rbc guaranteed investment funds · realized gain (loss) on sale of investments 6,189 expense before...

Unaudited Financial Statements

June 30, 2015

RBC Guaranteed Investment Funds

RBC GUARANTEED INVESTMENT FUNDS Table of Contents June 30, 2015

Page

Unaudited Interim Financial Statements and Supplementary Information

Individual Funds and Portfolios 1 - 60

Notes to the Unaudited Interim Financial Statements 62 - 65

RBC GUARANTEED INVESTMENT FUNDS Page 1 of 65

As at Jun 30, 2015 Dec 31, 2014 For the s ix months period ended June 30, 2015 2014Assets Operating activities

Cash -$ 6,923$ Net income attributable to unitholders 23,833$ 20,162$ Investments in underlying fund at fa i r va lue 14,626,999 13,911,585 Add (deduct) to convert net income toOther assets a cash bas i s

Accrued income dis tribution from investments 390 459 Net ga ins on investments - - Accounts receivable - uni tholders - - Change in other assets (2,363) 4,836 Accounts receivable - sa le of investments - - Change in other l i abi l i ties (7,049) (3,741) Due from RBC Li fe Insurance Company 13,672 9,955 Purchases of investments (8,493,504) (4,811,426) Other 1,112 2,397 Proceeds from sa les of investments 7,778,090 4,746,488

14,642,173 13,931,319 Cash provided by (used in) oeprating activi ties (700,993) (43,681) Liabilities Financing activities

Bank indebtedness 6,906$ - Dis tributions to the unitholders - - Other l i abi l i ties Proceeds from issue of units 10,958,636 5,851,206

Accrued expenses 26,011 33,060 Redemption of units (10,271,472) (5,815,034) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 687,164 36,172 Accounts payable - purchase of investments - - Increase (decrease) in cash (13,829) (7,509) Other - - Cash (Bank indebtedness ) at beginning of period 6,923 (16)

32,917 33,060 Cash (Bank indebtedness) at end of period (6,906)$ (7,525)$ Net assets attributable to unitholders 14,609,256$ 13,898,259$

Net assets attributable to unitholders per unit For the s ix months period ended June 30, 2015 2014

Invest Series 4 10.03$ 10.01$ Other expenses absorbed by the manager (note 8)Series 1 11.16 11.13 Invest Series 4

Annual i zed MER cap 1 0.69% - Expense before waiver 2,766$ -$ MER before waiver 1.57% - Expense after waiver 1,212$ -$

For the s ix months period ended June 30, 2015 2014 MER after waiver 0.69% - Income Series 1 -$

Di stribution from underlying fund 68,165$ 41,315$ Annual i zed MER cap 1 0.70% 0.71%Real ized ga in on sa le of investments - - Expense before waiver 75,762$ 63,808$ Increase in unrea l ized MER before waiver 1.23% 1.83%

appreciation of investments - - Expense after waiver 43,120$ 21,153$ 68,165 41,315 MER after waiver 0.70% 0.61%

ExpensesManagement fees 24,188 12,959 Insurance fees 6,826 3,812 Other adminis tra tive expenses 13,318 4,382

44,332 21,153 Net income attributable to unitholders 23,833$ 20,162$

Net income attributable to unitholders per uni tInvest Series 4 0.02$ -$ Sales and redemption of units (note 9)Series 1 0.02 0.03 Invest Series 4

Opening ba lance as at January 1s t 8,880 - Purchases during the period 106,105 - Redemptions during the period (6,286) - Clos ing ba lance as at June 30th 108,699 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 13,898,259$ 7,598,196$ Opening ba lance as at January 1s t 1,240,658 686,254

Premium depos i ts 10,958,636 5,851,206 Purchases during the period 888,023 527,636 Net income attributable to unitholders 23,833 20,162 Redemptions during the period (916,335) (524,503)

24,880,728 13,469,564 Clos ing ba lance as at June 30th 1,212,346 689,387 Withdrawals 10,271,472 5,815,034

Net assets, end of the period 14,609,256$ 7,654,530$ Number of units outstanding

Invest Series 4 108,699 - Series 1 1,212,346 689,387

As at June 30, 2015 Dec 31, 2014The accompanying notes are an integral part of these financial statements. Investment in underlying fund at fair value (note 10)

Level 1 14,626,999$ 13,911,585$ For the s ix months period ended June 30, 2015 2014Management fees and insurance fees (note 7) Schedule of invested assets

Annua l Management Fee RBC Canadian Money Market Fund, Series OInvest Series 4 0.53% - Number of units 1,462,700 1,391,158 Series 1 1.00% 1.00% Cost 14,626,999$ 13,911,585$

Fund owned 7.7480% 4.8901%Annua l Insurance Fee (Limit) Fa ir va lue, a l l Level 1 (note 10) 14,626,999$ 13,911,585$

Invest Series 4 0.10 (0.60) % - Fa i r va lue per unit 10.00$ 10.00$ Series 1 0.10 (0.60) % 0.10 (0.60) %

Statement of Comprehensive Income

Statement of Changes in Net Assets Attributable to Unitholders

Unaudited interim financial statements of RBC Canadian Money Market GIF

Statement of Financial Position Statement of Cash Flow


Bank of Nova Scotia 1.270% Jul 3 15 2.3% Canadian Imperia l Bank of Commerce 0.919% Nov 4 15 1.6%Clari ty Trust 0.922% Sep 8 15 2.2% SOUND Trust 1.215% Jul 6 15 1.5%SAFE Trust - Series 1996-1 0.931% Oct 5 15 2.2% Inter Pipel ine Ltd. 0.998% Aug 19 15 1.4%SOUND Trust 0.931% Oct 5 15 2.1% Bank of Nova Scotia 1.106% Feb 22 16 1.4%Bank of Nova Scotia 1.350% Sep 11 15 1.9% HSBC Bank Canada 0.901% Jul 2 15 1.4%TransCanada PipeLines Ltd. 1.001% Aug 18 15 1.9% Canadian Uti l i ties Ltd. 0.969% Sep 10 15 1.4%Zeus Receivables Trust - Senior Notes 0.940% Sep 14 15 1.9% Bay Street Funding Trust - Class A 0.929% Sep 10 15 1.4%HSBC Bank Canada 0.960% Nov 3 15 1.9% Clari ty Trust 1.010% Dec 22 15 1.4%Merit Trust - Senior Notes 0.886% Jul 13 15 1.9% Toronto-Dominion Bank 1.000% Jun 2 16 1.4%Darwin Receivables Trust - Senior Notes 0.901% Aug 4 15 1.6% Darwin Receivables Trust - Senior Notes 0.886% Jul 13 15 1.3%Toronto-Dominion Bank 0.830% Aug 10 15 1.6% Canadian Imperia l Bank of Commerce 1.260% Jul 3 15 1.2%Toronto-Dominion Bank 1.473% Jul 21 15 1.6% Banner Trust 1.004% Jul 6 15 1.2%Canadian Imperia l Bank of Commerce 1.443% Jul 8 15 1.6% Total % of top 25 holdings 41.3%

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 3 Jun 30, 2015 2014 2013 2012 2011 Jun 30, 2015 2014 2013 2012 2011

Net Asset Value attributable to unitholders 10.03$ 10.01$ 11.16$ 11.13$ 11.07$ 10.99$ 10.90$ Net assets attributable to unitholders ($ '000) 1,090$ 89$ 13,519$ 13,809$ 7,598$ 7,764$ 9,730$ Net Income ($ '000) 1$ -$ 23$ 48$ 70$ 64$ 60$ Premium depos i ts ($ '000) 1,063$ 89$ 9,896$ 17,801$ 11,363$ 6,530$ 11,555$ Withdrawals ($ '000) 63$ -$ 10,208$ 11,639$ 11,599$ 8,560$ 7,543$ Number of units outs tanding 108,699 8,880 1,212,346 1,240,658 686,254 706,682 892,812

Management expense ratio 1 0.69% 0.70% 0.70% 0.71% 0.43% 0.42% 0.42%Management expense before waiver 1.57% 0.71% 1.23% 1.31% 1.15% 1.32% 1.32%

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

1 The management expense ratio ("MER") is based on total expenses 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 years 2012 and 2011 are based on CGAAP.4 Invest series commenced operations on November 7, 2014.

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 comparative data for the year 2013 and prior not ava i lable as Invest Series was introduced in

November 2014.

Unaudited interim financial statements of RBC Canadian Money Market GIF (continued)

Top 25 holdings of the underlying fund (June 30, 2015)

Financial Highlights

Invest Series Series 1



Cash -$ -$ Net income attributable to uni tholders 63,750$ 64,057$ Inves tments in underlying fund at fa i r va lue 7,522,641$ 6,272,523 Add (deduct) to convert net income toOther ass ets a cas h bas i s

Accrued income dis tribution from inves tments - - Net gains on investments (30,586) (26,171) Accounts receivable - uni tholders - - Change in other ass ets 428 8,117 Accounts receivable - sa le of investments - - Change in other l iabi l i ties (835) (5,113) Due from RBC Li fe Insurance Company 5,779 4,080 Purchases of investments (2,768,541) (476,864) Other 1,973 4,100 Proceeds from sa les of investments 1,549,009 1,173,240

7,530,393 6,280,703 Cas h provided by (us ed in) oeprating activi ties (1,186,775) 737,266 Liabilities Financing activities

Bank indebtedness 4,736 897 Dis tributions to the unitholders - - Other l iabi l i ties Proceeds from is sue of uni ts 2,830,787 500,066

Accrued expens es 29,279 30,114 Redemption of units (1,647,851) (1,239,371) Accounts payable - uni tholders - - Cas h provided by (us ed in) financing activi ties 1,182,936 (739,305) Accounts payable - purchase of investments - - Decrease in cas h (3,839) (2,039) Other - - Bank indebtedness at beginning of period (897) -

34,015 31,011 Bank indebtedness at end of period (4,736)$ (2,039)$ Net assets attributable to unitholders 7,496,378$ 6,249,692$



Series 2 4 10.11 10.03 Annual i zed MER cap 1 1.82% - Expense before waiver 2,336$ -$ MER before waiver 2.75% - Expense after waiver 1,552$ -$

For the s ix months period ended June 30, 2015 2014 MER after waiver 1.82% - Income Series 1

Dis tribution from underlying fund 99,750$ 94,163$ Annual i zed MER cap 1 2.04% 1.82%Real i zed gain (loss ) on sa le of inves tments 6,189 (5,941) Expense before waiver 71,062$ 69,184$ Increase in unrea l i zed MER before waiver 2.38% 2.23%

appreciation of investments 24,397 32,112 Expense a fter waiver 60,873$ 56,277$ 130,336 120,334 MER after waiver 2.04% 1.82%

Expenses Series 2 4

Management fees 27,952 24,296 Annual i zed MER cap 1 2.21% - Insurance fees 12,827 5,079 Expense before waiver 6,075$ -$ Other adminis trative expens es 25,807 26,902 MER before waiver 3.23% -

66,586 56,277 Expense a fter waiver 4,161$ -$ Net income attributable to unitholders 63,750$ 64,057$ MER after waiver 2.21% -

Net income attributable to uni tholders per uni tInvest Series 4 0.15$ -$ Sales and redemption of units (note 9)Series 1 0.12 0.12 Invest Series 4

Series 2 4 - - Opening ba lance as at January 1s t 500 - Purchases during the period 52,457 - Redemptions during the period (1,017) - Clos ing balance as at June 30 51,940 -

For the s ix months period ended June 30, 2015 2014 Series 1Net as sets , beginning of the period 6,249,692$ 6,749,494$ Opening ba lance as at January 1s t 525,513 576,445

Premium depos its 2,830,787 500,066 Purchases during the period 124,368 42,417 Net income attributable to uni tholders 63,750 64,057 Redemptions during the period (126,137) (105,181)

9,144,229 7,313,617 Clos ing balance as at June 30 523,744 513,681 Withdrawals 1,647,851 1,239,371 Series 2 4

Net assets, end of the period 7,496,378$ 6,074,246$ Opening ba lance as at January 1s t 500 - Number of uni ts outstanding Purchases during the period 80,381 -

Invest Series 4 51,940 - Redemptions during the period (12,212) - Series 1 523,744 513,681 Clos ing balance as at June 30 68,669 - Series 2 4 68,669 -

As at Jun 30, 2015 Dec 31, 2014The accompanying notes are an integral part of these financial statements. Investment in underlying fund at fair value (note 10)


Annual Management Fee RBC Canadian Short-Term Income Fund, Series OInvest Series 4 1.35% - Number of units 686,535 575,065 Series 1 1.60% 1.60% Cos t 7,523,820$ 6,298,099$

Series 2 4 1.41% - Fund owned 0.2026% 0.1581%Annual Ins urance Fee (Limit) Fai r va lue, a l l Level 1 (note 10) 7,522,641$ 6,272,523$


Series 2 4 0.55 (1.05) % -



Unaudited interim financial statements of RBC Canadian Short-Term Income GIF



Canada Hous ing Trust No. 1 3.350% Dec 15 20 3.6% Nationa l Bank of Canada 2.794% Aug 9 18 1.3%Province of Ontario 2.100% Sep 8 18 3.3% Province of Alberta 1.600% Jun 15 18 1.2%Canada Hous ing Trust No. 1 1.700% Dec 15 17 3.0% Canadian Imperia l Bank of Commerce 2.650% Nov 8 16 1.2%Province of Ontario 4.300% Mar 8 17 2.8% Province of Ontario 2.100% Sep 8 19 1.2%Province of Quebec 4.500% Dec 1 17 2.4% Bank of Montreal 2.430% Mar 4 19 1.2%Province of Ontario 1.900% Sep 8 17 2.4% Financement-Québec 3.500% Dec 1 16 1.2%Canada Hous ing Trust No. 1 2.650% Mar 15 22 2.1% Canada Hous ing Trust No. 1 2.050% Jun 15 17 1.1%Bank of Montrea l 3.210% Sep 13 18 2.0% Wel l s Fargo Canada Corp. 2.774% Feb 9 17 1.1%Bank of Montrea l 2.240% Dec 11 17 1.7% Government of Canada 2.750% Jun 1 22 1.1%Canada Hous ing Trust No. 1 2.350% Dec 15 18 1.6% Toronto-Dominion Bank 2.447% Apr 2 19 1.1%HSBC Bank Canada 2.491% May 13 19 1.5% Toronto-Dominion Bank 2.171% Apr 2 18 1.1%Province of New Brunswick 4.500% Jun 2 20 1.4% Canada Hous ing Trust No. 1 1.950% Jun 15 19 1.1%Bank of Nova Scotia 2.370% Jan 11 18 1.4% Total % of top 25 holdings 43.3%



Net Asset Value attributable to unitholders 10.14$ 10.03$ 11.98$ 11.87$ 11.71$ 11.68$ 11.59$ Net assets attributable to unitholders ($ '000) 526$ 5$ 6,276$ 6,240$ 6,749$ 7,413$ 6,669$ Net Income (loss ) ($ '000) 3$ -$ 61$ 89$ 16$ 43$ 155$ Premium depos i ts ($ '000) 529$ 5$ 1,489$ 2,750$ 2,349$ 3,891$ 3,558$ Withdrawals ($ '000) 10$ -$ 1,514$ 3,349$ 3,028$ 3,190$ 1,659$ Number of units outs tanding 51,940 500 523,744 525,513 576,445 634,916 575,569


Portfol io turnover rate of the underlying fund 2 34.16% 36.84% 34.16% 36.84% 45.34% 21.62% 50.58%

Net Asset Value attributable to unitholders 10.11$ 10.03$ Net assets attributable to unitholders ($ '000) 694$ 5$ Net Income (loss ) ($ '000) -$ -$ Premium depos i ts ($ '000) 813$ 5$ Withdrawals ($ '000) 124$ -$ Number of units outs tanding 68,669 500

Management expense ratio 1 2.21% 2.22%Management expense before waiver 3.23% 2.22%

Portfol io turnover rate of the underlying fund 2 34.16% 36.84%


3 Financial highlights for the years 2015, 2014 and 2013 are based on IFRS and for the years 2012 and 2011 are based on CGAAP.4 Invest series and Series 2 commenced operations on November 7, 2014.

Unaudited interim financial statements of RBC Canadian Short-Term Income GIF (continued)




The comparative data for the year 2013 and prior not ava i lable as

Series 2 was introduced in November 2014.


November 2014.

Series 2

Series 1Invest Series


As at Jun 30, 2015 Dec 31, 2014 For the s i x months period ended June 30, 2015 2014Assets Operating activities

Cash 22,321$ 62,194$ Net income attributable to unitholders 319,107$ 673,574$ Investments in underlying fund at fa i r va lue 21,876,951 19,289,978 Add (deduct) to convert net income toOther assets a cash bas i s

Accrued income dis tribution from investments - - Net ga ins on investments (142,509) (520,647) Accounts receivable - uni tholders - - Change in other assets (5,010) 8,575 Accounts receivable - sa le of investments - - Change in other l iabi l i ties 10,012 (5,551) Due from RBC Li fe Insurance Company 12,974 6,267 Purchases of investments (3,703,529) (2,923,640) Other 2,403 4,100 Proceeds from sa les of investments 1,259,065 1,783,092

21,914,649 19,362,539 Cash provided by (used in) oeprating activi ties (2,262,864) (984,597) Liabilities Financing activities

Bank indebtedness - - Dis tributions to the unitholders - - Other l iabi l i ties Proceeds from issue of units 3,777,423 3,327,092

Accrued expenses 71,414 61,402 Redemption of units (1,554,432) (2,389,097) Accounts payable - uni tholders - - Cash provided by (used in) financing a ctivi ties 2,222,991 937,995 Accounts payable - purchase of investments - - Decrease in cash (39,873) (46,602) Other - - Cash (Bank indebtedness) at beginning of period 62,194 (558)

71,414 61,402 Cash (Bank indebtedness) at end of period 22,321$ (47,160)$ Net assets attributable to unitholders 21,843,235$ 19,301,137$

Net assets a ttributable to unitholders per unit For the s i x months period ended June 30, 2015 2014



For the s i x months period ended June 30, 2015 2014 MER a fter waiver 1.69% - Income Series 1

Dis tribution from underlying fund 389,523$ 306,234$ Annual i zed MER cap 1 2.04% 1.83%Real i zed ga in on sa le of investments 59,682 842 Expense before waiver 224,822$ 177,284$ Increase in unreal i zed MER before waiver 2.22% 2.12%

appreciation of investments 82,827 519,805 Expense after waiver 206,798$ 153,307$ 532,032 826,881 MER a fter waiver 2.04% 1.83%

Expenses Series 2 4

Management fees 132,310 99,045 Annual i zed MER cap 1 2.09% - Insurance fees 39,682 13,555 Expense before waiver 4,814$ -$ Other adminis trative expenses 40,933 40,707 MER before waiver 2.46% -

212,925 153,307 Expense after waiver 4,110$ -$ Net income attributable to unitholders 319,107$ 673,574$ MER a fter waiver 2.09% -

Net income (loss ) attributable to unitholders per unitInvest Series 4 0.04$ -$ Sales and redemption of units (note 9)Series 1 0.23 0.53 Invest Series 4

Series 2 4 (0.23) - Opening ba lance as at January 1s t 6,719 - Purchases during the period 34,981 - Redemptions during the period (2,120) - Clos ing ba lance as at June 30 39,580 -

For the s i x months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 19,301,137$ 16,635,829$ Opening ba lance as at January 1s t 1,384,064 1,282,719

Premium depos i ts 3,777,423 3,327,092 Purchases during the period 192,366 248,764 Net income attributable to uni tholders 319,107 673,574 Redemptions during the period (105,887) (179,437)

23,397,667 20,636,495 Clos ing ba lance as at June 30 1,470,543 1,352,046 Withdrawals 1,554,432 2,389,097 Series 2 4

Net assets, end of the period 21,843,235$ 18,247,398$ Opening ba lance as at January 1s t 768 - Number of uni ts outs tanding Purchases during the period 63,522 -

Invest Series 4 39,580 - Redemptions during the period (1,992) - Series 1 1,470,543 1,352,046 Clos ing ba lance as at June 30 62,298 - Series 2 4 62,298 -


Level 1 21,876,951$ 19,289,978$ For the s i x months period ended June 30, 2015 2014Management fees and insurance fees (note 7) Schedule of invested assets

Annual Management Fee RBC Bond Fund, Series OInvest Series 4 1.34% - Number of units 3,144,369 2,798,732 Series 1 1.60% 1.60% Cost 21,333,486$ 18,829,340$

Series 2 4 1.42% - Fund owned 0.1893% 0.1688%Annual Insurance Fee (Limit) Fa i r va lue, a l l Level 1 (note 10) 21,876,951$ 19,289,978$


Series 2 4 0.55 (1.05) % -



Unaudited interim financial statements of RBC Bond GIF



Province of Ontario 3.450% Jun 2 45 3.6% Province of Quebec 5.000% Dec 1 41 1.3%Province of Ontario 3.500% Jun 2 43 2.6% BlueBay Emerging Markets Corporate Bond Fund 1.3%Province of Ontario 2.850% Jun 2 23 2.2% Province of Ontario 4.400% Jun 2 19 1.2%Province of Ontario 4.600% Jun 2 39 2.2% Province of Quebec 3.750% Sep 1 24 1.2%Province of Ontario 4.650% Jun 2 41 2.1% Province of Ontario 4.700% Jun 2 37 1.1%Province of Ontario 3.500% Jun 2 24 2.1% Province of Ontario 3.150% Jun 2 22 1.1%Province of Quebec 3.000% Sep 1 23 1.8% Province of Ontario 2.600% Jun 2 25 1.1%Province of Ontario 4.200% Jun 2 20 1.7% RBC Emerging Markets Foreign Exchange Fund 1.1%Government of Canada 3.500% Dec 1 45 1.5% Canada Hous ing Trust No. 1 2.350% Sep 15 23 1.0%Province of Ontario 1.900% Sep 8 17 1.5% Province of Quebec 5.000% Dec 1 38 0.9%Province of Ontario 4.000% Jun 2 21 1.4% Cash & Cash Equiva lents 0.9%Province of Ontario 6.500% Mar 8 29 1.3% Royal Bank of Canada 2.770% Dec 11 18 0.9%Toronto-Dominion Bank 2.447% Apr 2 19 1.3% Total % of top 25 holdings 38.4%



Net Asset Value attributable to unitholders 10.37$ 10.17$ 14.14$ 13.89$ 12.97$ 13.24$ 12.84$ Net assets attributable to unitholders ($ '000) 410$ 68$ 20,789$ 19,225$ 16,636$ 19,686$ 9,534$ Net Income ($ '000) 1$ 1$ 327$ 1,200$ (524)$ 435$ 519$ Premium depos i ts ($ '000) 363$ 68$ 2,748$ 6,762$ 10,050$ 13,497$ 5,055$ Withdrawals ($ '000) 22$ -$ 1,511$ 5,373$ 12,577$ 3,779$ 2,333$ Number of units outs tanding 39,580 6,719 1,470,543 1,384,064 1,282,719 1,486,425 742,292



Net Asset Value attributable to unitholders 10.35$ 10.17$ Net assets attributable to unitholders ($ '000) 644$ 8$ Net income ($ '000) (9)$ 1$ Premium depos i ts ($ '000) 666$ 8$ Withdrawals ($ '000) 21$ -$ Number of units outs tanding 62,298 768





Unaudited interim financial statements of RBC Bond GIF (continued)







November 2014.

Series 2




Cash -$ 1,487$ Net income attributable to unitholders 120,180$ 497,771$ Investments in underlying fund at fa i r va lue 8,745,944 8,232,035 Add (deduct) to convert net income toOther assets a ca sh ba s is

Accrued income dis tribution from investments - - Net ga ins on investments (62,034) (394,536) Accounts receivable - uni tholders - - Change in other assets (5,078) 621 Accounts receivable - sa le of investments - - Change in other l iabi l i ties (2,861) (8,166) Due from RBC Li fe Insurance Company 13,083 5,878 Purchases of investments (1,002,618) (466,180) Other 1,973 4,100 Proceeds from sa les of investments 550,743 2,127,611

8,761,000 8,243,500 Cash provided by (used in) oeprating activi ties (401,668) 1,757,121 Liabilities Financing activities

Bank indebtedness 2,144 - Di stributions to the unitholders - - Other l iabi l i ties Proceeds from issue of uni ts 1,183,758 552,493

Accrued expenses 29,622 32,483 Redemption of uni ts (785,721) (2,330,346) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 398,037 (1,777,853) Accounts payable - purchase of investments - - Decrease in cash (3,631) (20,732) Other - - Cash at beginning of period 1,487 11,760


Net assets attributable to unitholders per unit For the s i x months period ended June 30, 2015 2014


Series 2 4 10.32 10.17 Annual ized MER cap 1 1.79% - Expense before waiver 1,364$ -$ MER before waiver 2.53% - Expense after waiver 964$ -$

For the s ix months period ended June 30, 2015 2014 MER a fter waiver 1.79% - Income Series 1

Dis tribution from underlying fund 146,347$ 211,895$ Annual ized MER cap 1 2.06% 1.85%Real ized ga in (loss ) on sa le of investments 20,612 (21,771) Expense before waiver 105,193$ 136,277$ Increase in unrea l i zed MER before waiver 2.50% 2.32%

appreciation of investments 41,422 416,307 Expense after waiver 86,784$ 108,660$ 208,381 606,431 MER a fter waiver 2.06% 1.85%

Expenses Series 2 4

Management fees 47,212 79,398 Annual ized MER cap 1 2.25% - Insurance fees 16,271 9,581 Expense before waiver 638$ -$ Other a dminis trative expenses 24,718 19,681 MER before waiver 3.17% -

88,201 108,660 Expense after waiver 453$ -$ Net income attributable to unitholders 120,180$ 497,771$ MER a fter waiver 2.25% -

Net income (loss ) attributable to unitholders per unitInvest Series 4 (0.14)$ -$ Sales and redemption of units (note 9)Series 1 0.17 0.46 Invest Series 4

Series 2 4 (0.29) - Opening ba lance as at Ja nuary 1s t 2,828 - Purchases during the period 11,678 - Redemptions during the period (73) - Clos ing ba lance as at June 30 14,433 -

For the s ix months period ended June 30, 2015 2014 Series 1Net a ssets , beginning of the period 8,211,017$ 12,598,546$ Opening ba lance as at Ja nuary 1s t 707,470 1,169,067

Premium depos i ts 1,183,758 552,493 Purchases during the period 83,062 50,207 Net income attributable to unitholders 120,180 497,771 Redemptions during the period (66,359) (211,242)

9,514,955 13,648,810 Clos ing ba lance as at June 30 724,173 1,008,032 Withdrawa ls 785,721 2,330,346 Series 2 4

Net assets, end of the period 8,729,234$ 11,318,464$ Opening ba lance as at Ja nuary 1s t 500 - Number of uni ts outs tanding Purchases during the period 7,339 -

Invest Series 4 14,433 - Redemptions during the period - - Series 1 724,173 1,008,032 Clos ing ba lance as at June 30 7,839 - Series 2 4 7,839 -



Annual Management Fee PH&N Total Return RBC Bond Fund, Series OInvest Series 4 1.34% - Number of uni ts 745,713 707,779 Series 1 1.60% 1.60% Cost 8,584,037$ 8,111,550$



Series 2 4 0.55 (1.05) % -



Unaudited interim financial statements of RBC PH&N Total Return Bond GIF



Cash & Cash Equiva lents 8.9% Province of Ontario 3.500% Jun 2 43 1.6%Province of Ontario 6.500% Mar 8 29 7.3% Canada Hous ing Trust No. 1 3.750% Mar 15 20 1.6%Province of Ontario 7.600% Jun 2 27 6.3% Province of Ontario 3.500% Jun 2 24 1.4%Canada Hous ing Trust No. 1 3.350% Dec 15 20 2.7% Government of Canada 2.250% Jun 1 25 1.4%Government of Canada 2.500% Jun 1 24 2.6% Royal Bank of Canada 2.580% Apr 13 17 1.2%Government of Canada 0.750% Sep 1 20 2.3% Province of Alberta 2.350% Jun 1 25 1.1%Province of Ontario 3.150% Jun 2 22 2.0% Phi l l ips , Hager & North High Yield Bond Fund 1.1%Government of Canada 3.500% Dec 1 45 1.9% United States Treasury 3.000% May 15 45 1.0%Province of Quebec 8.500% Apr 1 26 1.9% Bank of Nova Scotia 2.100% Nov 8 16 1.0%Government of Canada 5.000% Jun 1 37 1.7% Province of Ontario 3.450% Jun 2 45 0.9%Province of Ontario 2.900% Dec 2 46 1.7% Royal Bank of Canada 1.968% Mar 2 22 0.9%Province of Ontario 8.100% Sep 8 23 1.6% Province of Ontario 8.500% Dec 2 25 0.9%Bank of Nova Scotia 1.330% May 1 18 1.6% Total % of top 25 holdings 56.6%



Net Asset Value attributable to unitholders 10.35$ 10.18$ 11.74$ 11.56$ 10.78$ 11.01$ 10.72$ Net assets attributable to unitholders ($ '000) 149$ 29$ 8,499$ 8,177$ 12,599$ 12,224$ 6,919$ Net Income (loss ) ($ '000) (2)$ -$ 123$ 778$ (230)$ 287$ 192$ Premium depos i ts ($ '000) 123$ 29$ 984$ 1,493$ 6,060$ 8,590$ 6,839$ Withdrawals ($ '000) 1$ -$ 785$ 6,693$ 5,456$ 3,571$ 146$ Number of units outs tanding 14,433 2,828 724,173 707,470 1,169,067 1,110,739 645,171



Net Asset Value attributable to unitholders 10.32 10.17$ Net assets attributable to unitholders ($ '000) 81$ 5$ Net Income (loss ) ($ '000) (1)$ -$ Premium depos i ts ($ '000) 77$ 5$ Withdrawals ($ '000) -$ -$ Number of units outs tanding 7,839 500





Unaudited interim financial statements of RBC PH&N Total Return Bond GIF (continued)





November 2014.


November 2014.

Series 2




Cas h 2,828$ 10,933$ Net income (loss ) attributable to uni tholders (10,700)$ 23,310$ Investments in underlying fund at fa i r va lue 1,212,286 1,100,891 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net (ga ins ) losses on investments 12,562 (21,282) Accounts receivable - unitholders - - Change in other assets 673 3,469 Accounts receivable - sa le of investments - - Change in other l iabi l i ties (4,967) (4,590) Due from RBC Li fe Insurance Company 1,973 8,756 Purchases of investments (199,830) (430,063) Other 10,210 4,100 Proceeds from sa les of investments 75,873 134,058

1,227,297 1,124,680 Cash provided by (used in) oeprating activi ties (126,389) (295,098) Liabilities Financing activities

Bank indebtedness - - Dis tributions to the uni tholders - - Other l iabi l i ties Proceeds from i ssue of units 195,217 428,208

Accrued expenses 15,446 20,413 Redemption of uni ts (76,933) (133,275) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 118,284 294,933 Accounts payable - purchase of investments - - Decrease in cash (8,105) (165) Other - - Cash (Bank indebtednes) at beginning of period 10,933 (257)

15,446 20,413 Cash (Bank indebtedness) at end of period 2,828$ (422)$ Net assets attributable to unitholders 1,211,851$ 1,104,267$

Net assets attributable to uni tholders per uni t For the s ix months period ended June 30, 2015 2014


Series 2 4 10.05 10.15 Annual ized MER cap 1 2.20% - Expense before waiver 979$ -$ MER before wa iver 7.18% - Expense after wa iver 300$ -$


Dis tribution from underlying fund 15,684$ 9,711$ Annual ized MER cap 1 2.42% 2.22%Real ized ga in on sa le of investments 2,708 3,328 Expense before waiver 37,625$ 33,907$ Increase (decrease) in unreal i zed MER before wa iver 6.85% 9.78%

appreciation of investments (15,270) 17,954 Expense after wa iver 13,300$ 7,683$ 3,122 30,993 MER after waiver 2.42% 2.22%

Expenses Series 2 4

Management fees 6,293 3,370 Annual ized MER cap 1 2.62% - Insurance fees 3,129 1,144 Expense before waiver 670$ -$ Other adminis trative expenses 4,400 3,169 MER before wa iver 7.90% -

13,822 7,683 Expense after wa iver 222$ -$ Net income (loss) attributable to unitholders (10,700)$ 23,310$ MER after waiver 2.62% -

Net income (loss ) attributable to uni tholders per unitInvest Series 4 (0.29)$ -$ Sales and redemption of units (note 9)Series 1 (0.11) 0.41 Invest Series 4

Series 2 4 (0.34) - Opening ba lance as a t January 1st 500 - Purchases during the period 3,771 - Redemptions during the period - - Clos ing ba lance as a t June 30 4,271 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 1,104,267$ 641,665$ Opening ba lance as a t January 1st 83,937 52,619

Premium depos its 195,217 428,208 Purchases during the period 9,928 34,225 Net income (loss ) attributable to uni tholders (10,700) 23,310 Redemptions during the period (5,837) (10,788)

1,288,784 1,093,183 Clos ing ba lance as a t June 30 88,028 76,056 Withdrawals 76,933 133,275 Series 2 4

Net assets, end of the period 1,211,851$ 959,908$ Opening ba lance as a t January 1st 500 - Number of units outstanding Purchases during the period 2,662 -

Invest Series 4 4,271 - Redemptions during the period - - Series 1 88,028 76,056 Clos ing ba lance as a t June 30 3,162 - Series 2 4 3,162 -



Annual Management Fee RBC Global Bond Fund, Series OInvest Series 4 1.55% - Number of uni ts 110,171 99,054 Series 1 1.80% 1.80% Cost 1,201,153$ 1,074,488$

Series 2 4 1.62% - Fund owned 0.0374% 0.0297%Annual Insurance Fee (Limit) Fa ir va lue, a l l Level 1 (note 10) 1,212,286$ 1,100,891$

Invest Series 4 0.40 (0.90) % - Fa i r va lue per uni t 11.00$ 11.11$ Series 1 0.50 (0.80) % 0.30 (0.80) %

Series 2 4 0.70 (1.20) % -



Unaudited interim financial statements of RBC Global Bond GIF



BlueBay Emerging Markets Corporate Bond Fund 4.8% Buoni Pol ienna l i Del Tesoro EUR 2.500% May 1 19 1.7%Cash & Cash Equiva lents 4.4% United States Treasury 2.500% Feb 15 45 1.7%Japan Government Twenty Year JPY 1.600% Jun 20 30 4.3% Denmark Government DKK 3.000% Nov 15 21 1.7%United States Treasury 0.250% May 15 16 3.6% Belgium Government EUR 2.600% Jun 22 24 1.6%Bundesrepubl ik Deutschland EUR 0.500% Feb 15 25 3.5% Japan Finance Corp for Municipa l Ent JPY 2.000% May 9 16 1.6%United States Treasury 3.250% Dec 31 16 3.3% United States Treasury 2.250% Nov 15 24 1.5%Spain Government EUR 0.500% Oct 31 17 3.1% Japan Government Twenty Year JPY 2.100% Jun 20 29 1.5%Buoni Pol ienna l i Del Tesoro EUR 0.250% May 15 18 3.0% Spain Government EUR 2.750% Apr 30 19 1.5%Japan Government Twenty Year JPY 1.200% Mar 20 35 3.0% United States Treasury 1.000% Sep 30 19 1.4%Development Bank of Japan JPY 1.750% Mar 17 17 3.0% United Kingdom Gi l t GBP 4.500% Sep 7 34 1.4%France O.A.T. EUR 4.000% Oct 25 38 2.3% Bundesrepubl ik Deutschland EUR 1.500% Sep 4 22 1.3%United States Treasury 3.500% Feb 15 39 2.1% Mexican Bonos MXN 6.500% Jun 9 22 1.3%United States Treasury 1.000% May 15 18 1.8% Total % of top 25 holdings 60.4%



Net Asset Value attributable to unitholders 10.07$ 10.16$ 12.92$ 13.03$ 12.19$ 12.20$ 11.59$ Net assets attributable to unitholders ($ '000) 43$ 5$ 1,137$ 1,094$ 642$ 774$ 647$ Net Income (loss ) ($ '000) (1)$ -$ (9)$ 54$ -$ 39$ 27$ Premium depos i ts ($ '000) 39$ 5$ 129$ 668$ 333$ 257$ 123$ Withdrawals ($ '000) -$ -$ 77$ 269$ 465$ 169$ 200$ Number of units outs tanding 4,271 500 88,028 83,937 52,619 63,416 55,859



Net Asset Value attributable to unitholders 10.05 10.15$ Net assets attributable to unitholders ($ '000) 32$ 5$ Net Income (loss ) ($ '000) (1)$ -$ Premium depos i ts ($ '000) 27$ 5$ Withdrawals ($ '000) -$ -$ Number of units outs tanding 3,162 500





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





November 2014.


November 2014.

Series 2




Cash 3,853$ -$ Net income attributable to uni tholders 41,422$ 39,409$ Investments in underlying fund at fa i r va lue 2,147,975 2,486,825 Add (deduct) to convert net income toOther assets a cas h bas i s

Accrued income dis tribution from investments - - Net (ga ins ) losses on inves tments 3,199 (10,055) Accounts receivable - unitholders - - Change in other as sets (1,286) 1,454 Accounts receivable - s a le of investments - - Change in other l iabi l i ties (6,819) 11,843 Due from RBC Li fe Ins urance Company 10,915 8,344 Purchases of inves tments (300,443) (1,793,826) Other 1,078 2,363 Proceeds from sa les of investments 636,094 110,262

2,163,821 2,497,532 Cas h provided by (us ed in) oeprating activi ties 372,167 (1,640,913) Liabilities Financing activities

Bank indebtedness - 835 Dis tributions to the uni tholders - - Other l iabi l i ties Proceeds from i ssue of uni ts 352,024 1,843,865

Accrued expenses 16,123 22,942 Redemption of uni ts (719,503) (93,612) Accounts payable - uni tholders - - Cas h provided by (us ed in) financing activi ties (367,479) 1,750,253 Accounts payable - purchase of investments - - Increase in cas h 4,688 109,340 Other - - Cas h (Bank indebtedness ) at beginning of period (835) 54

16,123 23,777 Cash at end of period 3,853$ 109,394$ Net assets attributable to unitholders 2,147,698$ 2,473,755$

Net ass ets a ttributable to uni tholders per unit For the s ix months period ended June 30, 2015 2014Invest Series 10.06$ 9.87$ Other expenses absorbed by the manager (note 8)Series 1 10.45 10.27 Inves t Series

Annual i zed MER ca p 1 2.19% - Expens e before wa iver 855$ -$ MER before waiver 5.00% - Expens e a fter wa iver 375$ -$


Dis tribution from underlying fund 73,026$ 42,712$ Annual i zed MER ca p 1 2.55% 2.33%Real i zed ga in (loss ) on sa le of investments (9,100) 928 Expens e before wa iver 51,419$ 38,530$ Increase in unreal i zed MER before waiver 4.67% 6.77%

apprecia tion of investments 5,901 9,127 Expens e a fter wa iver 28,030$ 13,358$ 69,827 52,767 MER after waiver 2.55% 2.35%

ExpensesManagement fees 14,282 6,409 Insurance fees 6,647 2,171 Other adminis trative expenses 7,476 4,778


Net income attributable to unitholders per uni tInvest Series 0.05$ -$ Sales and redemption of units (note 9)Series 1 0.19 0.35 Inves t Series

Opening ba lance as at January 1st 1,934 - Purchases during the period 2,746 - Redemptions during the period - - Clos ing ba lance as at June 30th 4,680 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 2,473,755$ 236,534$ Opening ba lance as at January 1st 239,039 23,583

Premium depos its 352,024 1,843,865 Purchases during the period 30,909 180,161 Net income attributable to uni tholders 41,422 39,409 Redemptions during the period (68,949) (9,082)

2,867,201 2,119,808 Clos ing ba lance as at June 30th 200,999 194,662 Withdrawals 719,503 93,612


Invest Series 4,680 - Series 1 200,999 194,662



Annual Management Fee RBC High Yield Bond Fund, Series OInves t Series 1.50% - Number of units 202,096 233,235 Series 1 1.80% 1.80% Cos t 2,211,673$ 2,556,424$

Fund owned 0.2251% 0.2638%Annual Insurance Fee (Limit) Fa i r va lue, a l l Level 1 (note 10) 2,147,975$ 2,486,825$

Inves t Series 0.45 (0.95) % - Fa i r va lue per unit 10.63$ 10.66$ Series 1 0.55 (0.85) % 0.35 (0.85) %


Statement of Changes in Net Assets attributable to Unitholders

Unaudited interim financial statements of RBC High Yield Bond GIF



Cash & Cash Equiva lents 6.5% Standard Paci fi c Corp. 8.375% Jan 15 21 1.5%Sprint Nextel Corp. 9.000% Nov 15 18 2.4% Smithfield Foods Inc. 6.625% Aug 15 22 1.4%T-Mobi le USA Inc. 6.625% Apr 1 23 2.0% Access Midstream Partners LP 4.875% May 15 23 1.4%D.R. Horton Inc. 5.750% Aug 15 23 1.9% Micron Technology Inc. 5.875% Feb 15 22 1.4%Tol l Brothers Finance Corp. 5.875% Feb 15 22 1.7% Quebecor Media Inc. 7.375% Jan 15 21 1.4%ArcelorMitta l USD 9.850% Jun 1 19 1.6% Ingles Markets Inc. 5.750% Jun 15 23 1.3%Calpine Corp. 6.000% Jan 15 22 1.6% Numericable Group S.A. USD 6.000% May 15 22 1.3%DISH DBS Corp. 7.875% Sep 1 19 1.5% Sonic Automotive Inc. 7.000% Jul 15 22 1.3%Reynolds Group Issuer Inc. 6.875% Feb 15 21 1.5% Great-West Li fe & Annuity Insurance Co. 7.153% May 16 46 1.3%Targa Resources Partners LP 6.875% Feb 1 21 1.5% CCO Holdings LLC 6.500% Apr 30 21 1.3%HCA Inc. 5.875% Mar 15 22 1.5% Hi lton Worldwide Finance Corp. 5.625% Oct 15 21 1.3%The AES Corp. 5.500% Mar 15 24 1.5% Beazer Homes USA Inc. 6.625% Apr 15 18 1.3%Lamar Media Corp. 5.375% Jan 15 24 1.5% Total % of top 25 holdings 42.9%



Net Ass et Va lue attributable to uni tholders 10.06$ 9.87$ 10.45$ 10.27$ 10.03$ Net ass ets attributable to uni tholders ($ '000) 47$ 19$ 2,101$ 2,455$ 237$ Net Income (loss ) ($ '000) -$ -$ 41$ 7$ -$ Premium depos i ts ($ '000) 28$ 19$ 324$ 2,611$ -$ Withdrawals ($ '000) -$ -$ 720$ 400$ -$ Number of units outstanding 4,680 1,934 200,999 239,039 23,583

Management expens e ratio 1 2.19% 2.20% 2.55% 2.33% 2.40%Management expens e before waiver 5.00% 2.20% 4.67% 4.35% 36.98%

Portfol io turnover rate of the underlying fund 2 45.75% 43.67% 45.75% 43.67% 57.06%




Unaudited interim financial statements of RBC High Yield Bond GIF (continued)




The comparative data for the year 2013 and prior not ava i lable as Invest series was introduced in

November 2014.

The comparative data for the year 2012 and prior not avai lable as the Fund commenced

operations in November 2013.



Ca sh 163,898$ -$ Net income attributable to unitholders 703,408$ 1,710,682$ Investments in underlying fund at fa i r va lue 30,806,555 28,528,231 Add (deduct) to convert net income toOther a ssets a cash bas is

Accrued income di stribution from investments - - Net ga ins on investments (656,777) (2,064,944) Accounts receivable - uni tholders 56,472 - Change in other assets (55,011) 102,460 Accounts receivable - sa le of investments - - Change in other l i abi l i ties 8,124 (5,525) Due from RBC Li fe Insurance Compa ny 685 19 Purcha ses of investments (3,671,391) (1,470,083) Other 1,973 4,100 Proceeds from sa les of investments 2,049,844 1,664,811


Bank indebtedness - 552 Dis tributions to the unitholders - - Other l iabi l i ties Proceeds from issue of uni ts 4,767,477 2,247,676

Accrued expenses 139,845 131,721 Redemption of uni ts (2,981,224) (2,496,855) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 1,786,253 (249,179) Accounts payable - purchase of investments - - Increase (decrease) in cash 164,450 (311,778) Other - - Cash (Bank indebtedness) at beginning of period (552) 309,026




Series 2 4 10.49 10.24 Annual ized MER cap 1 2.45% - Expense before waiver 759$ -$ MER before wa iver 2.47% - Expense after waiver 754$ -$

For the s ix months period ended June 30, 2015 2014 MER after wa iver 2.45% - Income Series 1

Dis tribution from underlying fund 462,617$ 587$ Annual ized MER cap 1 2.79% 2.67%Real ized ga in on sa le of investments 309,428 229,610 Expense before waiver 409,877$ 357,094$ Increase in unrea l i zed MER before wa iver 2.79% 2.69%

apprecia tion of investments 347,349 1,835,334 Expense after waiver 409,479$ 354,849$ 1,119,394 2,065,531 MER after wa iver 2.79% 2.67%

Expenses Series 2 4

Management fees 281,241 242,772 Annual ized MER cap 1 2.98% - Insurance fees 65,248 42,940 Expense before waiver 6,262$ -$ Other adminis trative expenses 69,497 69,137 MER before wa iver 3.24% -

415,986 354,849 Expense after waiver 5,753$ -$ Net income attributable to unitholders 703,408$ 1,710,682$ MER after wa iver 2.98% -


Series 2 4 (0.15) - Opening ba lance as at January 1st 1,042 - Purchases during the period 10,464 - Redemptions during the period - - Clos ing ba lance as at June 30 11,506 -

For the s ix months period ended June 30, 2015 2014 Series 1Net a ssets , beginning of the period 28,400,077$ 26,199,763$ Opening ba lance as at January 1st 2,196,982 2,209,905

Premium depos i ts 4,767,477 2,247,676 Purchases during the period 288,836 183,567 Net income attributable to uni tholders 703,408 1,710,682 Redemptions during the period (223,728) (204,805)


Net assets, end of the period 30,889,738$ 27,661,266$ Opening ba lance as at January 1st 15,160 - Number of uni ts outs tanding Purchases during the period 76,347 -

Invest Series 4 11,506 - Redemptions during the period (473) - Series 1 2,262,090 2,188,667 Clos ing ba lance as at June 30 91,034 - Series 2 4 91,034 -



Annual Management Fee RBC Balanced Fund, Series OInvest Series 4 1.89% - Number of uni ts 2,017,364 1,913,170 Series 1 2.25% 2.25% Cost 26,881,437$ 24,950,462$



Series 2 4 0.70 (1.20) % -



Unaudited interim financial statements of RBC Balanced GIF



RBC Emerging Markets Equi ty Fund 4.5% Valeant Pharmaceutica ls Internationa l Inc. 1.0%Royal Bank of Canada 2.2% Cash & Cash Equiva lents 1.0%Toronto-Dominion Bank 1.9% Canadian Nationa l Ra i lway Co. 0.9%RBC Canadian Smal l & Mid-Cap Resources Fund 1.8% Enbridge Inc. 0.9%Bank of Nova Scotia 1.6% Province of Manitoba 6.500% Sep 22 17 0.9%Province of Ontario 3.150% Jun 2 22 1.5% Bank of Montreal 0.9%Suncor Energy Inc. 1.3% Canadian Natura l Resources Ltd. 0.9%Canada Hous ing Trust No. 1 3.350% Dec 15 20 1.3% Province of Quebec 4.500% Dec 1 17 0.9%Province of Ontario 4.650% Jun 2 41 1.2% Province of Ontario 4.600% Jun 2 39 0.9%Province of Ontario 2.850% Jun 2 23 1.2% Province of Ontario 4.400% Jun 2 19 0.8%Province of Ontario 2.100% Sep 8 18 1.1% Hydro-Quebec 6.500% Feb 15 35 0.8%Brookfield Asset Management Inc., Class A 1.0% Government of Canada 3.500% Dec 1 45 0.8%Manul i fe Financia l Corporation 1.0% Total % of top 25 holdings 32.3%



Net Asset Value attributable to unitholders 10.28$ 10.11$ 13.18$ 12.85$ 11.86$ 10.90$ 10.33$ Net assets attributable to unitholders ($ '000) 118$ 11$ 29,817$ 28,234$ 26,200$ 23,283$ 25,067$ Net Income (loss ) ($ '000) (3)$ 1$ 711$ 2,179$ 2,041$ 1,262$ (1,042)$ Premium depos i ts ($ '000) 110$ 10$ 3,847$ 3,963$ 5,991$ 3,265$ 4,095$ Withdrawals ($ '000) -$ -$ 2,976$ 4,108$ 5,115$ 6,312$ 6,530$ Number of units outs tanding 11,506 1,042 2,262,090 2,196,982 2,209,905 2,136,416 2,425,702



Net Asset Value attributable to unitholders 10.49$ 10.24$ Net assets attributable to unitholders ($ '000) 955$ 155$ Net Income (loss ) ($ '000) (5)$ 2$ Premium depos i ts ($ '000) 810$ 153$ Withdrawals ($ '000) 5$ -$ Number of units outs tanding 91,034 15,160





Unaudited interim financial statements of RBC Balanced GIF (continued)





November 2014.


November 2014.

Series 2




Ca sh 2,376$ 54,909$ Net income (loss) a ttributable to unitholders (255,912)$ 3,713,575$ Investments in underlying fund at fa i r va lue 52,594,752 54,524,995 Add (deduct) to convert net income toOther a ssets a cash bas is

Accrued income di stribution from investments - - Net (ga ins) losses on investments 858,888 (3,157,645) Accounts receivable - uni tholders 2,500 31,000 Change in other assets 14,053 (307,257) Accounts receivable - sa le of investments - - Change in other l i abi l i ties 4,483 24,791 Due from RBC Li fe Insurance Compa ny 30,781 14,207 Purcha ses of investments (3,982,593) (13,676,104) Other 1,973 4,100 Proceeds from sa les of investments 5,053,948 4,786,042

52,632,382 54,629,211 Cash provided by (used in) oeprating activi ties 1,692,867 (8,616,598) Liabilities Financing activities

Bank indebtedness - - Dis tributions to the unitholders - - Other l iabi l i ties Proceeds from issue of uni ts 5,360,426 14,571,370

Accrued expenses 234,745 241,855 Redemption of uni ts (7,105,826) (5,933,819) Accounts payable - uni tholders 11,593 - Cash provided by (used in) financing activi ties (1,745,400) 8,637,551 Accounts payable - purchase of investments - - Increase (decrease) in cash (52,533) 20,953 Other - - Cash (Bank indebtedness) at beginning of period 54,909 (26,768)




Series 2 4 9.84 9.90 Annual ized MER cap 1 2.32% - Expense before waiver 2,991$ -$ MER before wa iver 2.55% - Expense after waiver 2,746$ -$


Dis tribution from underlying fund 1,341,725$ 1,206,310$ Annual ized MER cap 1 2.75% 2.66%Real ized ga in on sa le of investments 7,961 1,609,092 Expense before waiver 776,695$ 685,865$ Increase (decrea se) in unrea l i zed MER before wa iver 2.91% 2.80%

apprecia tion of investments (866,849) 1,548,553 Expense after waiver 732,115$ 650,380$ 482,837 4,363,955 MER after wa iver 2.75% 2.66%

Expenses Series 2 4

Management fees 587,090 534,401 Annual ized MER cap 1 2.94% - Insurance fees 116,866 79,981 Expense before waiver 4,305$ -$ Other adminis trative expenses 34,793 35,998 MER before wa iver 3.26% -

738,749 650,380 Expense after waiver 3,888$ -$ Net income (loss) attributable to unitholders (255,912)$ 3,713,575$ MER after wa iver 2.94% -

Net income (loss ) attributable to unitholders per unitInvest Series 4 (0.18)$ -$ Sales and redemption of units (note 9)Series 1 (0.05) 0.89 Invest Series 4

Series 2 4 (0.39) - Opening ba lance as at January 1st 14,245 - Purchases during the period 23,998 - Redemptions during the period (231) - Clos ing ba lance as at June 30 38,012 -

For the s ix months period ended June 30, 2015 2014 Series 1Net a ssets , beginning of the period 54,387,356$ 43,621,702$ Opening ba lance as at January 1st 4,486,081 3,825,747

Premium depos i ts 5,360,426 14,571,370 Purchases during the period 378,128 1,236,897 Net income (loss ) attributable to unitholders (255,912) 3,713,575 Redemptions during the period (578,884) (505,573)


Net assets, end of the period 52,386,044$ 55,972,828$ Opening ba lance as at January 1st 10,982 - Number of uni ts outs tanding Purchases during the period 47,511 -

Invest Series 4 38,012 - Redemptions during the period (150) - Series 1 4,285,325 4,557,071 Clos ing ba lance as at June 30 58,343 - Series 2 4 58,343 -



Annual Management Fee PH&N Monthly Income Fund, Series OInvest Series 4 1.90% - Number of uni ts 4,836,077 4,931,176 Series 1 2.20% 2.20% Cost 54,039,728$ 55,103,122$



Series 2 4 0.70 (1.20) % -



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



RBC High Yield Bond Fund 5.7% Cenovus Energy Inc. 1.8%Royal Bank of Canada 3.8% Brookfield Asset Management Inc., Class A 1.6%Phi l l ips , Hager & North High Yield Bond Fund 3.7% ARC Resources Ltd. 1.5%Toronto-Dominion Bank 3.4% TransCanada Corp. 1.3%Government of Canada 1.500% Aug 1 15 3.0% Fortis Inc. 1.1%Bank of Nova Scotia 2.9% TELUS Corp. 1.1%Province of Ontario 6.500% Mar 8 29 2.6% Rogers Communications Inc., Class B 1.1%Bank of Montrea l 2.3% Government of Canada 0.750% Sep 1 20 1.1%Province of Ontario 7.600% Jun 2 27 2.2% Sun Li fe Financia l Inc. 1.0%Canadian Nationa l Rai lway Co. 2.1% Encana Corp. 1.0%Enbridge Inc. 2.0% Industria l Al l iance Insurance & Financia l Services Inc. 1.0%Canadian Imperia l Bank of Commerce 1.8% Brookfield Property Partners LP 0.9%Manul i fe Financia l Corporation 1.8% Total % of top 25 holdings 51.8%



Net Asset Value attributable to unitholders 9.84$ 9.87$ 12.00$ 12.07$ 11.40$ 10.75$ 10.07$ Net assets attributable to unitholders ($ '000) 374$ 140$ 51,438$ 54,138$ 43,622$ 27,831$ 15,556$ Net Income (loss ) ($ '000) (4)$ -$ (242)$ 2,584$ 2,270$ 1,390$ (175)$ Premium depos i ts ($ '000) 240$ 140$ 4,642$ 22,227$ 23,280$ 14,380$ 16,082$ Withdrawals ($ '000) 2$ -$ 7,102$ 14,294$ 9,760$ 3,494$ 988$ Number of units outs tanding 38,012 14,245 4,285,325 4,486,081 3,825,747 2,589,104 1,544,216



Net Asset Value attributable to unitholders 9.84 9.90$ Net assets attributable to unitholders ($ '000) 574$ 109$ Net Income (loss ) ($ '000) (10)$ 2$ Premium depos i ts ($ '000) 478$ 107$ Withdrawals ($ '000) 1$ -$ Number of units outs tanding 58,343 10,982





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





November 2014.


November 2014.

Series 2



As a t Jun 30, 2015 Dec 31, 2014 For the s i x months period ended June 30, 2015 2014Assets Operating activities

Cash 20,916$ 612$ Net income attributable to unitholders 99,728$ 146,100$ Investments in underlying fund at fa i r va lue 11,147,452 4,670,528 Add (deduct) to convert net income toOther as sets a cash bas is

Accrued income dis tribution from investments - - Net ga ins on investments (200,389) (190,249) Accounts receivable - unitholders - - Change in other assets (994) 7,568 Accounts receivable - sa le of investments - - Change in other l iabi l i ties 21,165 (3,405) Due from RBC Li fe Insurance Company 7,510 4,389 Purchases of investments (7,027,207) (1,038,958) Other 1,973 4,100 Proceeds from sa les of investments 750,672 62,360

11,177,851 4,679,629 Cash provided by (used in) oeprating activi ties (6,357,025) (1,016,584) Liabilities Financing activities

Bank indebtedness - - Di s tributions to the uni tholders - - Other l i abi l i ties Proceeds from issue of units 7,285,495 1,094,823

Accrued expenses 52,248 31,083 Redemption of units (908,166) (79,925) Accounts payable - unitholders - - Cash provided by (used in) financing activi ties 6,377,329 1,014,898 Accounts payable - purchase of investments - - Increase (decrease) in cash 20,304 (1,686) Other - - Cash at beginning of period 612 275


Net assets attributable to uni tholders per unit For the s i x months period ended June 30, 2015 2014


Series 2 4 10.49 10.15 Annual ized MER cap 1 2.42% - Expense before waiver 872$ -$ MER before waiver 2.89% - Expense after waiver 730$ -$


Dis tribution from underlying fund 19$ -$ Annual ized MER cap 1 2.77% 2.68%Real ized ga in on sa le of investments 95,362 9,124 Expense before waiver 87,379$ 61,056$ Increase in unreal ized MER before waiver 3.04% 3.71%

appreciation of investments 105,027 181,125 Expense after waiver 79,842$ 44,149$ 200,408 190,249 MER a fter wa iver 2.77% 2.68%

Expenses Series 2 4

Management fees 60,841 24,067 Annual ized MER cap 1 2.96% - Insurance fees 17,979 5,421 Expense before waiver 24,954$ -$ Other adminis trative expenses 21,860 14,661 MER before waiver 3.67% -

100,680 44,149 Expense after waiver 20,108$ -$ Net income attributable to unitholders 99,728$ 146,100$ MER a fter wa iver 2.96% -

Net income (loss ) a ttributable to unitholders per unit

Invest Series 4 (0.07)$ -$ Sales and redemption of units (note 9)Series 1 0.27 0.55 Invest Series 4

Series 2 4 (0.10) - Opening balance as a t January 1st 500 - Purchases during the period 34,190 - Redemptions during the period - - Clos ing ba lance as a t June 30 34,690 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 4,648,546$ 2,586,199$ Opening balance as a t January 1st 330,728 210,932

Premium depos its 7,285,495 1,094,823 Purchases during the period 303,136 87,199 Net income attributable to unitholders 99,728 146,100 Redemptions during the period (58,856) (6,303)

12,033,769 3,827,122 Clos ing ba lance as a t June 30 575,008 291,828 Withdrawals 908,166 79,925 Series 2 4

Net assets, end of the period 11,125,603$ 3,747,197$ Opening balance as a t January 1st 24,994 - Number of units outstanding Purchases during the period 257,717 -

Invest Series 4 34,690 - Redemptions during the period (9,565) - Series 1 575,008 291,828 Clos ing ba lance as a t June 30 273,146 - Series 2 4 273,146 -



Annual Management Fee RBC Balanced Fund, Series OInvest Series 4 1.94% - Number of units 604,870 265,836 Series 1 2.30% 2.30% Cost 10,326,044$ 3,954,147$

Series 2 4 1.94% - Fund owned 83.7217% 70.2937%Annual Insurance Fee (Limit) Fa ir va lue, a l l Level 1 (note 10) 11,147,452$ 4,670,528$


Series 2 4 0.70 (1.20) % -



Unaudited interim financial statements of RBC Global Balanced GIF



RBC Emerging Markets Equi ty Fund 4.4% The S&P 500 Index Future, September 2015 1.0%United States Treasury 1.000% Sep 30 19 1.9% Province of Ontario 3.150% Jun 2 22 0.9%Cash & Cash Equiva lents 1.6% Bank of Nova Scotia 0.9%Province of Ontario USD 1.100% Oct 25 17 1.5% RBC U.S. Mid-Cap Equi ty Fund 0.9%United States Treasury 2.250% Nov 15 24 1.4% RBC U.S. Mid-Cap Value Equity Fund 0.9%United States Treasury 0.250% May 15 16 1.4% Apple Inc. 0.8%Buoni Pol ienna l i Del Tesoro EUR 0.250% May 15 18 1.2% Japan Government Ten Year JPY 0.300% Dec 20 24 0.8%Royal Bank of Canada 1.2% Province of Ontario 4.700% Jun 2 37 0.7%Toronto-Dominion Bank 1.1% Canadian Nationa l Ra i lway Co. 0.7%United States Treasury 0.875% Jan 31 17 1.0% Suncor Energy Inc. 0.7%Japan Government Twenty Year JPY 1.600% Jun 20 30 1.0% France O.A.T. EUR 2.250% May 25 24 0.7%RBC Canadian Smal l & Mid-Cap Resources Fund 1.0% Province of Quebec 4.500% Dec 1 17 0.6%Bundesrepubl ik Deutschland EUR 0.500% Feb 15 25 1.0% Total % of top 25 holdings 29.3%



Net Asset Value attributable to unitholders 10.56$ 10.15$ 13.73$ 13.27$ 12.26$ 10.89$ 10.14$ Net assets attributable to unitholders ($ '000) 366$ 5$ 7,895$ 4,390$ 2,586$ 1,311$ 1,139$ Net Income ($ '000) (2)$ -$ 115$ 283$ 217$ 90$ (42)$ Premium depos i ts ($ '000) 363$ 5$ 4,196$ 1,863$ 1,366$ 256$ 724$ Withdrawals ($ '000) -$ -$ 807$ 343$ 308$ 174$ 146$ Number of units outs tanding 34,690 500 575,008 330,728 210,933 120,391 112,275



Net Asset Value attributable to unitholders 10.49$ 10.15$ Net assets attributable to unitholders ($ '000) 2,865$ 254$ Net income ($ '000) (13)$ 1$ Premium depos i ts ($ '000) 2,726$ 253$ Withdrawals ($ '000) 101$ -$ Number of units outs tanding 273,146 24,994





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





November 2014.


November 2014.

Series 2




Cash 362,528$ 172,735$ Net income (loss ) attributable to uni tholders (4,660,558)$ 13,763,024$ Investments in underlying fund at fa i r va lue 162,354,440 160,573,549 Add (deduct) to convert net income toOther ass ets a cash bas is

Accrued income dis tribution from investments - - Net (ga ins ) losses on investments 4,618,740 (13,615,705) Accounts receivable - uni tholders 82,492 - Change in other assets (90,074) 82,707 Accounts receivable - sa le of investments - - Change in other l iabi l i ties 20,512 18,716 Due from RBC Li fe Insurance Company 14,634 5,767 Purchases of investments (13,428,525) (9,200,126) Other 1,112 2,397 Proceeds from sa les of investments 7,028,894 5,940,307

162,815,206 160,754,448 Cas h provided by (used in) operating activi ties (6,511,011) (3,011,077) Liabilities Financing activities

Bank indebtedness - - Di s tributions to the uni tholders - - Other l iabi l i ties Proceeds from is sue of uni ts 20,448,131 16,330,117

Accrued expens es 734,561 701,606 Redemption of uni ts (13,747,327) (13,267,947) Accounts payable - uni tholders - 12,443 Cas h provided by (used in) financing activi ties 6,700,804 3,062,170 Accounts payable - purchase of investments - - Increasein cash 189,793 51,093 Other - - Cas h at beginning of period 172,735 50,420




Annual i zed MER cap 1 2.38% - Expense before waiver 5,977$ -$ MER before wa iver 2.44% - Expense after waiver 5,822$ -$


Dis tribution from underlying fund 2,217,418$ 2,014,012$ Annual i zed MER cap 1 2.77% 2.66%Real ized ga in on sa le of inves tments 1,416,374 1,230,451 Expense before waiver 2,275,575$ 1,881,061$ Increase (decrease) in unreal i zed MER before wa iver 2.80% 2.69%

appreciation of inves tments (6,035,114) 12,385,254 Expense after waiver 2,253,414$ 1,866,693$ (2,401,322) 15,629,717 MER after waiver 2.77% 2.66%

ExpensesManagement fees 1,766,077 1,504,779 Insurance fees 349,545 224,963 Other adminis trative expenses 143,614 136,951

2,259,236 1,866,693 Net income (loss) attributable to unitholders (4,660,558)$ 13,763,024$

Net income (los s ) attributable to uni tholders per uni tInvest Series 4 (0.61)$ -$ Sales and redemption of units (note 9)Series 1 (0.44) 1.40 Invest Series 4

Opening ba lance as a t January 1st 6,255 - Purchas es during the period 87,996 - Redemptions during the period (2,259) - Clos ing ba lance as at June 30th 91,992 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 160,040,399$ 135,013,372$ Opening ba lance as a t January 1st 10,403,149 9,756,886

Premium depos i ts 20,448,131 16,330,117 Purchas es during the period 1,269,175 1,125,248 Net income (los s ) attributable to uni tholders (4,660,558) 13,763,024 Redemptions during the period (891,593) (918,217)

175,827,972 165,106,513 Clos ing ba lance as at June 30th 10,780,731 9,963,917 Withdrawals 13,747,327 13,267,947

Net assets, end of the period 162,080,645$ 151,838,566$ Number of uni ts outstanding

Invest Series 4 91,992 - Series 1 10,780,731 9,963,917

As a t June 30, 2015 Dec 31, 2014The accompanying notes are an integral part of these financial statements. Investment in underlying fund at fair value (note 10)


Annual Management Fee RBC Canadian Dividend Fund, Series OInvest Series 4 1.80% - Number of uni ts 2,581,053 2,482,396 Series 1 2.25% 2.25% Cost 135,379,461$ 127,563,456$





Unaudited interim financial statements of RBC Canadian Dividend GIF



Roya l Bank of Canada 6.8% Magna Internationa l Inc., Class A 2.1%Toronto-Dominion Bank 6.2% Imperia l Oi l Ltd. 1.9%Bank of Nova Scotia 5.7% TELUS Corp. 1.8%Cash & Cash Equiva lents 5.6% Loblaw Companies Ltd. 1.8%Brookfield Asset Management Inc., Class A 4.1% Sun Li fe Financia l Inc. 1.7%Canadian Nationa l Ra i lway Co. 3.9% Canadian Paci fic Ra i lway Ltd. 1.7%Bank of Montrea l 3.4% Power Corporation of Canada 1.7%Enbridge Inc. 3.3% Potash Corporation of Saskatchewan Inc. 1.4%Canadian Imperia l Bank of Commerce 3.2% Brookfield Property Partners LP 1.3%Manul i fe Financia l Corporation 2.9% BCE Inc. 1.3%Suncor Energy Inc. 2.8% Husky Energy Inc. 1.3%TransCanada Corp. 2.5% Thomson Corp. 1.2%Canadian Natura l Resources Ltd. 2.5% Total % of top 25 holdings 72.1%



Net Ass et Va lue attributable to uni tholders 9.77$ 10.03$ 14.95$ 15.38$ 13.84$ 11.89$ 10.83$ Net ass ets attributable to uni tholders ($ '000) 898$ 63$ 161,183$ 159,977$ 135,013$ 84,426$ 66,725$ Net Income (loss ) ($ '000) (30)$ -$ (4,631)$ 14,992$ 16,848$ 7,117$ 2,784$ Premium depos i ts ($ '000) 888$ 63$ 19,560$ 35,666$ 49,096$ 26,789$ 31,178$ Withdrawals ($ '000) 22$ -$ 13,725$ 25,694$ 15,356$ 16,205$ 12,750$ Number of units outstanding 91,992 6,255 10,780,731 10,403,149 9,756,886 7,099,474 6,162,007

Management expens e ratio 1 2.38% 2.37% 2.77% 2.66% 2.66% 2.66% 2.64%Management expens e before waiver 2.44% 2.37% 2.80% 2.68% 2.66% 2.66% 2.65%





The comparative data for the year 2013 and prior not avai lable as Invest Series was introduced in

November 2014.

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






Cash -$ -$ Net income (loss ) attributable to uni tholders (125,749)$ 1,078,482$ Inves tments in underlying fund at fa i r va lue 8,043,359 8,935,185 Add (deduct) to convert net income toOther ass ets a cas h bas is

Accrued income dis tribution from inves tments - - Net gains on investments (3,994) (1,214,254) Accounts receivable - uni tholders - - Change in other as sets (1,230) 16,687 Accounts receivable - s a l e of investments - - Change in other l iabi l i ties (7,057) (3,930) Due from RBC Li fe Ins urance Company 6,870 4,355 Purchases of investments (382,005) (529,789) Other 1,112 2,397 Proceeds from s ales of inves tments 1,277,825 886,502

8,051,341 8,941,937 Cas h provided by oeprating activi ties 757,790 233,698 Liabilities Financing activities

Bank indebtedness 3,074 - Di s tributions to the uni tholders - - Other l iabi l i ties Proceeds from is sue of uni ts 667,682 975,064

Accrued expenses 48,658 55,715 Redemption of uni ts (1,428,546) (1,241,119) Accounts payable - uni tholders - - Cas h us ed in financing activi ties (760,864) (266,055) Accounts payable - purchas e of inves tments - - Decrease in cash (3,074) (32,357) Other - - Cas h at beginning of period - 29,101


Net ass ets attributable to uni tholders per uni t For the s ix months period ended June 30, 2015 2014

Invest Series 4 9.81$ 9.95$ Other expenses absorbed by the manager (note 8)Series 1 12.99 13.20 Inves t Series 4

Annual i zed MER cap 1 2.66% - Expens e before waiver 330$ -$ MER before waiver 3.21% - Expens e after waiver 273$ -$


Dis tribution from underlying fund 325$ 16$ Annual i zed MER cap 1 3.02% 2.92%Real i zed ga in (los s ) on s a le of inves tments (144,660) 84,560 Expens e before waiver 142,605$ 151,133$ Increase in unrea l i zed MER before waiver 3.31% 3.25%

appreciation of investments 148,654 1,129,694 Expens e after waiver 129,795$ 135,788$ 4,319 1,214,270 MER after waiver 3.02% 2.92%

ExpensesManagement fees 61,477 65,363 Ins urance fees 30,695 28,144 Other administrative expenses 37,896 42,281

130,068 135,788 Net income (loss) attributable to unitholders (125,749)$ 1,078,482$

Net income (los s ) attributable to uni tholders per uni tInvest Series 4 (0.85)$ -$ Sales and redemption of units (note 9)Series 1 (0.19) 1.48 Inves t Series 4

Opening ba lance as at January 1s t 500 - Purchas es during the period 5,216 - Redemptions during the period - - Clos ing bal ance as at June 30th 5,716 -

For the s ix months period ended June 30, 2015 2014 Series 1Net as sets , beginning of the period 8,886,222$ 8,901,951$ Opening ba lance as at January 1s t 672,684 730,973

Premium depos i ts 667,682 975,064 Purchas es during the period 45,792 76,856 Net income (loss ) attributable to uni tholders (125,749) 1,078,482 Redemptions during the period (106,990) (96,536)

9,428,155 10,955,497 Clos ing bal ance as at June 30th 611,486 711,293 Withdrawals 1,428,546 1,241,119

Net assets, end of the period 7,999,609$ 9,714,378$ Number of uni ts outs tanding

Invest Series 4 5,716 - Series 1 611,486 711,293



Annual Management Fee RBC Canadian Equity Fund, Series OInvest Series 4 2.05% - Number of uni ts 373,207 413,913 Series 1 2.25% 2.25% Cos t 9,135,621$ 10,176,101$



Statements of Comprehensive Income

Statements of Changes in Net Assets Attributable to Unitholders

Unaudited interim financial statements of RBC Canadian Equity GIF

Statements of Financial Position Statements of Cash Flow


Royal Bank of Canada 6.6% BCE Inc. 1.8%RBC Canadian Smal l & Mid-Cap Res ources Fund 5.8% Valeant Pharmaceutica ls Internationa l Inc. 1.8%Toronto-Dominion Bank 5.4% Cas h & Cash Equiva lents 1.8%Bank of Nova Scotia 4.8% Potash Corporation of Sas katchewan Inc. 1.8%Suncor Energy Inc. 3.8% Sun Li fe Financia l Inc. 1.7%Brookfield As set Management Inc., Clas s A 3.1% TELUS Corp. 1.7%Manul i fe Financia l Corporation 3.0% Power Corporation of Canada 1.7%Canadian Natura l Res ources Ltd. 3.0% Magna International Inc., Class A 1.6%Enbridge Inc. 2.8% Loblaw Companies Ltd. 1.4%Canadian Nationa l Ra i lway Co. 2.8% Canadian Paci fic Ra i lway Ltd. 1.3%Bank of Montrea l 2.7% Al imentation Couche-Tard Inc. 1.3%Canadian Imperia l Bank of Commerce 2.0% Agrium Inc. 1.2%TransCanada Corp. 2.0% Total % of top 25 holdings 66.9%



Net As set Va lue attributable to uni tholders 9.81$ 9.95$ 12.99$ 13.20$ 12.18$ 10.90$ 10.40$ Net as sets attributable to uni tholders ($ '000) 56$ 5$ 7,944$ 8,881$ 8,902$ 7,982$ 10,535$ Net Income (los s ) ($ '000) (2)$ -$ (124)$ 748$ 850$ 371$ (1,327)$ Premium depos i ts ($ '000) 53$ 5$ 615$ 1,776$ 2,349$ 1,934$ 7,093$ Withdrawals ($ '000) -$ -$ 1,429$ 2,545$ 2,279$ 4,857$ 2,718$ Number of uni ts outs tanding 5,716 500 611,486 672,684 730,973 731,963 1,012,679








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






Cas h 24,916$ -$ Net income attributable to uni tholders 1,255$ 577,876$ Investments in underlying fund at fa i r va lue 10,654,532 11,641,241 Add (deduct) to convert net income toOther as sets a cas h bas is

Accrued income dis tribution from inves tments - - Net ga ins on investments (170,890) (619,363) Accounts receivable - uni tholders - - Change in other as sets (7,204) 14,709 Accounts receivable - s a le of investments - - Change in other l iabi l i ties (8,112) (2,598) Due from RBC Li fe Ins urance Company 14,922 6,433 Purchas es of investments (574,896) (2,259,743) Other 1,303 2,588 Proceeds from sa les of investments 1,732,495 1,213,735

10,695,673 11,650,262 Cas h provided by (us ed in) oeprating activi ties 972,648 (1,075,384) Liabilities Financing activities

Bank indebtedness - 13,109 Dis tributions to the uni tholders - - Other l iabi l i ties Proceeds from is sue of uni ts 860,165 2,157,312

Accrued expenses 54,435 62,547 Redemption of uni ts (1,794,788) (1,079,983) Accounts payable - uni tholders - - Cas h provided by (us ed in) financing activi ties (934,623) 1,077,329 Accounts payable - purchase of inves tments - - Increas e in cas h 38,025 1,945 Other - - Cas h (Bank indebtednes s) at beginning of period (13,109) 2


Net as sets attributable to uni tholders per uni t For the s ix months period ended June 30, 2015 2014

Inves t Series 4 10.15$ 10.13$ Other expenses absorbed by the manager (note 8)Series 1 16.51 16.51 Invest Series 4

Annual i zed MER cap 1 2.66% - Expens e before waiver 2,168$ -$ MER before waiver 3.27% - Expens e after waiver 1,762$ -$

For the s i x months period ended June 30, 2015 2014 MER after waiver 2.66% - Income Series 1

Dis tribution from underlying fund 82$ 138,925$ Annual i zed MER cap 1 3.11% 2.98%Real i zed ga in on sa le of investments 170,044 693,989 Expens e before waiver 185,224$ 197,936$ Increas e (decrease) in unrea l i zed MER before waiver 3.43% 3.27%

appreciation of inves tments 846 (74,626) Expens e after waiver 167,955$ 180,412$ 170,972 758,288 MER after waiver 3.11% 2.98%

ExpensesManagement fees 101,474 117,892 Ins urance fees 38,008 35,584 Other admini strative expens es 30,235 26,936


Net income (los s) attributable to uni tholders per uni t

Inves t Series 4 (0.17)$ -$ Sales and redemption of units (note 9)Series 1 0.01 0.78 Invest Series 4

Opening ba lance as at January 1s t 500 - Purchas es during the period 22,559 - Redemptions during the period (109) - Clos ing ba lance as at June 30th 22,950 -

For the s i x months period ended June 30, 2015 2014 Series 1Net ass ets , beginning of the period 11,574,606$ 11,249,597$ Opening ba lance as at January 1s t 700,651 697,436

Premium depos i ts 860,165 2,157,312 Purchas es during the period 37,966 131,716 Net income attributable to uni tholders 1,255 577,876 Redemptions during the period (108,336) (65,596)

12,436,026 13,984,785 Clos ing ba lance as at June 30th 630,281 763,556 Withdrawals 1,794,788 1,079,983


Inves t Series 4 630,281 - Series 1 22,950 763,556


Level 1 10,654,532$ 11,641,241$ For the s i x months period ended June 30, 2015 2014Management fees and insurance fees (note 7) Schedule of invested assets

Annual Management Fee RBC Balanced Fund, Series OInves t Series 4 2.05% - Number of uni ts 731,727 812,250 Series 1 2.30% 2.30% Cos t 9,555,679$ 10,543,234$

Fund owned 5.1404% 5.6253%Annual Ins urance Fee (Limit) Fa i r value, a l l Level 1 (note 10) 10,654,532$ 11,641,241$

Inves t Series 4 0.30 (0.80) % - Fa i r value per uni t 14.56$ 14.33$ Series 1 0.65 (1.05) % 0.55 (1.05) %



Unaudited interim financial statements of RBC O'Shaughnessy All Canadian Equity GIF



Chorus Aviation Inc. 4.0% Linamar Corp. 2.3%Metro Inc., Class A 3.9% Jean Coutu Group, Clas s A 2.3%Royal Bank of Canada 3.5% Suncor Energy Inc. 2.2%Al imentation Couche-Tard Inc. 3.3% Enbridge Income Fund Holdings Inc. 1.9%Manul i fe Financia l Corporation 3.1% Wes tern Fores t Products Inc. 1.7%Magna International Inc., Clas s A 3.0% Sun Li fe Financia l Inc. 1.6%Dol larama Inc. 2.7% Cas h & Cash Equiva lents 1.6%Centerra Gold Inc. 2.7% Intact Financia l Corp. 1.5%Finning International Inc. 2.5% Emera Inc. 1.4%RONA Inc. 2.5% Genworth MI Canada Inc. 1.4%Nevs un Resources Ltd. 2.5% Thoms on Corp. 1.4%Great-West Li feco Inc. 2.4% Canadian Apartment Prop Real Es tate Invt Trus t 1.3%Transcontinenta l Inc., Clas s A 2.4% Total % of top 25 holdings 59.1%



Net As set Va lue attributable to uni tholders 10.15$ 10.13$ 16.51$ 16.51$ 16.13$ 12.35$ 11.42$ Net as sets attributable to uni tholders ($ '000) 233$ 5$ 10,408$ 11,570$ 11,250$ 7,915$ 6,795$ Net Income (los s ) ($ '000) (2)$ -$ 3$ 193$ 2,492$ 560$ (285)$ Premium depos i ts ($ '000) 231$ 5$ 629$ 3,517$ 2,563$ 2,700$ 6,221$ Withdrawals ($ '000) 1$ -$ 1,794$ 3,390$ 1,720$ 2,140$ 369$ Number of uni ts outs tanding 630,281 500 22,950 700,651 697,436 640,617 594,977








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






Cash 9,028$ 666$ Net income (loss ) attributable to uni tholders (74,604)$ 161,203$ Investments in underlying fund at fa i r va lue 5,064,028 4,865,943 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net (ga ins ) losses on investments 68,178 (160,719) Accounts receivable - uni tholders - - Change in other assets (2,481) 1,710 Accounts receivable - sa le of investments - - Change in other l iabi l i ties (3,473) 88,091 Due from RBC Li fe Insurance Company 8,169 4,403 Purchases of investments (1,114,375) (1,952,361) Other 1,078 2,363 Proceeds from sa les of investments 848,112 332,908

5,082,303 4,873,375 Cash provided by (used in) oeprating activi ties (278,643) (1,529,168) Liabilities Financing activities

Bank indebtedness - - Di s tributions to the unitholders - - Other l i abi l i ties Proceeds from i ssue of units 1,278,872 2,046,114

Accrued expenses 25,169 28,642 Redemption of uni ts (991,867) (383,781) Accounts payable - unitholders - - Cash provided by (used in) financing activi ties 287,005 1,662,333 Accounts payable - purchase of investments - - Increase in cash 8,362 133,165 Other - - Cash at beginning of period 666 8,539


Net assets a ttributable to unitholders per uni t For the s i x months period ended June 30, 2015 2014


Annual ized MER cap 1 2.38% - Expense before waiver 1,745$ -$ MER before wa iver 3.03% - Expense after wa iver 1,380$ -$


Dis tribution from underlying fund 61,581$ 17,942$ Annual ized MER cap 1 2.80% 2.73%Real i zed ga in on sa le of investments 8,213 16,521 Expense before waiver 79,455$ 40,854$ Increase (decrease) in unrea l ized MER before wa iver 3.34% 6.40%

appreciation of investments (76,391) 144,198 Expense after wa iver 66,627$ 17,458$ (6,597) 178,661 MER a fter waiver 2.80% 2.73%


68,007 17,458 Net income (loss) attributable to unitholders (74,604)$ 161,203$

Net income (loss ) a ttributable to unitholders per uni tInvest Series 4 (0.42)$ -$ Sales and redemption of units (note 9)Series 1 (0.16) 1.36 Invest Series 4

Opening ba lance as a t January 1st 5,083 - Purchases during the period 19,966 - Redemptions during the period (3,767) - Clos ing ba lance as a t June 30th 21,282 -


Premium depos its 1,278,872 2,046,114 Purchases during the period 97,552 189,829 Net income (loss ) a ttributable to unitholders (74,604) 161,203 Redemptions during the period (85,747) (34,893)

6,049,001 2,566,692 Clos ing ba lance as a t June 30th 448,796 189,801 Withdrawals 991,867 383,781





Annua l Management Fee RBC PH&N Canadian Income Fund, Series OInvest Series 4 1.91% - Number of uni ts 359,169 340,366 Series 1 2.25% 2.25% Cost 5,186,608$ 4,912,132$

Fund owned 0.5377% 0.6451%Annua l Insurance Fee (Limit) Fa ir va lue, a l l Level 1 (note 10) 5,064,028$ 4,865,943$




Unaudited interim financial statements of RBC PH&N Canadian Income GIF



Royal Bank of Canada 7.2% Fortis Inc. 2.1%Toronto-Dominion Bank 6.4% Rogers Communications Inc., Clas s B 2.1%Bank of Nova Scotia 5.7% Indus tria l Al l iance Insurance & Financia l Services Inc. 2.0%Bank of Montrea l 4.2% Sun Li fe Financia l Inc. 2.0%Canadian Nationa l Ra i lway Co. 3.9% Encana Corp. 1.9%Enbridge Inc. 3.8% Cas h & Cash Equiva lents 1.8%Manul i fe Financia l Corporation 3.6% Brookfield Property Partners LP 1.8%Canadian Imperia l Bank of Commerce 3.4% Canadian Uti l i ties Ltd., Class A 1.7%Cenovus Energy Inc. 3.3% Canadian Paci fic Ra i lway Ltd. 1.6%Brookfield As set Management Inc., Clas s A 3.0% Al imentation Couche-Tard Inc. 1.5%ARC Res ources Ltd. 2.8% Keyera Corp. 1.5%TransCanada Corp. 2.5% Brookfield Renewable Energy Partners LP 1.4%TELUS Corp. 2.1% Total % of top 25 holdings 73.3%



Net As set Va lue attributable to uni tholders 9.60$ 9.73$ 10.81$ 10.97$ 10.31$ Net as sets attributable to uni tholders ($ '000) 204$ 50$ 4,853$ 4,795$ 359$ Net Income (los s ) ($ '000) (5)$ -$ (70)$ (33)$ 8$ Premium depos i ts ($ '000) 197$ 50$ 1,082$ 5,070$ 437$ Withdrawals ($ '000) 37$ -$ 955$ 602$ 86$ Number of uni ts outs tanding 21,282 5,083 448,796 436,991 34,865






The comparative data for the year 2013 and prior not ava i lable as Inves t Series was introduced in

November 2014.

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




The comparative data for the year 2012 and prior not ava i lable as the Fund commenced




Cash 18,175$ 8,622$ Net income attributable to unitholders 151,044$ 163,170$ Investments in underlying fund at fa i r va lue 8,806,105 8,909,496 Add (deduct) to convert net income toOther assets a cash bas i s

Accrued income dis tribution from investments - - Net ga ins on investments (296,010) (192,424) Accounts receivable - unitholders 1,150 - Change in other assets (6,812) 2,303 Accounts receivable - sa le of investments - - Change in other l i abi l i ties (1,960) 11,203 Due from RBC Li fe Insurance Company 10,149 3,202 Purchases of investments (2,039,926) (3,337,275) Other 1,078 2,363 Proceeds from sa les of investments 2,439,327 461,606

8,836,657 8,923,683 Cash provided by (used in) oeprating activi ties 245,663 (2,891,417) Liabilities Financing activities

Bank indebtedness - - Di stributions to the uni tholders - - Other l iabi l i ties Proceeds from i ssue of units 2,322,088 3,124,070

Accrued expenses 48,065 50,025 Redemption of units (2,558,198) (183,804) Accounts payable - unitholders - - Cash provided by (used in) financing activi ties (236,110) 2,940,266 Accounts payable - purchase of investments - - Increase in cash 9,553 48,849 Other - - Cash at beginning of period 8,622 1,451


Net assets a ttributable to uni tholders per unit For the s ix months period ended June 30, 2015 2014


Annual ized MER ca p 1 2.65% - Expense before wa iver 6,647$ -$ MER before waiver 3.01% - Expense after waiver 5,864$ -$


Dis tribution from underlying fund 99$ 41$ Annual ized MER ca p 1 3.02% 2.96%Rea l ized ga in on sa le of investments 138,400 19,618 Expense before wa iver 151,544$ 51,982$ Increase in unrea l ized MER before waiver 3.28% 5.25%

appreciation of investments 157,610 172,806 Expense after waiver 139,201$ 29,295$ 296,109 192,465 MER after waiver 3.02% 2.96%



Net income (loss ) attributable to unitholders per unit

Invest Series 4 (0.11)$ -$ Sales and redemption of units (note 9)Series 1 0.20 0.88 Invest Series 4

Opening ba lance as a t January 1st 7,155 - Purchases during the period 52,841 - Redemptions during the period (542) - Clos ing ba lance as a t June 30th 59,454 -


Premium depos i ts 2,322,088 3,124,070 Purchases during the period 147,106 287,282 Net income attributable to unitholders 151,044 163,170 Redemptions during the period (210,869) (16,729)

11,346,790 3,949,671 Clos ing ba lance as a t June 30th 684,413 333,822 Wi thdrawals 2,558,198 183,804





Annual Management Fee RBC North American Value Fund, Series OInvest Series 4 2.09% - Number of uni ts 384,657 399,859 Series 1 2.25% 2.25% Cost 8,472,326$ 8,733,327$

Fund owned 4.2086% 4.4087%Annual Insurance Fee (Limit) Fa ir va lue, a l l Level 1 (note 10) 8,806,105$ 8,909,496$




Unaudited interim financial statements of RBC North American Value GIF



Cas h & Cash Equiva lents 6.3% AmerisourceBergen Corp. 1.1%Royal Bank of Canada 3.7% Abbott Laboratories 1.0%Bank of Nova Scotia 2.9% Loblaw Companies Ltd. 1.0%Brookfield As set Management Inc., Clas s A 2.8% CVS Health Corp. 1.0%Toronto-Dominion Bank 2.7% Berkshire Hathaway Inc., Class B 1.0%Manul i fe Financia l Corporation 1.6% Micros oft Corp. 1.0%Apple Inc. 1.5% Element Financia l Corp., Subs cription Receipts 1.0%Canadian Natura l Res ources Ltd. 1.5% AbbVie Inc. 1.0%BCE Inc. 1.5% Google Inc., Clas s C 1.0%Suncor Energy Inc. 1.4% Husky Energy Inc. 1.0%JPMorgan Chase & Co. 1.4% UnitedHealth Group Incorporated 1.0%Aetna Inc. 1.1% Onex Corporation 1.0%Anthem Inc. 1.1% Total % of top 25 holdings 41.6%



Net As set Va lue attributable to uni tholders 10.32$ 10.15$ 11.94$ 11.76$ 10.47$ Net as sets attributable to uni tholders ($ '000) 614$ 73$ 8,175$ 8,801$ 662$ Net Income (los s ) ($ '000) (5)$ -$ 156$ 485$ 22$ Premium depos i ts ($ '000) 552$ 73$ 1,770$ 8,522$ 729$ Withdrawals ($ '000) 6$ -$ 2,552$ 868$ 89$ Number of uni ts outs tanding 59,454 7,155 684,413 749,176 63,269







November 2014.

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




The comparative data for the year 2012 and prior not ava i lable as the Fund commenced




Ca sh 3,893$ 4,556$ Net income a ttributable to unitholders 56,556$ 116,880$ Investments in underlying fund at fa i r va lue 1,807,144 1,788,405 Add (deduct) to convert net income toOther a ssets a cash bas is

Accrued income di stribution from investments - - Net ga ins on investments (83,606) (139,588) Accounts receivable - uni tholders - - Change in other assets 435 11,583 Accounts receivable - sa le of investments - - Change in other l i abi l i ties (5,422) (10,809) Due from RBC Li fe Insurance Compa ny 9,329 8,479 Purcha ses of investments (397,953) (502,816) Other 1,112 2,397 Proceeds from sa les of investments 462,820 189,752

1,821,478 1,803,837 Cash provided by (used in) oeprating activi ties 32,830 (334,998) Liabilities Financing activities

Bank indebtedness - Dis tributions to the unitholders - - Other l iabi l i ties Proceeds from issue of uni ts 417,308 441,240

Accrued expenses 20,517 25,939 Redemption of uni ts (450,801) (218,548) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties (33,493) 222,692 Accounts payable - purchase of investments - - Decrease in cash (663) (112,306) Other - - Cash at beginning of period 4,556 100,787




Annual ized MER cap 1 2.67% - Expense before waiver 1,367$ -$ MER before wa iver 5.89% - Expense after waiver 619$ -$


Dis tribution from underlying fund -$ 3$ Annual ized MER cap 1 3.04% 2.93%Real ized ga in on sa le of investments 75,928 28,791 Expense before waiver 50,893$ 49,021$ Increase in unrea l i zed MER before wa iver 5.85% 6.33%

apprecia tion of investments 7,678 110,797 Expense after waiver 26,431$ 22,711$ 83,606 139,591 MER after wa iver 3.04% 2.93%




Opening ba lance as at January 1st 500 - Purchases during the period 12,240 - Redemptions during the period - - Clos ing ba lance as at June 30th 12,740 -

For the s ix months period ended June 30, 2015 2014 Series 1Net a ssets , beginning of the period 1,777,898$ 1,393,732$ Opening ba lance as at January 1st 130,137 111,583

Premium depos i ts 417,308 441,240 Purchases during the period 20,267 34,630 Net income attributable to uni tholders 56,556 116,880 Redemptions during the period (32,221) (17,171)






Annual Management Fee RBC North American Growth Fund, Series OInvest Series 4 2.06% - Number of uni ts 49,092 51,047 Series 1 2.25% 2.25% Cost 1,529,827$ 1,518,766$





Unaudited interim financial statements of RBC North American Growth GIF



Royal Bank of Canada 3.9% Brookfield As s et Management Inc., Clas s A 1.4%Toronto-Dominion Bank 3.5% TransCanada Corp. 1.4%Bank of Nova Scotia 2.7% Canadian Imperia l Bank of Commerce 1.4%Valeant Pharmaceutica ls International Inc. 2.7% BCE Inc. 1.2%Cas h & Cash Equiva lents 2.4% Power Corporation of Canada 1.1%Canadian Nationa l Ra i lway Co. 2.4% TELUS Corp. 1.1%Suncor Energy Inc. 1.9% Potash Corporation of Sas katchewan Inc. 1.0%Bank of Montrea l 1.7% Starbucks Corp. 1.0%Apple Inc. 1.7% Citigroup Inc. 0.9%Enbridge Inc. 1.6% Micros oft Corp. 0.9%Manul i fe Financia l Corporation 1.6% JPMorgan Chase & Co. 0.9%Canadian Natura l Res ources Ltd. 1.4% Facebook Inc., Clas s A 0.8%Magna International Inc., Clas s A 1.4% Total % of top 25 holdings 42.0%



Net As set Va lue attributable to uni tholders 10.39$ 10.06$ 14.12$ 13.62$ 12.49$ 10.31$ 9.64$ Net as sets attributable to uni tholders ($ '000) 132$ 5$ 1,669$ 1,773$ 1,394$ 996$ 1,106$ Net Income (los s ) ($ '000) (1)$ -$ 58$ 144$ 207$ 71$ (124)$ Premium depos i ts ($ '000) 129$ 5$ 288$ 671$ 501$ 168$ 264$ Withdrawals ($ '000) -$ -$ 451$ 435$ 310$ 349$ 526$ Number of uni ts outs tanding 12,740 500 118,183 130,137 111,583 96,645 114,668







November 2014.

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






Cash 78,236$ 62,471$ Net income attributable to uni tholders 1,095,446$ 526,881$ Investments in underlying fund at fa i r va lue 28,555,329 18,081,918 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net ga ins on investments (1,175,753) (582,872) Accounts receivable - uni tholders 26,232 4,500 Change in other assets (38,689) 1,758 Accounts receivable - sa le of investments - - Change in other l iabi l i ties 51,681 20,311 Due from RBC Li fe Insura nce Company 28,204 9,962 Purchases of investments (10,215,338) (4,745,789) Other 1,112 2,397 Proceeds from sa les of investments 917,680 4,174,260


Ba nk indebtedness - - Di s tributions to the uni tholders - - Other l iabi l i ties Proceeds from i ssue of units 11,552,839 4,254,563

Accrued expenses 136,508 84,827 Redemption of uni ts (2,172,101) (3,681,414) Accounts payable - uni tholders - Cash provided by (used in) financing a ctivi ties 9,380,738 573,149 Accounts payable - purchase of investments - - Increase (decrease) in ca sh 15,765 (32,302) Other - - Cash at beginning of period 62,471 30,938


Net assets attributable to unitholders per uni t For the s ix months period ended June 30, 2015 2014


Annua l i zed MER cap 1 2.56% - Expense before waiver 11,895$ -$ MER before waiver 2.94% - Expense after wa iver 10,400$ -$


Dis tribution from underlying fund 292,230$ 153,907$ Annua l i zed MER cap 1 3.10% 2.97%Real ized ga in on sa le of investments 115,084 1,511,958 Expense before waiver 399,433$ 233,096$ Increase (decrease) in unrea l ized MER before waiver 3.42% 3.30%

appreciation of investments 1,060,669 (929,086) Expense after wa iver 362,137$ 209,898$ 1,467,983 736,779 MER after waiver 3.10% 2.97%

ExpensesMa nagement fees 259,762 140,073 Insurance fees 83,779 41,860 Other adminis trative expenses 28,996 27,965

372,537 209,898 Net income attributable to unitholders 1,095,446$ 526,881$

Net income (loss ) attributable to unitholders per uni tInvest Series 4 (0.21)$ -$ Sales and redemption of units (note 9)Series 1 0.73 0.46 Invest Series 4

Opening ba lance as a t January 1st 6,756 - Purchases during the period 130,959 - Redemptions during the period (9,022) - Clos ing ba lance as at June 30th 128,693 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 18,076,421$ 13,095,184$ Opening ba lance as a t January 1st 1,245,041 1,078,665

Premium depos i ts 11,552,839 4,254,563 Purchases during the period 646,015 339,687 Net income attributable to uni tholders 1,095,446 526,881 Redemptions during the period (134,148) (294,790)






Annual Management Fee RBC U.S. Dividend Fund, Series OInvest Series 4 2.08% - Number of units 1,146,161 778,319 Series 1 2.30% 2.30% Cost 25,316,738$ 15,903,996$





Unaudited interim financial statements of RBC U.S. Dividend GIF



Apple Inc. 5.2% Capita l One Financia l Corp. 2.1%Wel ls Fargo & Company 3.0% Phi l ip Morris International Inc. 2.0%Genera l Electric Company 3.0% Target Corporation 2.0%JPMorgan Chase & Co. 2.9% Pfizer Inc. 2.0%Micros oft Corp. 2.8% ConocoPhi l l ips 1.9%Altria Group Inc. 2.8% Blackstone Group LP 1.9%Cas h & Cash Equiva lents 2.5% Comcas t Corp., Clas s A 1.9%Intel Corp. 2.4% Anthem Inc. 1.8%CVS Hea lth Corp. 2.4% Lyondel lBas el l Indus tries N.V. 1.8%Gi lead Sciences Inc. 2.3% Dow Chemica l Company 1.8%Cardina l Heal th Inc. 2.2% Oracle Corporation 1.6%Johns on & Johns on 2.2% Medtronic Plc. 1.6%Peps iCo Inc. 2.2% Total % of top 25 holdings 58.3%



Net As set Va lue attributable to uni tholders 11.10$ 10.37$ 15.44$ 14.46$ 12.14$ 9.22$ 8.57$ Net as sets attributable to uni tholders ($ '000) 1,428$ 70$ 27,125$ 18,006$ 13,095$ 3,652$ 888$ Net Income (los s ) ($ '000) (15)$ -$ 1,110$ 2,493$ 2,336$ 84$ 2$ Premium depos i ts ($ '000) 1,472$ 70$ 10,081$ 8,621$ 8,095$ 2,980$ 520$ Withdrawals ($ '000) 99$ -$ 2,073$ 6,202$ 988$ 300$ 86$ Number of uni ts outs tanding 128,693 6,756 1,756,908 1,245,041 1,078,665 396,339 103,630







November 2014.

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






Cash 7,724$ 264$ Net income attributable to uni tholders 129,084$ 76,521$ Investments in underlying fund at fa i r va lue 3,612,096 2,480,144 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income distribution from investments - - Net ga ins on investments (182,382) (107,643) Accounts receivable - uni tholders - - Change in other assets (1,959) 9,789 Accounts receivable - sa le of investments - - Change in other l iabi l i ties (404) 19,744 Due from RBC Li fe Insurance Company 10,958 7,714 Purchases of investments (1,607,734) (640,529) Other 1,112 2,397 Proceeds from sa les of investments 658,164 245,583


Bank indebtedness - Dis tributions to the uni tholders - - Other l iabi l i ties Proceeds from is sue of uni ts 1,755,237 706,834

Accrued expenses 27,855 28,259 Redemption of uni ts (742,546) (311,446) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 1,012,691 395,388 Accounts payable - purchase of investments - - Increase (decrease) in cash 7,460 (1,147) Other - - Cash at beginning of period 264 1,590

27,855 28,259 Cash at end of period 7,724$ 443$ Net assets attributable to unitholders 3,604,035$ 2,462,260$



Annual ized MER cap 1 2.68% - Expense before waiver 3,790$ -$ MER before waiver 4.12% - Expense after waiver 2,471$ -$


Distribution from underlying fund 13$ 3$ Annual i zed MER cap 1 3.16% 3.08%Real ized ga in on sa le of investments 85,483 44,536 Expense before waiver 69,563$ 55,402$ Increase in unreal i zed MER before waiver 4.33% 5.49%




Net income (loss ) attributable to uni tholders per uni tInvest Series 4 (0.45)$ -$ Sales and redemption of units (note 9)Series 1 0.63 0.47 Invest Series 4

Opening ba lance as at January 1s t 1,135 - Purchases during the period 30,915 - Redemptions during the period (6,702) - Clos ing ba lance as at June 30th 25,348 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 2,462,260$ 1,705,212$ Opening ba lance as at January 1s t 175,334 141,084

Premium depos i ts 1,755,237 706,834 Purchases during the period 94,902 56,800 Net income attributable to uni tholders 129,084 76,521 Redemptions during the period (45,341) (25,018)






Annual Management Fee RBC U.S. Equity Fund, Series OInvest Series 4 1.96% - Number of uni ts 103,006 76,050 Series 1 2.30% 2.30% Cost 3,196,607$ 2,161,554$





Unaudited interim financial statements of RBC U.S. Equity GIF



RBC U.S. Mid-Cap Value Equity Fund 4.4% The Goldman Sachs Group Inc. 1.2%RBC U.S. Mid-Cap Equity Fund 4.3% Cis co Sys tems Inc. 1.2%Apple Inc. 3.9% Morgan Stanley 1.2%Micros oft Corp. 2.4% CVS Health Corp. 1.1%JPMorgan Chase & Co. 2.3% Anthem Inc. 1.1%Citigroup Inc. 1.9% Starbucks Corp. 1.1%Genera l Electric Company 1.6% Home Depot Inc. 1.1%BlackRock Inc. 1.6% Wel ls Fargo & Company 1.1%The Walt Dis ney Company 1.4% UnitedHealth Group Incorporated 1.1%Facebook Inc., Clas s A 1.4% Schlumberger Ltd. 1.1%Nike Inc. 1.3% RBC U.S. Smal l -Cap Core Equity Fund 1.1%Blacks tone Group LP 1.3% American International Group Inc. 1.0%Gi lead Sciences Inc. 1.3% Total % of top 25 holdings 42.5%



Net As set Va lue attributable to uni tholders 10.92$ 10.29$ 14.79$ 13.98$ 12.09$ 9.02$ 8.41$ Net as sets attributable to uni tholders ($ '000) 277$ 12$ 3,327$ 2,450$ 1,705$ 760$ 352$ Net Income (los s ) ($ '000) (8)$ -$ 137$ 316$ 316$ 26$ (20)$ Premium depos i ts ($ '000) 344$ 12$ 1,411$ 949$ 847$ 484$ 192$ Withdrawals ($ '000) 71$ -$ 672$ 520$ 217$ 101$ 126$ Number of uni ts outs tanding 25,348 1,135 224,895 175,334 141,084 84,263 41,846







November 2014.

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





As a t Jun 30, 2015 Dec 31, 2014 For the s ix months period ended June 30, 2015 2014Assets Operating activities

Cash 44,935$ -$ Net income (loss ) attributable to unitholders (28,432)$ 938,612$ Investments in underlying fund at fa i r va lue 18,226,125 18,767,247 Add (deduct) to convert net income toOther assets a cash bas i s

Accrued income dis tribution from investments - - Net ga ins on investments (65,350) (748,292) Accounts receivable - uni tholders - - Change in other assets (11,019) 12,751 Accounts receivable - sa le of investments - - Change in other l iabi l i ties (15,926) 13,108 Due from RBC Li fe Insurance Company 20,395 8,092 Purchases of investments (1,385,246) (5,179,954) Other 1,303 2,587 Proceeds from sa les of investments 1,991,718 682,181


Bank indebtedness - 2,952 Dis tributions to the unitholders - - Other l iabi l i ties Proceeds from issue of units 2,353,121 5,569,825

Accrued expenses 98,766 114,692 Redemption of uni ts (2,790,979) (1,305,653) Accounts payable - unitholders - - Cash provided by (used in) financing activi ties (437,858) 4,264,172 Accounts payable - purchase of investments - - Increas e (decrease) in cash 47,887 (17,422) Other - - Cash (Bank indebtedness ) at beginning of period (2,952) 64,793




Annual i zed MER ca p 1 2.71% - Expense before wa iver 3,151$ -$ MER before waiver 3.14% - Expense after waiver 2,728$ -$


Dis tribution from underlying fund 203,830$ 429,744$ Annual i zed MER ca p 1 3.19% 3.05%Real i zed ga in on sa le of investments 335,620 152,382 Expense before wa iver 322,704$ 261,885$ Increase (decrease) in unreal i zed MER before waiver 3.49% 3.34%

appreciation of investments (270,270) 595,910 Expense after waiver 294,884$ 239,424$ 269,180 1,178,036 MER after waiver 3.19% 3.05%


297,612 239,424 Net income (loss) attributable to unitholders (28,432)$ 938,612$

Net income (loss ) attributable to unitholders per unitInvest Series 4 (0.39)$ -$ Sales and redemption of units (note 9)Series 1 (0.02) 0.78 Invest Series 4

Opening ba lance as at January 1st 3,507 - Purchases during the period 28,915 - Redemptions during the period (192) - Clos ing ba lance as at June 30th 32,230 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 18,660,282$ 13,095,376$ Opening ba lance as at January 1st 1,317,621 1,010,237

Premium depos i ts 2,353,121 5,569,825 Purchases during the period 142,659 429,972 Net income (loss ) attributable to uni tholders (28,432) 938,612 Redemptions during the period (193,092) (100,013)




As a t June 30, 2015 Dec 31, 2014The accompanying notes are an integral part of these financial statements. Investment in underlying fund at fair value (note 10)


Annual Management Fee RBC O'Shaughnessy U.S. Value Fund, Series OInvest Series 4 1.99% - Number of units 1,178,731 1,216,165 Series 1 2.30% 2.30% Cost 15,681,111$ 15,951,963$





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



Northrop Grumman Corp. 5.1% Al ls tate Corp. 2.8%Lyondel lBasel l Indus tries N.V. 5.0% Bed Bath & Beyond Inc. 2.8%Marathon Petroleum Corp. 4.5% Ingersol l -Rand Plc., Class A 2.7%Phi l l ips 66 Company 4.0% FedEx Corporation 2.6%The Mosa ic Co. 3.7% Corning Inc. 2.6%Travelers Cos . Inc. 3.4% CenturyTel Inc. 2.5%Koninkl i jke Ahold N.V. ADR 3.3% International Bus ines s Machines 2.4%Coca-Cola Enterprises Inc. 3.2% Seagate Technology 2.1%Hess Corp. 3.1% CF Industries Holdings Inc. 2.0%XL Group Plc. 3.1% Tyco Internationa l Plc. 1.8%Il l inois Tool Works Inc. 3.0% NetApp Inc. 1.7%Cameron Internationa l 2.9% Sirius XM Holdings Inc. 1.6%Viacom Inc. 2.9% Total % of top 25 holdings 74.8%



Net As set Va lue attributable to uni tholders 10.20$ 10.20$ 14.10$ 14.13$ 12.96$ 8.92$ 8.06$ Net as sets attributable to uni tholders ($ '000) 329$ 36$ 17,865$ 18,624$ 13,095$ 5,608$ 3,738$ Net Income (los s ) ($ '000) (8)$ -$ (20)$ 1,487$ 3,110$ 431$ 150$ Premium depos i ts ($ '000) 303$ 36$ 2,050$ 8,262$ 6,808$ 2,199$ 1,586$ Withdrawals ($ '000) 2$ -$ 2,789$ 4,220$ 2,431$ 761$ 567$ Number of uni ts outs tanding 32,230 3,507 1,267,188 1,317,621 1,010,237 628,589 463,706







November 2014.

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






Cash 27,271$ 22,786$ Net income attributable to uni tholders 1,027,632$ 263,124$ Inves tments in underlying fund at fa i r va lue 12,776,350 7,039,999 Add (deduct) to convert net income toOther as sets a cas h bas is

Accrued income distribution from investments - - Net ga ins on investments (1,185,255) (156,844) Accounts receivable - uni tholders 4,600 1,500 Change in other as sets (10,884) 5,502 Accounts receivable - s a le of investments - - Change in other l iabi l i ties 23,160 (2,716) Due from RBC Li fe Ins urance Company 13,707 4,638 Purchases of investments (4,942,808) (1,688,012) Other 1,112 2,397 Proceeds from s ales of investments 391,712 264,476

12,823,040 7,071,320 Cash provided by (us ed in) oeprating activi ties (4,696,443) (1,314,470) Liabilities Financing activities

Bank indebtednes s - - Dis tributions to the uni tholders - - Other l iabi l i ties Proceeds from is sue of uni ts 5,466,853 1,659,323

Accrued expens es 65,980 42,820 Redemption of uni ts (765,925) (366,174) Accounts payable - uni tholders - - Cash provided by (us ed in) financing activi ties 4,700,928 1,293,149 Accounts payable - purchase of investments - - Increas e (decrease) in cas h 4,485 (21,321) Other - - Cash at beginning of period 22,786 20,295


Net ass ets attributable to uni tholders per uni t For the s ix months period ended June 30, 2015 2014

Inves t Series 4 11.75$ 10.27$ Other expenses absorbed by the manager (note 8)Series 1 14.88 13.04 Invest Series 4

Annual i zed MER cap 1 2.74% - Expens e before waiver 5,267$ -$ MER before waiver 3.24% - Expens e after waiver 4,453$ -$


Dis tribution from underlying fund 969$ 183,305$ Annual i zed MER cap 1 3.30% 3.20%Real i zed gain on s a le of inves tments 55,676 45,066 Expens e before waiver 171,267$ 92,048$ Increase in unreal i zed MER before waiver 3.67% 3.82%

appreciation of inves tments 1,129,579 111,778 Expens e after waiver 154,139$ 77,025$ 1,186,224 340,149 MER after waiver 3.30% 3.20%


158,592 77,025 Net income attributable to unitholders 1,027,632$ 263,124$

Net income attributable to uni tholders per uni tInves t Series 4 0.48$ -$ Sales and redemption of units (note 9)Series 1 1.57 0.65 Invest Series 4

Opening ba lance as at January 1st 3,241 - Purchas es during the period 65,836 - Redempti ons during the period (443) - Clos ing ba lance as at June 30th 68,634 -

For the s ix months period ended June 30, 2015 2014 Series 1Net as sets , beginning of the period 7,028,500$ 4,151,627$ Opening ba lance as at January 1st 536,274 356,803

Premium depos i ts 5,466,853 1,659,323 Purchas es during the period 319,280 137,581 Net income attributable to uni tholders 1,027,632 263,124 Redempti ons during the period (52,433) (30,562)



Inves t Series 4 68,634 - Series 1 803,121 463,822



Annual Management Fee RBC Global Dividend Growth Fund, Series OInves t Series 4 2.07% - Number of uni ts 889,099 567,733 Series 1 2.40% 2.40% Cos t 11,130,838$ 6,524,066$

Fund owned 0.7703% 0.5639%Annual Insurance Fee (Limit) Fai r va lue, a l l Level 1 (note 10) 12,776,350$ 7,039,999$

Inves t Series 4 0.45 (0.95) % - Fa i r va lue per uni t 14.37$ 12.40$ Series 1 0.80 (1.20) % 0.70 (1.20) %



Unaudited interim financial statements of RBC Global Dividend Growth GIF



CVS Hea l th Corp. 3.3% Ashtead Group Plc. 2.4%Blacks tone Group LP 3.1% Koninkl i jke KPN N.V. 2.4%Union Paci fic Corp. 3.0% Gi lead Sciences Inc. 2.3%Wil l iams Companies Inc. 3.0% Honeywel l International Inc. 2.2%AbbVie Inc. 3.0% Tyson Foods Inc. 2.1%Legal & Genera l Group Plc. 3.0% CF Industries Holdings Inc. 2.0%Toyota Motor Corp. 2.9% Mas terCard Inc. 2.0%Babcock International Group 2.9% Micros oft Corp. 2.0%UnitedHealth Group Incorporated 2.8% Intel Corp. 2.0%Prudentia l Corporation Plc. 2.7% NICE Sys tems Ltd. ADR 2.0%Intes a Sanpaolo S.p.A. 2.5% Deuts che Telekom AG 1.9%Lyondel lBasel l Indus tries N.V. 2.5% Medtronic Plc. 1.9%Oracle Corporation 2.4% Total % of top 25 holdings 62.3%



Net As set Va lue attributable to uni tholders 11.75$ 10.27$ 14.88$ 13.04$ 11.64$ 8.62$ 7.76$ Net as sets attributable to uni tholders ($ '000) 807$ 33$ 11,950$ 6,996$ 4,152$ 1,034$ 818$ Net Income (los s ) ($ '000) 14$ -$ 1,014$ 596$ 698$ 97$ 150$ Premium depos i ts ($ '000) 765$ 33$ 4,702$ 3,442$ 2,835$ 295$ 1,586$ Withdrawals ($ '000) 5$ -$ 761$ 1,194$ 416$ 176$ 567$ Number of uni ts outs tanding 68,634 3,241 803,121 536,274 356,803 119,933 105,423







November 2014.

Unaudited interim financial statements of RBC Global Dividend Growth GIF (continued)






Cash 12,175$ -$ Net income attributable to uni tholders 390,001$ 273,637$ Investments in underlying fund at fa i r va lue 4,653,245 4,353,838 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net ga ins on investments (462,550) (334,859) Accounts receivable - uni tholders - - Change in other assets 2,515 19,645 Accounts receivable - sa le of investments - - Change in other l iabi l i ties (11,968) (3,456) Due from RBC Li fe Insurance Company 1,112 9,239 Purchases of investments (632,752) (1,353,393) Other 8,009 2,397 Proceeds from sa les of investments 795,895 159,394


Bank indebtedness - 3,318 Di stributions to the unitholders - - Other l iabi l i ties Proceeds from i ssue of uni ts 806,325 1,543,120

Accrued expenses 36,955 48,923 Redemption of uni ts (871,973) (324,764) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties (65,648) 1,218,356 Accounts payable - purchase of investments - - Increase (decrease) in cash 15,493 (20,676) Other - - Cash (Bank indebtedness) at beginning of period (3,318) 21,110

36,955 52,241 Cash at end of period 12,175$ 434$ Net assets attributable to unitholders 4,637,586$ 4,313,233$



Annual ized MER cap 1 2.72% - Expense before waiver 2,124$ -$ MER before waiver 4.26% - Expense after waiver 1,360$ -$


Distribution from underlying fund -$ 577$ Annual ized MER cap 1 3.32% 3.23%Real ized loss on sa le of investments (4,193) (416) Expense before waiver 95,203$ 90,954$ Increase in unrea l i zed MER before waiver 4.44% 4.76%




Net income attributable to uni tholders per uni t

Invest Series 4 0.40$ -$ Sales and redemption of units (note 9)Series 1 0.92 0.70 Invest Series 4

Opening ba lance as at January 1st 3,017 - Purchases during the period 11,550 - Redemptions during the period - - Clos ing ba lance as at June 30th 14,567 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 4,313,233$ 3,029,866$ Opening ba lance as at January 1st 451,234 327,899

Premium depos i ts 806,325 1,543,120 Purchases during the period 65,151 156,431 Net income attributable to uni tholders 390,001 273,637 Redemptions during the period (86,307) (32,781)

5,509,559 4,846,623 Clos ing ba lance as at June 30th 430,078 451,549 Wi thdrawals 871,973 324,764





Annual Management Fee RBC O'Shaughnessy International Equity Fund, Series OInvest Series 4 2.07% - Number of uni ts 501,974 523,310 Series 1 2.40% 2.40% Cost 4,485,377$ 4,652,713$





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



ENI S.p.A. 2.3% Tel ia AB 1.5%Spark New Zealand Ltd. 2.3% NOK Corp. 1.5%Antofagasta Plc. 2.2% Tryg A/S 1.4%Engie 2.1% J Sa ins bury Plc. 1.4%CIMIC Group Ltd. 2.1% Electrici te de France S.A. 1.3%France Telecom S.A. 2.1% Kaken Pharmaceutica l Co. Ltd. 1.2%Itochu Enex Co. Ltd. 2.0% DFDS A/S 1.2%Proximus 2.0% Hannover Rueckvers icherung SE 1.2%Orica Ltd. 2.0% Tota l S.A. 1.2%Bezeq Is rael i Telecommunication Corporation Ltd. 1.9% BP Plc. 1.2%Woodside Petroleum Ltd. 1.7% Air New Zealand Ltd. 1.2%Heiwado Co. Ltd. 1.6% Statoi lHydro ASA 1.1%SSE Plc. 1.6% Total % of top 25 holdings 41.3%



Net As set Va lue attributable to uni tholders 11.16$ 10.15$ 10.41$ 9.49$ 9.24$ 6.77$ 6.19$ Net as sets attributable to uni tholders ($ '000) 163$ 31$ 4,475$ 4,282$ 3,030$ 2,116$ 2,422$ Net Income (los s ) ($ '000) 4$ -$ 386$ (15)$ 779$ 206$ (434)$ Premium depos i ts ($ '000) 128$ 31$ 678$ 2,759$ 822$ 101$ 426$ Withdrawals ($ '000) -$ -$ 872$ 1,492$ 687$ 612$ 958$ Number of uni ts outs tanding 14,567 3,017 430,078 451,234 327,899 312,693 391,339







November 2014.

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





As at June 30, 2015 Dec 31, 2014 For the s ix months period ended June 30, 2015Assets Operating activities

Cash 960$ -$ Net income attributable to uni tholders 6,655$ Investments in underlying fund at fa ir va lue 383,150 38,542 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net ga ins on investments (7,839) Accounts receivable - uni tholders - - Change in other assets (3,081) Accounts receivable - sa le of investments - - Change in other l iabi l i ties 7,935 Due from RBC Li fe Insurance Company 11,467 8,193 Purchases of investments (349,984) Other 931 1,124 Proceeds from sa les of investments 13,215

396,508 47,859 Cash provided by (used in) oeprating activi ties (333,099) Liabilities Financing activities

Bank indebtedness - - Dis tributions to the uni tholders - Other l ia bi l i ties Proceeds from is sue of uni ts 334,796

Accrued expenses 15,823 7,888 Redemption of uni ts (737) Accounts paya ble - uni tholders - - Cash provided by (used in) financing activi ties 334,059 Accounts paya ble - purcha se of investments - - Increase in cash 960 Other - - Cash at beginning of period -

15,823 7,888 Cash at end of period 960$ Net assets attributable to unitholders 380,685$ 39,971$

Net assets attributable to uni tholders per uni t 10.64$ 10.08$ For the s ix months period ended June 30, 2015Management fees and insurance fees (note 7)

Annua l Management Fee 1.97%Annua l Insurance Fee (Limit) 0.45 (0.95) %

For the s ix months period ended June 30, 2015Income Other expenses absorbed by the manager (note 8)

Distribution from underlying fund 2,273$ Annua l i zed MER cap 1 2.74%Real ized ga in on sa le of investments 377 Expense before waiver 34,271$ Increa se in unreal i zed MER before waiver 27.19%

appreciation of investments 7,462 Expense a fter wa iver 3,457$ 10,112 MER after waiver 2.74%

ExpensesManagement fees 2,811 Sales and redemption of units (note 9)Insurance fees 646 Opening ba lance as at January 1st 3,966 Other administrative expenses - Purchases during the period 31,883

3,457 Redemptions during the period (69) Net income attributable to unitholders 6,655$ Clos ing ba lance as a t June 30th 35,780

Net income attributa ble to unitholders per uni t 0.28$ As at June 30, 2015 Dec 31, 2014Investment in underlying fund at fair value (note 10)

Level 1 383,150$ 38,542$ For the s ix months period ended June 30, 2015Net assets , beginning of the period 39,971$ Schedule of invested assets

Premium depos i ts 334,796 BlueBay Global Convertible Bond Fund, Series ONet income a ttributable to uni tholders 6,655 Number of uni ts 30,492 3,267

381,422 Cost 375,799$ 38,652$ Withdrawals 737 Fund owned 0.0655% 0.0078%

Net assets, end of the period 380,685$ Fai r va lue, a l l Level 1 (note 10) 383,150$ 38,542$ Number of units outs tanding 35,780 Fai r va lue per uni t 12.57$ 11.80$

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


RBC BlueBay Global Convertible Bond GIF (commencement of operations on November 7, 2014)




Cas h & Cash Equiva lents 6.7% Aabar Investments PJSC, Convertible EUR 0.500% Mar 27 20 1.2%America Movi l S.A.B. de C.V., Convertible EUR 0.000% May 28 20 3.0% NXP Semiconductor N.V., Convertible USD 1.000% Dec 1 19 1.2%Cahaya Capita l Ltd., Convertible USD 0.000% Sep 18 21 1.8% Tes la Motors Inc., Convertible 1.250% Jan 3 21 1.2%Salesforce.com Inc., Convertible 0.250% Apr 1 18 1.8% LinkedIn Corp., Convertible 0.500% Nov 1 19 1.2%Microchip Technology Inc., Convertible 1.625% Feb 15 25 1.6% Marine Harves t ASA, Convertible EUR 0.875% May 6 19 1.1%Cemex S.A.B. de C.V., Convertible USD 3.750% Mar 15 18 1.6% Ctrip.com International Ltd., Convertible USD 1.990% Jul 1 25 1.1%Bi l l ion Express Investments Ltd., Convertible USD 0.750% Oct 18 15 1.5% Olam International Ltd., Convertible USD 6.000% Oct 15 16 1.1%United Microelectronics Corp., Convertible USD 0.000% May 18 20 1.5% Intel Corp., Convertible 3.250% Aug 1 39 1.0%NVIDIA Corp., Convertible 1.000% Dec 1 18 1.5% Cardtronics Inc., Convertible 1.000% Dec 1 20 1.0%SunEdis on Inc., Convertible 2.375% Apr 15 22 1.4% The Pricel ine Group Inc., Convertible 1.000% Mar 15 18 1.0%Yahoo! Inc., Convertible 0.000% Dec 1 18 1.4% Asia View Ltd., Convertible USD 1.500% Aug 8 19 0.9%SanDisk Corp., Convertible 0.500% Oct 15 20 1.4% Jarden Corp., Convertible 1.125% Mar 15 34 0.9%Whiting Petroleum Corp., Convertible 1.250% Apr 1 20 1.2% 39.3%


For the years Jun 30, 2015 2014 2013 2012 2011

Net As set Va lue attributable to uni tholders 10.64$ 10.08$ Net as sets attributable to uni tholders ($ '000) 381$ 40$ Net Income (los s ) ($ '000) 7$ -$ Premium depos i ts ($ '000) 335$ 40$ Withdrawals ($ '000) 1$ -$ Number of uni ts outs tanding 35,780 3,966

Management expens e ratio 1 2.74% 2.73%Management expens e before waiver 27.19% 363.75%


1 The management expense ratio ("MER") is based on total expenses for the stated period and is expressed as an annualized percentage of 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 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.


November 2014.

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



Invest Series



Cash 73,587$ 1,432$ Net loss attributable to uni tholders (71,405)$ Investments in underlying fund at fa i r va lue 5,570,573 398,284 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net losses on investments 80,766 Accounts receivable - uni tholders - - Change in other assets 755 Accounts receivable - sa le of investments - - Change in other l iabi l i ties 19,475 Due from RBC Li fe Insurance Company 7,932 8,131 Purchases of investments (5,532,282) Other 568 1,124 Proceeds from sa les of investments 279,227

5,652,660 408,971 Cash provided by (used in) oeprating activi ties (5,223,464) Liabilities Financing activities

Bank indebtedness - - Dis tributions to the uni tholders - Other l iabi l i ties Proceeds from issue of uni ts 5,666,909

Accrued expenses 27,517 8,042 Redemption of uni ts (371,290) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 5,295,619 Accounts payable - purchase of investments - - Increase in cash 72,155 Other - - Cash at beginning of period 1,432

27,517 8,042 Cash at end of period 73,587$ Net assets attributable to unitholders 5,625,143$ 400,929$

Net assets attributable to unitholders per uni t 10.25$ 9.96$ For the s ix months period ended June 30, 2015Management fees and insurance fees (note 7)

Annual Management Fee 1.97%Annual Insurance Fee (Limit) 0.30 (0.80) %


Dis tribution from underlying fund 47,472$ Annual i zed MER cap 1 2.42%Real i zed loss on sa le of investments (2,678) Expense before waiver 61,012$ Decrease in unreal ized MER before waiver 3.89%

appreciation of investments (78,088) Expense a fter waiver 38,111$ (33,294) MER after waiver 2.42%

ExpensesManagement fees 23,083 Sales and redemption of units (note 9)Insurance fees 5,030 Opening ba lance as a t January 1s t 40,253 Other adminis tra tive expenses 9,998 Purchases during the period 544,441

38,111 Redemptions during the period (35,980) Net loss attributable to unitholders (71,405)$ Clos ing ba lance as at June 30th 548,714

Net loss attributable to uni tholders per unit (0.23)$ As at June 30, 2015 Dec 31, 2014Investment in underlying fund at fair value (note 10)

Level 1 5,570,573$ 398,284$ For the s ix months period ended June 30, 2015Net assets , beginning of the period 400,929$ Schedule of invested assets

Premium depos i ts 5,666,909 RBC Balanced Growth and Income Fund, Series ONet loss attributable to uni tholders (71,405) Number of uni ts 489,880 36,300

5,996,433 Cost 5,648,605$ 398,227$ Withdrawals 371,290 Fund owned 99.9774% 99.6981%

Net assets, end of the period 5,625,143$ Fa ir va lue, a l l Level 1 (note 10) 5,570,573$ 398,284$ Number of uni ts outs tanding 548,714 Fa ir va lue per uni t 11.37$ 10.97$



Unaudited interim financial statements of RBC Balanced Growth and Income GIF (commencement of operations on November 7, 2014)

Statements of Financial Position Statement of Cash Flow



Phi l l ips , Hager & North Tota l Return Bond Fund 12.3% Manul i fe Financia l Corporation 0.9%RBC Emerging Markets Dividend Fund 10.0% Brookfield As s et Management Inc., Clas s A 0.7%RBC Global Corporate Bond Fund 8.3% TELUS Corp. 0.7%RBC European Dividend Fund 7.4% JPMorgan Chase & Co. 0.7%BlueBay Global Monthly Income Bond Fund 6.3% Bank of Montreal 0.6%RBC Global High Yield Bond Fund 6.3% Sun Li fe Financia l Inc. 0.6%Cas h & Cash Equiva lents 2.0% Suncor Energy Inc. 0.6%Royal Bank of Canada 1.4% Toronto-Dominion Bank 0.6%Bank of Nova Scotia 1.3% General Electric Company 0.6%Apple Inc. 1.1% Wel ls Fargo & Company 0.6%TransCanada Corp. 1.0% Altria Group Inc. 0.6%Enbridge Inc. 0.9% Brookfield Property Partners LP 0.6%Canadian Imperia l Bank of Commerce 0.9% Total % of top 25 holdings 67.0%


For the years Jun 30, 2015 2014 2013 2012 2011

Net As set Va lue attributable to uni tholders 10.25$ 9.96$ Net as sets attributable to uni tholders ($ '000) 5,625$ 401$ Net Income (los s ) ($ '000) (71)$ 2$ Premium depos i ts ($ '000) 5,667$ 399$ Withdrawals ($ '000) 371$ -$ Number of uni ts outs tanding 548,714 40,253





November 2014.

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



Invest Series



Cash 132$ -$ Net income attributable to uni tholders 1,221$ Investments in underlying fund at fa ir va lue 75,261 14,956 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net ga ins on investments (1,597) Accounts receivable - uni tholders - - Change in other assets (3,046) Accounts receivable - sa le of investments - - Change in other l iabi l i ties 6,780 Due from RBC Li fe Insurance Company 11,803 8,201 Purchases of investments (96,945) Other 568 1,124 Proceeds from sa les of investments 38,237


Bank indebtedness - - Dis tributions to the uni tholders - Other l iabi l i ties Proceeds from issue of uni ts 55,482

Accrued expenses 14,645 7,865 Redemption of uni ts - Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 55,482 Accounts payable - purchase of investments - - Increase in cash 132 Other - - Cash at beginning of period -

14,645 7,865 Cash at end of period 132$ Net assets attributable to unitholders 73,119$ 16,416$

Net assets attributable to uni tholders per uni t 11.19$ 10.24$ For the s ix months period ended June 30, 2015Management fees and insurance fees (note 7)

Annua l Management Fee 2.07%Annua l Insurance Fee (Limit) 0.45 (0.95) %


Distribution from underlying fund -$ Annua l i zed MER cap 1 2.85%Real ized ga in on sa le of investments 1,262 Expense before waiver 31,807$ Increase in unreal i zed MER before waiver 240.80%

appreciation of investments 335 Expense a fter wa iver 376$ 1,597 MER after waiver 2.85%

ExpensesManagement fees 309 Sales and redemption of units (note 9)Insurance fees 67 Opening ba lance as at January 1st 1,603 Other administrative expenses - Purchases during the period 4,932

376 Redemptions during the period - Net income attributable to unitholders 1,221$ Clos ing ba lance as a t June 30th 6,535

Net income attributable to unitholders per uni t 0.51$ As at June 30, 2015 Dec 31, 2014Investment in underlying fund at fair value (note 10)


Premium depos i ts 55,482 RBC Global Equity Fund, Series ONet income attributable to uni tholders 1,221 Number of uni ts 6,167 1,392

73,119 Cost 74,884$ 14,915$ Withdrawals - Fund owned 0.0208% 0.0048%

Net assets, end of the period 73,119$ Fai r va lue, a l l Level 1 (note 10) 75,261$ 14,956$ Number of units outs tanding 6,535 Fai r va lue per uni t 12.20$ 10.75$



Unaudited interim financial statements of RBC Global Equity GIF (commencement of operations on November 7, 2014)




Fi rs t Republ i c Bank 3.0% Naspers Ltd. 2.6%Toyota Motor Corp. 3.0% Shire Plc. 2.6%Roche Holdings AG Genuss cheine 2.9% Intui t Inc. 2.5%UnitedHealth Group Incorporated 2.9% International Flavors & Fragrances Inc. 2.5%InBev N.V. 2.8% Pernod-Ricard S.A. 2.4%Google Inc., Clas s A 2.8% HDFC Bank Ltd. ADR 2.4%TJX Companies Inc. 2.8% Safran S.A. 2.4%Amazon.com, Inc. 2.8% ITC Holdings Corp. 2.3%Danaher Corp. 2.7% Enbridge Inc. 2.3%Estée Lauder Companies Inc., Clas s A 2.7% Deuts che Pos t AG 2.3%Taiwan Semiconductor Manufacturing Co. Ltd. ADR 2.7% EOG Res ources Inc. 2.2%Amgen Inc. 2.6% AIA Group Ltd. 2.2%Blacks tone Group LP 2.6% Total % of top 25 holdings 65.0%


Jun 30, 2015 2014 2013 2012 2011

Net As set Va lue attributable to uni tholders 11.19$ 10.24$ Net as sets attributable to uni tholders ($ '000) 73$ 16$ Net Income (los s ) ($ '000) 1$ -$ Premium depos i ts ($ '000) 55$ 16$ Withdrawals ($ '000) -$ -$ Number of uni ts outs tanding 6,535 1,603





November 2014.

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



Invest Series



Cash 1,824$ 1,100$ Net loss attributable to uni tholders (3,782)$ Investments in underlying fund at fa i r va lue 234,430 21,477 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net losses on investments 4,027 Accounts receivable - uni tholders - - Change in other assets (3,132) Accounts receivable - sa le of investments - - Change in other l iabi l i ties 7,393 Due from RBC Li fe Insurance Company 11,525 8,200 Purchases of investments (225,999) Other 931 1,124 Proceeds from sa les of investments 9,019


Bank indebtedness - - Dis tributions to the uni tholders - Other l iabi l i ties Proceeds from issue of uni ts 213,198

Accrued expenses 15,268 7,875 Redemption of uni ts - Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 213,198 Accounts payable - purchase of investments - - Increase in cash 724 Other - - Cash at beginning of period 1,100

15,268 7,875 Cash at end of period 1,824$ Net assets attributable to unitholders 233,442$ 24,026$

Net assets attributable to unitholders per uni t 10.47$ 9.83$ For the s ix months period ended June 30, 2015Management fees and insurance fees (note 7)

Annual Management Fee 2.20%Annual Insurance Fee (Limit) 0.45 (0.95) %


Dis tribution from underlying fund 1,987$ Annual i zed MER cap 1 3.01%Real i zed loss on sa le of investments (122) Expense before waiver 32,821$ Decrease in unreal ized MER before waiver 56.62%

appreciation of investments (3,905) Expense a fter waiver 1,742$ (2,040) MER after waiver 3.01%

ExpensesManagement fees 1,446 Sales and redemption of units (note 9)Insurance fees 296 Opening ba lance as a t January 1s t 2,445 Other adminis tra tive expenses - Purchases during the period 19,857

1,742 Redemptions during the period - Net loss attributable to unitholders (3,782)$ Clos ing ba lance as at June 30th 22,302

Net loss attributable to uni tholders per unit (0.34)$ As at June 30, 2015 Dec 31, 2014Investment in underlying fund at fair value (note 10)


Premium depos i ts 213,198 RBC Emerging Markets Dividend Fund, Series ONet loss attributable to uni tholders (3,782) Number of uni ts 19,717 1,946

233,442 Cost 238,349$ 21,491$ Withdrawals - Fund owned 0.0699% 0.0080%

Net assets, end of the period 233,442$ Fa ir va lue, a l l Level 1 (note 10) 234,430$ 21,477$ Number of uni ts outs tanding 22,302 Fa ir va lue per uni t 11.89$ 11.04$



Unaudited interim financial statements of RBC Emerging Markets Dividend GIF (commencement of operations on November 7, 2014)

Statements of Financial Position Statement of Cash Flow



China Cons truction Bank Corp. 4.1% Banco Davivienda S.A. Preference 1.2%Samsung Electronics Co. Ltd. 4.0% Sinopharm Group Co. 1.2%Taiwan Semiconductor Manufacturing Co. Ltd. 3.6% Dr Reddy's Laboratories Ltd. 1.2%Bank of China Ltd. 3.5% Grupo Mexico S.A.B. de C.V. 1.2%China Mobi le (Hong Kong) Ltd. 2.7% KT&G Corp. 1.2%Naspers Ltd. 2.3% Infos ys Technologies Ltd. ADR 1.2%Itau Unibanco Holding S.A. Preference 1.8% Banco do Bras i l S.A. 1.1%Hon Ha i Precis ion Indus try Co. Ltd. 1.6% China Petroleum & Chemica l Corp. 1.1%Petroleo Bras i lei ro S.A. 1.5% Dongbu Ins urance Co. Ltd. 1.1%CNOOC Ltd. 1.4% PTT Globa l Chemica l PCL 1.1%Korea Electric Power Corp. 1.4% Pou Chen Corp. 1.1%LUKOIL ADR 1.4% Hyunda i Motor Co. 1.1%LG Chem Ltd. 1.3% Total % of top 25 holdings 44.4%


For the years Jun 30, 2015 2014 2013 2012 2011

Net As set Va lue attributable to uni tholders 10.47$ 9.83$ Net as sets attributable to uni tholders ($ '000) 233$ 24$ Net Income (los s ) ($ '000) (4)$ -$ Premium depos i ts ($ '000) 213$ 24$ Withdrawals ($ '000) -$ -$ Number of uni ts outs tanding 22,302 2,445





November 2014.

Unaudited interim financial statements of RBC Emerging Markets Dividend GIF (continued)



Invest Series



Cash 464,948$ 24,097$ Net income attributable to uni tholders 2,866,553$ 3,328,892$ Investments in underlying fund at fa i r va lue 141,728,574 116,195,703 Add (deduct) to convert net income toOther as sets a cash bas i s

Accrued income dis tribution from investments - - Net ga ins on investments (3,183,524) (3,400,736) Accounts receivable - uni tholders 127,000 - Change in other ass ets (139,233) (139,963) Accounts receivable - sa le of inves tments - - Change in other l iabi l i ties 138,666 (65,980) Due from RBC Li fe Insurance Company 26,744 12,501 Purchases of investments (29,486,060) (12,465,710) Other 1,658 3,668 Proceeds from sa les of investments 7,136,713 5,436,825

142,348,924 116,235,969 Cash provided by (us ed in) oeprating activi ties (22,666,885) (7,306,672) Liabilities Financing activities


Accrued expens es 616,537 477,871 Redemption of units (13,408,692) (9,366,209) Accounts payable - uni tholders - - Cash provided by (us ed in) financing activi ties 23,107,736 7,396,798 Accounts payable - purchase of investments - - Increase (decrease) in cas h 440,851 90,126 Other - - Cash at beginning of period 24,097 94,232


Net as sets a ttributable to uni tholders per uni t For the s ix months period ended June 30, 2015 2014




Dis tribution from underlying fund 1,452,501$ 926,601$ Annual i zed MER cap 1 2.63% 2.41%Real i zed ga in on sa le of investments 580,524 529,760 Expense before waiver 689,675$ 351,757$ Increase in unrea l ized MER before waiver 2.69% 2.41%

appreciation of investments 2,603,000 2,870,976 Expense after waiver 674,997$ 351,757$ 4,636,025 4,327,337 MER after waiver 2.63% 2.41%

Expenses Series 2 Management fees 1,368,600 813,337 Annual i zed MER cap 1 2.82% 2.61%Ins urance fees 321,559 113,073 Expense before waiver 1,104,414$ 646,688$ Other adminis trative expenses 79,313 72,035 MER before waiver 2.88% 2.61%

1,769,472 998,445 Expense after waiver 1,080,545$ 646,688$ Net income attributable to unitholders 2,866,553$ 3,328,892$ MER after waiver 2.82% 2.61%


Series 2 0.27 0.52 Opening ba lance as at January 1st 40,545 - Purchas es during the period 183,780 - Redemptions during the period (2,714) - Clos ing balance as at June 30 221,611 -


Premium depos its 36,516,428 16,763,007 Purchas es during the period 977,398 520,802 Net income attributable to uni tholders 2,866,553 3,328,892 Redemptions during the period (572,282) (255,932)

155,141,079 95,223,417 Clos ing balance as at June 30 4,064,828 2,538,753 Withdrawals 13,408,692 9,366,209 Series 2

Net assets, end of the period 141,732,387$ 85,857,208$ Opening ba lance as at January 1st 5,227,565 3,927,928 Number of units outstanding Purchas es during the period 1,584,781 825,809

Invest Series 4 221,611 - Redemptions during the period (421,827) (499,670) Series 1 4,064,828 2,538,753 Clos ing balance as at June 30 6,390,519 4,254,067 Series 2 6,390,519 4,254,067

As a t Jun 30, 2015 Dec 31, 2014The accompanying notes are an integral part of these financial statements. Investment in underlying fund at fair value (note 10)


Annual Management Fee RBC Conservative Portfolio Fund, Series OInvest Series 4 1.86% - Number of uni ts 6,547,988 5,529,969 Series 1 2.10% 2.10% Cost 132,994,518$ 110,064,647$ Series 2 2.20% 2.20% Fund owned 66.3129% 67.1005%

Annual Insurance Fee (Limit) Fa i r va lue, a l l Level 1 (note 10) 141,728,574$ 116,195,703$ Invest Series 4 0.20 (0.70) % - Fa i r va lue per uni t 21.64$ 21.01$ Series 1 0.40 (0.70) % 0.20 (0.70) %Series 2 0.50 (0.80) % 0.30 (0.80) %



Unaudited interim financial statements of RBC Select Conservative GIP



RBC Bond Fund 19.6% Phi l l ips , Hager & North Bond Fund 2.9%Province of Ontario 3.450% Jun 2 45 3.6% Cash & Cash Equivalents 9.6%Province of Ontario 3.500% Jun 2 43 2.6% Province of Ontario 6.500% Mar 8 29 7.6%Province of Ontario 2.850% Jun 2 23 2.2% Province of Ontario 7.600% Jun 2 27 6.4%Province of Ontario 4.600% Jun 2 39 2.2% Government of Canada 0.750% Sep 1 20 3.4%Province of Ontario 4.650% Jun 2 41 2.1% Government of Canada 2.500% Jun 1 24 2.5%

Phi l l ips , Hager & North Tota l Return Bond Fund 9.8% RBC Global High Yield Bond Fund 2.9%Cash & Cash Equiva lents 8.9% BlueBay Emerging Markets Corporate Bond Fund 4.1%Province of Ontario 6.500% Mar 8 29 7.3% Cash & Cash Equivalents 1.6%Province of Ontario 7.600% Jun 2 27 6.3% United States Treasury 2.500% May 15 24 1.2%Canada Hous ing Trust No. 1 3.350% Dec 15 20 2.7% Corp Naciona l del Cobre de Chi le USD 3.875% Nov 3 21 1.1%Government of Canada 2.500% Jun 1 24 2.6% Republ ic of Panama USD 7.125% Jan 29 26 1.0%

RBC European Equi ty Fund 8.0% RBC As ia Paci fi c ex-Japan Equi ty Fund 2.0%Uni lever Plc. 4.4% Baidu.com Inc. ADR 4.5%Elsevier N.V. 4.0% CSL Ltd. 3.5%Novo Nordisk A/S 3.8% AIA Group Ltd. 3.5%Roche Holdings AG Genusscheine 3.7% Tencent Holdings Ltd. 3.4%Dai ly Mai l & General Trust Plc. 3.4% Shinhan Financia l Group Co. Ltd. 3.3%

RBC Canadian Short-Term Income Fund 7.7% Phi l l ips , Hager & North Canadian Equi ty Underlying Fund II 1.7%Canada Hous ing Trust No. 1 3.350% Dec 15 20 3.6% Royal Bank of Canada 6.3%Province of Ontario 2.100% Sep 8 18 3.3% Bank of Nova Scotia 6.0%Canada Hous ing Trust No. 1 1.700% Dec 15 17 3.0% Toronto-Dominion Bank 5.8%Province of Ontario 4.300% Mar 8 17 2.8% Valeant Pharmaceutica ls International Inc. 4.7%Province of Quebec 4.500% Dec 1 17 2.4% Manul i fe Financia l Corporation 3.8%

RBC Canadian Dividend Fund 7.1% RBC Japanese Equi ty Fund 1.5%Royal Bank of Canada 6.8% Toyota Motor Corp. 5.9%Toronto-Dominion Bank 6.2% Mitsubishi UFJ Financia l Group Inc. 4.6%Bank of Nova Scotia 5.7% Sumitomo Mitsui Financia l Group Inc. 4.5%Cash & Cash Equiva lents 5.6% SoftBank Corp. 4.5%Brookfield Asset Management Inc., Class A 4.1% Mizuho Financia l Group Inc. 3.8%

RBC U.S. Equi ty Fund 6.5% RBC Global Equi ty Fund 1.2%RBC U.S. Mid-Cap Value Equi ty Fund 4.4% Firs t Republ ic Bank 3.0%RBC U.S. Mid-Cap Equi ty Fund 4.3% Toyota Motor Corp. 3.0%Apple Inc. 3.9% Roche Holdings AG Genusscheine 2.9%Microsoft Corp. 2.4% UnitedHeal th Group Incorporated 2.9%JPMorgan Chase & Co. 2.3% InBev N.V. 2.8%

RBC Global Bond Fund 4.9% The S&P 500 Mini Index Future, September 2015 1.2%BlueBay Emerging Markets Corporate Bond Fund 4.8% Cash & Cash Equiva lents 1.0%Cash & Cash Equiva lents 4.4% RBC QUBE Low Volati l i ty Canadian Equi ty Fund 1.0%Japan Government Twenty Year JPY 1.600% Jun 20 30 4.3% TELUS Corp. 4.2%United States Treasury 0.250% May 15 16 3.6% Dol larama Inc. 4.2%Bundesrepubl ik Deutschland EUR 0.500% Feb 15 25 3.5% Al imentation Couche-Tard Inc. 4.0%

RBC Global Corporate Bond Fund 4.9% Shaw Communications Inc., Class B 4.0%BlueBay Emerging Markets Corporate Bond Fund 2.5% Intact Financia l Corp. 4.0%RBC Emerging Markets Bond Fund 2.4% RBC QUBE Low Volati l i ty U.S. Equity Fund 1.0%Cash & Cash Equiva lents 1.3% Peps iCo Inc. 3.0%RBC Emerging Markets Foreign Exchange Fund 0.8% Johnson & Johnson 3.0%Buoni Pol ienna l i Del Tesoro EUR 2.500% Dec 1 24 0.7% Costco Wholesale Corp. 2.8%

Phi l l ips , Hager & North Short Term Bond & Mortgage Fund 3.9% 3M Co. 2.8%Province of Ontario 2.100% Sep 8 18 6.7% Wal-Mart Stores , Inc. 2.7%Canada Hous ing Trust No. 1 1.700% Dec 15 17 4.1% The S&P/TSX 60 Index Future, September 2015 0.4%Government of Canada 1.500% Mar 1 20 3.9% Mini MSCI EAFE Index Future, September 2015 0.4%Canada Hous ing Trust No. 1 2.050% Jun 15 17 3.3%Government of Canada 0.250% May 1 17 2.6%

RBC Private Canadian Equi ty Pool 3.8%Royal Bank of Canada 6.2%Bank of Nova Scotia 4.5%RBC Canadian Smal l & Mid-Cap Resources Fund 4.3%Toronto-Dominion Bank 4.0%Canadian Nationa l Ra i lway Co. 3.5%

Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equi ty Fund 3.4%Apple Inc. 3.2%Cash & Cash Equiva lents 2.0%Microsoft Corp. 1.6%CVS Heal th Corp. 1.4%The Walt Disney Company 1.2%

Phi l l ips , Hager & North Canadian Equi ty Underlying Fund 3.2%Toronto-Dominion Bank 6.9%Royal Bank of Canada 6.9%Bank of Nova Scotia 5.4%Valeant Pharmaceutica ls Internationa l Inc. 5.3%Manul i fe Financia l Corporation 4.1%

Total % of top 25 holdings 100.0%

Unaudited interim financial statements of RBC Select Conservative GIP (continued)





Net Asset Value attributable to unitholders 10.44$ 10.14$ 13.39$ 13.03$ 12.15$ 11.21$ 10.64$ Net assets attributable to unitholders ($ '000) 2,314$ 411$ 54,444$ 47,676$ 27,623$ 20,545$ 18,669$ Net Income (loss ) ($ '000) (4)$ 1$ 1,303$ 2,532$ 1,865$ 968$ 12$ Premium depos i ts ($ '000) 1,936$ 410$ 13,213$ 23,615$ 8,865$ 5,475$ 4,904$ Withdrawals ($ '000) 29$ -$ 7,748$ 6,094$ 3,752$ 4,567$ 4,400$ Number of units outs tanding 221,611 40,545 4,064,828 3,659,712 2,273,883 1,832,715 1,753,924



Net Asset Value attributable to unitholders 13.30$ 12.95$ 12.10$ 11.19$ 10.64$ Net assets attributable to unitholders ($ '000) 84,974$ 67,671$ 47,509$ 35,687$ 25,967$ Net Income (loss ) ($ '000) 1,568$ 3,704$ 3,252$ 1,561$ 23$ Premium depos i ts ($ '000) 21,367$ 27,537$ 16,978$ 12,931$ 16,526$ Withdrawals ($ '000) 5,632$ 11,079$ 8,228$ 4,772$ 5,150$ Number of units outs tanding 6,390,519 5,227,565 3,927,928 3,189,613 2,439,759

Management expense ratio 1 2.82% 2.61% 2.63% 2.61% 2.60%Management expense before waiver 2.88% 2.61% 2.64% 2.61% 2.60%







November 2014.

Series 2


Unaudited interim financial statements of RBC Select Conservative GIP (continued)



Cash 239,513$ 138,398$ Net income attributable to uni tholders 3,834,223$ 3,668,253$ Investments in underlying fund at fa ir va lue 124,653,783 98,725,408 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from inves tments - - Net ga ins on investments (4,882,351) (4,690,364) Accounts receivable - uni tholders 151,057 175,000 Change in other assets 10,205 (598,757) Accounts receivable - s a le of investments - - Change in other l iabi l i ties 123,212 (63,288) Due from RBC Li fe Insurance Company 26,866 11,118 Purchases of investments (24,147,220) (16,328,422) Other 1,658 3,668 Proceeds from s ales of inves tments 3,101,196 2,654,694

125,072,877 99,053,592 Cash used in oeprating activi ties (21,960,735) (15,357,884) Liabilities Financing activities

Bank indebtedness - - Dis tributions to the uni tholders - - Other l iabi l i ties Proceeds from is sue of uni ts 30,905,799 20,980,200

Accrued expenses 562,788 449,299 Redemption of uni ts (8,843,949) (5,646,737) Accounts payable - unitholders 14,723 5,000 Cash provided by financing activi ties 22,061,850 15,333,463 Accounts payable - purchas e of investments - - Increase (decrease) in cash 101,115 (24,421) Other - - Cash at beginning of period 138,398 159,876


Net ass ets a ttributable to uni tholders per uni t For the s ix months period ended June 30, 2015 2014

Invest Series 4 10.59$ 10.15$ Other expenses absorbed by the mSeries 1 13.77 13.22 Invest Series 4

Series 2 4 13.52 12.98 Annua l i zed MER cap 1 2.36% - Expense before waiver 10,228$ -$ MER before wa iver 2.48% - Expense a fter waiver 9,751$ -$


Distribution from underlying fund 553,925$ 1,937$ Annua l i zed MER cap 1 2.71% 2.60%Real i zed gain on sa le of investments 361,734 916,875 Expense before waiver 392,338$ 227,619$ Increase in unrea l i zed MER before wa iver 2.77% 2.60%

appreciation of investments 4,520,617 3,773,489 Expense a fter waiver 383,964$ 227,619$ 5,436,276 4,692,301 MER after waiver 2.71% 2.60%

Expenses Series 2 Management fees 1,210,015 773,201 Annua l i zed MER cap 1 2.89% 2.80%Insurance fees 292,497 154,759 Expense before waiver 1,234,258$ 796,428$ Other adminis trative expenses 99,541 96,088 MER before wa iver 2.96% 2.80%

1,602,053 1,024,048 Expense a fter waiver 1,208,338$ 796,429$ Net income attributable to unitholders 3,834,223$ 3,668,253$ MER after waiver 2.89% 2.80%


Series 2 0.47 0.60 Opening ba lance as a t January 1st 5,231 - Purchases during the period 212,799 - Redemptions during the period (1,027) - Clos ing balance as at June 30 217,003 -


Premium depos i ts 30,905,799 20,980,200 Purchases during the period 629,832 363,522 Net income attributable to uni tholders 3,834,223 3,668,253 Redemptions during the period (177,312) (87,065)

133,339,315 91,331,696 Clos ing balance as at June 30 2,302,064 1,558,615 Withdrawals 8,843,949 5,646,737 Series 2

Net assets, end of the period 124,495,366$ 85,684,959$ Opening ba lance as at January 1st 5,706,939 4,293,723 Number of units outstanding Purchases during the period 1,457,096 1,342,186

Invest Series 4 217,003 - Redemptions during the period (468,446) (374,119) Series 1 2,302,064 1,558,615 Clos ing balance as at June 30 6,695,589 5,261,790 Series 2 6,695,589 5,261,790



Annual Management Fee RBC Select Balanced Portfolio Fund, Series OInves t Series 4 1.95% - Number of uni ts 4,685,581 3,899,385 Series 1 2.20% 2.20% Cost 111,840,190$ 90,432,433$ Series 2 2.30% 2.30% Fund owned 81.8202% 80.3615%

Annual Insurance Fee (Limit) Fa i r va lue, a l l Level 1 (note 10) 124,653,783$ 98,725,408$ Inves t Series 4 0.20 (0.70) % - Fa i r va lue per uni t 26.60$ 25.32$ Series 1 0.40 (0.80) % 0.30 (0.80) %Series 2 0.50 (0.90) % 0.40 (0.90) %



Unaudited interim financial statements of RBC Select Balanced GIP



RBC Bond Fund 20.5% RBC QUBE Canadian Equity Fund 3.2%Province of Ontario 3.450% Jun 2 45 3.6% CVS Health Corp. 3.3%Province of Ontario 3.500% Jun 2 43 2.6% Blackstone Group LP 3.1%Province of Ontario 2.850% Jun 2 23 2.2% Union Paci fic Corp. 3.0%Province of Ontario 4.600% Jun 2 39 2.2% Wil l iams Companies Inc. 3.0%Province of Ontario 4.650% Jun 2 41 2.1% AbbVie Inc. 3.0%

RBC European Equity Fund 7.6% RBC Global Dividend Growth Fund 2.8%Uni lever Plc. 4.4% CVS Health Corp. 3.3%Elsevier N.V. 4.0% Blackstone Group LP 3.1%Novo Nordisk A/S 3.8% Union Paci fic Corp. 3.0%Roche Holdings AG Genusscheine 3.7% Wil l iams Companies Inc. 3.0%Dai ly Mai l & Genera l Trust Plc. 3.4% AbbVie Inc. 3.0%

RBC Global Corporate Bond Fund 7.1% RBC Global Equi ty Focus Fund 2.8%BlueBay Emerging Markets Corporate Bond Fund 2.5% Toyota Motor Corp. 3.6%RBC Emerging Markets Bond Fund 2.4% Uni tedHealth Group Incorporated 3.6%Cash & Cash Equiva lents 1.3% Firs t Republ ic Bank 3.5%RBC Emerging Markets Foreign Exchange Fund 0.8% TJX Companies Inc. 3.5%Buoni Pol iennal i Del Tesoro EUR 2.500% Dec 1 24 0.7% HDFC Bank Ltd. ADR 3.5%

RBC U.S. Equity Fund 5.4% RBC Global Bond Fund 2.7%RBC U.S. Mid-Cap Value Equi ty Fund 4.4% BlueBay Emerging Markets Corpora te Bond Fund 4.8%RBC U.S. Mid-Cap Equity Fund 4.3% Cash & Cash Equiva lents 4.4%Apple Inc. 3.9% Japan Government Twenty Year JPY 1.600% Jun 20 30 4.3%Microsoft Corp. 2.4% Uni ted States Treasury 0.250% May 15 16 3.6%JPMorgan Chase & Co. 2.3% Bundesrepubl ik Deutschland EUR 0.500% Feb 15 25 3.5%

RBC QUBE U.S. Equity Fund 5.4% BlueBay Global Monthly Income Bond Fund 2.6%Apple Inc. 5.0% Cash & Cash Equiva lents 10.3%Citigroup Inc. 3.7% Nota Do Tesouro Nacional BRL 10.000% Jan 1 17 4.9%Microsoft Corp. 3.4% Republ ic of South Africa ZAR 10.500% Dec 21 26 1.7%Altria Group Inc. 3.1% Colombian TES COP 10.000% Jul 24 24 1.2%The Kroger Co. 2.9% Indones ia Treasury IDR 8.375% Mar 15 24 1.1%

RBC Canadian Dividend Fund 5.3% RBC U.S. Mid-Cap Equity Fund 2.5%Royal Bank of Canada 6.8% Under Armour Inc., Class A 2.5%Toronto-Dominion Bank 6.2% O'Rei l ly Automotive Inc. 2.0%Bank of Nova Scotia 5.7% Tractor Supply Co. 2.0%Cash & Cash Equiva lents 5.6% Signature Bank 2.0%Brookfield Asset Management Inc., Class A 4.1% Henry Schein Inc. 1.9%

RBC Private Canadian Equity Pool 5.3% RBC As ia Paci fic ex-Japan Equity Fund 2.2%Royal Bank of Canada 6.2% Baidu.com Inc. ADR 4.5%Bank of Nova Scotia 4.5% CSL Ltd. 3.5%RBC Canadian Smal l & Mid-Cap Resources Fund 4.3% AIA Group Ltd. 3.5%Toronto-Dominion Ba nk 4.0% Tencent Holdings Ltd. 3.4%Canadia n National Ra i lway Co. 3.5% Shinhan Financia l Group Co. Ltd. 3.3%

Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 5.0% RBC Japanese Equity Fund 1.3%Apple Inc. 3.2% Toyota Motor Corp. 5.9%Cash & Cash Equiva lents 2.0% Mitsubishi UFJ Financia l Group Inc. 4.6%Microsoft Corp. 1.6% Sumitomo Mitsui Financia l Group Inc. 4.5%CVS Health Corp. 1.4% SoftBank Corp. 4.5%The Wal t Disney Company 1.2% Mizuho Financia l Group Inc. 3.8%

Phi l l ips , Hager & North Tota l Return Bond Fund 4.5% Phi l l ips , Hager & North Canadian Equity Underlying Fund II 1.1%Cash & Cash Equiva lents 8.9% Royal Bank of Canada 6.3%Province of Ontario 6.500% Mar 8 29 7.3% Bank of Nova Scotia 6.0%Province of Ontario 7.600% Jun 2 27 6.3% Toronto-Dominion Bank 5.8%Canada Hous ing Trust No. 1 3.350% Dec 15 20 2.7% Valeant Pharmaceutica ls International Inc. 4.7%Government of Canada 2.500% Jun 1 24 2.6% Manul i fe Financia l Corporation 3.8%

Phi l l ips , Hager & North Canadian Equity Underlying Fund 4.2% Cash & Cash Equiva lents 1.1%Toronto-Dominion Bank 6.9% The S&P/TSX 60 Index Future, September 2015 0.9%Royal Bank of Canada 6.9% RBC Global High Yield Bond Fund 0.9%Bank of Nova Scotia 5.4% BlueBay Emerging Markets Corporate Bond Fund 4.1%Valeant Pharmaceutica l s International Inc. 5.3% Cash & Cash Equiva lents 1.6%Manul i fe Financia l Corporation 4.1% Uni ted States Treasury 2.500% May 15 24 1.2%

RBC Emerging Markets Equity Fund 3.5% Corp Nacional del Cobre de Chi le USD 3.875% Nov 3 21 1.1%Housing Development Finance Corp. 4.2% Republ ic of Panama USD 7.125% Jan 29 26 1.0%Taiwan Semiconductor Manufacturing Co. Ltd. 4.0% The S&P 500 Mini Index Future, September 2015 0.7%Samsung Electronics Co. Ltd. 3.6% RBC Emerging Markets Smal l -Cap Equi ty Fund 0.5%SM Investments Corp. 3.2% Del ta Electronics Thai land PCL 3.9%Naspers Ltd. 3.1% WuXi PharmaTech Cayman Inc. ADR 3.8%

Securi ty Bank Corp. 3.4%Sino Biopharmaceutica l Ltd. 3.1%Marico Ltd. 3.0%


Unaudited interim financial statements of RBC Select Balanced GIP (continued)





Net Asset Value attributable to unitholders 10.59$ 10.15$ 13.77$ 13.22$ 12.11$ 10.69$ 10.00$ Net assets attributable to unitholders ($ '000) 2,299$ 53$ 31,701$ 24,446$ 15,523$ 10,532$ 9,277$ Net Income (loss ) ($ '000) (24)$ -$ 932$ 1,721$ 1,589$ 683$ (249)$ Premium depos i ts ($ '000) 2,281$ 53$ 8,776$ 10,315$ 5,591$ 2,744$ 3,319$ Withdrawals ($ '000) 11$ -$ 2,453$ 3,113$ 2,188$ 2,172$ 2,545$ Number of units outs tanding 217,003 5,231 2,302,064 1,849,544 1,282,158 984,870 927,425



Net Asset Value attributable to unitholders 13.52$ 12.98$ 11.92$ 10.55$ 9.89$ Net assets attributable to unitholders ($ '000) 90,495$ 74,100$ 51,160$ 36,312$ 30,182$ Net Income (loss ) ($ '000) 2,926$ 5,387$ 5,229$ 2,147$ (801)$ Premium depos i ts ($ '000) 19,849$ 27,267$ 15,468$ 9,311$ 12,619$ Withdrawals ($ '000) 6,380$ 9,714$ 5,849$ 5,327$ 5,112$ Number of units outs tanding 6,695,589 5,706,939 4,293,723 3,442,777 3,052,181








November 2014.

Series 2


Unaudited interim financial statements of RBC Select Balanced GIP (continued)



Cash 125,086$ 30,382$ Net income attributable to unitholders 1,939,719$ 1,612,686$ Investments in underlying fund at fa i r va lue 48,112,447 38,724,243 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net ga ins on investments (2,626,240) (2,069,950) Accounts receivable - uni tholders 2,500 - Change in other assets (7,479) 42,753 Accounts receivable - sa le of investments - - Change in other l i abi l i ties 47,625 (8,647) Due from RBC Li fe Insurance Company 10,571 3,582 Purchases of investments (10,071,478) (5,224,619) Other 1,658 3,668 Proceeds from sa les of investments 3,309,514 1,443,881


Bank indebtedness - - Dis tributions to the uni tholders - - Other l i abi l i ties Proceeds from issue of uni ts 12,111,899 6,561,217

Accrued expenses 236,723 189,098 Redemption of uni ts (4,608,856) (2,155,613) Accounts payable - uni tholders - - Cash provided by (used in) financing activi ties 7,503,043 4,405,604 Accounts payable - purchase of investments - - Increase (decrease) in cash 94,704 201,708 Other - - Cash at beginning of period 30,382 13,866

236,723 189,098 Bank indebtedness at end of period 125,086$ 215,574$ Net assets attributable to unitholders 48,015,539$ 38,572,777$

Net assets attributable to unitholders per uni t For the s i x months period ended June 30, 2015 2014


Series 2 4 13.29 12.65 Annual ized MER cap 1 2.63% - Expense before waiver 4,635$ -$ MER before waiver 2.72% - Expense after waiver 4,482$ -$

For the s ix months period ended June 30, 2015 2014 MER a fter waiver 2.63% - Income Series 1

Dis tribution from underlying fund 2,463$ 275$ Annual ized MER cap 1 2.93% 2.84%Real ized ga in on sa le of investments 500,592 483,065 Expense before waiver 138,682$ 81,114$ Increase in unrea l i zed MER before waiver 2.98% 2.84%

appreciation of investments 2,125,648 1,586,885 Expense after waiver 136,232$ 81,114$ 2,628,703 2,070,225 MER a fter waiver 2.93% 2.84%

Expenses Series 2 Management fees 451,028 287,255 Annual ized MER cap 1 3.16% 3.07%Insurance fees 164,534 96,933 Expense before waiver 557,930$ 376,425$ Other adminis trative expenses 73,422 73,351 MER before waiver 3.22% 3.07%

688,984 457,539 Expense after waiver 548,270$ 376,425$ Net income attributable to unitholders 1,939,719$ 1,612,686$ MER a fter waiver 3.16% 3.07%

Net income attributable to unitholders per uni tInvest Series 4 0.08$ -$ Sales and redemption of units (note 9)Series 1 0.60 0.64 Invest Series 4

Series 2 0.58 0.63 Opening ba lance as at January 1s t 1,042 - Purchases during the period 51,407 - Redemptions during the period (1,849) - Clos ing ba lance as at June 30 50,600 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 38,572,777$ 27,810,974$ Opening ba lance as at January 1s t 625,605 455,296

Premium depos i ts 12,111,899 6,561,217 Purchases during the period 186,106 110,771 Net income attributable to unitholders 1,939,719 1,612,686 Redemptions during the period (52,239) (42,190)

52,624,395 35,984,877 Clos ing ba lance as at June 30 759,472 523,877 Withdrawals 4,608,856 2,155,613 Series 2

Net assets, end of the period 48,015,539$ 33,829,264$ Opening ba lance as at January 1s t 2,412,255 1,943,542 Number of uni ts outs tanding Purchases during the period 674,179 438,501

Invest Series 4 50,600 - Redemptions during the period (288,647) (138,991) Series 1 759,472 523,877 Clos ing ba lance as at June 30 2,797,787 2,243,052 Series 2 2,797,787 2,243,052



Annual Management Fee RBC Select Growth Portfolio Fund, Series OInvest Series 4 1.94% - Number of uni ts 1,674,414 1,438,595 Series 1 2.25% 2.25% Cost 41,524,493$ 34,261,937$ Series 2 2.35% 2.35% Fund owned 88.6365% 89.0882%

Annual Insurance Fee (Limit) Fa i r va lue, a l l Level 1 (note 10) 48,112,447$ 38,724,243$ Invest Series 4 0.40 (0.90) % - Fa i r va lue per unit 28.73$ 26.92$ Series 1 0.60 (1.00) % 0.50 (1.00) %Series 2 0.70 (1.10) % 0.60 (1.10) %



Unaudited interim financial statements of RBC Select Growth GIP



RBC Bond Fund 9.9% Phi l l ips , Hager & North Canadian Growth Fund 4.1%Province of Ontario 3.450% Jun 2 45 3.6% Roya l Bank of Canada 6.0%Province of Ontario 3.500% Jun 2 43 2.6% Toronto-Dominion Bank 5.3%Province of Ontario 2.850% Jun 2 23 2.2% Bank of Nova Scotia 4.2%Province of Ontario 4.600% Jun 2 39 2.2% Valeant Pharmaceutica ls Internationa l Inc. 4.2%Province of Ontario 4.650% Jun 2 41 2.1% Cash & Cash Equivalents 4.1%

RBC European Equi ty Fund 9.5% RBC U.S. Mid-Cap Equi ty Fund 3.8%Uni lever Plc. 4.4% Under Armour Inc., Class A 2.5%Elsevier N.V. 4.0% O'Rei l ly Automotive Inc. 2.0%Novo Nordisk A/S 3.8% Tractor Supply Co. 2.0%Roche Holdings AG Genusscheine 3.7% Signature Bank 2.0%Dai ly Mai l & Genera l Trust Plc. 3.4% Henry Schein Inc. 1.9%

RBC Globa l Corporate Bond Fund 6.5% RBC QUBE Canadian Equi ty Fund 3.0%BlueBay Emerging Markets Corporate Bond Fund 2.5% Roya l Bank of Canada 6.9%RBC Emerging Markets Bond Fund 2.4% Valeant Pharmaceutica ls Internationa l Inc. 5.5%Cash & Cash Equiva lents 1.3% Suncor Energy Inc. 4.7%RBC Emerging Markets Foreign Exchange Fund 0.8% Bank of Nova Scotia 3.8%Buoni Pol ienna l i Del Tesoro EUR 2.500% Dec 1 24 0.7% Canadian Nationa l Ra i lway Co. 3.6%

RBC QUBE U.S. Equi ty Fund 6.4% RBC Global Bond Fund 2.5%Apple Inc. 5.0% BlueBay Emerging Markets Corporate Bond Fund 4.8%Citigroup Inc. 3.7% Cash & Cash Equivalents 4.4%Microsoft Corp. 3.4% Japan Government Twenty Year JPY 1.600% Jun 20 30 4.3%Altria Group Inc. 3.1% United States Treasury 0.250% May 15 16 3.6%The Kroger Co. 2.9% Bundesrepubl ik Deutschland EUR 0.500% Feb 15 25 3.5%

RBC Private Canadian Equi ty Pool 6.2% Phi l l ips , Hager & North Tota l Return Bond Fund 2.4%Roya l Bank of Canada 6.2% Cash & Cash Equivalents 8.9%Bank of Nova Scotia 4.5% Province of Ontario 6.500% Mar 8 29 7.3%RBC Canadian Smal l & Mid-Cap Resources Fund 4.3% Province of Ontario 7.600% Jun 2 27 6.3%Toronto-Dominion Bank 4.0% Canada Hous ing Trust No. 1 3.350% Dec 15 20 2.7%Canadian Nationa l Rai lway Co. 3.5% Government of Canada 2.500% Jun 1 24 2.6%

Phi l l ips , Hager & North Canadian Equity Underlying Fund 6.0% RBC As ia Paci fi c ex-Japan Equi ty Fund 2.4%Toronto-Dominion Bank 6.9% Baidu.com Inc. ADR 4.5%Royal Bank of Canada 6.9% CSL Ltd. 3.5%Bank of Nova Scotia 5.4% AIA Group Ltd. 3.5%Valeant Pharmaceutica ls Internationa l Inc. 5.3% Tencent Holdings Ltd. 3.4%Manul i fe Financia l Corporation 4.1% Shinhan Financia l Group Co. Ltd. 3.3%

Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equi ty Fund 5.9% RBC Japanese Equi ty Fund 1.8%Apple Inc. 3.2% Toyota Motor Corp. 5.9%Cash & Cash Equiva lents 2.0% Mitsubishi UFJ Financia l Group Inc. 4.6%Microsoft Corp. 1.6% Sumitomo Mitsui Financia l Group Inc. 4.5%CVS Hea l th Corp. 1.4% SoftBank Corp. 4.5%The Walt Disney Company 1.2% Mizuho Financia l Group Inc. 3.8%

RBC U.S. Equity Fund 5.4% BlueBay Globa l Monthly Income Bond Fund 1.6%RBC U.S. Mid-Cap Va lue Equi ty Fund 4.4% Cash & Cash Equivalents 10.3%RBC U.S. Mid-Cap Equity Fund 4.3% Nota Do Tesouro Naciona l BRL 10.000% Jan 1 17 4.9%Apple Inc. 3.9% Republ ic of South Africa ZAR 10.500% Dec 21 26 1.7%Microsoft Corp. 2.4% Colombian TES COP 10.000% Jul 24 24 1.2%JPMorgan Chase & Co. 2.3% Indones ia Treasury IDR 8.375% Mar 15 24 1.1%

RBC Emerging Markets Equi ty Fund 4.5% RBC Emerging Markets Smal l -Cap Equi ty Fund 1.1%Hous ing Development Finance Corp. 4.2% Delta Electronics Tha i land PCL 3.9%Taiwan Semiconductor Manufacturing Co. Ltd. 4.0% WuXi PharmaTech Cayman Inc. ADR 3.8%Samsung Electronics Co. Ltd. 3.6% Securi ty Bank Corp. 3.4%SM Investments Corp. 3.2% Sino Biopharmaceutica l Ltd. 3.1%Naspers Ltd. 3.1% Marico Ltd. 3.0%

RBC Globa l Dividend Growth Fund 4.5% Cash & Cash Equiva lents 1.1%CVS Hea l th Corp. 3.3% RBC Emerging Markets Dividend Fund 1.0%Blackstone Group LP 3.1% China Construction Bank Corp. 4.1%Union Paci fi c Corp. 3.0% Samsung Electronics Co. Ltd. 4.0%Wi l l iams Companies Inc. 3.0% Taiwan Semiconductor Manufacturing Co. Ltd. 3.6%AbbVie Inc. 3.0% Bank of China Ltd. 3.5%

RBC Globa l Equi ty Focus Fund 4.4% China Mobi le (Hong Kong) Ltd. 2.7%Toyota Motor Corp. 3.6% The S&P 500 Mini Index Future, September 2015 0.8%UnitedHealth Group Incorporated 3.6% The S&P/TSX 60 Index Future, September 2015 0.4%Firs t Republ ic Bank 3.5%TJX Companies Inc. 3.5%HDFC Bank Ltd. ADR 3.5%

RBC Canadian Dividend Fund 4.2%Roya l Bank of Canada 6.8%Toronto-Dominion Bank 6.2%Bank of Nova Scotia 5.7%Cash & Cash Equiva lents 5.6%Brookfield Asset Management Inc., Class A 4.1%


Unaudited interim financial statements of RBC Select Growth GIP (continued)





Net Asset Value attributable to unitholders 10.69$ 10.15$ 13.56$ 12.88$ 11.75$ 10.03$ 9.33$ Net assets attributable to unitholders ($ '000) 541$ 11$ 10,296$ 8,058$ 5,347$ 4,343$ 3,886$ Net Income (loss ) ($ '000) 3$ -$ 411$ 577$ 763$ 299$ (251)$ Premium depos i ts ($ '000) 548$ 11$ 2,540$ 3,223$ 1,320$ 688$ 1,302$ Withdrawals ($ '000) 20$ -$ 714$ 1,089$ 1,078$ 531$ 780$ Number of units outs tanding 50,600 1,042 759,472 625,605 455,296 432,820 416,533



Net Asset Value attributable to unitholders 13.29$ 12.65$ 11.56$ 9.89$ 9.22$ Net assets attributable to unitholders ($ '000) 37,179$ 30,504$ 22,464$ 17,986$ 16,855$ Net Income (loss ) ($ '000) 1,526$ 2,402$ 3,100$ 1,242$ (1,076)$ Premium depos i ts ($ '000) 9,024$ 9,358$ 4,923$ 3,087$ 6,303$ Withdrawals ($ '000) 3,875$ 3,720$ 3,546$ 3,199$ 2,113$ Number of units outs tanding 2,797,787 2,412,255 1,943,542 1,817,856 1,827,858








November 2014.

Series 2


Unaudited interim financial statements of RBC Select Growth GIP (continued)



Cash 41,343$ 54,102$ Net income attributable to unitholders 612,683$ 505,174$ Investments in underlying fund at fa i r va lue 13,131,912 9,946,412 Add (deduct) to convert net income toOther assets a cash bas is

Accrued income dis tribution from investments - - Net ga ins on investments (812,242) (659,450) Accounts receivable - unitholders - - Change in other assets (1,822) 10,468 Accounts receivable - sa le of investments - - Change in other l iabi l i ties 12,420 (3,473) Due from RBC Li fe Insurance Company 6,265 2,433 Purchases of investments (3,639,541) (1,776,067) Other 1,658 3,668 Proceeds from sa les of investments 1,266,283 806,209



Accrued expenses 73,359 60,939 Redemption of units (1,338,998) (857,669) Accounts payable - unitholders - - Cash provided by (used in) financing activi ties 2,549,460 1,066,557 Accounts payable - purchase of investments - - Increase (decrease) in cash (12,759) (50,582) Other - - Cash at beginning of period 54,102 50,099

73,359 60,939 Bank indebtedness at end of period 41,343$ (483)$ Net assets attributable to unitholders 13,107,819$ 9,945,676$

Net assets a ttributable to unitholders per unit For the s ix months period ended June 30, 2015 2014


Series 2 4 12.74 12.00 Annua l ized MER cap 1 2.73% - Expense before waiver 2,198$ -$ MER before waiver 3.07% - Expense after waiver 1,960$ -$


Dis tribution from underlying fund 185$ 4$ Annua l ized MER cap 1 3.17% 3.06%Rea l ized ga in on sa le of investments 233,805 230,609 Expense before waiver 32,786$ 20,020$ Increase in unreal ized MER before waiver 3.29% 3.06%


Expenses Series 2 Management fees 102,245 73,162 Annua l ized MER cap 1 3.47% 3.40%Insurance fees 58,520 41,769 Expense before waiver 171,923$ 134,260$ Other adminis trative expenses 38,979 39,349 MER before waiver 3.59% 3.40%

199,744 154,280 Expense after waiver 166,189$ 134,260$ Net income attributable to unitholders 612,683$ 505,174$ MER after waiver 3.47% 3.40%

Net income (loss ) a ttributable to uni tholders per uni tInvest Series 4 (0.31)$ -$ Sales and redemption of units (note 9)Series 1 0.66 0.65 Invest Series 4

Series 2 0.75 0.61 Opening ba lance as at January 1st 500 - Purchases during the period 26,011 - Redemptions during the period - - Clos ing ba lance as at June 30 26,511 -

For the s ix months period ended June 30, 2015 2014 Series 1Net assets , beginning of the period 9,945,676$ 8,235,560$ Opening ba lance as at January 1st 149,173 124,561

Premium depos i ts 3,888,458 1,924,226 Purchases during the period 23,442 14,925 Net income attributable to uni tholders 612,683 505,174 Redemptions during the period (15,047) (34,332)

14,446,817 10,664,960 Clos ing ba lance as at June 30 157,568 105,154 Wi thdrawals 1,338,998 857,669 Series 2

Net assets, end of the period 13,107,819$ 9,807,291$ Opening ba lance as at January 1st 675,682 627,137 Number of uni ts outstanding Purchases during the period 257,929 156,284

Invest Series 4 26,511 - Redemptions during the period (88,797) (41,653) Series 1 157,568 105,154 Clos ing ba lance as at June 30 844,814 741,768 Series 2 844,814 741,768



Annual Management Fee RBC Select Aggressive Growth Portfolio Fund, Series OInvest Series 4 1.87% - Number of units 1,050,259 860,372 Series 1 2.35% 2.35% Cost 11,073,191$ 8,466,128$ Series 2 2.40% 2.40% Fund owned 89.2570% 88.4395%

Annual Insurance Fee (Limit) Fa ir va lue, a l l Level 1 (note 10) 13,131,912$ 9,946,412$ Invest Series 4 0.55 (1.05) % - Fa i r va lue per unit 12.50$ 11.56$ Series 1 0.75 (1.15) % 0.65 (1.15) %Series 2 0.95 (1.35) % 0.85 (1.35) %



Unaudited interim financial statements of RBC Select Aggressive Growth GIP



RBC European Equi ty Fund 12.5% RBC Global Equi ty Focus Fund 4.5%Uni lever Plc. 4.4% Toyota Motor Corp. 3.6%Elsevier N.V. 4.0% UnitedHealth Group Incorporated 3.6%Novo Nordisk A/S 3.8% Firs t Republ ic Bank 3.5%Roche Holdings AG Genusscheine 3.7% TJX Companies Inc. 3.5%Dai ly Mai l & General Trust Plc. 3.4% HDFC Bank Ltd. ADR 3.5%

Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equi ty Fund 8.7% RBC As ia Paci fi c ex-Japan Equi ty Fund 3.0%Apple Inc. 3.2% Baidu.com Inc. ADR 4.5%Cash & Cash Equiva lents 2.0% CSL Ltd. 3.5%Microsoft Corp. 1.6% AIA Group Ltd. 3.5%CVS Heal th Corp. 1.4% Tencent Holdings Ltd. 3.4%The Walt Disney Company 1.2% Shinhan Financia l Group Co. Ltd. 3.3%

RBC QUBE U.S. Equi ty Fund 8.0% RBC Japanese Equi ty Fund 2.2%Apple Inc. 5.0% Toyota Motor Corp. 5.9%Citigroup Inc. 3.7% Mitsubishi UFJ Financia l Group Inc. 4.6%Microsoft Corp. 3.4% Sumitomo Mitsui Financia l Group Inc. 4.5%Altria Group Inc. 3.1% SoftBank Corp. 4.5%The Kroger Co. 2.9% Mizuho Financia l Group Inc. 3.8%

RBC Private Canadian Equi ty Pool 7.8% RBC Emerging Markets Smal l -Cap Equi ty Fund 1.5%Royal Bank of Canada 6.2% Delta Electronics Tha i land PCL 3.9%Bank of Nova Scotia 4.5% WuXi PharmaTech Cayman Inc. ADR 3.8%RBC Canadian Smal l & Mid-Cap Resources Fund 4.3% Securi ty Bank Corp. 3.4%Toronto-Dominion Bank 4.0% Sino Biopharmaceutica l Ltd. 3.1%Canadian Nationa l Ra i lway Co. 3.5% Marico Ltd. 3.0%

RBC U.S. Equi ty Fund 7.0% RBC Emerging Markets Dividend Fund 1.4%RBC U.S. Mid-Cap Value Equi ty Fund 4.4% China Construction Bank Corp. 4.1%RBC U.S. Mid-Cap Equi ty Fund 4.3% Samsung Electronics Co. Ltd. 4.0%Apple Inc. 3.9% Taiwan Semiconductor Manufacturing Co. Ltd. 3.6%Microsoft Corp. 2.4% Bank of China Ltd. 3.5%JPMorgan Chase & Co. 2.3% China Mobi le (Hong Kong) Ltd. 2.7%

Phi l l ips , Hager & North Canadian Equi ty Underlying Fund 6.7% Cash & Cash Equiva lents 1.0%Toronto-Dominion Bank 6.9% The S&P 500 Mini Index Future, September 2015 1.0%Royal Bank of Canada 6.9% The S&P/TSX 60 Index Future, September 2015 0.6%Bank of Nova Scotia 5.4% Phi l l ips , Hager & North Canadian Equi ty Underlying Fund II 0.5%Valeant Pharmaceutica ls Internationa l Inc. 5.3% Royal Bank of Canada 6.3%Manul i fe Financia l Corporation 4.1% Bank of Nova Scotia 6.0%

RBC Emerging Markets Equi ty Fund 6.1% Toronto-Dominion Bank 5.8%Housing Development Finance Corp. 4.2% Valeant Pharmaceutica ls International Inc. 4.7%Taiwan Semiconductor Manufacturing Co. Ltd. 4.0% Manul i fe Financia l Corporation 3.8%Samsung Electronics Co. Ltd. 3.6% Mini MSCI Emerging Markets Index Future, September 2015 0.1%SM Investments Corp. 3.2% Mini MSCI EAFE Index Future, September 2015 0.1%Naspers Ltd. 3.1%

RBC U.S. Mid-Cap Equi ty Fund 6.1%Under Armour Inc., Class A 2.5%O'Rei l ly Automotive Inc. 2.0%Tractor Supply Co. 2.0%Signature Bank 2.0%Henry Schein Inc. 1.9%

Phi l l ips , Hager & North Canadian Growth Fund 5.9%Royal Bank of Canada 6.0%Toronto-Dominion Bank 5.3%Bank of Nova Scotia 4.2%Valeant Pharmaceutica ls Internationa l Inc. 4.2%Cash & Cash Equiva lents 4.1%

RBC QUBE Canadian Equity Fund 5.8%Royal Bank of Canada 6.9%Valeant Pharmaceutica ls Internationa l Inc. 5.5%Suncor Energy Inc. 4.7%Bank of Nova Scotia 3.8%Canadian Nationa l Ra i lway Co. 3.6%

RBC Canadian Dividend Fund 4.9%Royal Bank of Canada 6.8%Toronto-Dominion Bank 6.2%Bank of Nova Scotia 5.7%Cash & Cash Equiva lents 5.6%Brookfield Asset Management Inc., Class A 4.1%

RBC Global Dividend Growth Fund 4.6%CVS Heal th Corp. 3.3%Blackstone Group LP 3.1%Union Paci fic Corp. 3.0%Wil l iams Companies Inc. 3.0%AbbVie Inc. 3.0%


Unaudited interim financial statements of RBC Select Aggressive Growth GIP (continued)





Net Asset Value attributable to unitholders 10.82$ 10.15$ 13.07$ 12.29$ 11.14$ 9.02$ 8.27$ Net assets attributable to unitholders ($ '000) 287$ 5$ 2,059$ 1,833$ 1,388$ 999$ 851$ Net Income (loss ) ($ '000) (4)$ -$ 116$ 141$ 254$ 83$ (87)$ Premium depos i ts ($ '000) 286$ 5.0$ 309$ 762$ 520$ 343$ 195$ Withdrawals ($ '000) -$ -$ 199$ 458$ 384$ 278$ 71$ Number of units outs tanding 26,511 500 157,568 149,173 124,560 110,751 102,900



Net Asset Value attributable to unitholders 12.74$ 12.00$ 10.92$ 8.88$ 8.17$ Net assets attributable to unitholders ($ '000) 10,762$ 8,108$ 6,848$ 4,957$ 5,288$ Net Income (loss ) ($ '000) 501$ 730$ 1,187$ 424$ (549)$ Premium depos i ts ($ '000) 3,293$ 3,268$ 1,174$ 553$ 1,813$ Withdrawals ($ '000) 1,140$ 2,738$ 471$ 1,308$ 701$ Number of units outs tanding 844,814 675,682 627,137 558,560 647,361








November 2014.

Series 2


Unaudited interim financial statements of RBC Select Aggressive Growth GIP (continued)

RBC GUARANTEED INVESTMENT FUNDS Notes to the Financial Statements June 30, 2015

Page 61 of 65

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: 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 (fund commenced operations on November 7, 2014) RBC Balanced Growth and Income GIF (fund commenced operations on November 7, 2014) RBC Global Equity GIF (fund commenced operations on November 7, 2014) RBC Emerging Markets Dividend GIF (fund commenced operations on November 7, 2014) Portfolios: RBC Select Conservative GIP RBC Select Balanced GIP RBC Select Growth GIP RBC Select Aggressive Growth GIP

Both the Funds and 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”). All investment transactions with the corresponding underlying RBC GAM managed mutual funds are at quoted market values. The Manager’s registered office is located at 6880 Financial Dr., Mississauga, Ontario L5N 7Y5, Canada. The Funds pay management fees and insurance fees to RBC Life Insurance Company as presented in the Statements of Comprehensive Income of each Fund and as detailed in the supplementary information disclosed alongside the financial statements. Some of the Funds will invest in units of only one underlying mutual fund managed by RBC GAM, while others, referred to in these financial statements as “Portfolios”, will invest in units of underlying portfolios, also managed by RBC GAM.

2. BASIS OF PRESENTATION

These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). These financial statements have been prepared in accordance with IFRS. The Canadian dollar is the functional and presentation currency of the Funds.

RBC GUARANTEED INVESTMENT FUNDS

Notes to the unaudited interim financial statements – June 2015 Page 62 of 65

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies:

a) Investments

The investments in underlying mutual funds are valued on each business date at their published closing net asset value. Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation or depreciation in value of investments are calculated on an average cost basis.

Investments are recorded at their fair value. Underlying mutual funds are valued on each business day at their net asset value as reported by the fund manager. The fair value of investments is measured using closing prices, in the same manner in which the daily net asset value per unit is measured for unit holder transaction purposes.

b) Income recognition

Distributions from investments are recorded when declared by the underlying mutual fund.

c) Net asset value per unit

Net asset value 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.

d) Net income per unit

Net income 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 average number of units outstanding at the end of the year.

e) 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. The most significant estimates relate to the fair valuation of investments. However, all investments are level 1 (refer to note 10). Actual results may differ from these estimates.

f) Expenses of funds

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.

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.

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, 2015 and December 31, 2014 and groups the underlying mutual funds by their nature. The Funds do not manage their underlying mutual funds and therefore the 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.



4. FINANCIAL INSTRUMENTS RISK (continued)

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 market 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 period ended June 30, 2015 and during the year ended December 31, 2014, 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.

For the period ended June 30, 2015 and during the year ended December 31, 2014, 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.

As at June 30, 2015 and December 31, 2014, 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 and groups the underlying mutual funds by their nature to indicate those underlying mutual funds which invest in interest bearing financial instruments.

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, 2015 and December 31, 2014, 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.



4. FINANCIAL INSTRUMENTS RISK (continued)

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, 2015 and December 31, 2014, the Funds are exposed to the market risk of the underlying mutual funds.

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 the investment objectives and strategies as detailed in the Funds’ Information Folders. The Information Folders also detail the specific risks that the underlying mutual funds could be exposed to. Such risks 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.

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 Unitholders. 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 market 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

In addition to the management and insurance fees, the Funds also bear all operating and administrative expenses including legal and audit fees. The management expense ratio (“MER”) is all of the expenses of the Fund expressed as a percentage of the Fund’s average net asset value.

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 unit holders reside. Since each Fund will have unit holders 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 unit holder assets. Therefore the blended rate is likely to be different for each Fund.

The RBC Life Insurance Company may absorb/waive certain expenses of the Funds when the aggregate expenses exceeded a certain percentage (“MER cap”) of the average daily net asset value of each Series of the Funds. In the case of the money market fund the management fee may be waived/reduced when rates increase in accordance with RBC’s administrative rules. The waiver may be terminated by RBC at any time in accordance with its administrative rules. Included in Due from RBC Life Insurance Company, in the Statements of Financial Position, are balances of expenses absorbed by RBC Life Insurance Company. The MER of a Fund is subject to change without prior notification.



9. SUMMARY OF SALES AND REDEMPTIONS OF UNITS

Units of the Fund series, which are redeemable at the option of the unit holder in accordance with the provisions of the Information Folder, 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.

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, 2015 and December 31, 2014, the investments in underlying mutual fund by each of the Fund’s are classified as Level 1.

11. RELATED PARTY TRANSACTIONS

During the periods ended June 30, 2015 and the year ended December 31, 2014, management fees and insurance fees were paid to RBC Life Insurance Company as disclosed in Note 7 and presented separately in the Statements of Comprehensive Income of each Fund. As at December 31, 2014 and December 31, 2013, the management fees and insurance fees payable to RBC Life Insurance Company are presented separately in the Statements of Financial Position of each Fund.

During the periods ended June 30, 2015 and the year ended December 31, 2014, the Funds did not pay any expenses to RBC GAM.

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. VPS95513 102863 (10/2015)

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