 43,111,298$ 41,122,188$

Series 2 641,464 645,029





RBC Balanced GIF



RBC Balanced Fund

RBC Emerging Markets Equity Fund 3.7% Brookfield Asset Management Inc., Class A 1.0%

Royal Bank of Canada 2.3% Province of Ontario 4.700% Jun 2 2037 1.0%

Toronto-Dominion Bank 2.1% Government of Canada 0.500% Mar 1 2022 1.0%

Government of Canada 2.750% Dec 1 2048 2.0% Province of Ontario 2.850% Jun 2 2023 0.9%

Cash & Cash Equiva lents 1.9% TC Energy Corp. 0.9%

Government of Canada 0.750% Sep 1 2021 1.6% RBC Canadian Smal l & Mid-Cap Resources Fund 0.9%

Bank of Nova Scotia 1.5% Province of Ontario 3.450% Jun 2 2045 0.9%

Enbridge Inc. 1.3% Province of Ontario 2.600% Jun 2 2027 0.9%

Canadian National Ra i lway Co. 1.3% Province of Quebec 3.000% Sep 1 2023 0.9%



Suncor Energy Inc. 1.2% Bank of Montreal 0.9%

Hydro-Quebec 6.500% Feb 15 2035 1.0% 33.4%





Net Income (loss ) ($ '000) 234$ (118)$ 96$ 60$ (7)$ 3,035$ (1,823)$ 2,131$ 1,866$ (41)$

Premium depos i ts ($ '000) 824$ 1,459$ 1,158$ 594$ 564$ 3,664$ 6,501$ 8,065$ 6,074$ 7,612$

Withdrawals ($ '000) 455$ 952$ 657$ 149$ 3$ 6,131$ 7,862$ 6,849$ 6,459$ 5,377$

Number of units outstanding 222,364 188,615 145,468 99,758 56,263 2,161,493 2,326,261 2,423,194 2,334,375 2,364,867






Net Income (loss ) ($ '000) 662$ (375)$ 360$ 209$ (44)$

Premium depos i ts ($ '000) 1,466$ 1,674$ 2,376$ 2,847$ 2,420$

Withdrawals ($ '000) 1,484$ 1,020$ 1,076$ 393$ 112$













RBC Balanced GIF (continued)


Series 2 3





Cash -$ -$ Net income (loss ) attributable to contractholders 3,505,333$ (233,601)$



Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (3,096,447) 762,480




Other 1,209 679 Proceeds from sa les of investments 3,277,844 6,429,057

38,207,248 35,674,927 Cash provided by (used in) oeprating activi ties 965,100 3,205,599





Accounts payable - contractholders - 1,541 Cash provided by (used in) financing activi ties (978,410) (3,224,231)








Series 1 1.94% 2.20%

Series 2 1.71% 1.91%



Income Series 1 0.40 (0.80) % 0.40 (0.80) %

Distribution from underlying fund 875,036$ 1,046,001$ Series 2 0.70 (1.20) % 0.70 (1.20) %

Real ized ga in (loss ) on sa le of investments (57,290) (86,530)

Change in unreal ized ga in/loss of investments 3,153,737 (675,950) Sales and redemption of units3,971,483 283,521 Invest Series





469,864 521,746 Series 1













41,749,062 46,677,297 Schedule of investment in underlying fundWithdrawals 3,627,921 5,798,880 PH&N Monthly Income Fund, Series O





Series 2 497,923 483,717





RBC PH&N Monthly Income GIF


Unaudited interim financial statements of RBC PH&N Monthly Income GIF (continued)

Phi l l ips , Hager & North Monthly Income Fund

RBC High Yield Bond Fund 5.6% Sun Li fe Financia l Inc. 1.2%

Royal Bank of Canada 4.4% Shaw Communications Inc., Class B 1.2%

Toronto-Dominion Bank 4.2% Province of Ontario 3.500% Jun 2 2043 1.2%

Phi l l ips , Hager & North High Yield Bond Fund 4.2% Province of Ontario 6.200% Jun 2 2031 1.1%

Enbridge Inc. 2.8% Suncor Energy Inc. 1.0%

Bank of Nova Scotia 2.4% Canadian Natura l Resources Ltd. 1.0%

Canadian National Ra i lway Co. 2.1% Canadian Paci fic Ra i lway Ltd. 1.0%

Bank of Montreal 1.9% Canada Hous ing Trust No. 1 1.750% Jun 15 2022 1.0%

Brookfield Asset Management Inc., Class A 1.9% Nutrien Ltd. 1.0%

Manul i fe Financia l Corporation 1.5% Waste Connections Inc. 1.0%

Government of Canada 2.250% Mar 1 2024 1.4% Canada Hous ing Trust No. 1 2.350% Jun 15 2023 1.0%

TC Energy Corp. 1.4% TELUS Corp. 0.9%

Al imentation Couche-Tard Inc. 1.2% 47.6%





Net Income (loss ) ($ '000) 299$ (187)$ 67$ 79$ (22)$ 2,737$ (2,182)$ 1,149$ 4,133$ (2,695)$

Premium depos i ts ($ '000) 767$ 1,216$ 1,503$ 506$ 430$ 1,203$ 2,027$ 3,934$ 2,895$ 6,191$

Withdrawals ($ '000) 390$ 535$ 370$ 43$ 6$ 2,909$ 7,592$ 5,783$ 12,455$ 15,592$

Number of units outstanding 307,587 272,536 209,872 103,421 57,944 2,169,088 2,300,633 2,733,697 2,878,373 3,684,645





Net assets attributable to contractholders ($ '000) 5,468$ 4,647$ 6,076$ 2,617$ 835$

Net Income (loss ) ($ '000) 469$ (372)$ 144$ 149$ (46)$

Premium depos i ts ($ '000) 681$ 861$ 3,857$ 1,941$ 822$

Withdrawals ($ '000) 329$ 1,918$ 542$ 308$ 50$














Series 2 3









Accounts receivable - contractholders - - Change in other assets (537) (1,781)

Accounts receivable - sa le of investments - - Change in other l iabi l i ties 2,651 2,918



37,000,439 30,643,891 Cash provided by (used in) oeprating activi ties (3,705,850) (4,136,109)





Accounts payable - contractholders - 2,052 Cash provided by (used in) financing activi ties 3,603,879 4,458,424

Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (101,971) 322,315







Series 1 1.94% 2.30%

Series 2 1.74% 1.94%



Income Series 1 0.40 (0.80) % 0.40 (0.80) %

Distribution from underlying fund 355$ 1,318$ Series 2 0.70 (1.20) % 0.70 (1.20) %







442,806 349,763 Series 1






Series 1 1.20 0.18 Opening ba lance as at January 1st 1,374,240 1,050,275



Clos ing ba lance as at June 30th 1,374,278 1,279,836




40,766,702 30,940,945 Schedule of investment in underlying fundWithdrawals 3,888,538 1,771,657 RBC Global Balanced Fund, Series O





Series 2 1,374,278 1,279,836





RBC Global Balanced GIF



RBC Global Ba lanced Fund

RBC Emerging Markets Equity Fund 3.7% Spain Government EUR 1.150% Jul 30 2020 0.9%

Japan Government Twenty Year JPY 0.400% Mar 20 2039 2.2% Microsoft Corp. 0.9%

Buoni Pol iennal i Del Tesoro EUR 1.450% Sep 15 2022 1.9% Enbridge Inc. 0.9%

United States Treasury 1.750% May 15 2023 1.7% United States Treasury 2.750% Feb 15 2028 0.9%

Royal Bank of Canada 1.4% Province of Ontario 4.700% Jun 2 2037 0.8%

Toronto-Dominion Bank 1.3% Spain Government EUR 0.450% Oct 31 2022 0.8%

Province of Ontario USD 2.500% Sep 10 2021 1.3% Canadian National Ra i lway Co. 0.8%

Buoni Pol iennal i Del Tesoro EUR 0.450% Jun 1 2021 1.2% Bank of Nova Scotia 0.8%

Cash & Cash Equiva lents 1.1% Spain Government EUR 0.350% Jul 30 2023 0.8%

Japanese Nikkei 225 Index Future, September 2019 1.1% Amazon.com, Inc. 0.8%

RBC U.S. Mid-Cap Growth Equity Fund 1.1% Suncor Energy Inc. 0.7%

United States Treasury 2.500% Feb 15 2045 1.1% The S&P/TSX 60 Index Future, September 2019 (1.3%)

Belgium Government EUR 2.600% Jun 22 2024 1.0% 27.9%





Net Income (loss ) ($ '000) 566$ (175)$ 213$ 79$ 2$ 865$ (354)$ 561$ 321$ 96$

Premium depos i ts ($ '000) 2,984$ 2,873$ 2,103$ 688$ 1,140$ 2,868$ 3,511$ 2,309$ 2,752$ 6,742$

Withdrawals ($ '000) 1,072$ 962$ 645$ 102$ 10$ 1,200$ 1,844$ 2,194$ 1,365$ 5,027$







Net income (loss ) ($ '000) 1,273$ (596)$ 667$ 243$ (21)$


Withdrawals ($ '000) 1,617$ 2,100$ 669$ 141$ 162$

Number of units outstanding 1,374,278 1,374,240 1,050,275 672,720 425,382







RBC Global Balanced GIF (continued)







Series 2 3





Cash -$ 39,847$ Net income (loss ) attributable to contractholders 19,854,564$ (1,846,107)$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (19,262,586) 1,822,297



Due from RBC Li fe Insurance Company - - Purchases of investments (8,115,419) (8,444,845)


169,955,118 152,815,478 Cash provided by (used in) operating activi ties 2,660,244 14,026,920





Accounts payable - contractholders 3,500 1,026 Cash provided by (used in) financing activi ties (2,747,628) (14,384,166)


Other - - Cash/bank indebtedness at beginning of period 39,847 305,243






Series 1 2.25% 2.25%


Invest Series 0.30 (0.80) % 0.30 (0.80) %


Income

Distribution from underlying fund 2,856,114$ 2,313,418$

Real ized ga in on sa le of investments 2,196,006 4,573,115

Change in unreal ized ga in/loss of investments 17,066,580 (6,395,412) Sales and redemption of units22,118,700 491,121 Invest Series

Expenses Opening balance as at January 1st 1,355,409 973,416

Management fees 1,706,598 1,767,656 Purchases during the period 197,083 295,198


Other adminis trative expenses 210,369 212,869 Clos ing ba lance as at June 30th 1,352,999 1,162,832

2,265,144 2,340,502 Series 1


Expenses after waiver 2,264,136 2,337,228 Purchases during the period 637,737 705,388

Net income (loss) attributable to contractholders 19,854,564$ (1,846,107)$ Redemptions during the period (783,287) (1,652,692)



Series 1 2.10 (0.20)



Net income (loss ) attributable to contractholders 19,854,564 (1,846,107)

185,924,552 197,963,812 Schedule of investment in underlying fundWithdrawals 16,333,220 29,608,012 RBC Canadian Dividend Fund, Series O



Invest Series 1,352,999 1,162,832 Percentage held in underlying fund 0.9046% 0.8978%






RBC Canadian Dividend GIF


Unaudited interim financial statements of RBC Canadian Dividend GIF (continued)

RBC Canadian Dividend Fund

Royal Bank of Canada 8.1% Suncor Energy Inc. 2.2%

Toronto-Dominion Bank 7.7% Thomson Reuters Corp. 1.9%

Bank of Nova Scotia 5.8% TELUS Corp. 1.8%

Canadian National Ra i lway Co. 4.9% Sun Li fe Financia l Inc. 1.7%

Cash & Cash Equiva lents 4.6% BCE Inc. 1.7%

Enbridge Inc. 4.4% Rogers Communications Inc., Class B 1.7%

Brookfield Asset Management Inc., Class A 4.1% Al imentation Couche-Tard Inc. 1.6%

TC Energy Corp. 3.4% Nutrien Ltd. 1.4%

Bank of Montreal 3.1% Pembina Pipel ine Corp. 1.3%

Manul i fe Financia l Corporation 2.7% Fortis Inc. 1.2%

Canadian Paci fic Ra i lway Ltd. 2.7% Loblaw Companies Ltd. 1.2%

Canadian Imperia l Bank of Commerce 2.4% Imperia l Oi l Ltd. 1.2%

Canadian Natura l Resources Ltd. 2.2% 75.0%





Net Income (loss ) ($ '000) 1,942$ (1,319)$ 649$ 594$ (116)$ 17,913$ (15,240)$ 10,711$ 25,625$ (13,412)$


Withdrawals ($ '000) 2,371$ 2,775$ 1,603$ 421$ 82$ 13,962$ 44,368$ 41,246$ 33,563$ 30,770$













T

h

e

c

o

m

p

a

r

a

t






Cash -$ -$ Net income (loss ) attributable to contractholders 1,116,149$ 32,205$





Accounts receivable - sa le of investments - - Change in other l iabi l i ties (186) (6,352)


Other 2,662 2,641 Proceeds from sa les of investments 931,808 1,580,739

11,883,706 9,187,331 Cash provided by (used in) oeprating activi ties (1,580,412) 287,520





Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 1,583,014 (275,231)

Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 2,602 12,289

Other - - Cash/bank indebtedness at beginning of period (4,060) (9,361)

39,702 42,490 Cash/bank indebtedness at end of period (1,458)$ 2,928$





Series 1 2.25% 2.25%


Invest Series 0.30 (0.80) % 0.30 (0.80) %


Income

Distribution from underlying fund 144 552$

Real ized loss on sa le of investments (53,082) (100,241)






166,576 159,835 Series 1





Invest Series 1.20$ 0.11$

Series 1 1.52 0.03




12,989,537 12,350,728 Schedule of investment in underlying fundWithdrawals 1,145,533 1,807,121 RBC Canadian Equity Fund, Series O









RBC Canadian Equity GIF


Unaudited interim financial statements of RBC Canadian Equity GIF (continued)

RBC Canadian Equity Fund

Royal Bank of Canada 6.3% Canadian Imperia l Bank of Commerce 1.9%

Toronto-Dominion Bank 5.1% Nutrien Ltd. 1.9%

Enbridge Inc. 4.5% Al imentation Couche-Tard Inc. 1.7%

Bank of Nova Scotia 4.3% BCE Inc. 1.6%

Suncor Energy Inc. 4.0% Sun Li fe Financia l Inc. 1.5%

Cash & Cash Equiva lents 3.5% Canadian Paci fic Ra i lway Ltd. 1.4%

RBC Canadian Smal l & Mid-Cap Resources Fund 3.4% Finning International Inc. 1.4%

Canadian Natura l Resources Ltd. 3.0% Pembina Pipel ine Corp. 1.3%

Manul i fe Financia l Corporation 3.0% George Weston Ltd. 1.3%

Canadian National Ra i lway Co. 3.0% UnitedHealth Group Incorporated 1.3%

TC Energy Corp. 2.7% Magna International Inc., Class A 1.2%

Brookfield Asset Management Inc., Class A 2.5% Canadian Ti re Corp. Ltd., Class A 1.2%

Bank of Montreal 2.3% 65.3%




Net assets attributable to contractholders ($ '000) 2,002$ 1,746$ 1,602$ 600$ 205$ 9,842$ 7,399$ 9,125$ 8,271$ 7,517$

Net Income (loss ) ($ '000) 213$ (213)$ 71$ 66$ (18)$ 903$ (962)$ 476$ 1,314$ (831)$

Premium depos i ts ($ '000) 437$ 910$ 1,314$ 367$ 225$ 2,292$ 1,526$ 2,298$ 1,311$ 1,443$

Withdrawals ($ '000) 394$ 553$ 383$ 39$ 7$ 752$ 2,290$ 1,920$ 1,870$ 1,976$





















Accrued income dis tribution from underlying funds - - Net ga ins on investments (860,587) (242,944)







Bank indebtedness 633 4,844 Dis tributions to the contractholders - -





Other - - Cash/bank indebtedness at beginning of period (4,844) -

21,908 31,363 Cash/bank indebtedness at end of period (633)$ 6,937$





Series 1 2.30% 2.30%


Invest Series 0.30 (0.80) % 0.30 (0.80) %


Income

Distribution from underlying fund -$ 128$

Real ized ga in on sa le of investments (4,195) 111,933






122,221 134,573 Series 1



Net income (loss) attributable to contractholders 761,606$ 127,080$ Redemptions during the period (54,341) (62,350)



Series 1 2.06 0.31



Net income (loss ) attributable to contractholders 761,606 127,080

7,422,169 8,671,975 Schedule of investment in underlying fundWithdrawals 1,155,616 1,201,233 RBC O'Shaughnessy All Canadian Equity Fund, Series O









RBC O'Shaughnessy All Canadian Equity GIF



RBC O'Shaughnessy Al l -Canadian Equity Fund

Sun Li fe Financia l Inc. 3.6% CGI Inc. 2.1%

Air Canada 3.5% CAE Inc. 1.8%

Teck Resources Ltd., Class B 3.4% Constel lation Software Inc. 1.8%

Kirkland Lake Gold Ltd. 3.0% Norbord Inc. 1.7%

Manul i fe Financia l Corporation 2.7% Husky Energy Inc. 1.7%

Loblaw Companies Ltd. 2.7% Boyd Group Income Fund 1.5%

Great-West Li feco Inc. 2.7% Home Capita l Group Inc. 1.4%

Magna International Inc., Class A 2.6% Fairfax Financia l Holdings Ltd. 1.3%

Capita l Power Corp. 2.5% Aritzia Inc. 1.2%

Canadian Apartment Properties Real Estate Investment Trust 2.4% Hudbay Minera ls Inc. 1.2%

Methanex Corp. 2.3% BRP Inc. 1.2%

TFI International Inc. 2.2% Canadian Ti re Corp. Ltd., Class A 1.2%

Al imentation Couche-Tard Inc. 2.1% 53.8%





Net Income (loss ) ($ '000) 115$ (136)$ 28$ 32$ (6)$ 647$ (1,032)$ 348$ 827$ (218)$

Premium depos i ts ($ '000) 106$ 646$ 289$ 259$ 249$ 290$ 919$ 1,069$ 2,537$ 1,223$

Withdrawals ($ '000) 198$ 215$ 189$ 40$ 20$ 958$ 1,809$ 1,855$ 3,512$ 4,705$








RBC O'Shaughnessy All Canadian Equity GIF (continued)














Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (816,823) 13,407




Other 513 492 Proceeds from sa les of investments 438,432 1,231,815

6,650,156 5,353,320 Cash provided by (used in) oeprating activi ties (484,978) 494,923




Accrued expenses 17,208 21,245 Redemption of units (509,059) (1,234,948)

Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 472,838 (505,711)


Other - - Cash/bank indebtedness at beginning of period - (818)






Series 1 2.25% 2.25%


Invest Series 0.30 (0.80) % 0.30 (0.80) %


Income


Real ized ga in (loss ) on sa le of investments 13,313 15,114

Change in unreal ized ga in/loss of investments 803,510 (28,521) Sales and redemption of units901,877 68,975 Invest Series





102,063 104,556 Series 1






Series 1 1.65 (0.07)




7,129,867 7,543,766 Schedule of investment in underlying fundWithdrawals 509,059 1,234,948 PH&N Canadian Income Fund, Series O









RBC PH&N Canadian Income GIF



Phi l l ips , Hager & North Canadian Income Fund

Royal Bank of Canada 8.4% Suncor Energy Inc. 2.0%

Toronto-Dominion Bank 8.1% Canadian Paci fic Ra i lway Ltd. 2.0%

Enbridge Inc. 5.4% Canadian Natura l Resources Ltd. 1.9%

Bank of Nova Scotia 4.6% Nutrien Ltd. 1.9%

Canadian National Ra i lway Co. 4.0% Waste Connections Inc. 1.8%

Bank of Montreal 3.8% TELUS Corp. 1.7%

Brookfield Asset Management Inc., Class A 3.6% Fairfax Financia l Holdings Ltd. 1.6%

Manul i fe Financia l Corporation 2.8% Barrick Gold Corp. 1.5%

TC Energy Corp. 2.6% Canadian Imperia l Bank of Commerce 1.4%

Cash & Cash Equiva lents 2.5% Brookfield Property Partners LP 1.4%

Shaw Communications Inc., Class B 2.4% Dol larama Inc. 1.4%

Al imentation Couche-Tard Inc. 2.4% Quebecor Inc., Class B 1.4%

Sun Li fe Financia l Inc. 2.4% 73.0%




Net assets attributable to contractholders ($ '000) 1,177$ 727$ 864$ 684$ 198$ 5,444$ 4,605$ 5,970$ 5,008$ 4,048$

Net Income (loss ) ($ '000) 117$ (118)$ 40$ 51$ (21)$ 699$ (583)$ 244$ 765$ (449)$

Premium depos i ts ($ '000) 426$ 613$ 489$ 515$ 208$ 556$ 960$ 1,978$ 1,521$ 1,396$

Withdrawals ($ '000) 93$ 631$ 349$ 80$ 37$ 416$ 1,742$ 1,260$ 1,327$ 1,696$







RBC PH&N Canadian Income GIF (continued)

Series 1Invest Series















Accounts receivable - sa le of investments - - Change in other l iabi l i ties (3,683) 312

Due from RBC Li fe Insurance Company 1,267 773 Purchases of investments (2,545,769) (4,043,671)


26,984,767 24,221,043 Cash provided by (used in) oeprating activi ties (72,825) (2,844,729)


Bank indebtedness 8,005$ -$ Dis tributions to the contractholders - -



Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 59,630 2,907,985








Series 1 2.25% 2.25%


Invest Series 0.30 (0.80) % 0.30 (0.80) %


Income

Distribution from underlying fund 395$ 698$







388,282 355,709 Series 1





Invest Series -$ 0.18$

Series 1 - 0.10




30,509,897 28,039,193 Schedule of investment in underlying fundWithdrawals 3,597,126 2,628,529 RBC North American Value Fund, Series O









RBC North American Value GIF


Unaudited interim financial statements of RBC North American Value GIF (continued)

RBC North American Value Fund

Cash & Cash Equiva lents 9.5% Berkshire Hathaway Inc., Class B 1.6%

Toronto-Dominion Bank 4.3% Manul i fe Financia l Corporation 1.6%

Bank of Nova Scotia 3.5% Charter Communications Inc. 1.6%

Royal Bank of Canada 3.5% Nutrien Ltd. 1.5%

Brookfield Asset Management Inc., Class A 2.5% BCE Inc. 1.5%

Microsoft Corp. 2.2% JPMorgan Chase & Co. 1.3%

Suncor Energy Inc. 2.1% Alphabet Inc., Class C 1.3%

TC Energy Corp. 1.9% Altice USA Inc., Class A 1.1%

Canadian Natura l Resources Ltd. 1.9% Danaher Corp. 1.1%

Canadian Paci fic Ra i lway Ltd. 1.9% Al imentation Couche-Tard Inc. 1.1%

Enbridge Inc. 1.8% Thomson Reuters Corp. 1.1%

Canadian National Ra i lway Co. 1.6% Sun Li fe Financia l Inc. 1.1%

George Weston Ltd. 1.6% 54.2%





Net Income (loss ) ($ '000) 878$ (766)$ 489$ 137$ (18)$ 1,822$ (1,818)$ 1,384$ 943$ (37)$

Premium depos i ts ($ '000) 1,663$ 3,593$ 4,517$ 1,505$ 599$ 1,994$ 5,100$ 6,804$ 3,875$ 2,543$

Withdrawals ($ '000) 1,474$ 1,399$ 925$ 168$ 39$ 2,123$ 2,780$ 2,727$ 2,072$ 3,460$

Number of units outstanding 690,962 673,087 494,111 184,779 60,959 1,278,141 1,285,787 1,122,477 814,309 673,233





daily average net assets during the period. 2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of










Cash 458$ 7,232$ Net income (loss ) attributable to contractholders 655,626$ 98,038$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (731,067) (154,547)


Accounts receivable - sa le of investments - - Change in other l iabi l i ties 116 (4,820)






Other l iabi l i ties Proceeds from issue of units 1,092,845 823,110



Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (6,774) (200)

Other - - Cash/bank indebtedness at beginning of period 7,232 200

26,684 26,568 Cash/bank indebtedness at end of period 458$ -$





Series 1 2.25% 2.25%


Invest Series 0.30 (0.80) % 0.30 (0.80) %


Income








96,836 80,744 Series 1






Series 1 2.12 0.42


Net assets , beginning of the period 4,483,966$ 3,642,666$ Investment in underlying fund at fair valuePremium depos i ts 1,092,845 823,110 Level 1 5,700,467$ 4,499,470$


6,232,437 4,563,814 Schedule of investment in underlying fundWithdrawals 553,626 270,951 RBC North American Growth Fund, Series O









RBC North American Growth GIF


Unaudited interim financial statements of RBC North American Growth GIF (continued)

RBC North American Growth Fund

Royal Bank of Canada 3.6% Canadian Paci fic Ra i lway Ltd. 1.3%

Toronto-Dominion Bank 3.3% Manul i fe Financia l Corporation 1.3%

Microsoft Corp. 2.3% Nutrien Ltd. 1.3%

Bank of Nova Scotia 2.2% Facebook Inc., Class A 1.1%

Canadian National Ra i lway Co. 2.2% Canadian Natura l Resources Ltd. 1.1%

Enbridge Inc. 1.9% Cash & Cash Equiva lents 1.0%

Amazon.com, Inc. 1.8% JPMorgan Chase & Co. 1.0%

Suncor Energy Inc. 1.7% Al imentation Couche-Tard Inc. 1.0%

Apple Inc. 1.5% Sun Li fe Financia l Inc. 0.9%

TC Energy Corp. 1.5% Waste Connections Inc. 0.9%

Alphabet Inc., Class A 1.5% BCE Inc. 0.8%

Brookfield Asset Management Inc., Class A 1.5% Visa Inc., Class A 0.8%

Bank of Montreal 1.4% 38.9%





Net Income (loss ) ($ '000) 189$ (97)$ 59$ 39$ (5)$ 467$ (239)$ 188$ 189$ 7$

Premium depos i ts ($ '000) 368$ 552$ 664$ 275$ 152$ 725$ 1,147$ 1,009$ 484$ 761$

Withdrawals ($ '000) 198$ 64$ 284$ 21$ 21$ 356$ 458$ 439$ 381$ 811$





















Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (5,773,207) (1,095,665)


Accounts receivable - sa le of investments - - Change in other l iabi l i ties 2,405 (4,136)








Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 3,574,428 1,982,979








Series 1 2.30% 2.30%


Invest Series 0.30 (0.80) % 0.30 (0.80) %


Income



Change in unreal ized ga in/loss of investments 5,269,677 274,651 Sales and redemption of units6,666,202 1,728,546 Invest Series




Other adminis trative expenses 147,535 124,971 Clos ing ba lance as at June 30th 1,134,316 911,340

1,023,761 859,590 Series 1


Expenses after waiver 1,003,665 851,727 Purchases during the period 355,930 360,048




Series 1 1.68 0.30




78,472,776 67,407,859 Schedule of investment in underlying fundWithdrawals 7,061,107 8,365,550 RBC U.S. Dividend Fund, Series O



Invest Series 1,134,316 911,340 Percentage held in underlying fund 1.6200% 1.5498%






RBC U.S. Dividend GIF


Unaudited interim financial statements of RBC U.S. Dividend GIF (continued)

RBC U.S. Dividend Fund

Microsoft Corp. 5.6% Peps iCo Inc. 2.0%

Cash & Cash Equiva lents 4.6% The Procter & Gamble Co. 2.0%

Apple Inc. 3.7% Vanguard Real Estate ETF 1.8%

iShares Dow Jones US Real Estate Index ETF 3.5% Visa Inc., Class A 1.7%

Cisco Systems Inc. 3.2% Merck & Co. Inc. 1.7%

Comcast Corp., Class A 2.5% McDonald's Corp. 1.6%

CVS Health Corp. 2.5% Pfizer Inc. 1.6%

Uti l i ties Select Sector SPDR ETF 2.4% The Walt Disney Company 1.5%

Texas Instruments Inc. 2.2% Union Paci fic Corp. 1.5%

Johnson & Johnson 2.0% Mastercard Inc. 1.5%

JPMorgan Chase & Co. 2.0% Anthem Inc. 1.5%

Broadcom Inc. 2.0% UnitedHealth Group Incorporated 1.5%

Verizon Communications Inc. 2.0% 58.1%





Net Income (loss ) ($ '000) 1,430$ (193)$ 907$ 394$ 135$ 4,233$ (585)$ 4,098$ 1,957$ 3,489$


Withdrawals ($ '000) 2,303$ 2,715$ 1,486$ 754$ 180$ 4,758$ 10,949$ 9,106$ 12,841$ 5,032$


















Cash 537$ -$ Net income (loss ) attributable to contractholders 919,001$ 353,940$



Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (1,067,525) (462,174)


Accounts receivable - sa le of investments - - Change in other l iabi l i ties (91) (2,466)


Other 547 526 Proceeds from sa les of investments 998,977 1,040,649



Bank indebtedness - 9,554 Dis tributions to the contractholders - -





Other - - Cash/bank indebtedness at beginning of period (9,554) (10,151)

40,779 50,424 Cash/bank indebtedness at end of period 537$ 5,277$





Series 1 2.30% 2.30%


Invest Series 0.40 (0.90) % 0.40 (0.90) %


Income








162,225 126,699 Series 1






Series 1 1.78 0.94

For the s ix month ended June 30, 2019 2018 As at Dec 31, 2018 Dec 31, 2017



11,605,404 9,355,461 Schedule of investment in underlying fundWithdrawals 1,199,939 1,315,963 RBC U.S. Equity Fund, Series O









RBC U.S. Equity GIF



RBC U.S. Equity Fund

RBC U.S. Mid-Cap Growth Equity Fund 5.0% Berkshire Hathaway Inc., Class B 1.6%

Microsoft Corp. 4.5% Cisco Systems Inc. 1.6%

Cash & Cash Equiva lents 4.2% CVS Health Corp. 1.5%

Amazon.com, Inc. 3.8% Mastercard Inc. 1.5%

Apple Inc. 3.3% Vanguard Real Estate ETF 1.4%

RBC U.S. Mid-Cap Value Equity Fund 2.9% The Walt Disney Company 1.4%

Alphabet Inc., Class A 2.5% The Procter & Gamble Co. 1.4%

Verizon Communications Inc. 2.0% Merck & Co. Inc. 1.4%

Johnson & Johnson 2.0% Bank of America Corp. 1.2%

JPMorgan Chase & Co. 1.9% Comcast Corp., Class A 1.2%

iShares Dow Jones US Real Estate Index ETF 1.9% Union Paci fic Corp. 1.2%

Facebook Inc., Class A 1.8% Thermo Fisher Scienti fic Inc. 1.1%

Visa Inc., Class A 1.7% 54.0%





Net Income (loss ) ($ '000) 223$ (57)$ 88$ 41$ 15$ 696$ (89)$ 434$ 188$ 376$

Premium depos i ts ($ '000) 931$ 1,231$ 383$ 326$ 496$ 1,104$ 4,034$ 1,772$ 2,806$ 2,771$

Withdrawals ($ '000) 499$ 307$ 151$ 109$ 75$ 701$ 2,414$ 2,411$ 2,107$ 1,053$








RBC U.S. Equity GIF (continued)














Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (2,109,390) (50,931)


















Series 1 2.30% 2.30%


Invest Series 0.40 (0.90) % 0.40 (0.90) %


Income


Real ized ga in on sa le of investments (81,991) 475,024






249,600 260,539 Series 1






Series 1 2.10 (0.03)




17,361,232 19,520,979 Schedule of investment in underlying fundWithdrawals 1,700,380 3,079,101 RBC O'Shaughnessy U.S. Value Fund, Series O









RBC O'Shaughnessy U.S. Value GIF


Unaudited interim financial statements of RBC O'Shaughnessy U.S. Value GIF (continued)

RBC O'Shaughnessy U.S. Va lue Fund

Citigroup Inc. 5.1% Spiri t Aerosystems Holdings Inc., Class A 2.3%

MetLi fe Inc. 4.9% eBay Inc. 2.3%

Ameriprise Financia l Inc. 4.8% Cash & Cash Equiva lents 2.3%

Yum! Brands , Inc. 4.0% Phi l l ips 66 Company 2.2%

Fi fth Third Bancorp 3.5% Corning Inc. 2.0%

Union Paci fic Corp. 3.4% Marathon Petroleum Corp. 1.9%

Amgen Inc. 3.3% Regions Financia l Corp. 1.9%

Cisco Systems Inc. 3.3% Best Buy Co. Inc. 1.9%

Citrix Systems Inc. 3.3% The Kroger Co. 1.9%

Voya Financia l Inc. 3.0% NXP Semiconductor N.V. 1.8%

Al ly Financia l Inc. 2.6% Dover Corp. 1.7%

Juniper Networks Inc. 2.6% The Western Union Co. 1.7%

Cardinal Health Inc. 2.5% 70.2%





Net Income (loss ) ($ '000) 275$ (312)$ 179$ 58$ (44)$ 1,774$ (2,107)$ 2,536$ 1,213$ (1,765)$

Premium depos i ts ($ '000) 565$ 1,216$ 634$ 316$ 367$ 865$ 2,833$ 3,150$ 1,040$ 2,709$

Withdrawals ($ '000) 225$ 520$ 58$ 110$ 12$ 1,475$ 4,128$ 2,714$ 4,190$ 5,067$

Number of units outstanding 195,127 165,990 111,248 59,753 37,785 810,435 847,975 927,068 895,960 1,145,728

















Cash -$ 154,748$ Net income (loss ) attributable to contractholders 6,894,172$ 1,757,839$




Accounts receivable - contractholders - - Change in other assets (1,184) (2,167)









Accounts payable - contractholders 9,035 - Cash provided by (used in) financing activi ties 2,102,197 14,186,012








Series 1 2.40% 2.40%


Invest Series 0.45 (0.95) % 0.45 (0.95) %


Income

Distribution from underlying fund 650$ 1,637$


Change in unreal ized ga in/loss of investments 7,402,858 2,219,437 Sales and redemption of units7,688,089 2,270,649 Invest Series





820,174 522,725 Series 1



Net income (loss) attributable to contractholders 6,894,172$ 1,757,839$ Redemptions during the period (220,032) (92,411)



Series 1 2.50 0.95



Net income (loss ) attributable to contractholders 6,894,172 1,757,839

60,466,691 43,206,263 Schedule of investment in underlying fundWithdrawals 6,303,700 2,165,271 RBC Global Dividend Growth Fund, Series O









RBC Global Dividend Growth GIF



RBC Global Dividend Growth Fund

Microsoft Corp. 6.5% EOG Resources Inc. 2.7%

Blackstone Group LP 5.1% Uni lever N.V. 2.7%

TJX Companies Inc. 4.5% HDFC Bank Ltd. ADR 2.6%

Estée Lauder Companies Inc., Class A 4.2% AIA Group Ltd. 2.6%

Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% Citigroup Inc. 2.5%

UnitedHealth Group Incorporated 4.1% Fortive Corp. 2.3%

Roche Holdings AG Genusscheine 3.6% MarketAxess Holdings Inc. 2.2%

InterContinenta l Hotels Group Plc. 3.3% Royal Dutch Shel l Plc., B Shares 2.0%

JPMorgan Chase & Co. 3.3% Croda International Plc. 2.0%

Danaher Corp. 3.1% Inditex S.A. 2.0%

Deutsche Post AG 3.1% Broadcom Inc. 1.8%

Firs t Republ ic Bank 2.9% American Water Works Co. Inc. 1.8%

Anheuser-Busch InBev S.A./N.V. 2.7% 77.7%





Net Income (loss ) ($ '000) 1,896$ (383)$ 642$ (54)$ 62$ 4,998$ (1,130)$ 2,266$ (1,270)$ 1,576$


Withdrawals ($ '000) 2,241$ 2,818$ 249$ 664$ 94$ 4,063$ 4,467$ 3,064$ 10,669$ 2,334$

Number of units outstanding 948,439 899,668 489,406 221,425 126,693 2,037,607 1,960,704 1,072,795 876,200 1,298,151







RBC Global Dividend Growth GIF (continued)











Cash 951$ -$ Net income (loss ) attributable to contractholders 206,721$ (48,807)$



Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (306,583) (64,586)





6,306,390 6,204,880 Cash provided by (used in) oeprating activi ties 101,953 (678,571)



Other l iabi l i ties Proceeds from issue of units 818,382 1,587,662


Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (98,656) 678,083

Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 3,297 (488)

Other - - Cash/bank indebtedness at beginning of period (2,346) (201)

26,025 32,580 Cash/bank indebtedness at end of period 951$ (689)$





Series 1 2.40% 2.40%


Invest Series 0.45 (0.95) % 0.45 (0.95) %


Income


Real ized ga in (loss ) on sa le of investments (46,871) 56,180






125,710 135,265 Series 1






Series 1 0.35 (0.07)


Net assets , beginning of the period 6,172,300$ 6,622,070$ Investment in underlying fund at fair valuePremium depos i ts 818,382 1,587,662 Level 1 6,300,616$ 6,200,599$


7,197,403 8,160,925 Schedule of investment in underlying fundWithdrawals 917,038 909,579 RBC O'Shaughnessy International Equity Fund, Series O









RBC O'Shaughnessy International Equity GIF


Unaudited interim financial statements of RBC O'Shaughnessy International Equity GIF (continued)

RBC O'Shaughnessy International Equity Fund

Astel las Pharma Inc. 2.9% OMV AG 1.4%

ENI S.p.A. 2.6% Japan Aviation Electronics Industry Ltd. 1.4%

Rio Tinto Plc. 2.3% Aurizon Holdings Ltd. 1.4%

Burberry Group Plc. 2.1% Skandinaviska Enski lda Banken 1.4%

Roche Holding AG 2.1% SAMTY Co. Ltd. 1.3%

Ageas 2.1% Wesfarmers Ltd. 1.3%

Evraz Plc. 2.0% EXOR N.V. 1.2%

Peugeot S.A. 2.0% Cash & Cash Equiva lents 1.2%

Koninkl i jke Ahold Delhaize N.V. 1.9% Ferguson Plc. 1.2%

NTT DoCoMo Inc. 1.6% Contact Energy Limited 1.2%

Austra l ia & New Zealand Banking Group Ltd. 1.6% Toshiba TEC Corp. 1.1%

Tate & Lyle Plc. 1.6% Imperia l Brands Plc. 1.1%

Société Généra le 1.5% 41.5%





Net Income (loss ) ($ '000) 38$ (200)$ 88$ (12)$ 14$ 169$ (837)$ 680$ (352)$ 629$

Premium depos i ts ($ '000) 236$ 846$ 514$ 356$ 220$ 582$ 1,335$ 1,276$ 1,406$ 1,700$

Withdrawals ($ '000) 202$ 427$ 124$ 118$ 1$ 715$ 1,167$ 1,341$ 1,348$ 1,278$


















Cash -$ 200$ Net income (loss ) attributable to contractholders 18,882$ 3,016$

Investments in underlying fund at fa i r va lue 410,973 395,872 Add (deduct) to convert net income to






Other 2,392 2,375 Proceeds from sa les of investments 42,908 38,182

417,496 403,103 Cash provided by (used in) oeprating activi ties 606 (4,093)





Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (806) 2,595

Accounts payable - purchase of investments - - Increase (decrease) in cash (200) (1,498)

Other - - Cash at beginning of period 200 448

18,418 22,101 Cash at end of period -$ (1,050)$

Net assets attributable to contractholders 399,078$ 381,002$

Net assets attributable to contractholders per unit 10.39$ 9.91$ For the s ix month ended June 30, 2019 2018

ExpensesAnnual Management fee and Other adminis tration expenses 1.97% 1.97%

Annual Insurance Fee (Limit) 0.45 (0.95) % 0.45 (0.95) %

For the s ix month ended June 30, 2019 2018

Income Sales and redemption of unitsDistribution from underlying fund 432$ 717$

Real ized ga in (loss ) on sa le of investments (1,811) 954 Opening ba lance as at January 1st 38,459 43,652

Change in unreal ized ga in/loss of investments 25,264 7,343 Purchases during the period 2,051 1,968

23,885 9,014 Redemptions during the period (2,114) (1,741)

Expenses Clos ing ba lance as at June 30th 38,396 43,879

Management fees 3,902 3,608

Insurance fees 934 1,120

Other adminis trative expenses 28,133 29,815 As at June 30, 2019 Dec 31, 2018

32,969 34,543 Investment in underlying fund at fair valueLess : Expenses waived 27,966 28,545 Level 1 410,973$ 395,872$

Expenses after waiver 5,003 5,998

Net income (loss) attributable to contractholders 18,882$ 3,016$ Schedule of investment in underlying fundNet income (loss ) attributable to unitholders per unit 0.50$ 0.07$ RBC BlueBay Global Convertible Bond Fund, Series O

Number of units 34,561$ 35,261$

Cost 425,964$ 436,127$

Percentage held in underlying fund 0.0573% 0.0476%

Fair va lue 410,973$ 395,872$


Net assets , beginning of the period 381,002$ 453,968$

Premium depos i ts 21,119 20,790


421,003 477,774

Withdrawals 21,925 18,195

Net assets, end of the period 399,078$ 459,579$



RBC BlueBay Global Convertible Bond GIF





Unaudited interim financial statements of RBC BlueBay Global Convertible Bond GIF

RBC BlueBay Global Convertible Bond Fund (Canada)

Cash & Cash Equiva lents 4.8% RAG-Sti ftung, Convertible EUR 0.000% Oct 2 2024 1.6%

Ctrip.com International Ltd., Convertible USD 1.250% Sep 15 2022 3.1% Akamai Technologies Inc., Convertible 0.125% May 1 2025 1.5%

Shanghai Port Group BVI Holding Co. Ltd., Convertible USD 0.000% Aug 9 2021 3.0% QIAGEN N.V., Convertible USD 1.000% Nov 13 2024 1.5%

Microchip Technology Inc., Convertible 1.625% Feb 15 2027 2.8% Bagan Capita l Ltd., Convertible USD 0.000% Sep 23 2021 1.5%

Tes la Inc., Convertible 1.250% Jan 3 2021 2.6% Transocean Inc., Convertible USD 0.500% Jan 30 2023 1.4%

DISH Network Corp., Convertible 3.375% Aug 15 2026 2.1% STMicroelectronics N.V., Convertible USD 0.000% Jul 3 2022 1.4%

Harvest International Co., Convertible HKD 0.000% Nov 21 2022 2.0% Sika AG, Convertible CHF 0.150% Jun 5 2025 1.4%

Palo Al to Networks Inc., Convertible 0.750% Jul 1 2023 1.9% DocuSign Inc., Convertible 0.500% Sep 15 2023 1.4%

China Evergrande Group, Convertible HKD 4.250% Feb 14 2023 1.8% LG Chem Ltd., Convertible EUR 0.000% Apr 16 2021 1.3%

CRRC Corp Ltd., Convertible USD 0.000% Feb 5 2021 1.8% ON Semiconductor Corp., Convertible 1.000% Dec 1 2020 1.3%

China Rai lway Construction Corp. Ltd., Convertible CNY 1.500% Dec 21 2021 1.8% Huazhu Group Ltd., Convertible USD 0.375% Nov 1 2022 1.3%

China Overseas Finance Investment Cayman V Ltd., Convertible USD 0.000% Jan 5 2023 1.8% Tes la Inc., Convertible 2.000% May 15 2024 1.3%

Deutsche Wohnen SE, Convertible EUR 0.600% Jan 5 2026 1.7% 48.1%


For the years June 30, 2019 2018 2017 2016 2015



Net income (loss ) ($ '000) 19$ (20)$ 9$ (7)$ (9)$


Withdrawals ($ '000) 22$ 82$ 31$ 142$ 2$









2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the securities

in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year.

There is not necessarily a relationship between a high turnover rate and the performance of a fund.

Invest Series





Cash 449,912$ 106,649$ Net income (loss ) attributable to contractholders 6,945,325$ (650,338)$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (6,305,453) 979,470


Accounts receivable - sa le of investments - - Change in other l iabi l i ties (602) 26,878











164,754 165,356 Cash/bank indebtedness at end of period 449,912$ (20,618)$





Series 1 1.87% 2.07%

Series 2 1.74% 1.94%



Income Series 1 0.40 (0.80) % 0.40 (0.80) %

Distribution from underlying fund 1,697,360$ 1,222,832$ Series 2 0.70 (1.20) % 0.70 (1.20) %


Change in unreal ized ga in/loss of investments 6,289,516 (1,085,671) Sales and redemption of units8,002,813 243,362 Invest Series

Expenses Opening balance as at January 1st 1,330,097 1,104,002




1,076,224 913,557 Series 1


Expenses after waiver 1,057,488 893,700 Purchases during the period 604,848 775,758




Series 1 0.95 (0.10) Opening ba lance as at January 1st 2,808,825 1,780,230







101,880,733 87,602,860 Schedule of investment in underlying fundWithdrawals 9,722,843 7,011,452 RBC Balanced Growth and Income Fund, Series O





Series 2 2,903,938 2,606,432





RBC Balanced Growth and Income GIF


Unaudited interim financial statements of RBC Balanced Growth and Income GIF (continued)

RBC Balanced Growth & Income Fund

Phi l l ips , Hager & North Tota l Return Bond Fund 12.5% Suncor Energy Inc. 0.9%

RBC Emerging Markets Dividend Fund 10.0% TC Energy Corp. 0.9%

RBC Global Corporate Bond Fund 8.6% Nutrien Ltd. 0.8%

RBC European Dividend Fund 7.2% Canadian Natura l Resources Ltd. 0.8%

RBC Global High Yield Bond Fund 6.6% Agnico Eagle Mines Ltd. 0.7%

BlueBay Global Monthly Income Bond Fund 6.6% Apple Inc. 0.7%

Royal Bank of Canada 1.7% iShares Dow Jones US Real Estate Index ETF 0.7%

Enbridge Inc. 1.6% Canadian Imperia l Bank of Commerce 0.7%

Bank of Nova Scotia 1.6% Bank of Montreal 0.6%

Cash & Cash Equiva lents 1.5% Cisco Systems Inc. 0.6%

Toronto-Dominion Bank 1.4% Brookfield Asset Management Inc., Class A 0.6%

Microsoft Corp. 1.1% Sun Li fe Financia l Inc. 0.6%

Manul i fe Financia l Corporation 1.0% 70.0%





Net Income (loss ) ($ '000) 1,320$ (822)$ 682$ 545$ (206)$ 2,983$ (2,008)$ 1,480$ 655$ (6)$


Withdrawals ($ '000) 2,058$ 3,607$ 1,173$ 2,511$ 1,413$ 4,788$ 8,281$ 5,322$ 190$ -$

Number of units outstanding 1,547,032 1,330,097 1,104,002 543,674 585,773 3,224,560 3,024,425 2,581,720 982,861 351,266






Net Income (loss ) ($ '000) 2,642$ (1,838)$ 786$ 257$ 7$


Withdrawals ($ '000) 2,877$ 2,919$ 2,465$ 801$ -$

Number of units outstanding 2,903,938 2,808,825 1,780,230 308,827 117,266





daily average net assets during the period. 2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of





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Series 2









Accounts receivable - contractholders - - Change in other assets (2,103) (924)

Accounts receivable - sa le of investments - - Change in other l iabi l i ties 26 (1,767)



5,074,198 4,657,152 Cash provided by (used) in oeprating activi ties 299,921 (1,130,974)


Bank indebtedness 375 - Dis tributions to the contractholders - -



Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (300,296) 1,128,774

Accounts payable - purchase of investments - - Increase (decrease) in cash (375) (2,200)

Other - - Cash at beginning of period - 30

21,556 21,155 Cash at end of period (375)$ (2,170)$






Income Sales and redemption of unitsDistribution from underlying fund -$ 1,115$

Real ized ga in (loss ) on sa le of investments 35,818 18,843 Opening ba lance as at January 1st 321,736 118,507

Change in unreal ized ga in/loss of investments 751,261 189,009 Purchases during the period 82,530 108,474

787,079 208,967 Redemptions during the period (99,688) (33,543)

Expenses Clos ing ba lance as at June 30th 304,578 193,438


Insurance fees 12,525 6,283

Other adminis trative expenses 46,481 36,807 As at June 30, 2019 Dec 31, 2018

105,486 66,404 Investment in underlying fund at fair valueLess : Expenses waived 35,348 31,217 Level 1 5,067,055$ 4,652,112$

Expenses after waiver 70,138 35,187

Net income (loss) attributable to contractholders 716,941$ 173,780$ Schedule of investment in underlying fundNet income (loss ) attributable to unitholders per unit 2.23$ 1.03$ RBC Global Equity Fund, Series O

Number of units 291,747 312,371

Cost 4,735,453$ 5,071,771$


Fair va lue 5,067,055$ 4,652,112$



Premium depos i ts 1,296,042 1,633,946


6,648,980 3,528,379

Withdrawals 1,596,338 505,172

Net assets, end of the period 5,052,642$ 3,023,207$



RBC Global Equity GIF






RBC Global Equity Fund

Danaher Corp. 4.2% Firs t Republ ic Bank 2.6%

Roche Holdings AG Genusscheine 4.2% Gartner Inc. 2.6%

Microsoft Corp. 4.0% JPMorgan Chase & Co. 2.3%

Amazon.com, Inc. 3.7% AIA Group Ltd. 2.3%

Fortive Corp. 3.5% American Water Works Co. Inc. 2.3%

UnitedHealth Group Incorporated 3.3% SVB Financia l Group 2.2%

TJX Companies Inc. 3.3% MarketAxess Holdings Inc. 2.2%

Deutsche Post AG 3.1% Nidec Corp. 2.2%

Uni lever N.V. 3.1% Inditex S.A. 2.2%

Anheuser-Busch InBev S.A./N.V. 3.0% Taiwan Semiconductor Manufacturing Co. Ltd. ADR 2.1%

Blackstone Group LP 2.8% Alphabet Inc., Class A 2.1%

Estée Lauder Companies Inc., Class A 2.7% InterContinenta l Hotels Group Plc. 2.1%

EOG Resources Inc. 2.7% 70.8%




Net assets attributable to contractholders ($ '000) 5,053$ 4,636$ 1,721$ 339$ 1,024$

Net Income (loss ) ($ '000) 717$ (203)$ 93$ (26)$ 34$

Premium depos i ts ($ '000) 1,296$ 4,483$ 1,359$ 320$ 990$

Withdrawals ($ '000) 1,596$ 1,365$ 70$ 979$ 17$







RBC Global Equity GIF

2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the

securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in

the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.



Invest Series





Cash 1,458$ -$ Net income (loss ) attributable to contractholders 138,648$ (342,995)$




Accounts receivable - contractholders - - Change in other assets (1,952) (2,327)

Accounts receivable - sa le of investments - - Change in other l iabi l i ties 279 232


Other 2,392 2,375 Proceeds from sa les of investments 692,924 511,752







Accounts payable - purchase of investments - - Increase (decrease) in cash 7,061 (6,115)

Other - - Cash at beginning of period (5,603) 3,230

32,464 37,788 Cash at end of period 1,458$ (2,885)$





For the s ix month ended June 30, 2019 2018 Sales and redemption of unitsIncome

Distribution from underlying fund 64,787 47,105$ Opening ba lance as at January 1st 360,747 201,945

Real ized ga in (loss ) on sa le of investments (41,742) 14,949 Purchases during the period 85,528 207,620

Change in unreal ized ga in/loss of investments 179,844 (348,524) Redemptions during the period (72,155) (53,064)

202,889 (286,470) Clos ing ba lance as at June 30th 374,120 356,501

Expenses


Insurance fees 10,909 9,598 As at June 30, 2019 Dec 31, 2018

Other adminis trative expenses 50,100 41,814 Investment in underlying fund at fair value104,158 89,380 Level 1 4,386,952$ 4,113,205$

Less : Expenses waived 39,917 32,855

Expenses after waiver 64,241 56,525 Schedule of investment in underlying fundNet income (loss) attributable to contractholders 138,648$ (342,995)$ RBC Emerging Markets Dividend Fund, Series O

Net income (loss ) attributable to unitholders per unit 0.37$ (1.18)$ Number of units 346,018$ 334,434$

Cost 4,731,627$ 4,637,724$


Fair va lue 4,386,952$ 4,113,205$



Premium depos i ts 1,002,900 2,763,452


5,224,964 5,030,654

Withdrawals 859,067 680,356

Net assets, end of the period 4,365,897$ 4,350,298$






RBC Emerging Markets Dividend GIF



RBC Emerging Markets Dividend Fund

Cash & Cash Equiva lents 5.5% Sberbank of Russ ia ADR 1.2%

Naspers Ltd. 4.8% Lukoi l PJSC ADR 1.2%

Samsung Electronics Co. Ltd. 4.0% PT Bank Negara Indones ia Persero Tbk 1.1%

China Construction Bank Corp. 3.9% MTN Group Ltd. 1.1%

Industria l & Commercia l Bank of China 3.8% Sao Martinho S.A. 1.1%

Taiwan Semiconductor Manufacturing Co. Ltd. 3.2% CNOOC Ltd. 1.1%

Ping An Insurance Group Company of China Ltd. 3.2% Aurobindo Pharma Ltd. 1.1%

China Overseas Land & Investment Ltd. 1.7% Banco Davivienda S.A. Preference 1.0%

Banco do Bras i l S.A. 1.5% X5 Reta i l Group N.V. GDR 1.0%

Hana Financia l Group Inc. 1.4% MOL Hungarian Oi l & Gas Plc. 1.0%

TF Adminis tradora Industria l S. de R.L. de C.V. Real Estate Investment Trust Trust 1.4% Commercia l International Bank GDR 1.0%

Petroleo Bras i lei ro S.A. 1.3% Oi l & Natura l Gas Corp Ltd. 1.0%

Rel iance Industries Ltd. 1.3% 49.9%




Net assets attributable to contractholders ($ '000) 4,366$ 4,083$ 2,610$ 496$ 336$

Net Income (loss ) ($ '000) 139$ (656)$ 229$ 50$ (31)$

Premium depos i ts ($ '000) 1,003$ 3,760$ 2,109$ 304$ 347$

Withdrawals ($ '000) 859$ 1,631$ 223$ 194$ 4$







RBC Emerging Markets Dividend GIF



2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the

securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in

the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.

Invest Series





Cash 118,901$ 170$ Net income (loss ) attributable to contractholders 1,923,311$ (167,351)$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (1,700,678) 308,511



Due from RBC Li fe Insurance Company - 221 Purchases of investments (6,930,270) (8,730,892)







Accounts payable - contractholders 2,500 400 Cash provided by (used in) financing activi ties 4,488,102 6,856,395


Other - - Cash/bank indebtedness at beginning of period 170 127,965

63,769 59,271 Cash/bank indebtedness at end of period 118,901$ (41,282)$





Series 1 1.64% 1.64%

Series 2 1.61% 1.61%



Income Series 1 0.40 (0.70) % 0.40 (0.70) %


Real ized ga in on sa le of investments 2,586 (4,345)






318,118 256,639 Series 1

Less : Expenses waived 5,172 8,078 Opening ba lance as at January 1st 1,346,991 764,361












36,011,298 26,883,226 Schedule of investment in underlying fundWithdrawals 3,434,440 2,048,717 RBC Conservative Growth & Income Fund, Series O





Series 2 683,580 620,872





RBC Conservative Growth and Income GIF



RBC Conservative Growth & Income Fund

Phi l l ips , Hager & North Tota l Return Bond Fund 26.3%

RBC Bond Fund 26.1%

RBC Canadian Equity Income Fund 10.2%

RBC Global Corporate Bond Fund 9.0%

RBC Global High Yield Bond Fund 6.9%

BlueBay Global Monthly Income Bond Fund 6.9%

RBC U.S. Dividend Fund 6.5%

RBC Emerging Markets Dividend Fund 3.5%

RBC European Dividend Fund 2.8%

Cash & Cash Equiva lents 1.8%

100.0%




Net assets attributable to contractholders ($ '000) 7,203$ 4,817$ 3,792$ 2,077$ 5$ 17,669$ 14,234$ 8,323$ 428$ 8$

Net Income (loss ) ($ '000) 387$ (123)$ 95$ 26$ -$ 1,043$ (346)$ 109$ 3$ -$

Premium depos i ts ($ '000) 2,884$ 3,046$ 3,466$ 2,246$ 5$ 4,064$ 8,147$ 7,989$ 419$ 8$

Withdrawals ($ '000) 885$ 1,898$ 1,846$ 176$ -$ 1,673$ 1,891$ 203$ 5$ -$

Number of units outstanding 632,087 453,143 346,684 198,044 500 1,561,072 1,346,991 764,361 40,872 798





Net assets attributable to contractholders ($ '000) 7,705$ 7,117$ 6,040$ 1,917$ 116$

Net Income (loss ) ($ '000) 493$ (209)$ 143$ 5$ -$

Premium depos i ts ($ '000) 972$ 3,295$ 5,605$ 1,853$ 115

Withdrawals ($ '000) 876$ 2,009$ 1,624$ 78$ -$







RBC Conservative Growth and Income GIF (continued)

Series 2






T

h

e

c

o

m

p

a

r

a

t

Series 1Invest Series








Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (2,556,888) 7,365



Due from RBC Li fe Insurance Company 622 - Purchases of investments (13,551,242) (3,492,471)









Other - - Cash/bank indebtedness at beginning of period 107,165 -






Series 1 1.86% 1.09%

Series 2 1.73% 0.96%



Income Series 1 0.40 (0.80) % 0.40 (0.80) %


Real ized ga in (loss ) on sa le of investments 23,767 990

Change in unreal ized ga in/loss of investments 2,533,121 (8,355) Sales and redemption of units2,571,216 (5,937) Invest Series

Expenses Opening balance as at January 1st 198,984 -


Insurance fees 72,201 1,452 Redemptions during the period (9,168) -


313,324 16,021 Series 1

Less : Expenses waived 7,456 9,985 Opening ba lance as at January 1st 477,831 -


Net income (loss) attributable to contractholders 2,265,348$ (11,973)$ Redemptions during the period (38,692) -

Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 1,022,954 94,981


Series 1 0.86 (0.10) Opening ba lance as at January 1st 966,566 -


Redemptions during the period (57,289) (949)

Clos ing ba lance as at June 30th 1,481,342 190,345


Net assets , beginning of the period 15,787,884$ -$ Investment in underlying fund at fair valuePremium depos i ts 14,174,444 3,387,318 Level 1 31,215,990$ 15,724,956$


32,227,676 3,375,345 Schedule of investment in underlying fundWithdrawals 1,084,793 9,573 RBC Global Growth and Income Fund, Series O




Series 1 1,022,954 94,981 Fa i r va lue 31,215,990$ 15,724,956$

Series 2 1,481,342 190,345


RBC Global Growth and Income GIF





Unaudited interim financial statements of RBC Global Growth and Income GIF (continued)

RBC Global Growth & Income Fund

RBC Global Dividend Growth Fund 21.0%

RBC Global Equity Focus Fund 21.0%

RBC Global Bond Fund 13.0%

RBC Global Corporate Bond Fund 10.8%

RBC Emerging Markets Equity Fund 10.7%

RBC Global High Yield Bond Fund 6.7%

RBC European Mid-Cap Equity Fund 6.2%

RBC U.S. Mid-Cap Value Equity Fund 3.7%

Cash & Cash Equiva lents 2.5%

BlueBay Global Monthly Income Bond Fund 2.2%

RBC Emerging Markets Foreign Exchange Fund 2.2%

100.0%



Net Asset Value attributable to contractholders 10.67$ 9.63$ -$ -$ -$ 10.64$ 9.61$ -$ -$ -$

Net assets attributable to contractholders ($ '000) 4,546$ 1,916$ -$ -$ -$ 10,880$ 4,593$ -$ -$ -$

Net Income (loss ) ($ '000) 265$ (87)$ -$ -$ -$ 772$ (127)$ -$ -$ -$

Premium depos i ts ($ '000) 2,458$ 2,062$ -$ -$ -$ 5,917$ 4,809$ -$ -$ -$

Withdrawals ($ '000) 95$ 57$ -$ -$ -$ 401$ 90$ -$ -$ -$

Number of units outstanding 425,999 198,984 - - - 1,022,954 477,831 - - -




Net Asset Value attributable to contractholders 10.61$ 9.60$ -$ -$ -$

Net assets attributable to contractholders ($ '000) 15,717$ 9,279$ -$ -$ -$

Net Income (loss ) ($ '000) 1,228$ (380)$ -$ -$ -$

Premium depos i ts ($ '000) 5,799$ 9,963$ -$ -$ -$

Withdrawals ($ '000) 589$ 304$ -$ -$ -$

Number of units outstanding 1,481,342 933,566 - - -






3 Invest series, Series 1 and Series 2 commenced operations on May 7, 2018.







Series 2 3









Accounts receivable - contractholders 63,500 - Change in other assets (26) (1,144)

Accounts receivable - sa le of investments - - Change in other l iabi l i ties (8,579) 21,278








Accounts payable - contractholders 3,000 1,338 Cash provided by (used in) financing activi ties 11,647,495 14,617,895








Series 1 1.85% 2.10%

Series 2 1.87% 2.20%



Income Series 1 0.40 (0.70) % 0.40 (0.70) %

Distribution from underlying fund 2,993,249$ 2,550,209$ Series 2 0.50 (0.80) % 0.50 (0.80) %


Change in unreal ized ga in/loss of investments 17,686,754 (78,093) Sales and redemption of units21,205,540 3,249,004 Invest Series


Management fees 2,219,469 2,143,696 Purchases during the period 893,223 754,358



3,026,080 2,922,832 Series 1


Expenses after waiver 3,023,970 2,916,152 Purchases during the period 986,431 1,486,397





Series 2 1.06 0.00 Purchases during the period 1,080,620 1,294,381

Redemptions during the period (927,607) (1,154,828)





291,552,518 274,354,199 Schedule of investment in underlying fundWithdrawals 28,964,956 33,756,870 RBC Select Conservative Portfolio, Series O





Series 2 9,144,165 9,025,629





RBC Select Conservative GIP



RBC Select Conservative Portfol io

RBC Bond Fund 16.1% Phi l l ips , Hager & North Short Term Bond & Mortgage Fund 2.4%

Cash & Cash Equiva lents 4.2% Province of Ontario 2.850% Jun 2 2023 6.0%

Province of Ontario 3.450% Jun 2 2045 2.8% Government of Canada 1.500% Aug 1 2021 6.0%



Province of Ontario 2.900% Dec 2 2046 2.2% Canada Hous ing Trust No. 1 2.400% Dec 15 2022 3.4%

Phi l l ips , Hager & North Tota l Return Bond Fund 9.2% RBC QUBE U.S. Equity Fund 2.1%

Government of Canada 2.250% Mar 1 2024 4.3% Microsoft Corp. 5.0%

Government of Canada 2.250% Jun 1 2029 4.1% Amazon.com, Inc. 3.8%

Canada Hous ing Trust No. 1 2.400% Dec 15 2022 3.4% Alphabet Inc., Class C 2.9%

Canada Hous ing Trust No. 1 1.750% Jun 15 2022 3.3% The Procter & Gamble Co. 2.8%

Government of Canada 1.500% Aug 1 2021 2.6% Honeywel l International Inc. 2.6%

RBC Canadian Short-Term Income Fund 8.4% RBC U.S. Dividend Fund 2.1%

Government of Canada 0.500% Mar 1 2022 3.9% Microsoft Corp. 5.6%

Cash & Cash Equiva lents 2.8% Cash & Cash Equiva lents 4.6%

Province of Ontario 2.850% Jun 2 2023 2.6% Apple Inc. 3.7%

Government of Canada 2.250% Mar 1 2024 2.3% iShares Dow Jones US Real Estate Index ETF 3.5%

Canada Hous ing Trust No. 1 2.900% Jun 15 2024 2.2% Cisco Systems Inc. 3.2%

RBC European Equity Fund 7.8% RBC As ia Paci fic ex-Japan Equity Fund 2.1%

Diageo Plc. 5.2% RBC As ia Paci fic ex-Japan Equity Fund 64.3%

Uni lever Plc. 5.2% RBC Japanese Equity Fund 35.6%

London Stock Exchange Group Plc. 4.9% Cash & Cash Equiva lents 0.1%

RELX Plc. 4.9% BlueBay Global Sovereign Bond Fund (Canada) 1.8%

Novo Nordisk A/S 4.5% Cash & Cash Equiva lents 10.7%

RBC Global Corporate Bond Fund 7.8% Buoni Pol iennal i Del Tesoro EUR 2.450% Sep 1 2033 7.4%

Cash & Cash Equiva lents 2.9% Japan Government Thirty Year JPY 0.600% Dec 20 2046 4.2%

RBC Emerging Markets Bond Fund 2.1% United States Treasury Inflation Indexed 0.625% Apr 15 2023 3.2%

BlueBay Emerging Markets Corporate Bond Fund 2.1% United States Treasury 2.875% Nov 15 2046 3.2%

Vanguard Intermediate-Term Corporate Bond ETF 1.8% Phi l l ips , Hager & North Canadian Equity Underlying Fund II 1.7%

Vanguard Short-Term Corporate Bond ETF 1.7% Royal Bank of Canada 7.1%

RBC Global Bond Fund 7.0% Toronto-Dominion Bank 6.7%

Euro-Schatz Future, September 2019 4.4% Enbridge Inc. 4.7%

Spain Government EUR 1.150% Jul 30 2020 4.0% Bank of Nova Scotia 3.8%

Cash & Cash Equiva lents 3.7% Brookfield Asset Management Inc., Class A 3.8%

United States 2-Year Note Future, September 2019 3.7% Phi l l ips , Hager & North Canadian Equity Underlying Fund 1.5%

United States Treasury 1.500% Jan 31 2022 2.9% Royal Bank of Canada 7.2%

RBC Canadian Dividend Fund 4.9% Toronto-Dominion Bank 6.8%

Royal Bank of Canada 8.1% Enbridge Inc. 4.7%

Toronto-Dominion Bank 7.7% Bank of Nova Scotia 3.8%

Bank of Nova Scotia 5.8% Canadian National Ra i lway Co. 3.4%

Canadian National Ra i lway Co. 4.9% Cash & Cash Equiva lents 1.3%


Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 4.8% BlueBay European High Yield Bond Fund 1.3%

Microsoft Corp. 3.7% Cash & Cash Equiva lents 9.5%

Amazon.com, Inc. 2.8% Telecom Ita l ia S.p.A. EUR 4.000% Apr 11 2024 2.5%

Cash & Cash Equiva lents 2.6% Teva Pharmaceutica l Finance Netherlands II BV EUR 0.375% Jul 25 2020 2.4%

Apple Inc. 2.4% Synlab Bondco Plc. EUR 3.500% Jul 1 2022 2.4%

Facebook Inc., Class A 1.6% Unitymedia GmbH EUR 3.750% Jan 15 2027 2.2%

Phi l l ips , Hager & North Conservative Equity Income Fund 4.3% RBC Japanese Equity Fund 1.3%

Toronto-Dominion Bank 5.7% SoftBank Group Corp. 6.5%


Royal Bank of Canada 5.5% Dai ichi Sankyo Co. Ltd. 3.2%

Bank of Nova Scotia 4.8% Keyence Corp. 3.1%

Canadian National Ra i lway Co. 4.5% Tokio Marine Holdings , Inc. 3.1%

RBC Private Canadian Equity Pool 3.8% RBC Global Equity Fund 1.2%

Royal Bank of Canada 6.2% Danaher Corp. 4.2%

Toronto-Dominion Bank 5.1% Roche Holdings AG Genusscheine 4.2%

Enbridge Inc. 4.5% Microsoft Corp. 4.0%

Bank of Nova Scotia 4.4% Amazon.com, Inc. 3.7%

Suncor Energy Inc. 3.8% Fortive Corp. 3.5%

RBC Global High Yield Bond Fund 3.3% RBC U.S. Equity Fund 1.0%

Cash & Cash Equiva lents 3.8% RBC U.S. Mid-Cap Growth Equity Fund 5.0%

BlueBay Emerging Markets Corporate Bond Fund 3.5% Microsoft Corp. 4.5%

iShares 0-5 Year High Yield Corporate Bond ETF 1.3% Cash & Cash Equiva lents 4.2%

SPDR Bloomberg Barclays Short Term High Yield Bond ETF 1.3% Amazon.com, Inc. 3.8%

Peruvian Government USD 8.750% Nov 21 2033 1.2% Apple Inc. 3.3%

BlueBay Global Investment Grade Corporate Bond Fund (Canada) 2.5% Mini MSCI EAFE Index Future, September 2019 0.1%

Cash & Cash Equiva lents 6.1% Mini MSCI EAFE Index Future, September 2019 0.1%

Buoni Pol iennal i Del Tesoro EUR 3.000% Aug 1 2029 2.9%

Barclays Plc. USD 2.875% Jun 8 2020 1.9%

Nissan Canada Financia l Services Inc. 2.606% Mar 5 2021 1.9%

Broadcom Inc. 4.750% Apr 15 2029 1.4%

99.8%

RBC Select Conservative GIP (continued)

Top 25 holdings of the underlying fund (Unaudited)







Net Income (loss ) ($ '000) 2,519$ (1,003)$ 967$ 368$ 14$ 6,145$ (2,706)$ 3,358$ 2,152$ 1,574$

Premium depos its ($ '000) 10,376$ 18,587$ 18,162$ 10,139$ 3,619$ 14,541$ 33,494$ 23,078$ 24,736$ 23,573$

Withdrawals ($ '000) 4,645$ 12,537$ 5,272$ 3,683$ 252$ 10,808$ 25,278$ 27,228$ 12,105$ 13,725$

Number of units outstanding 3,153,272 2,659,722 2,134,401 975,888 361,018 5,851,518 5,598,165 5,017,580 5,324,449 4,394,837






Net Income (loss ) ($ '000) 9,518$ (4,937)$ 5,681$ 3,111$ 1,795$

Premium depos its ($ '000) 15,757$ 33,860$ 32,356$ 37,428$ 35,571$

Withdrawals ($ '000) 13,512$ 32,274$ 25,508$ 15,947$ 14,230$

Number of units outstanding 9,144,165 8,991,152 8,886,076 8,401,673 6,808,929







2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the securities in its portfolio of the

year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between

a high turnover rate and the performance of a fund.


RBC Select Conservative GIP (continued)


Series 2





Cash 230,553$ 211,402$ Net income (loss ) attributable to contractholders 30,344,115$ 2,634,838$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (34,774,610) (6,177,867)

Accounts receivable - contractholders - - Change in other assets 1,945 (5,817)












761,932 694,905 Cash/bank indebtedness at end of period 230,553$ 60,500$





Series 1 1.88% 2.20%

Series 2 1.93% 2.30%



Income Series 1 0.40 (0.80) % 0.40 (0.80) %





Management fees 3,292,886 2,622,922 Purchases during the period 1,895,243 1,096,958



4,467,008 3,581,581 Series 1


Expenses after waiver 4,436,571 3,559,111 Purchases during the period 1,274,544 1,298,011





Series 2 1.31 0.13 Purchases during the period 1,883,273 2,231,171

Redemptions during the period (1,176,149) (1,107,933)





419,387,639 328,275,693 Schedule of investment in underlying fundWithdrawals 33,866,495 26,821,478 RBC Select Balanced Portfolio, Series O





Series 2 13,174,233 11,489,201





RBC Select Balanced GIP



RBC Select Ba lanced Portfol io

RBC Bond Fund 18.8% RBC As ia Paci fic ex-Japan Equity Fund 2.4%

Cash & Cash Equiva lents 4.2% Tencent Holdings Ltd. 6.0%

Province of Ontario 3.450% Jun 2 2045 2.8% Taiwan Semiconductor Manufacturing Co. Ltd. 4.9%

Province of Ontario 3.500% Jun 2 2043 2.2% CSL Ltd. 4.9%

Province of Ontario 2.900% Jun 2 2049 2.2% HDFC Bank Ltd. 3.7%

Province of Ontario 2.900% Dec 2 2046 2.2% AIA Group Ltd. 3.5%

RBC Global Corporate Bond Fund 9.5% RBC Private U.S. Large-Cap Core Equity Pool 2.0%

Cash & Cash Equiva lents 2.9% Microsoft Corp. 5.1%

RBC Emerging Markets Bond Fund 2.1% Cash & Cash Equiva lents 4.1%

BlueBay Emerging Markets Corporate Bond Fund 2.1% Amazon.com, Inc. 3.9%

Vanguard Intermediate-Term Corporate Bond ETF 1.8% Apple Inc. 3.4%

Vanguard Short-Term Corporate Bond ETF 1.7% Alphabet Inc., Class C 2.5%

Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 5.5% RBC U.S. Dividend Fund 2.0%

Microsoft Corp. 3.7% Microsoft Corp. 5.6%

Amazon.com, Inc. 2.8% Cash & Cash Equiva lents 4.6%

Cash & Cash Equiva lents 2.6% Apple Inc. 3.7%

Apple Inc. 2.4% iShares Dow Jones US Real Estate Index ETF 3.5%

Facebook Inc., Class A 1.6% Cisco Systems Inc. 3.2%

RBC European Equity Fund 5.3% BlueBay Global Investment Grade Corporate Bond Fund (Canada) 1.9%

Diageo Plc. 5.2% Cash & Cash Equiva lents 6.1%

Uni lever Plc. 5.2% Buoni Pol iennal i Del Tesoro EUR 3.000% Aug 1 2029 2.9%

London Stock Exchange Group Plc. 4.9% Barclays Plc. USD 2.875% Jun 8 2020 1.9%

RELX Plc. 4.9% Nissan Canada Financia l Services Inc. 2.606% Mar 5 2021 1.9%

Novo Nordisk A/S 4.5% Broadcom Inc. 4.750% Apr 15 2029 1.4%

RBC Private Canadian Equity Pool 5.3% Cash & Cash Equiva lents 1.5%

Royal Bank of Canada 6.2% Cash & Cash Equiva lents 1.5%

Toronto-Dominion Bank 5.1% BlueBay Global Sovereign Bond Fund (Canada) 1.2%


Bank of Nova Scotia 4.4% Buoni Pol iennal i Del Tesoro EUR 2.450% Sep 1 2033 7.4%

Suncor Energy Inc. 3.8% Japan Government Thirty Year JPY 0.600% Dec 20 2046 4.2%

RBC Canadian Dividend Fund 5.3% United States Treasury Inflation Indexed 0.625% Apr 15 2023 3.2%

Royal Bank of Canada 8.1% United States Treasury 2.875% Nov 15 2046 3.2%

Toronto-Dominion Bank 7.7% RBC Japanese Equity Fund 1.2%

Bank of Nova Scotia 5.8% SoftBank Group Corp. 6.5%


Cash & Cash Equiva lents 4.6% Dai ichi Sankyo Co. Ltd. 3.2%

RBC QUBE U.S. Equity Fund 5.0% Keyence Corp. 3.1%

Microsoft Corp. 5.0% Tokio Marine Holdings , Inc. 3.1%

Amazon.com, Inc. 3.8% RBC European Mid-Cap Equity Fund 1.1%

Alphabet Inc., Class C 2.9% Cash & Cash Equiva lents 3.4%

The Procter & Gamble Co. 2.8% London Stock Exchange Group Plc. 3.0%

Honeywel l International Inc. 2.6% Topdanmark A/S 2.9%

Phi l l ips , Hager & North Canadian Equity Underlying Fund II 2.9% DSV A/S 2.6%

Royal Bank of Canada 7.1% Ashtead Group Plc. 2.6%

Toronto-Dominion Bank 6.7% RBC U.S. Mid-Cap Growth Equity Fund 1.1%

Enbridge Inc. 4.7% RBC U.S. Mid-Cap Growth Equity Fund 5.0%

Bank of Nova Scotia 3.8% Microsoft Corp. 4.5%

Brookfield Asset Management Inc., Class A 3.8% Cash & Cash Equiva lents 4.2%

RBC Global Dividend Growth Fund 2.9% Amazon.com, Inc. 3.8%

Microsoft Corp. 6.5% Apple Inc. 3.3%

Blackstone Group LP 5.1% RBC U.S. Equity Fund 1.0%

TJX Companies Inc. 4.5% RBC U.S. Mid-Cap Growth Equity Fund 5.0%

Estée Lauder Companies Inc., Class A 4.2% Microsoft Corp. 4.5%

Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% Cash & Cash Equiva lents 4.2%

RBC Global Equity Focus Fund 2.9% Amazon.com, Inc. 3.8%

Danaher Corp. 4.2% Apple Inc. 3.3%

Roche Holdings AG Genusscheine 4.2% RBC Global Bond Fund 4.1%

Microsoft Corp. 4.0% Euro-Schatz Future, September 2019 4.4%

Amazon.com, Inc. 3.7% Spain Government EUR 1.150% Jul 30 2020 4.0%

Fortive Corp. 3.5% Cash & Cash Equiva lents 3.7%

BlueBay Global Monthly Income Bond Fund 2.9% United States 2-Year Note Future, September 2019 3.7%

Cash & Cash Equiva lents 7.4% United States Treasury 1.500% Jan 31 2022 2.9%

Hel lenic Republ ic Government EUR 3.900% Jan 30 2033 2.0% RBC Emerging Markets Equity Fund 3.3%

Republ ic of South Africa ZAR 8.750% Feb 28 2048 1.6% Naspers Ltd. 6.5%

Intesa Sanpaolo S.p.A. EUR 7.750% Perpetual 1.2% AIA Group Ltd. 5.3%

Mexican Bonos MXN 5.750% Mar 5 2026 1.0% Hous ing Development Finance Corp. 5.2%

Phi l l ips , Hager & North Canadian Equity Underlying Fund 2.6% Taiwan Semiconductor Manufacturing Co. Ltd. 4.8%

Royal Bank of Canada 7.2% Tata Consultancy Services Ltd. 4.0%

Toronto-Dominion Bank 6.8% RBC QUBE Canadian Equity Fund 3.3%

Enbridge Inc. 4.7% Toronto-Dominion Bank 7.7%

Bank of Nova Scotia 3.8% Royal Bank of Canada 7.4%

Canadian National Ra i lway Co. 3.4% Manul i fe Financia l Corporation 3.8%

Enbridge Inc. 3.8%

Canadian Paci fic Ra i lway Ltd. 3.3%

95.0%


RBC Select Balanced GIP (continued)


Unaudited interim financial statements of RBC Select Balanced GIP (continued)


For the years June 30, 2019 201800.0% 2017 2016 2015 June 30, 2019 2018 2017 2016 2015

Net Asset Value attributable to contractholders 1266.0% 1157.0% 12.03$ 11.11$ 10.66$ 16.23$ 14.85$ 15.50$ 14.36$ 13.82$

Net assets attributable to contractholders ($ '000) 7065600.0% 4797300.0% 27,525$ 13,046$ 5,867$ 106,589$ 88,011$ 73,980$ 55,557$ 40,610$

Net Income (loss ) ($ '000) 516000.0% -190200.0% 1,563$ 475$ 2$ 8,326$ (3,882)$ 4,792$ 2,031$ 1,124$

Premium depos its ($ '000) 2322800.0% 2954600.0% 15,461$ 8,245$ 6,002$ 20,284$ 34,156$ 25,846$ 19,967$ 20,196$

Withdrawals ($ '000) 570500.0% 719600.0% 2,545$ 1,540$ 191$ 10,031$ 16,243$ 12,215$ 7,050$ 5,157$

Number of units outstanding 557892100.0% 414724400.0% 2,288,084 1,174,440 550,413 6,566,084 5,925,623 4,772,310 3,867,821 2,937,565




Net Asset Value attributable to contractholders 1581.0% 1448.0% 15.14$ 14.06$ 13.55$

Net assets attributable to contractholders ($ '000) 20827600.0% 18051200.0% 156,952$ 127,204$ 101,130$

Net Income (loss ) ($ '000) 1685800.0% -830300.0% 10,462$ 4,413$ 3,232$

Premium depos its ($ '000) 2903600.0% 6422600.0% 43,211$ 35,868$ 38,192$

Withdrawals ($ '000) 1813000.0% 3236300.0% 23,924$ 14,209$ 14,393$

Number of units outstanding 1317423300.0% 1246710900.0% 10,365,963 9,049,476 7,460,809








year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a

high turnover rate and the performance of a fund.



Series 2





Cash -$ -$ Net income (loss ) attributable to contractholders 10,064,628$ 1,176,183$



Accrued income dis tribution from underlying funds - - Net ga ins on investments (11,712,243) (2,562,935)



Due from RBC Li fe Insurance Company 793 1,367 Purchases of investments (8,950,736) (13,435,385)















Series 1 2.25% 2.25%

Series 2 2.35% 2.35%



Income Series 1 0.60 (1.00) % 0.60 (1.00) %





Management fees 1,126,582 942,111 Purchases during the period 344,232 514,000



1,666,111 1,403,978 Series 1


Expenses after waiver 1,652,600 1,394,313 Purchases during the period 247,375 290,090











124,121,840 106,561,531 Schedule of investment in underlying fundWithdrawals 8,311,059 7,476,862 RBC Select Growth Portfolio, Series O





Series 2 4,530,325 4,266,620





RBC Select Growth GIP



RBC Select Growth Portfol io

RBC Bond Fund 9.8% RBC Global Bond Fund 3.6%

Cash & Cash Equiva lents 4.2% Euro-Schatz Future, September 2019 4.4%

Province of Ontario 3.450% Jun 2 2045 2.8% Spain Government EUR 1.150% Jul 30 2020 4.0%

Province of Ontario 3.500% Jun 2 2043 2.2% Cash & Cash Equiva lents 3.7%

Province of Ontario 2.900% Jun 2 2049 2.2% United States 2-Year Note Future, September 2019 3.7%

Province of Ontario 2.900% Dec 2 2046 2.2% United States Treasury 1.500% Jan 31 2022 2.9%

RBC Global Corporate Bond Fund 7.3% RBC QUBE Canadian Equity Fund 3.1%

Cash & Cash Equiva lents 2.9% Toronto-Dominion Bank 7.7%

RBC Emerging Markets Bond Fund 2.1% Royal Bank of Canada 7.4%

BlueBay Emerging Markets Corporate Bond Fund 2.1% Manul i fe Financia l Corporation 3.8%

Vanguard Intermediate-Term Corporate Bond ETF 1.8% Enbridge Inc. 3.8%

Vanguard Short-Term Corporate Bond ETF 1.7% Canadian Paci fic Ra i lway Ltd. 3.3%

RBC European Equity Fund 6.5% RBC Private U.S. Large-Cap Core Equity Pool 3.0%

Diageo Plc. 5.2% Microsoft Corp. 5.1%

Uni lever Plc. 5.2% Cash & Cash Equiva lents 4.1%

London Stock Exchange Group Plc. 4.9% Amazon.com, Inc. 3.9%

RELX Plc. 4.9% Apple Inc. 3.4%

Novo Nordisk A/S 4.5% Alphabet Inc., Class C 2.5%

Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 6.4% RBC U.S. Dividend Fund 3.0%

Microsoft Corp. 3.7% Microsoft Corp. 5.6%


Cash & Cash Equiva lents 2.6% Apple Inc. 3.7%

Apple Inc. 2.4% iShares Dow Jones US Real Estate Index ETF 3.5%

Facebook Inc., Class A 1.6% Cisco Systems Inc. 3.2%

RBC Private Canadian Equity Pool 6.1% RBC As ia Paci fic ex-Japan Equity Fund 2.7%

Royal Bank of Canada 6.2% RBC As ia Paci fic ex-Japan Equity Fund 64.3%

Toronto-Dominion Bank 5.1% RBC Japanese Equity Fund 35.6%


Bank of Nova Scotia 4.4% BlueBay Global Monthly Income Bond Fund 1.8%

Suncor Energy Inc. 3.8% Cash & Cash Equiva lents 7.4%

RBC QUBE U.S. Equity Fund 5.0% Hel lenic Republ ic Government EUR 3.900% Jan 30 2033 2.0%

Microsoft Corp. 5.0% Republ ic of South Africa ZAR 8.750% Feb 28 2048 1.6%

Amazon.com, Inc. 3.8% Intesa Sanpaolo S.p.A. EUR 7.750% Perpetual 1.2%

Alphabet Inc., Class C 2.9% Mexican Bonos MXN 5.750% Mar 5 2026 1.0%

The Procter & Gamble Co. 2.8% RBC Japanese Equity Fund 1.7%

Honeywel l International Inc. 2.6% SoftBank Group Corp. 6.5%

RBC Global Equity Focus Fund 4.8% Cash & Cash Equiva lents 4.4%

Danaher Corp. 4.9% Dai ichi Sankyo Co. Ltd. 3.2%

Roche Holdings AG Genusscheine 4.8% Keyence Corp. 3.1%

UnitedHealth Group Incorporated 4.6% Tokio Marine Holdings , Inc. 3.1%

Fortive Corp. 4.4% RBC European Mid-Cap Equity Fund 1.6%

Uni lever N.V. 4.1% Cash & Cash Equiva lents 3.4%

RBC Global Dividend Growth Fund 4.7% London Stock Exchange Group Plc. 3.0%

Microsoft Corp. 6.5% Topdanmark A/S 2.9%

Blackstone Group LP 5.1% DSV A/S 2.6%

TJX Companies Inc. 4.5% Ashtead Group Plc. 2.6%

Estée Lauder Companies Inc., Class A 4.2% RBC U.S. Equity Fund 1.5%

Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% RBC U.S. Mid-Cap Growth Equity Fund 5.0%

Phi l l ips , Hager & North Canadian Equity Underlying Fund 4.4% Microsoft Corp. 4.5%

Royal Bank of Canada 7.2% Cash & Cash Equiva lents 4.2%

Toronto-Dominion Bank 6.8% Amazon.com, Inc. 3.8%

Enbridge Inc. 4.7% Apple Inc. 3.3%

Bank of Nova Scotia 3.8% Cash & Cash Equiva lents 1.3%


RBC Emerging Markets Equity Fund 4.4% BlueBay Global Sovereign Bond Fund (Canada) 1.3%

Naspers Ltd. 6.5% Cash & Cash Equiva lents 10.7%

AIA Group Ltd. 5.3% Buoni Pol iennal i Del Tesoro EUR 2.450% Sep 1 2033 7.4%

Hous ing Development Finance Corp. 5.2% Japan Government Thirty Year JPY 0.600% Dec 20 2046 4.2%

Taiwan Semiconductor Manufacturing Co. Ltd. 4.8% United States Treasury Inflation Indexed 0.625% Apr 15 2023 3.2%

Tata Consultancy Services Ltd. 4.0% United States Treasury 2.875% Nov 15 2046 3.2%

RBC Canadian Dividend Fund 4.1% Phi l l ips , Hager & North Canadian Equity Underlying Fund II 1.3%

Royal Bank of Canada 8.1% Royal Bank of Canada 7.1%

Toronto-Dominion Bank 7.7% Toronto-Dominion Bank 6.7%

Bank of Nova Scotia 5.8% Enbridge Inc. 4.7%

Canadian National Ra i lway Co. 4.9% Bank of Nova Scotia 3.8%

Cash & Cash Equiva lents 4.6% Brookfield Asset Management Inc., Class A 3.8%

Phi l l ips , Hager & North Canadian Growth Fund 4.1% Mini MSCI EAFE Index Future, September 2019 1.1%

Royal Bank of Canada 7.2% Mini MSCI EAFE Index Future, September 2019 1.1%

Toronto-Dominion Bank 6.6%

Bank of Nova Scotia 4.3%

Canadian National Ra i lway Co. 4.3%

Enbridge Inc. 3.5%

94.6%

RBC Select Growth GIP (continued)



Unaudited interim financial statements of RBC Select Growth GIP (continued)





Net Income (loss ) ($ '000) 1,804$ (847)$ 539$ 203$ 23$ 2,015$ (1,032)$ 1,266$ 504$ 454$

Premium depos its ($ '000) 4,255$ 11,042$ 5,225$ 2,638$ 1,237$ 3,842$ 7,494$ 4,301$ 3,007$ 5,830$

Withdrawals ($ '000) 1,638$ 2,340$ 720$ 265$ 111$ 1,516$ 2,760$ 2,960$ 3,160$ 1,540$

Number of units outstanding 1,630,727 1,417,983 712,274 332,886 107,861 1,477,189 1,326,668 1,018,318 929,736 940,486






Net Income (loss ) ($ '000) 6,246$ (3,579)$ 4,870$ 1,852$ 1,681$

Premium depos its ($ '000) 5,966$ 16,429$ 15,699$ 9,919$ 17,670$

Withdrawals ($ '000) 5,157$ 11,286$ 8,256$ 5,462$ 6,146$

Number of units outstanding 4,530,325 4,476,693 4,130,777 3,618,716 3,279,289







2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the securities in its

portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not

necessarily a relationship between a high turnover rate and the performance of a fund.



Series 2










Accounts receivable - sa le of investments - - Change in other l iabi l i ties (2,925) 15,273



37,894,876 35,139,293 Cash provided by (used in) oeprating activi ties 1,075,586 (6,253,720)





Accounts payable - contractholders 15,000 10,000 Cash provided by (used in) financing activi ties (1,196,207) 6,267,255








Series 1 2.35% 2.35%

Series 2 2.40% 2.40%



Income Series 1 0.75 (1.15) % 0.75 (1.15) %

Distribution from underlying fund 413$ 2,435$ Series 2 0.95 (1.35) % 0.95 (1.35) %


Change in unreal ized ga in/loss of investments 4,146,655 523,222 Sales and redemption of units4,553,142 1,086,126 Invest Series





629,614 574,881 Series 1













43,854,273 44,015,286 Schedule of investment in underlying fundWithdrawals 6,100,777 7,226,021 RBC Select Aggressive Growth Portfolio, Series O





Series 2 1,623,388 1,713,751





RBC Select Aggressive Growth GIP



RBC Select Aggress ive Growth Portfol io

RBC European Equity Fund 9.6% RBC U.S. Dividend Fund 3.9%

Diageo Plc. 5.2% Microsoft Corp. 5.6%

Uni lever Plc. 5.2% Cash & Cash Equiva lents 4.6%

London Stock Exchange Group Plc. 4.9% Apple Inc. 3.7%

RELX Plc. 4.9% iShares Dow Jones US Real Estate Index ETF 3.5%

Novo Nordisk A/S 4.5% Cisco Systems Inc. 3.2%

Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 9.1% RBC As ia Paci fic ex-Japan Equity Fund 3.4%

Microsoft Corp. 3.7% RBC As ia Paci fic ex-Japan Equity Fund 64.3%

Amazon.com, Inc. 2.8% RBC Japanese Equity Fund 35.6%


Apple Inc. 2.4% RBC European Mid-Cap Equity Fund 3.4%

Facebook Inc., Class A 1.6% Cash & Cash Equiva lents 3.4%

RBC Private Canadian Equity Pool 7.9% London Stock Exchange Group Plc. 3.0%

Royal Bank of Canada 6.2% Topdanmark A/S 2.9%

Toronto-Dominion Bank 5.1% DSV A/S 2.6%

Enbridge Inc. 4.5% Ashtead Group Plc. 2.6%

Bank of Nova Scotia 4.4% Phi l l ips , Hager & North Canadian Equity Underlying Fund II 3.1%

Suncor Energy Inc. 3.8% Royal Bank of Canada 7.1%

RBC QUBE U.S. Equity Fund 7.8% Toronto-Dominion Bank 6.7%

Microsoft Corp. 5.0% Enbridge Inc. 4.7%

Amazon.com, Inc. 3.8% Bank of Nova Scotia 3.8%

Alphabet Inc., Class C 2.9% Brookfield Asset Management Inc., Class A 3.8%

The Procter & Gamble Co. 2.8% RBC Japanese Equity Fund 2.4%

Honeywel l International Inc. 2.6% SoftBank Group Corp. 6.5%

RBC Emerging Markets Equity Fund 6.3% Cash & Cash Equiva lents 4.4%

RBC QUBE Canadian Equity Fund 5.9% Dai ichi Sankyo Co. Ltd. 3.2%

Toronto-Dominion Bank 7.7% Keyence Corp. 3.1%

Royal Bank of Canada 7.4% Tokio Marine Holdings , Inc. 3.1%

Manul i fe Financia l Corporation 3.8% RBC U.S. Equity Fund 1.9%

Enbridge Inc. 3.8% RBC U.S. Mid-Cap Growth Equity Fund 5.0%

Canadian Paci fic Ra i lway Ltd. 3.3% Microsoft Corp. 4.5%

Phi l l ips , Hager & North Canadian Growth Fund 5.9% Cash & Cash Equiva lents 4.2%

Royal Bank of Canada 7.2% Amazon.com, Inc. 3.8%

Toronto-Dominion Bank 6.6% Apple Inc. 3.3%

Bank of Nova Scotia 4.3% RBC Emerging Markets Dividend Fund 1.5%


Enbridge Inc. 3.5% Naspers Ltd. 4.8%

RBC Global Dividend Growth Fund 5.0% Samsung Electronics Co. Ltd. 4.0%

Microsoft Corp. 6.5% China Construction Bank Corp. 3.9%

Blackstone Group LP 5.1% Industria l & Commercia l Bank of China 3.8%

TJX Companies Inc. 4.5% RBC U.S. Mid-Cap Growth Equity Fund 1.5%

Estée Lauder Companies Inc., Class A 4.2% RBC U.S. Mid-Cap Growth Equity Fund 5.0%

Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% Microsoft Corp. 4.5%

RBC Global Equity Focus Fund 4.9% Cash & Cash Equiva lents 4.2%

Danaher Corp. 4.2% Amazon.com, Inc. 3.8%

Roche Holdings AG Genusscheine 4.2% Apple Inc. 3.3%

Microsoft Corp. 4.0% RBC Emerging Markets Smal l -Cap Equity Fund 1.5%


Fortive Corp. 3.5% Baja j Holdings & Investment Ltd. 4.0%

RBC Canadian Dividend Fund 4.9% Infotech Enterprises Ltd. 3.9%

Royal Bank of Canada 8.1% Century Paci fic Food Inc. 3.9%

Toronto-Dominion Bank 7.7% AVI Ltd. 3.8%

Bank of Nova Scotia 5.8% RBC U.S. Mid-Cap Value Equity Fund 1.4%

Canadian National Ra i lway Co. 4.9% VICI Properties Inc. Real Estate Investment Trust 2.6%

Cash & Cash Equiva lents 4.6% Arcosa Inc. 2.6%

Phi l l ips , Hager & North Canadian Equity Underlying Fund 4.2% Post Holdings Inc. 2.5%

Royal Bank of Canada 7.2% Jazz Pharmaceutica ls Plc. 2.5%

Toronto-Dominion Bank 6.8% Popular Inc. 2.5%


Bank of Nova Scotia 3.8% Cash & Cash Equiva lents 0.5%

Canadian National Ra i lway Co. 3.4% The S&P/TSX 60 Index Future, September 2019 0.0%

RBC Private U.S. Large-Cap Core Equity Pool 3.9% The S&P/TSX 60 Index Future, September 2019 0.0%

Microsoft Corp. 5.1% The S&P 500 Mini Index Future, September 2019 -0.1%

Cash & Cash Equiva lents 4.1% The S&P 500 Mini Index Future, September 2019 -0.1%

Amazon.com, Inc. 3.9%

Apple Inc. 3.4%

Alphabet Inc., Class C 2.5%

99.8%

RBC Select Aggressive Growth GIP (continued)





For the years June 30, 2019 201800.0% 2017 2016 2015 June 30, 2019 2018 ## 2016 201500.0%

Net Asset Value attributable to contractholders 1344.0% 1205.0% 12.86$ 11.45$ 10.88$ 15.93$ 14.32$ # 13.74$ 1311.0%

Net assets attributable to contractholders ($ '000) 666900.0% 531300.0% 3,598$ 1,157$ 565$ 6,187$ 5,315$ # 2,439$ 230300.0%

Net Income (loss ) ($ '000) 63300.0% -36300.0% 228$ 69$ -$ 614$ (413)$ # 98$ 12000.0%

Premium depos its ($ '000) 108700.0% 326900.0% 2,374$ 670$ 655$ 723$ 3,699$ # 922$ 80100.0%

Withdrawals ($ '000) 36300.0% 119100.0% 161$ 148$ 94$ 465$ 1,327$ # 884$ 45100.0%

Number of units outstanding 49630200.0% 44092300.0% 279,818 101,008 51,951 388,410 371,152 # 177,547 17565800.0%

Management expense ratio 1 2.7% 2.7% 2.73% 2.73% 2.73% 3.20% 3.19% ## 3.14% 3.2%

Management expense before waiver 2.8% 2.7% 2.80% 2.87% 2.96% 3.25% 3.23% ## 3.25% 3.3%

Portfol io turnover rate of the underlying fund 2 5.3% 5.6% 1.68% 4.70% 14.81% 5.29% 5.62% ## 4.70% 14.8%

Net Asset Value attributable to contractholders 1534.0% 1381.0% 14.85$ 13.32$ 12.77$

Net assets attributable to contractholders ($ '000) 2489700.0% 2439400.0% 23,044$ 16,925$ 13,654$

Net Income (loss ) ($ '000) 268600.0% -193700.0% 2,060$ 816$ 560$

Premium depos its ($ '000) 309000.0% 1294100.0% 8,173$ 5,114$ 7,044$

Withdrawals ($ '000) 527300.0% 965400.0% 4,113$ 2,658$ 2,058$

Number of units outstanding 162338800.0% 176667300.0% 1,552,041 1,270,388 1,069,553







RBC Select Aggressive Growth GIP (continued)


year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between

a high turnover rate and the performance of a fund.



Series 2


1. THE FUNDS

RBC Guaranteed Investment Funds (“GIF”) and RBC Guaranteed Investment Portfolios (“GIP”), together referred to as RBC Guaranteed Investment Funds, are segregated funds comprised of the following funds and portfolios: RBC Guaranteed Investment Funds: RBC Canadian Money Market GIF RBC Canadian Short-Term Income GIF RBC Bond GIF RBC PH&N Total Return Bond GIF RBC Global Bond GIF RBC High Yield Bond GIF RBC Balanced GIF RBC PH&N Monthly Income GIF RBC Global Balanced GIF RBC Canadian Dividend GIF RBC Canadian Equity GIF RBC O'Shaughnessy All Canadian Equity GIF RBC PH&N Canadian Income GIF RBC North American Value GIF RBC North American Growth GIF RBC U.S. Dividend GIF RBC U.S. Equity GIF RBC O'Shaughnessy U.S. Value GIF RBC Global Dividend Growth GIF RBC O'Shaughnessy International Equity GIF RBC BlueBay Global Convertible Bond GIF RBC Balanced Growth and Income GIF RBC Global Equity GIF RBC Emerging Markets Dividend GIF RBC Conservative Growth and Income Fund GIF RBC Global Growth and Income Fund GIF (introduced May 7, 2018) RBC Guaranteed Investment Portfolios: RBC Select Conservative GIP RBC Select Balanced GIP RBC Select Growth GIP RBC Select Aggressive Growth GIP

Both the RBC Guaranteed Investment Funds and RBC Guaranteed Investment Portfolios are referred to in these financial statements as collectively the “Funds” and individually the “Fund”. RBC Life Insurance Company, a related party, is the fund manager (the “Manager”) and sole issuer of the individual insurance contracts for each Fund, and is guarantor of the guarantee provisions contained in these contracts. The Funds invest in underlying mutual funds managed by RBC Global Asset Management Inc. (“RBC GAM”). Both, RBC Life Insurance Company and RBC GAM are wholly owned subsidiaries of Royal Bank of Canada (“RBC”). The Manager’s registered office is located at 6880 Financial Dr., Mississauga, Ontario L5N 7Y5, Canada. Some of the Funds may invest in units of only one underlying mutual fund managed by RBC GAM, while others, referred to in these financial statements as RBC Guaranteed Investment Portfolios, may invest in units of underlying portfolios, which invest in multiple underlying mutual funds, also managed by RBC GAM. The assets of each of the Funds are owned by RBC Life Insurance Company and are segregated from RBC Life Insurance Company’s other assets. The Funds are not separate legal entities, but are separate reporting entities.


2. FINANCIAL YEAR

The information provided in these financial statements and notes thereto is as at June 30, 2019 and December 31, 2018, as applicable, and for the 6-month periods ended June 30, 2019 and December 31, 2018, as applicable, except for Funds or series established during either period, in which case the information for the Fund, or series, is provided for the period from the commencement date as described in the footnotes to the Financial Highlights of the Fund.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Canadian dollar is the functional and presentation currency of the Funds.

The following is a summary of the significant accounting policies:

a) Adoption of new accounting standards

Effective January 1, 2018, the Funds retrospectively without restatement adopted IFRS 9, Financial Instruments (“IFRS 9”). The new standard requires financial assets to be either carried at amortized cost, or at fair value, with changes in fair value recognized in profit and loss (“FVTPL”) or in other comprehensive income (“FVOCI”) based on the Funds’ business model for managing financial assets and the contractual cash flow characteristics of the financial assets.

The Funds manage their investments in financial assets with the objective of realizing cash flows through both the sale of the assets and income generated from those assets. The Portfolio Managers make decisions based on the assets’ fair values and manage the assets to realize those fair values. Upon transition to IFRS 9, the Funds’ financial assets and financial liabilities previously designated as FVTPL under IAS 39, Financial Instruments: Recognition and Measurement (“IAS 39”) continue to be classified as FVTPL under IFRS 9. There were no changes in the measurement attributes for any of the financial assets and financial liabilities upon transition to IFRS 9.

b) Classification and Measurement of Financial Assets, Liabilities and Derivatives

Each of the Funds classify their investment portfolio based on the business model for managing the portfolio and the contractual cash flow characteristics. The investment portfolio of financial assets and liabilities is managed and performance is evaluated on a fair value basis. The contractual cash flows of the Funds’ debt securities that are solely principal and interest are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows for sale. The collection of contractual cash flows is only incidental to achieving the Funds’ business model objectives. Consequently, all investments are measured at FVTPL. Derivative assets and liabilities are also measured at FVTPL. The Funds’ obligation for net assets attributable to holders of redeemable units represents a financial liability and is measured at the redemption amount, which approximates fair value as of the reporting date. All other financial assets and liabilities are measured at amortized cost.

c) Income recognition

Distributions from investments are recorded when declared by the underlying mutual fund. On the statements of comprehensive income, “Distribution from underlying funds” includes income distributions and any capital gain distributions paid by underlying funds.

d) Net assets attributable to contractholders per unit

Net assets attributable to contractholders per unit is computed by dividing the net assets attributable to a series of units on a business day by the total number of units of the series outstanding on that day.

e) Net income (loss) attributable to contractholders per unit

Net income attributable to contractholders per unit in the Statements of Comprehensive Income represents the increase (decrease) in net assets from operations attributable to the series for the year, divided by the weighted average number of units outstanding at the end of the year.

f) Use of estimates

These financial statements are prepared in accordance with IFRS, and include estimates and assumptions by management that affects the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

g) Income taxes

Each Fund is deemed to be an inter-vivos trust under the provisions of the Income Tax Act (Canada) and is deemed to have allocated its income to the contract holders. Each Fund’s net capital gains (losses) are deemed to be those of the contract holders. Accordingly, each Fund is not subject to income tax on its net income, including net realized capital gains for the year.

A fund may elect each year to realize capital gain (loss) for the taxation year, to optimize the allocation of capital gain/(loss) between redeeming and continuing contractholders.


h) Unconsolidated Structured Entities

The funds may invest in other Funds and exchange-traded funds (“ETFs”) managed by the manager or affiliate of the manager (“sponsored funds”) and may invest in other funds and ETFs managed by unaffiliated entities (“unsponsored funds”); collectively, “underlying funds.” The underlying funds are determined to be unconsolidated structured entities, as decision making in the underlying fund is not governed by the voting rights or other similar rights held by the Fund. The investments in underlying funds are subject to the terms and conditions of the offering documents of the respective underlying funds and are susceptible to market price risk arising from uncertainties about future values of those underlying funds. The underlying funds’ objectives are generally to achieve long-term capital appreciation and/or current income by investing in a portfolio of securities and other funds in line with each of their documented investment strategies. The underlying funds apply various investment strategies to accomplish their respective investment objectives. The underlying funds finance their operations by issuing redeemable units which are puttable at the unitholder’s option, and entitle the unitholder to a proportional stake in the respective underlying funds’ NAV. The Funds do not consolidate their investment in underlying funds but account for these investments at fair value. The manager has determined that the Funds are investment entities in accordance with IFRS 10 Consolidated Financial Statements, since the funds meet the following criteria: (i) The Funds obtain capital from one or more investors for the purpose of providing those investors with investment management services, (ii) The Funds commit to their investors that their business purpose is to invest funds solely for the returns from capital appreciation, investment income, or both, and (iii)The Funds measure and evaluate the performance of substantially all of their investments on a fair value basis. Therefore, the fair value of investments in the underlying funds is included in the Schedule of Investment Portfolio and included in “Investments at fair value” in the Funds’ Statements of Financial Position. The change in fair value of the investment held in the underlying funds is included in “Change in unrealized gain (loss) on investments” in the Statements of Comprehensive Income.

i) Current assets and Current liabilities

The Funds’ Statements of Financial Position is presented broadly in order of liquidity.

4. FINANCIAL INSTRUMENTS RISK

The Funds may be exposed to a variety of financial risks. Each of the Fund’s exposures to financial risks is concentrated in its investment holdings. The Schedule of Invested Assets on each Fund’s supplementary information, disclosed alongside the financial statements, presents the details of units held by each Fund as at June 30,2019 and December 31,2018 and groups the underlying mutual funds by their nature. The Funds do not manage their underlying mutual funds and therefore the detailed quantitative and qualitative risk disclosures, as required by IFRS 7, Financial Instruments: Disclosures, of the underlying mutual funds have not been disclosed. For further information on the financial instruments risk of the underlying mutual fund and the sensitivity to price changes please refer to the financial statements of the underlying mutual funds which are filed on SEDAR. Each of the Fund’s risk management practice includes the monitoring of compliance to investment guidelines. The Fund Manager manages the potential effects of these financial risks on the Funds’ performance by employing and overseeing professional and experienced portfolio advisors that regularly monitor the Funds’ positions, market events and diversify investment portfolios within the constraints of the investment guidelines. a) Credit risk

Credit risk is the possibility that a borrower, or the counterparty to a derivatives contract, repurchase agreement or reverse repurchase agreement, is unable or unwilling to repay the loan or obligation, either on time or at all. Companies and governments that borrow money, and the debt securities they issue, are rated by specialized rating agencies. Debt securities issued by companies or governments in emerging markets often have higher credit risk (lower rated debt), while debt securities issued by well-established companies or by governments of developed countries tend to have lower credit risk (higher rated debt). A downgrade in an issuer’s credit rating or other adverse news regarding an issuer can reduce a security’s fair value. Lower rated and unrated debt instruments generally offer a better return than higher grade debt instruments, but have the potential for substantial loss. Funds that invest in companies or markets with higher credit risk tend to be more volatile in the short term. However, they may offer the potential of higher returns over the long term. Credit risk arises when an underlying mutual fund invests in fixed income securities. Credit risk is considered as part of the investment decision making process.

For the years ended June 30, 2019 and December 31,2018, the underlying mutual funds only bought and sold investments through brokers which are RBC approved counterparties, thus minimizing the risk of default during settlement.

b) Currency risk

Most underlying mutual funds are valued in Canadian dollars. However, underlying mutual funds that purchase foreign securities may be required to pay for such securities using a foreign currency and receive a foreign currency when they sell them. As a result, changes in the value of the Canadian dollar compared to foreign currencies will affect the value of any foreign securities. For example, if the Canadian dollar rises relative to a foreign currency (like the U.S. dollar or the Euro), the Canadian dollar value of an investment denominated in that foreign currency may decline. This decline may reduce, or even eliminate, any return the Fund has earned on the security. On the other hand, a Fund may also benefit from changes in exchange rates. Currency exposure may increase the volatility of foreign investments relative to Canadian investments. Some underlying mutual funds may hedge (protect against) the risk of changes in foreign currency exchange rates of the underlying assets of the Fund.


During the period ended June 30, 2019 and year ended December 31, 2018, as the Funds only invested in Canadian denominated underlying mutual funds, the Funds do not have a direct currency risk exposure.

c) Interest rate risk

If a Fund invests primarily in bonds and other fixed-income securities, the biggest influence on the Fund’s value will be changes in the general level of interest rates. If interest rates fall, the value of the Fund’s units will tend to rise. If interest rates rise, the value of the Fund’s units will tend to fall. Short-term interest rates can have a different influence on a Fund’s value than long-term interest rates. If a Fund invests primarily in bonds and other fixed-income securities with longer-term maturities, the biggest influence on the Fund’s value will be changes in the general level of long-term interest rates. If a Fund invests primarily in bonds and other fixed-income securities with shorter-term maturities, the biggest influence on the Fund’s value will be changes in the general level of shorter-term interest rates. Investors seeking current income should be aware that the level of interest income from a money market fund will fluctuate as short-term interest rates vary.

Interest rate risk arises when the underlying mutual fund invests in interest bearing financial instruments such as a bond. The underlying mutual fund is exposed to the risk that the value of such financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa.

d) Liquidity risk

Liquidity refers to the speed and ease with which an asset can be sold and converted into cash. Most securities owned by an underlying mutual fund can be sold easily and at a fair price. In highly volatile markets, such as in periods of sudden interest rate changes, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment, or because of features like guarantees. Another reason for illiquidity is a lack of buyers interested in a particular security or market. Difficulty in selling securities may result in a loss or reduced return for a Fund.

As at June 30, 2019 and December 31,2018, the Funds’ assets were comprised of units of underlying mutual funds which can be redeemed upon request from the issuer on a valuation date. A valuation date occurs every day that the principal exchange is open for trading and a value is available for the assets of the relevant fund. The Toronto Stock Exchange currently is the principal exchange used for purposes of determining the valuation dates.

e) Market risk

Market risk is the risk that the value of investments will fluctuate as a result of changes in market condition. Several factors can influence market trends, such as economic developments, changes in interest rates, political changes, and catastrophic events. As at June 30, 2019 and December 31,2018, the Funds are exposed to the market risk of the underlying mutual funds.


4. FINANCIAL INSTRUMENTS RISK (continued)

f) The following table shows risk profile of all the Underlying Funds as at June 30, 2019.

T he F und name Underlying M utual F und name F air value

Underlyin

g mutual

fund risk

expo sure

s ( * )

N umb

er o f

F unds

Impact o n

net assets

based o n

5% increase

o r decrease

RBC Canadian M oney M arket GIF RBC Canadian M oney M arket Fund 35,833,055$ I, CR 1 1,791,653$

RBC Canadian Short-Term Income GIF RBC Canadian Short-Term Income Fund 4,183,937 I, CR 1 209,197

RBC Bond GIF RBC Bond Fund 18,141,519 I, CR 1 907,076

RBC PH&N Total Return Bond GIF RBC PH&N Total Return Bond Fund 5,428,259 I, CR 1 271,413

RBC Global Bond GIF RBC Global Bond Fund 4,322,299 I, CR, C 1 216,115

RBC High Yield Bond GIF RBC High Yield Bond Fund 3,129,606 I, CR 1 156,480

RBC Balanced GIF RBC Balanced Fund 434,111,298 O, C, I, CR, L 1 21,705,565

RBC PH&N M onthly Income GIF RBC PH&N M onthly Income Fund 38,205,533 I, CR, O, C 1 1,910,277

RBC Global Balanced GIF RBC Global Balanced Fund 36,997,053 O, C, I, CR 1 1,849,853

RBC Canadian Dividend GIF RBC Canadian Dividend Fund 169,954,571 O 1 8,497,729

RBC Canadian Equity GIF RBC Canadian Equity Fund 11,879,632 O, L 1 593,982

RBC O'Shaughnessy All Canadian Equity GIF RBC O'Shaughnessy All Canadian Equity Fund 6,284,230 O 1 314,212

RBC PH&N Canadian Income GIF RBC PH&N Canadian Income Fund 6,647,648 O 1 332,382

RBC North American Value GIF RBC North American Value Fund 26,982,987 O, C 1 1,349,149

RBC North American Growth GIF RBC North American Growth Fund 5,700,467 O, C 1 285,023

RBC U.S. Dividend GIF RBC U.S. Dividend Fund 71,606,585 O, C 1 3,580,329

RBC U.S. Equity GIF RBC U.S. Equity Fund 10,442,783 O, C 1 522,139

RBC O'Shaughnessy U.S. Value GIF RBC O'Shaughnessy U.S. Value Fund 15,705,968 O 1 785,298

RBC Global Dividend Growth GIF RBC Global Dividend Growth Fund 54,307,596 O, C 1 2,715,380

RBC O'Shaughnessy International Equity GIF RBC O'Shaughnessy International Equity Fund 6,300,616 O, C 1 315,031

RBC BlueBay Global Convertible Bond GIF BlueBay Global Convertible Bond Fund 410,973 I, CR 1 20,549

RBC Balanced Growth and Income GIF RBC Balanced Growth and Income Fund 91,870,573 I, CR, O, C 1 4,593,529

RBC Global Equity GIF RBC Global Equity Fund 5,067,055 O, C 1 253,353

RBC Emerging M arkets Dividend GIF RBC Emerging M arkets Dividend Fund 4,386,952 O, C 1 219,348

RBC Conservative Growth and Income Fund GIFRBC Conservative Growth and Income Fund 32,520,829 I, O, C, CR 1 1,626,041

RBC Select Conservative GIP RBC Select Conservative Portfo lio 263,349,130 O, I, CR, C 1 13,167,457

RBC Select Balanced GIP RBC Select Balanced Portfo lio 386,050,711 O, I, CR, C 1 19,302,536

RBC Select Growth GIP RBC Select Growth Portfo lio 116,130,772 O, I, CR, C 1 5,806,539

RBC Select Aggressive Growth GIP RBC Select Aggressive Growth Portfo lio 37,893,419 O, C 1 1,894,671

RBC Global Growth and Income GIF RBC Global Growth and Income GIF 31,215,990 O, C 1 1,560,800

(*) O = Other Price Risk, I = Interest Price Risk, C = Currency Risk, L = Liquidity Risk and CR = Credit Risk


4. FINANCIAL INSTRUMENTS RISK (continued)

g) The following table shows risk profile of all the Underlying Funds as at December 31, 2018

T he Fund name Underlying M utual Fund name Fair value

Underlyin

g mutual

fund risk

exposures ( * )

Numbe

r of

Funds

Impact on

net assets

based on 5%

increase or

decrease

RBC Canadian Money Market GIF RBC Canadian Money Market Fund 47,315,132$ I, CR 1 2,365,757$

RBC Canadian Short-Term Income GIF RBC Canadian Short-Term Income Fund 5,258,121 I, CR 1 262,906

RBC Bond GIF RBC Bond Fund 16,769,556 I, CR 1 838,478

RBC PH&N Total Return Bond GIF RBC PH&N Total Return Bond Fund 6,075,805 I, CR 1 303,790

RBC Global Bond GIF RBC Global Bond Fund 3,876,645 I, CR, C 1 193,832

RBC High Yield Bond GIF RBC High Yield Bond Fund 2,680,198 I, CR 1 134,010

RBC Balanced GIF RBC Balanced Fund 41,122,188 O, C, I, CR, L 1 2,056,109

RBC PH&N Monthly Income GIF RBC PH&N Monthly Income Fund 51,398,516 I, CR, O, C 1 2,569,926

RBC Global Balanced GIF RBC Global Balanced Fund 30,585,485 O, C, I, CR 1 1,529,274

RBC Canadian Dividend GIF RBC Canadian Dividend Fund 152,775,105 O 1 7,638,755

RBC Canadian Equity GIF RBC Canadian Equity Fund 9,182,792 O, L 1 459,140

RBC O'Shaughnessy All Canadian Equity GIF RBC O'Shaughnessy All Canadian Equity Fund 6,291,049 O 1 314,552

RBC PH&N Canadian Income GIF RBC PH&N Canadian Income Fund 5,350,200 O 1 267,510

RBC North American Value GIF RBC North American Value Fund 24,214,588 O, C 1 1,210,729

RBC North American Growth GIF RBC North American Growth Fund 4,499,470 O, C 1 224,974

RBC U.S. Dividend GIF RBC U.S. Dividend Fund 62,324,495 O, C 1 3,116,225

RBC U.S. Equity GIF RBC U.S. Equity Fund 8,699,619 O, C 1 434,981

RBC O'Shaughnessy U.S. Value GIF RBC O'Shaughnessy U.S. Value Fund 13,922,370 O 1 696,119

RBC Global Dividend Growth GIF RBC Global Dividend Growth Fund 45,145,519 O, C 1 2,257,276

RBC O'Shaughnessy International Equity GIF RBC O'Shaughnessy International Equity Fund 6,200,599 O, C 1 310,030

RBC BlueBay Global Convertible Bond GIF BlueBay Global Convertible Bond Fund 395,872 I, CR 1 19,794

RBC Balanced Growth and Income GIF RBC Balanced Growth and Income Fund 79,206,069 I, CR, O, C 1 3,960,303

RBC Global Equity GIF RBC Global Equity Fund 4,652,112 O, C 1 232,606

RBC Emerging Markets Dividend GIF RBC Emerging Markets Dividend Fund 4,113,205 O, C 1 205,660

RBC Conservative Growth and Income Fund GIF RBC Conservative Growth and Income Fund 26,225,554 I, O, C, CR 1 1,311,278

RBC Select Conservative GIP RBC Select Conservative Portfolio 233,051,003 O, I, CR, C 1 11,652,550

RBC Select Balanced GIP RBC Select Balanced Portfolio 316,975,634 O, I, CR, C 1 15,848,782

RBC Select Growth GIP RBC Select Growth Portfolio 100,269,096 O, I, CR, C 1 5,013,455

RBC Select Aggressive Growth GIP RBC Select Aggressive Growth Portfolio 35,038,907 O, C 1 1,751,945

(*) O = Other Price Risk, I = Interest Price Risk, C = Currency Risk, L = Liquidity Risk and CR = Credit Risk


5. FINANCIAL RISK MANAGEMENT

The Funds use a fund-of-fund structure to invest in underlying mutual funds exclusively managed by RBC GAM. As part of the underlying mutual fund selection process for the Funds, the existing mutual funds line-up are reviewed at least annually by RBC Life Insurance Company to identify any product gaps that result from the changing needs of the market and distribution partners.

The screening criteria may include qualitative as well as quantitative measures of performance and must satisfy internal risk management standards.

Ongoing monitoring throughout the year by the Funds’ management includes monitoring any organizational or fund changes announced by underlying mutual fund managers or news items that may affect organizational stability or Funds performance as well as analysis on the Funds’ rate of return to verify that it is appropriate compared to the underlying mutual fund or fund’s benchmark.

Included in the ongoing due diligence process, managers of the underlying mutual funds are required to verify that the Funds have adhered to the Funds’ Investment Policies and that the underlying mutual funds are managed in accordance with their investment objectives and strategies. The underlying mutual funds could be exposed to specific risks which may primarily arise because the value of the investments are affected by changes in the local and global economies including interest rates, foreign exchange rates, financial markets and company-specific news. The underlying mutual funds’ manager has developed policies and procedures to manage the fund-specific risks. Fund portfolios are reviewed on a regular basis by RBC Life Insurance Company to ensure that the existing asset mix and weightings continue to meet the current and future needs of the Funds.

6. CAPITAL MANAGEMENT

The Funds have no externally imposed capital requirements. The relevant capital movements are disclosed in the Statements of Changes in Net Assets Attributable to Contractholders. To manage risks, the Funds’ Manager uses internal guidelines, maintains a governance structure that oversees each Fund’s investment activities, and monitors compliance with the Fund’s investment strategies, internal guidelines and securities regulations.

7. MANAGEMENT FEES AND INSURANCE FEES

Each Fund pays a management fee and an insurance fee for the management of the Fund and for providing the benefits under the contracts. Management and insurance fees differ by Fund and between Series and are stated as an annualized percentage of the daily fair value of the net assets of the Fund attributed to that Series.

Management fees and insurance fees are calculated and accrued at the end of each valuation date using a daily factor of the annualized management fees and insurance fee percentages. Management fees and insurance fees are reimbursed monthly to the Funds’ Manager.

8. OTHER EXPENSES ABSORBED BY THE MANAGER

Each Fund is responsible for the payment of the fees and expenses related to the operation of that Fund. Such fees and expenses, which are recorded on an accrual basis, include custodian fees, management fees, insurance fees, legal fees, audit fees, operations and administration fees, bank charges, interest, brokerage on securities transactions and all indirect taxes. As the Funds invest solely in units of the underlying mutual funds, the Funds are not subject to transaction costs pertaining to the purchase, sale or redemption of units.

Management fees and other administrative expenses charged to the Funds are subject to the Harmonized Sales Tax (HST) in Ontario, British Columbia, Nova Scotia, New Brunswick and Newfoundland and Labrador. Based on the rules and guidance issued by the Department of Finance, the effective HST rate will reflect the tax rates that are applicable in the Provinces/Territories where the Fund’s contractholders reside. Since each Fund will have contractholders in more than one Province/Territory, the blended rate will be a weighted average based on the tax rate in each Province/Territory and the value of contractholder assets. Therefore the blended rate is likely to be different for each Fund.

9. SALES AND REDEMPTIONS OF UNITS

Units of the Fund series, which are redeemable at the option of the contractholder, do not have any nominal value or par value and the number of units, which may be issued, is unlimited. Units are issued or redeemed on a daily basis at the net asset value per unit next determined after the purchase order or redemption request.

The units of the Funds are classified as financial liabilities under IAS 32 as the Funds are contractually obligated to repurchase or redeem them for cash or another financial asset.

10. FAIR VALUE MEASUREMENT

Investments recorded at fair value on the Funds’ Statements of Financial Position are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined in accordance with IFRS 13 and directly related to the amount of subjectivity associated with inputs to fair valuation of these assets, are as follows:


Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date. Quoted price for these investments are not adjusted even in situations where a large position and a sale could reasonably impact the quoted price.

Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.

Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation.

As at June 30, 2019 and December 31, 2018, the investments in underlying mutual fund by each of the Fund’s are classified as Level 1.

11. RELATED PARTY TRANSACTIONS

During the period ended June 30, 2019 and year ended December 31, 2018, management fees and insurance fees were paid to RBC Life Insurance Company as disclosed in Note 7 and presented separately in the Statement of Comprehensive Income of each Fund. As at June 30, 2019 and December 31, 2018, the management fees and insurance fees payable to RBC Life Insurance Company are included in

accrued expenses in the Statement of Financial Position of each Fund.

The Manager may absorb/waive certain expenses of the Funds. The waiver may be terminated by the Manager at any time in accordance with the Information Folder. Included in Due from RBC Life Insurance Company, in the Statements of Financial Position, are balances of expenses absorbed by the Manager.

For the period ended June 30, 2019 and year ended December 31, 2018, the Funds paid administrative expenses to RBC Investor Services. For the period ended June 30, 2019 and year ended December 31, 2018, the Funds did not pay any expenses to RBC GAM.

12. REVISION TO COMPARATIVE FIGURES

Certain comparative figures on the Statements of Comprehensive Income and Statements of Cash Flow have been revised. Amounts pertaining to capital gain distributions have been reclassified from “Realized gain (loss) on sale of investments” to Distribution from underlying fund”. The impact on the “Net cash provided by (used in) operating activities” is nil.

Comparative figures on the Statements of Comprehensive Income and Statements of Cash Flow have been revised for all funds except for RBC Global Growth and Income GIF.

RBC Insurance®, through its operating entities, including RBC Life Insurance Company, provides a wide range of creditor, life, health, travel, home, auto and reinsurance products to more than five million North American clients. As a leading provider of individual living benefits and life insurance products in Canada, RBC Life Insurance Company offers a comprehensive portfolio of individual and group life and health insurance solutions, including term and universal life insurance, group benefits, disability, critical illness, and long term care insurance as well as segregated funds and payout annuities.

For more information, please visit www.rbcinsurance.com

® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. VPS104515 108295 (10/2019)

Financial Statements of · Realized gain on sale of investments--Sales and redemption of units...

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