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Unaudited Financial Statements RBC Guaranteed Investment Funds
June 30, 2019
Page
Financial Statements and Supplementary Information
Individual Funds and Portfolios 1 – 66
Notes to the Financial Statements 67 – 74
RBC GUARANTEED INVESTMETN FUNDS Page 3 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 263,214$ 120,168$
Investments in underlying fund at fa i r va lue 35,833,055 47,315,132 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - 63,921 Net ga ins on investments - -
Accounts receivable - contractholders - - Change in other assets 61,273 (2,609)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (1,543) (3,704)
Due from RBC Li fe Insurance Company 10,228 7,606 Purchases of investments (17,422,280) (22,396,101)
Other 681 655 Proceeds from sa les of investments 28,904,357 16,016,901
35,843,964 47,387,314 Cash provided by (used in) oeprating activi ties 11,805,021 (6,265,345)
Liabilities Financing activities
Bank indebtedness 136,774 98,319 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 25,003,594 28,565,422
Accrued expenses 33,463 35,006 Redemption of units (36,847,070) (22,506,817)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (11,843,476) 6,058,605
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (38,455) (206,740)
Other - - Cash/bank indebtedness at beginning of period (98,319) 154,341
170,237 133,325 Cash/bank indebtedness at end of period (136,774)$ (52,399)$
Net assets attributable to contractholders 35,673,727$ 47,253,989$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 10.27$ 10.20$ ExpensesSeries 1 11.41 11.34 Annual Management fee and Other adminis tration expenses
Series 2 10.13 10.07 Invest Series 0.53% 0.53%
Series 1 1.00% 1.00%
Series2 1.08% 1.08%
Annual Insurance Fee (Limit)
Invest Series 0.10 (0.60) % 0.10 (0.60) %
For the s ix month ended June 30, 2019 2018 Series 1 0.10 (0.60) % 0.10 (0.60) %
Income Series2 0.12 (0.60) % 0.12 (0.60) %
Distribution from underlying fund 400,169$ 216,765$
Real ized ga in on sa le of investments - - Sales and redemption of unitsChange in unreal ized ga in/loss of investments - - Invest Series
400,169 216,765 Opening ba lance as at January 1st 1,465,900 360,004
Expenses Purchases during the period 775,810 396,602
Management fees 85,515 54,748 Redemptions during the period (1,075,510) (323,857)
Insurance fees 21,334 14,953 Clos ing ba lance as at June 30th 1,166,200 432,749
Other adminis trative expenses 87,983 76,121 Series 1
194,832 145,822 Opening ba lance as at January 1st 2,628,702 1,874,938
Less : Expenses waived 57,877 49,225 Purchases during the period 1,426,839 2,177,195
Expenses after waiver 136,955 96,597 Redemptions during the period (2,137,518) (1,710,438)
Net income (loss) attributable to contractholders 263,214$ 120,168$ Clos ing ba lance as at June 30th 1,918,023 2,341,695
Net income (loss ) attributable to contractholders per unit Series 2
Invest Series 0.07$ 0.05$ Opening ba lance as at January 1st 248,262 -
Series 1 0.08 0.05 Purchases during the period 82,210 7,635
Series 2 0.06 0.01 Redemptions during the period (152,285) (286)
Clos ing ba lance as at June 30th 178,187 7,349
As at June 30, 2019 Dec 31, 2018
Investment in underlying fund at fair valueFor the s ix month ended June 30, 2019 2018 Level 1 35,833,055$ 47,315,132$
Net assets , beginning of the period 47,253,989$ 24,672,457$
Premium depos i ts 25,003,594 28,565,422 Schedule of investment in underlying fundNet income (loss ) attributable to contractholders 263,214 120,168 RBC Canadian Money Market Fund, Series O
72,520,797 53,358,047 Number of units 3,583,306 4,731,513
Withdrawals 36,847,070 22,506,817 Cost 35,833,055$ 47,315,132$
Net assets, end of the period 35,673,727$ 30,851,230$ Percentage held in underlying fund 1.7252% 2.4877%
Number of units outstanding Fair va lue 35,833,055$ 47,315,132$
Invest Series 1,166,200 432,749
Series 1 1,918,023 2,341,695
Series 2 178,187 7,349
The accompanying notes are an integral part of these financial statements.
RBC Canadian Money Market GIF
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC GUARANTEED INVESTMENT FUNDS Page 4 of 74
Unaudited interim financial statements of
RBC Canadian Money Market Fund
Bank of Montreal 1.828% Jul 2 2019 3.5% Bank of Nova Scotia 1.801% Jul 18 2019 1.5%
Toronto-Dominion Bank 1.828% Jul 2 2019 3.1% Bank of Nova Scotia 1.849% Aug 21 2019 1.5%
Enbridge Pipel ines Inc. 2.013% Jul 30 2019 2.6% HSBC Bank Canada 2.290% Jul 23 2019 1.5%
Clari ty Trust 1.950% Jan 3 2020 2.3% Bay Street Funding Trust - Class A 1.950% Dec 10 2019 1.5%
Fus ion Trust 1.950% Jan 3 2020 2.2% BNP Paribas Capita l Trust 1.889% Jul 31 2019 1.5%
Canadian Imperia l Bank of Commerce 2.049% Aug 28 2019 2.2% SURE Trust 2.161% Aug 23 2019 1.5%
SURE Trust 2.050% Sep 16 2019 2.1% Bank of Nova Scotia 1.819% Oct 29 2019 1.5%
Rel iant Trust 2.291% Jul 23 2019 1.9% Canadian Imperia l Bank of Commerce 1.850% Feb 6 2020 1.4%
Canadian Imperia l Bank of Commerce 1.950% Jan 27 2020 1.8% Toronto-Dominion Bank 1.727% Jul 31 2019 1.4%
Toronto-Dominion Bank 1.809% Sep 18 2019 1.7% National Bank of Canada 2.005% Jul 12 2019 1.4%
Bank of Montreal 1.841% Jul 24 2019 1.7% Province of New Brunswick 1.772% Aug 27 2019 1.3%
Canadian Imperia l Bank of Commerce 2.045% Jul 8 2019 1.7% SAFE Trust - Series 1996-1 1.869% Sep 30 2019 1.3%
Prime Trust - Senior Notes 1.911% Aug 20 2019 1.6% 45.7%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 10.27$ 10.20$ 10.09$ 10.06$ 10.04$ 11.41$ 11.34$ 11.22$ 11.18$ 11.16$
Net assets attributable to contractholders ($ '000) 11,980$ 14,955$ 3,634$ 5,067$ 3,433$ 21,889$ 29,800$ 21,038$ 19,661$ 16,577$
Net Income (loss ) ($ '000) 79$ 51$ 14$ 8$ 2$ 174$ 250$ 74$ 36$ 33$
Premium depos i ts ($ '000) 7,941$ 17,895$ 6,834$ 6,660$ 4,245$ 16,232$ 43,998$ 34,810$ 34,166$ 24,046$
Withdrawals ($ '000) 10,995$ 6,624$ 8,281$ 5,034$ 903$ 24,316$ 35,489$ 33,507$ 31,118$ 21,312$
Number of units outstanding 1,166,200 1,465,900 360,004 503,825 342,017 1,918,023 2,628,702 1,874,938 1,758,427 1,485,538
Management expense ratio 1 0.69% 0.68% 0.70% 0.69% 0.69% 0.71% 0.71% 0.71% 0.70% 0.70%
Management expense before waiver 1.15% 1.18% 1.27% 1.21% 1.32% 0.94% 0.99% 1.03% 0.97% 1.14%
Portfol io turnover rate of the underlying fund 2 - - - - - - - - - -
Net Asset Value attributable to contractholders 10.13$ 10.07$
Net assets attributable to contractholders ($ '000) 1,805$ 2,499$
Net Income (loss ) ($ '000) 10$ 7$
Premium depos i ts ($ '000) 831$ 3,567$
Withdrawals ($ '000) 1,536$ 1,074$
Number of units outstanding 178,187 248,262
Management expense ratio 1 0.81% 0.80%
Management expense before waiver 1.20% 1.29%
Portfol io turnover rate of the underlying fund 2 - -
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Financial highlights for the years 2015, 2014 and 2013 are based on IFRS and for the year 2012 is based on CGAAP.
3 Invest series commenced operations on November 7, 2014.
4 Series 2 commenced operations on May 7, 2018.
RBC Canadian Money Market GIF (continued)
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of
the securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
The
comparativ
e data for
the year
2017 not
ava i lable
as Series 2
was
introduced
in 2018.
The
comparativ
e data for
the year
2016 not
ava i lable
as Series 2
was
introduced
in 2018.
The
comparativ
e data for
the year
2015 not
ava i lable
as Series 2
was
introduced
in 2018.
Series 2 4
RBC GUARANTEED INVESTMENT FUNDS Page 5 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 114$ Net income (loss ) attributable to contractholders 88,609$ (31,859)$
Investments in underlying fund at fa i r va lue 4,183,937 5,258,121 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net losses on investments (78,640) 42,511
Accounts receivable - contractholders - - Change in other assets 565 (1,593)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (4,992) (7,877)
Due from RBC Li fe Insurance Company 4,701 5,292 Purchases of investments (497,985) (1,855,118)
Other 703 677 Proceeds from sa les of investments 1,650,809 3,738,037
4,189,341 5,264,204 Cash provided by (used in) oeprating activi ties 1,158,366 1,884,101
Liabilities Financing activities
Bank indebtedness 6,248 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 589,214 1,645,456
Accrued expenses 20,213 25,205 Redemption of units (1,753,942) (3,697,916)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (1,164,728) (2,052,460)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (6,362) (168,359)
Other - - Cash/bank indebtedness at beginning of period 114 163,053
26,461 25,205 Cash/bank indebtedness at end of period (6,248)$ (5,306)$
Net assets attributable to contractholders 4,162,880$ 5,238,999$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 10.12$ 9.92$ ExpensesSeries 1 11.85 11.63 Annual Management fee and Other adminis tration expenses
Series 2 9.95 9.77 Invest Series 1.35% 1.35%
Series 1 1.60% 1.60%
Series 2 1.41% 1.41%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.25 (0.75) % 0.25 (0.75) %
Income Series 1 0.35 (0.65) % 0.35 (0.65) %
Distribution from underlying fund 57,769$ 70,875$ Series 2 0.55 (1.05) % 0.55 (1.05) %
Real ized loss on sa le of investments (3,593) (76,406)
Change in unreal ized ga in/loss of investments 82,233 33,895 Sales and redemption of units136,409 28,364 Invest Series
Expenses Opening balance as at January 1st 23,863 38,256
Management fees 24,754 30,553 Purchases during the period 10,332 4,495
Insurance fees 10,870 14,142 Redemptions during the period (607) (18,216)
Other adminis trative expenses 43,946 48,086 Clos ing ba lance as at June 30th 33,588 24,535
79,570 92,781 Series 1
Less : Expenses waived 31,770 32,558 Opening ba lance as at January 1st 199,484 237,951
Expenses after waiver 47,800 60,223 Purchases during the period 12,645 17,147
Net income (loss) attributable to contractholders 88,609$ (31,859)$ Redemptions during the period (17,246) (31,221)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 194,883 223,877
Invest Series 0.20$ (0.03)$ Series 2
Series 1 0.22 (0.06) Opening ba lance as at January 1st 274,512 395,948
Series 2 0.19 (0.06) Purchases during the period 34,308 143,610
Redemptions during the period (156,823) (322,952)
Clos ing ba lance as at June 30th 151,997 216,606
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 5,238,999$ 7,036,691$ Investment in underlying fund at fair valuePremium depos i ts 589,214 1,645,456 Level 1 4,183,937$ 5,258,121$
Net income (loss ) attributable to contractholders 88,609 (31,859)
5,916,822 8,650,288 Schedule of investment in underlying fundWithdrawals 1,753,942 3,697,916 RBC Canadian Short-Term Income Fund, Series O
Net assets, end of the period 4,162,880$ 4,952,372$ Number of units 392,585 501,484
Number of units outstanding Cost 4,163,336 5,319,753
Invest Series 33,588 24,535 Percentage held in underlying fund 0.0674% 0.0932%
Series 1 194,883 223,877 Fa i r va lue 4,183,937$ 5,258,121$
Series 2 151,997 216,606
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Canadian Short-Term Income GIF
RBC GUARANTEED INVESTMENT FUNDS Page 6 of 74
Unaudited interim financial statements of
RBC Canadian Short-Term Income Fund
Government of Canada 0.500% Mar 1 2022 3.9% Government of Canada 1.500% Jun 1 2023 1.5%
Cash & Cash Equiva lents 2.8% Canada Hous ing Trust No. 1 2.650% Mar 15 2022 1.4%
Province of Ontario 2.850% Jun 2 2023 2.6% Canada Hous ing Trust No. 1 1.750% Jun 15 2022 1.3%
Government of Canada 2.250% Mar 1 2024 2.3% Province of Manitoba 1.550% Sep 5 2021 1.3%
Canada Hous ing Trust No. 1 2.900% Jun 15 2024 2.2% Province of Ontario 2.100% Sep 8 2019 1.2%
Province of Ontario 1.350% Mar 8 2022 2.1% Bank of Montreal 2.270% Jul 11 2022 1.2%
Province of Quebec 3.500% Dec 1 2022 2.1% HSBC Bank Canada 3.245% Sep 15 2023 1.2%
Canada Hous ing Trust No. 1 1.250% Jun 15 2021 1.9% Toronto-Dominion Bank 3.005% May 30 2023 1.2%
Province of Quebec 4.500% Dec 1 2020 1.8% Government of Canada 2.000% Sep 1 2023 1.2%
Province of Ontario 2.300% Sep 8 2024 1.8% Government of Canada 0.750% Sep 1 2020 1.1%
Canada Hous ing Trust No. 1 3.350% Dec 15 2020 1.8% National Bank of Canada 1.809% Jul 26 2021 1.1%
Province of Ontario 4.000% Jun 2 2021 1.7% Toronto-Dominion Bank 2.850% Mar 8 2024 1.1%
Government of Canada 1.750% Mar 1 2023 1.6% 43.400%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 10.12$ 9.92$ 9.92$ 10.06$ 10.10$ 11.85$ 11.63$ 11.66$ 11.85$ 11.93$
Net assets attributable to contractholders ($ '000) 340$ 237$ 379$ 340$ 563$ 2,310$ 2,320$ 2,775$ 5,284$ 5,997$
Net Income (loss ) ($ '000) 6$ -$ (6)$ (1)$ (12)$ 45$ (8)$ (41)$ (35)$ 32$
Premium depos i ts ($ '000) 103$ 48$ 249$ 363$ 1,966$ 148$ 455$ 200$ 777$ 1,969$
Withdrawals ($ '000) 6$ 191$ 203$ 585$ 1,396$ 203$ 900$ 2,668$ 1,454$ 2,243$
Number of units outstanding 33,588 23,863 38,256 33,840 55,709 194,883 199,484 237,951 445,905 502,869
Management expense ratio 1 1.78% 1.81% 1.79% 1.73% 1.82% 2.07% 2.06% 2.02% 2.03% 2.04%
Management expense before waiver 3.38% 3.29% 2.94% 2.45% 2.36% 3.18% 3.02% 2.62% 2.29% 2.24%
Portfol io turnover rate of the underlying fund 2 27.91% 27.63% 28.17% 30.90% 30.67% 27.91% 27.63% 28.17% 30.90% 30.67%
Net Asset Value attributable to contractholders 9.95$ 9.77$ 9.81$ 9.98$ 10.06$
Net assets attributable to contractholders ($ '000) 1,513$ 2,682$ 3,883$ 1,295$ 1,764$
Net Income (loss ) ($ '000) 38$ (10)$ (32)$ (12)$ (6)$
Premium depos i ts ($ '000) 338$ 2,909$ 4,980$ 1,608$ 2,331$
Withdrawals ($ '000) 1,545$ 4,100$ 2,361$ 2,065$ 566$
Number of units outstanding 151,997 274,512 395,948 129,822 175,468
Management expense ratio 1 2.18% 2.17% 2.18% 2.16% 2.22%
Management expense before waiver 3.89% 3.72% 3.41% 3.06% 2.97%
Portfol io turnover rate of the underlying fund 2 27.91% 27.63% 28.17% 30.90% 30.67%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series and Series 2 commenced operations on November 7, 2014.
RBC Canadian Short-Term Income GIF (continued)
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
Series 2 3
RBC GUARANTEED INVESTMENT FUNDS Page 7 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 7,627$ Net income (loss ) attributable to contractholders 1,000,025$ (126,857)$
Investments in underlying fund at fa i r va lue 18,141,519 16,769,556 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (884,153) 248,355
Accounts receivable - contractholders - - Change in other assets (184) (445)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (5,107) (10,588)
Due from RBC Li fe Insurance Company 1,703 1,545 Purchases of investments (2,920,993) (1,366,431)
Other 626 600 Proceeds from sa les of investments 2,433,183 3,354,781
18,143,848 16,779,328 Cash provided by (used in) oeprating activi ties (377,229) 2,098,815
Liabilities Financing activities
Bank indebtedness 34,547 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 3,054,647 1,247,176
Accrued expenses 28,423 33,530 Redemption of units (2,719,592) (3,368,883)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 335,055 (2,121,707)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (42,174) (22,892)
Other - - Cash/bank indebtedness at beginning of period 7,627 (364)
62,970 33,530 Cash/bank indebtedness at end of period (34,547)$ (23,256)$
Net assets attributable to contractholders 18,080,878$ 16,745,798$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.34$ 10.68$ ExpensesSeries 1 15.26 14.40 Annual Management fee and Other adminis tration expenses
Series 2 11.11 10.49 Invest Series 1.34% 1.34%
Series 1 1.60% 1.60%
Series 2 1.42% 1.42%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.25 (0.75) % 0.25 (0.75) %
Income Series 1 0.35 (0.65) % 0.35 (0.65) %
Distribution from underlying fund 285,806 324,193$ Series 2 0.55 (1.05) % 0.55 (1.05) %
Real ized ga in on sa le of investments 15,424 (51,769)
Change in unreal ized ga in/loss of investments 868,729 (196,586) Sales and redemption of units1,169,959 75,838 Invest Series
Expenses Opening balance as at January 1st 236,145 232,682
Management fees 84,085 103,762 Purchases during the period 99,175 33,467
Insurance fees 32,653 39,020 Redemptions during the period (69,935) (20,189)
Other adminis trative expenses 64,012 71,055 Clos ing ba lance as at June 30th 265,385 245,960
180,750 213,837 Series 1
Less : Expenses waived 10,816 11,142 Opening ba lance as at January 1st 875,385 1,158,988
Expenses after waiver 169,934 202,695 Purchases during the period 70,194 24,690
Net income (loss) attributable to contractholders 1,000,025$ (126,857)$ Redemptions during the period (124,636) (193,735)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 820,943 989,943
Invest Series 0.66$ (0.05)$ Series 2
Series 1 0.86 (0.10) Opening ba lance as at January 1st 154,601 194,154
Series 2 0.64 (0.05) Purchases during the period 84,102 51,439
Redemptions during the period (9,949) (36,360)
Clos ing ba lance as at June 30th 228,754 209,233
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 16,745,798$ 21,380,609$ Investment in underlying fund at fair valuePremium depos i ts 3,054,647 1,247,176 Level 1 18,141,519$ 16,769,556$
Net income (loss ) attributable to contractholders 1,000,025 (126,857)
20,800,470 22,500,928 Schedule of investment in underlying fundWithdrawals 2,719,592 3,373,883 RBC Bond Fund, Series O
Net assets, end of the period 18,080,878$ 19,127,045$ Number of units 2,561,023 2,493,132
Number of units outstanding Cost 17,648,935 17,145,701
Invest Series 265,385 245,960 Percentage held in underlying fund 0.0843% 0.0844%
Series 1 820,943 989,943 Fa i r va lue 18,141,519$ 16,769,556$
Series 2 228,754 209,233
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Bond GIF
RBC GUARANTEED INVESTMENT FUNDS Page 8 of 74
Unaudited interim financial statements of RBC Bond GIF (continued)
RBC Bond Fund
Cash & Cash Equiva lents 4.2% Province of Ontario 2.850% Jun 2 2023 1.4%
Province of Ontario 3.450% Jun 2 2045 2.8% Government of Canada 1.500% Jun 1 2026 1.4%
Province of Ontario 3.500% Jun 2 2043 2.2% Province of Quebec 2.750% Sep 1 2028 1.3%
Province of Ontario 2.900% Jun 2 2049 2.2% Province of Ontario 3.500% Jun 2 2024 1.3%
Province of Ontario 2.900% Dec 2 2046 2.2% Province of Quebec 2.750% Sep 1 2027 1.2%
Province of Ontario 2.600% Jun 2 2027 2.1% Province of Quebec 3.000% Sep 1 2023 1.2%
Province of Ontario 2.600% Jun 2 2025 2.0% BlueBay Emerging Markets Corporate Bond Fund 1.1%
Province of Ontario 4.600% Jun 2 2039 1.8% Government of Canada 1.000% Jun 1 2027 1.0%
Government of Canada 2.750% Dec 1 2048 1.7% Province of Ontario 4.000% Jun 2 2021 1.0%
Province of Ontario 4.650% Jun 2 2041 1.6% RBC Emerging Markets Foreign Exchange Fund 1.0%
Province of Ontario 2.400% Jun 2 2026 1.5% Province of Quebec 5.000% Dec 1 2041 0.9%
Province of Ontario 2.800% Jun 2 2048 1.5% Province of Quebec 3.750% Sep 1 2024 0.9%
Province of Ontario 2.900% Jun 2 2028 1.5% 41.0%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.34$ 10.68$ 10.74$ 10.57$ 10.41$ 15.26$ 14.40$ 14.52$ 14.33$ 14.14$
Net assets attributable to contractholders ($ '000) 3,009$ 2,522$ 2,500$ 2,403$ 867$ 12,529$ 12,602$ 16,824$ 21,362$ 21,415$
Net Income (loss ) ($ '000) 163$ (21)$ 62$ (7)$ 7$ 724$ (158)$ 223$ 201$ 323$
Premium depos i ts ($ '000) 1,093$ 785$ 1,783$ 1,873$ 861$ 1,047$ 779$ 2,741$ 6,439$ 6,102$
Withdrawals ($ '000) 770$ 740$ 1,748$ 331$ 68$ 1,843$ 4,845$ 7,501$ 6,693$ 4,236$
Number of units outstanding 265,385 236,145 232,682 227,268 83,336 820,943 875,385 1,158,988 1,491,121 1,514,186
Management expense ratio 1 1.78% 1.79% 1.76% 1.75% 1.69% 2.05% 2.05% 2.06% 2.05% 2.04%
Management expense before waiver 2.20% 2.17% 2.00% 1.94% 1.89% 2.05% 2.06% 2.16% 2.20% 2.21%
Portfol io turnover rate of the underlying fund 2 22.75% 19.42% 22.22% 22.46% 22.38% 22.75% 19.42% 22.22% 22.46% 22.38%
Net Asset Value attributable to contractholders 11.11$ 10.49$ 10.59$ 10.47$ 10.34$
Net assets attributable to contractholders ($ '000) 2,543$ 1,622$ 2,057$ 1,192$ 1,062$
Net income (loss ) ($ '000) 113$ (22)$ 16$ 12$ (8)$
Premium depos i ts ($ '000) 915$ 634$ 1,477$ 631$ 1,159$
Withdrawals ($ '000) 107$ 1,046$ 628$ 513$ 97$
Number of units outstanding 228,754 154,601 194,154 113,908 102,713
Management expense ratio 1 2.21% 2.20% 2.19% 2.15% 2.09%
Management expense before waiver 2.74% 2.69% 2.53% 2.44% 2.39%
Portfol io turnover rate of the underlying fund 2 22.75% 19.42% 22.22% 22.46% 22.38%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series and Series 2 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
Series 2 3
RBC GUARANTEED INVESTMENT FUNDS Page 9 of 74
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 381$ 739$ Net income (loss ) attributable to contractholders 314,674$ (21,956)$
Investments in underlying fund at fa i r va lue 5,428,259 6,075,805 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (282,941) 56,104
Accounts receivable - contractholders - - Change in other assets 123 (748)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (5,230) (7,103)
Due from RBC Li fe Insurance Company 3,469 3,618 Purchases of investments (583,887) (964,024)
Other 705 679 Proceeds from sa les of investments 1,514,374 1,551,149
5,432,814 6,080,841 Cash provided by (used in) oeprating activi ties 957,113 613,422
Liabilities Financing activities
Bank indebtedness - - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 586,075 947,583
Accrued expenses 14,752 19,982 Redemption of units (1,543,546) (1,563,931)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (957,471) (616,348)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (358) (2,926)
Other - - Cash/bank indebtedness at beginning of period 739 (26)
14,752 19,982 Cash/bank indebtedness at end of period 381$ (2,952)$
Net assets attributable to contractholders 5,418,062$ 6,060,859$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.14$ 10.55$ ExpensesSeries 1 12.47 11.84 Annual Management fee and Other adminis tration expenses
Series 2 10.93 10.38 Invest Series 1.34% 1.34%
Series 1 1.60% 1.60%
Series 2 1.44% 1.44%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.25 (0.75) % 0.25 (0.75) %
Income Series 1 0.35 (0.65) % 0.35 (0.65) %
Distribution from underlying fund 92,340$ 102,876$ Series 2 0.55 (1.05) % 0.55 (1.05) %
Real ized ga in (loss ) on sa le of investments 5,097 (50,876)
Change in unreal ized ga in/loss of investments 277,844 (5,228) Sales and redemption of units375,281 46,772 Invest Series
Expenses Opening balance as at January 1st 45,532 32,902
Management fees 27,480 28,758 Purchases during the period 3,624 15,063
Insurance fees 11,485 13,120 Redemptions during the period (4,125) (2,656)
Other adminis trative expenses 43,083 47,219 Clos ing ba lance as at June 30th 45,031 45,309
82,048 89,097 Series 1
Less : Expenses waived 21,441 20,369 Opening ba lance as at January 1st 439,128 513,204
Expenses after waiver 60,607 68,728 Purchases during the period 30,833 65,348
Net income (loss) attributable to contractholders 314,674$ (21,956)$ Redemptions during the period (121,331) (102,804)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 348,630 475,748
Invest Series 0.58$ (0.01)$ Series 2
Series 1 0.63 (0.04) Opening ba lance as at January 1st 36,865 55,136
Series 2 0.57 (0.03) Purchases during the period 16,041 2,319
Redemptions during the period (910) (31,204)
Clos ing ba lance as at June 30th 51,996 26,251
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 6,060,859$ 7,035,880$ Investment in underlying fund at fair valuePremium depos i ts 586,075 947,583 Level 1 5,428,259$ 6,075,805$
Net income (loss ) attributable to contractholders 314,674 (21,956)
6,961,608 7,961,507 Schedule of investment in underlying fundWithdrawals 1,543,546 1,564,067 PH&N Total Return Bond Fund, Series O
Net assets, end of the period 5,418,062$ 6,397,440$ Number of units 467,901 548,670
Number of units outstanding Cost 5,359,630 6,285,020
Invest Series 45,031 45,309 Percentage held in underlying fund 0.0574% 0.0722%
Series 1 348,630 475,748 Fa i r va lue 5,428,259$ 6,075,805$
Series 2 51,996 26,251
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC PH&N Total Return Bond GIF
RBC GUARANTEED INVESTMENT FUNDS Page 10 of 74
Unaudited interim financial statements of
Phi l l ips , Hager & North Tota l Return Bond Fund
Government of Canada 2.250% Mar 1 2024 4.3% Government of Canada 2.750% Dec 1 2048 1.4%
Government of Canada 2.250% Jun 1 2029 4.1% Province of Quebec 8.500% Apr 1 2026 1.4%
Canada Hous ing Trust No. 1 2.400% Dec 15 2022 3.4% Province of Quebec 3.100% Dec 1 2051 1.4%
Canada Hous ing Trust No. 1 1.750% Jun 15 2022 3.3% Government of Canada 2.000% Sep 1 2023 1.1%
Government of Canada 1.500% Aug 1 2021 2.6% Province of Alberta 2.200% Jun 1 2026 0.9%
Cash & Cash Equiva lents 2.4% Province of Manitoba 2.850% Sep 5 2046 0.9%
Province of Ontario 3.500% Jun 2 2043 2.4% Bank of Montreal 1.610% Oct 28 2021 0.9%
Province of Ontario 6.200% Jun 2 2031 2.3% Province of Alberta 3.300% Dec 1 2046 0.9%
Province of Ontario 4.600% Jun 2 2039 2.3% Province of Ontario 2.600% Jun 2 2027 0.8%
Province of Ontario 2.900% Jun 2 2049 2.3% Province of Ontario 8.500% Dec 2 2025 0.8%
Province of Ontario 3.500% Jun 2 2024 1.9% Province of Ontario 2.600% Jun 2 2025 0.8%
Province of Ontario 5.600% Jun 2 2035 1.8% Government of Canada 2.000% Jun 1 2028 0.8%
Canada Hous ing Trust No. 1 2.350% Jun 15 2023 1.4% 46.6%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.14$ 10.55$ 10.58$ 10.48$ 10.37$ 12.47$ 11.84$ 11.91$ 11.84$ 11.75$
Net assets attributable to contractholders ($ '000) 501$ 480$ 348$ 537$ 146$ 4,349$ 5,198$ 6,112$ 9,004$ 8,534$
Net Income (loss ) ($ '000) 26$ (1)$ 2$ (9)$ (1)$ 266$ (37)$ 44$ 70$ 131$
Premium depos i ts ($ '000) 39$ 216$ 198$ 582$ 146$ 375$ 944$ 433$ 2,590$ 1,560$
Withdrawals ($ '000) 44$ 83$ 389$ 182$ 28$ 1,490$ 1,821$ 3,370$ 2,190$ 1,334$
Number of units outstanding 45,031 45,532 32,902 51,195 14,072 348,630 439,128 513,204 760,710 726,436
Management expense ratio 1 1.73% 1.74% 1.76% 1.78% 1.79% 2.08% 2.07% 2.08% 2.07% 2.06%
Management expense before waiver 2.87% 2.82% 2.62% 2.39% 2.46% 2.72% 2.65% 2.48% 2.39% 2.48%
Portfol io turnover rate of the underlying fund 2 113.09% 141.40% 99.33% 132.94% 218.83% 113.09% 141.40% 99.33% 132.94% 218.83%
Net Asset Value attributable to contractholders 10.93$ 10.38$ 10.45$ 10.39$ 10.32
Net assets attributable to contractholders ($ '000) 568$ 383$ 576$ 672$ 166$
Net Income (loss ) ($ '000) 23$ -$ (3)$ (19)$ -$
Premium depos i ts ($ '000) 172$ 156$ 348$ 757$ 161$
Withdrawals ($ '000) 10$ 349$ 440$ 232$ -$
Number of units outstanding 51,996 36,865 55,136 64,671 16,070
Management expense ratio 1 2.18% 2.12% 2.12% 2.13% 2.25%
Management expense before waiver 3.43% 3.27% 3.03% 2.82% 3.04%
Portfol io turnover rate of the underlying fund 2 113.09% 141.40% 99.33% 132.94% 218.83%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
34 Invest series and Series 2 commenced operations on November 7, 2014.
RBC PH&N Total Return Bond GIF (continued)
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Series 2 3
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 11 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 164,183$ (15,888)$
Investments in underlying fund at fa i r va lue 4,322,299 3,876,645 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (146,762) 7,252
Accounts receivable - contractholders - - Change in other assets 889 (284)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (3,653) (5,555)
Due from RBC Li fe Insurance Company 3,585 4,500 Purchases of investments (1,468,760) (641,908)
Other 705 679 Proceeds from sa les of investments 1,169,868 462,314
4,326,589 3,881,824 Cash provided by (used in) oeprating activi ties (284,235) (194,069)
Liabilities Financing activities
Bank indebtedness 1,236 1,124 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 1,461,978 689,108
Accrued expenses 21,875 25,528 Redemption of units (1,177,855) (501,471)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 284,123 187,637
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (112) (6,432)
Other - - Cash/bank indebtedness at beginning of period (1,124) (1)
23,111 26,652 Cash/bank indebtedness at end of period (1,236)$ (6,433)$
Net assets attributable to contractholders 4,303,478$ 3,855,172$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.13$ 10.65$ ExpensesSeries 1 14.09 13.51 Annual Management fee and Other adminis tration expenses
Series 2 10.89 10.45 Invest Series 1.55% 1.55%
Series 1 1.80% 1.80%
Series 2 1.62% 1.62%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.40 (0.90) % 0.40 (0.90) %
Income Series 1 0.50 (0.80) % 0.50 (0.80) %
Distribution from underlying fund 61,356$ 30,232$ Series 2 0.70 (1.20) % 0.70 (1.20) %
Real ized ga in (loss ) on sa le of investments (479) (17,610)
Change in unreal ized ga in/loss of investments 147,241 10,358 Sales and redemption of units208,118 22,980 Invest Series
Expenses Opening balance as at January 1st 101,367 40,367
Management fees 20,869 17,345 Purchases during the period 52,822 13,884
Insurance fees 10,413 9,280 Redemptions during the period (56,620) (3,901)
Other adminis trative expenses 39,222 41,204 Clos ing ba lance as at June 30th 97,569 50,350
70,504 67,829 Series 1
Less : Expenses waived 26,569 28,961 Opening ba lance as at January 1st 155,568 139,936
Expenses after waiver 43,935 38,868 Purchases during the period 59,254 30,936
Net income (loss) attributable to contractholders 164,183$ (15,888)$ Redemptions during the period (40,083) (20,781)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 174,739 150,091
Invest Series 0.52$ (0.03)$ Series 2
Series 1 0.59 (0.07) Opening ba lance as at January 1st 64,480 68,688
Series 2 0.44 (0.07) Purchases during the period 6,373 12,291
Redemptions during the period (1,359) (17,515)
Clos ing ba lance as at June 30th 69,494 63,464
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 3,855,172$ 3,031,492$ Investment in underlying fund at fair valuePremium depos i ts 1,461,978 689,108 Level 1 4,322,299$ 3,876,645$
Net income (loss ) attributable to contractholders 164,183 (15,888)
5,481,333 3,704,712 Schedule of investment in underlying fundWithdrawals 1,177,855 501,471 RBC Global Bond Fund, Series O
Net assets, end of the period 4,303,478$ 3,203,241$ Number of units 379,285 353,637
Number of units outstanding Cost 4,238,095 3,939,682
Invest Series 97,569 50,350 Percentage held in underlying fund 0.0498% 0.0505%
Series 1 174,739 150,091 Fa i r va lue 4,322,299$ 3,876,645$
Series 2 69,494 63,464
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Global Bond GIF
RBC GUARANTEED INVESTMENT FUNDS Page 12 of 74
Unaudited interim financial statements of RBC Global Bond GIF (continued)
RBC Global Bond Fund
Euro-Schatz Future, September 2019 4.4% Japan Government Twenty Year JPY 0.400% Mar 20 2039 2.1%
Spain Government EUR 1.150% Jul 30 2020 4.0% Japan Government Twenty Year JPY 0.200% Jun 20 2036 2.1%
Cash & Cash Equiva lents 3.7% United States Treasury 2.500% Feb 15 2045 2.0%
United States 2-Year Note Future, September 2019 3.7% Japan Government Thirty Year JPY 0.300% Jun 20 2046 1.9%
United States Treasury 1.500% Jan 31 2022 2.9% United States Treasury 3.500% Feb 15 2039 1.8%
United States 10-Year Note Future, September 2019 2.8% France O.A.T. EUR 1.250% May 25 2036 1.7%
France O.A.T. EUR 0.500% May 25 2026 2.7% Japan Government Twenty Year JPY 0.600% Sep 20 2037 1.6%
Euro - Bobl Future, September 2019 2.5% Buoni Pol iennal i Del Tesoro EUR 0.450% Jun 1 2021 1.5%
United Kingdom Gi l t GBP 3.250% Jan 22 2044 2.5% United States Treasury 1.750% May 15 2023 1.5%
U.S. Treasury Long Bond Future, September 2019 2.4% Denmark Government DKK 1.500% Nov 15 2023 1.5%
Buoni Pol iennal i Del Tesoro EUR 1.450% Sep 15 2022 2.4% Buoni Pol iennal i Del Tesoro EUR 0.650% Nov 1 2020 1.5%
BlueBay Emerging Markets Corporate Bond Fund 2.3% Spain Government EUR 0.450% Oct 31 2022 1.4%
Belgium Government EUR 2.600% Jun 22 2024 2.2% 59.1%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.13$ 10.65$ 10.60$ 10.52$ 10.22$ 14.09$ 13.51$ 13.48$ 13.42$ 13.09$
Net assets attributable to contractholders ($ '000) 1,085$ 1,080$ 428$ 388$ 191$ 2,461$ 2,101$ 1,886$ 2,629$ 1,612$
Net Income (loss ) ($ '000) 37$ 12$ 2$ -$ 2$ 98$ 4$ 7$ 8$ 8$
Premium depos i ts ($ '000) 575$ 841$ 239$ 428$ 481$ 819$ 853$ 468$ 2,263$ 858$
Withdrawals ($ '000) 607$ 201$ 202$ 231$ 296$ 557$ 642$ 1,217$ 1,254$ 349$
Number of units outstanding 97,569 101,367 40,367 36,896 18,733 174,739 155,568 139,936 195,894 123,131
Management expense ratio 1 2.12% 2.12% 2.15% 2.07% 2.07% 2.45% 2.45% 2.44% 2.45% 2.45%
Management expense before waiver 3.74% 3.93% 4.06% 3.58% 5.19% 3.75% 3.97% 3.99% 3.68% 5.61%
Portfol io turnover rate of the underlying fund 2 70.09% 74.06% 75.51% 59.34% 105.88% 70.09% 74.06% 75.51% 59.34% 105.88%
Net Asset Value attributable to contractholders 10.89$ 10.45$ 10.44$ 10.41$ 10.17
Net assets attributable to contractholders ($ '000) 757$ 674$ 717$ 660$ 334$
Net Income (loss ) ($ '000) 29$ -$ 2$ (3)$ (1)$
Premium depos i ts ($ '000) 68$ 222$ 286$ 669$ 385$
Withdrawals ($ '000) 14$ 266$ 232$ 339$ 56$
Number of units outstanding 69,494 64,480 68,688 63,456 32,830
Management expense ratio 1 2.56% 2.56% 2.60% 2.58% 2.58%
Management expense before waiver 4.34% 4.54% 4.66% 4.28% 5.50%
Portfol io turnover rate of the underlying fund 2 70.09% 74.06% 75.51% 59.34% 105.88%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series and Series 2 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Series 1Invest Series 3
Series 2 3
RBC GUARANTEED INVESTMENT FUNDS Page 13 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 227,457$ (56,145)$
Investments in underlying fund at fa i r va lue 3,129,606 2,680,198 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (183,824) 96,947
Accounts receivable - contractholders - - Change in other assets 188 (1,012)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (2,603) (5,225)
Due from RBC Li fe Insurance Company 4,347 4,556 Purchases of investments (592,476) (499,094)
Other 513 492 Proceeds from sa les of investments 326,892 289,472
3,134,466 2,685,246 Cash provided by (used in) oeprating activi ties (224,366) (175,057)
Liabilities Financing activities
Bank indebtedness 384 1,745 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 572,847 484,245
Accrued expenses 15,641 18,244 Redemption of units (347,120) (310,699)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 225,727 173,546
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 1,361 (1,511)
Other - - Cash/bank indebtedness at beginning of period (1,745) 1,250
16,025 19,989 Cash/bank indebtedness at end of period (384)$ (261)$
Net assets attributable to contractholders 3,118,441$ 2,665,257$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.57$ 10.65$ ExpensesSeries 1 11.81 10.89 Annual Management fee and Other adminis tration expenses
Invest Series 1.50% 1.50%
Series 1 1.80% 1.80%
Annual Insurance Fee (Limit)
Invest Series 0.45 (0.95) % 0.45 (0.95) %
For the s ix month ended June 30, 2019 2018 Series 1 0.55 (0.85) % 0.55 (0.85) %
Income
Distribution from underlying fund 77,609$ 70,824$
Real ized ga in (loss ) on sa le of investments (7,234) (1,736)
Change in unreal ized ga in/loss of investments 191,058 (95,211) Sales and redemption of units261,433 (26,123) Invest Series
Expenses Opening balance as at January 1st 103,503 78,101
Management fees 16,500 14,049 Purchases during the period 30,508 22,788
Insurance fees 7,910 6,994 Redemptions during the period (16,051) (13,609)
Other adminis trative expenses 39,111 39,899 Clos ing ba lance as at June 30th 117,960 87,280
63,521 60,942 Series 1
Less : Expenses waived 29,545 30,920 Opening ba lance as at January 1st 143,538 134,129
Expenses after waiver 33,976 30,022 Purchases during the period 19,833 20,350
Net income (loss) attributable to contractholders 227,457$ (56,145)$ Redemptions during the period (14,857) (14,099)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 148,514 140,380
Invest Series 0.89$ (0.24)$
Series 1 0.91 (0.26)
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 2,665,257$ 2,417,683$ Investment in underlying fund at fair valuePremium depos i ts 572,847 484,245 Level 1 3,129,606$ 2,680,198$
Net income (loss ) attributable to contractholders 227,457 (56,145)
3,465,561 2,845,783 Schedule of investment in underlying fundWithdrawals 347,120 310,699 RBC High Yield Bond Fund, Series O
Net assets, end of the period 3,118,441$ 2,535,084$ Number of units 289,435 265,012
Number of units outstanding Cost 3,124,372 2,866,022
Invest Series 117,960 87,280 Percentage held in underlying fund 0.1570% 0.1594%
Series 1 148,514 140,380 Fa i r va lue 3,129,606$ 2,680,198$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC High Yield Bond GIF
RBC GUARANTEED INVESTMENT FUNDS Page 14 of 74
Unaudited interim financial statements of
RBC High Yield Bond Fund
Cash & Cash Equiva lents 6.3% Avis Budget Car Renta l LLC 5.250% Mar 15 2025 1.1%
CCO Holdings LLC 5.750% Feb 15 2026 2.3% Ford Motor Credit Co. LLC 5.596% Jan 7 2022 1.1%
iShares 0-5 Year High Yield Corporate Bond ETF 1.9% Vistra Operations Co. LLC 5.500% Sep 1 2026 1.1%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF 1.9% Sprint Corp. 7.875% Sep 15 2023 1.0%
Videotron Ltd. 5.750% Jan 15 2026 1.4% Enbridge Inc. USD 5.500% Jul 15 2077 1.0%
Vermi l ion Energy Inc. USD 5.625% Mar 15 2025 1.2% Baytex Energy Corp. USD 5.125% Jun 1 2021 1.0%
HCA Inc. 5.875% Feb 15 2026 1.2% CenturyLink Inc. 7.500% Apr 1 2024 1.0%
Government of Canada 1.000% Jun 1 2027 1.2% T-Mobi le USA Inc. 4.750% Feb 1 2028 0.9%
Hi l ton Domestic Operating Co. Inc. 5.125% May 1 2026 1.2% Ardagh Packaging Finance Plc. USD 4.625% May 15 2023 0.9%
CSC Holdings LLC 5.500% Apr 15 2027 1.2% Superior Plus LP 5.250% Feb 27 2024 0.9%
Tenet Healthcare Corp. 4.625% Jul 15 2024 1.2% United Renta ls North America Inc. 5.875% Sep 15 2026 0.9%
Seven Generations Energy Ltd. USD 5.375% Sep 30 2025 1.2% Cenovus Energy Inc. USD 6.750% Nov 15 2039 0.9%
New Albertson's Inc. 6.625% Jun 15 2024 1.1% 35.1%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.57$ 10.65$ 11.20$ 10.74$ 9.66$ 11.81$ 10.89$ 11.51$ 11.09$ 10.02$
Net assets attributable to contractholders ($ '000) 1,365$ 1,102$ 874$ 318$ 41$ 1,753$ 1,563$ 1,543$ 1,366$ 1,563$
Net Income (loss ) ($ '000) 95$ (51)$ 22$ 15$ (2)$ 132$ (87)$ 51$ 144$ (31)$
Premium depos i ts ($ '000) 345$ 592$ 698$ 276$ 42$ 228$ 423$ 507$ 302$ 381$
Withdrawals ($ '000) 178$ 313$ 163$ 13$ 19$ 169$ 316$ 380$ 645$ 1,241$
Number of units outstanding 117,960 103,503 78,101 29,605 4,218 148,514 143,538 134,129 123,171 156,127
Management expense ratio 1 2.16% 2.14% 2.11% 2.14% 2.19% 2.60% 2.58% 2.58% 2.56% 2.55%
Management expense before waiver 4.51% 4.76% 5.15% 6.25% 5.28% 4.51% 4.77% 5.29% 6.11% 4.93%
Portfol io turnover rate of the underlying fund 2 58.75% 33.78% 35.21% 46.64% 49.04% 58.75% 33.78% 35.21% 46.64% 49.04%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
RBC High Yield Bond GIF (continued)
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 15 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 124,368$ Net income (loss ) attributable to contractholders 3,931,130$ 216,955$
Investments in underlying fund at fa i r va lue 43,111,298 41,122,188 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (3,740,564) (417,379)
Accounts receivable - contractholders - - Change in other assets (152) (303)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (11,167) (6,056)
Due from RBC Li fe Insurance Company 971 845 Purchases of investments (5,276,716) (3,883,519)
Other 705 679 Proceeds from sa les of investments 7,028,170 3,674,318
43,112,974 41,248,080 Cash provided by (used in) oeprating activi ties 1,930,701 (415,984)
Liabilities Financing activities
Bank indebtedness 65,641 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 5,954,232 5,288,724
Accrued expenses 84,601 95,768 Redemption of units (8,074,942) (5,029,001)
Accounts payable - contractholders - 5,000 Cash provided by (used in) financing activi ties (2,120,710) 259,723
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (190,009) (156,261)
Other - - Cash/bank indebtedness at beginning of period 124,368 (1,616)
150,242 100,768 Cash/bank indebtedness at end of period (65,641)$ (157,877)$
Net assets attributable to contractholders 42,962,732$ 41,147,312$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.96$ 10.90$ ExpensesSeries 1 15.10 13.79 Annual Management fee and Other adminis tration expenses
Series 2 11.95 10.92 Invest Series 1.69% 1.89%
Series 1 1.97% 2.25%
Series 2 1.73% 1.93%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.30 (0.80) % 0.30 (0.80) %
Income Series 1 0.40 (0.80) % 0.40 (0.80) %
Distribution from underlying fund 740,467 353,605$ Series 2 0.70 (1.20) % 0.70 (1.20) %
Real ized ga in on sa le of investments 524,987 283,155
Change in unreal ized ga in/loss of investments 3,215,577 134,224 Sales and redemption of units4,481,031 770,984 Invest Series
Expenses Opening balance as at January 1st 188,615 145,468
Management fees 368,831 373,380 Purchases during the period 72,463 68,188
Insurance fees 103,793 104,160 Redemptions during the period (38,714) (49,707)
Other adminis trative expenses 83,961 83,175 Clos ing ba lance as at June 30th 222,364 163,949
556,585 560,715 Series 1
Less : Expenses waived 6,684 6,686 Opening ba lance as at January 1st 2,326,261 2,423,194
Expenses after waiver 549,901 554,029 Purchases during the period 248,762 246,322
Net income (loss) attributable to contractholders 3,931,130$ 216,955$ Redemptions during the period (413,530) (280,763)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 2,161,493 2,388,753
Invest Series 1.04$ 0.06$ Series 2
Series 1 1.34 0.07 Opening ba lance as at January 1st 643,197 584,471
Series 2 1.05 0.08 Purchases during the period 124,335 84,739
Redemptions during the period (126,068) (24,181)
Clos ing ba lance as at June 30th 641,464 645,029
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 41,147,312$ 43,664,073$ Investment in underlying fund at fair valuePremium depos i ts 5,954,232 5,288,724 Level 1 43,111,298$ 41,122,188$
Net income (loss ) attributable to contractholders 3,931,130 216,955
51,032,674 49,169,752 Schedule of investment in underlying fundWithdrawals 8,069,942 4,848,705 RBC Balanced Fund, Series O
Net assets, end of the period 42,962,732$ 44,321,047$ Number of units 2,689,061 2,796,819
Number of units outstanding Cost 39,644,057$ 40,870,524$
Invest Series 222,364 163,949 Percentage held in underlying fund 0.8398% 0.8355%
Series 1 2,161,493 2,388,753 Fa i r va lue 43,111,298$ 41,122,188$
Series 2 641,464 645,029
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Balanced GIF
RBC GUARANTEED INVESTMENT FUNDS Page 16 of 74
Unaudited interim financial statements of
RBC Balanced Fund
RBC Emerging Markets Equity Fund 3.7% Brookfield Asset Management Inc., Class A 1.0%
Royal Bank of Canada 2.3% Province of Ontario 4.700% Jun 2 2037 1.0%
Toronto-Dominion Bank 2.1% Government of Canada 0.500% Mar 1 2022 1.0%
Government of Canada 2.750% Dec 1 2048 2.0% Province of Ontario 2.850% Jun 2 2023 0.9%
Cash & Cash Equiva lents 1.9% TC Energy Corp. 0.9%
Government of Canada 0.750% Sep 1 2021 1.6% RBC Canadian Smal l & Mid-Cap Resources Fund 0.9%
Bank of Nova Scotia 1.5% Province of Ontario 3.450% Jun 2 2045 0.9%
Enbridge Inc. 1.3% Province of Ontario 2.600% Jun 2 2027 0.9%
Canadian National Ra i lway Co. 1.3% Province of Quebec 3.000% Sep 1 2023 0.9%
Province of Ontario 4.650% Jun 2 2041 1.2% Province of Ontario 3.150% Jun 2 2022 0.9%
Province of Ontario 4.600% Jun 2 2039 1.2% Province of Ontario 2.600% Jun 2 2025 0.9%
Suncor Energy Inc. 1.2% Bank of Montreal 0.9%
Hydro-Quebec 6.500% Feb 15 2035 1.0% 33.4%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.96$ 10.90$ 11.46$ 10.73$ 10.05$ 15.10$ 13.79$ 14.55$ 13.67$ 12.87$
Net assets attributable to contractholders ($ '000) 2,660$ 2,056$ 1,667$ 1,071$ 566$ 32,638$ 32,070$ 35,255$ 31,908$ 30,427$
Net Income (loss ) ($ '000) 234$ (118)$ 96$ 60$ (7)$ 3,035$ (1,823)$ 2,131$ 1,866$ (41)$
Premium depos i ts ($ '000) 824$ 1,459$ 1,158$ 594$ 564$ 3,664$ 6,501$ 8,065$ 6,074$ 7,612$
Withdrawals ($ '000) 455$ 952$ 657$ 149$ 3$ 6,131$ 7,862$ 6,849$ 6,459$ 5,377$
Number of units outstanding 222,364 188,615 145,468 99,758 56,263 2,161,493 2,326,261 2,423,194 2,334,375 2,364,867
Management expense ratio 1 2.22% 2.23% 2.25% 2.48% 2.45% 2.59% 2.59% 2.58% 2.79% 2.79%
Management expense before waiver 2.23% 2.24% 2.35% 2.49% 2.46% 2.60% 2.59% 2.68% 2.79% 2.79%
Portfol io turnover rate of the underlying fund 2 23.08% 28.35% 29.14% 31.74% 42.78% 23.08% 28.35% 29.14% 31.74% 42.78%
Net Asset Value attributable to contractholders 11.95$ 10.92$ 11.53$ 10.85$ 10.23$
Net assets attributable to contractholders ($ '000) 7,665$ 7,021$ 6,742$ 5,082$ 2,419$
Net Income (loss ) ($ '000) 662$ (375)$ 360$ 209$ (44)$
Premium depos i ts ($ '000) 1,466$ 1,674$ 2,376$ 2,847$ 2,420$
Withdrawals ($ '000) 1,484$ 1,020$ 1,076$ 393$ 112$
Number of units outstanding 641,464 643,197 584,471 468,269 236,445
Management expense ratio 1 2.70% 2.72% 2.72% 2.97% 2.98%
Management expense before waiver 2.86% 2.86% 2.95% 3.16% 3.20%
Portfol io turnover rate of the underlying fund 2 23.08% 28.35% 29.14% 31.74% 42.78%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series and Series 2 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
RBC Balanced GIF (continued)
Invest Series 3 Series 1
Series 2 3
RBC GUARANTEED INVESTMENT FUNDS Page 17 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 3,505,333$ (233,601)$
Investments in underlying fund at fa i r va lue 38,205,533 35,673,560 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (3,096,447) 762,480
Accounts receivable - contractholders - - Change in other assets (348) (136)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (7,912) (14,681)
Due from RBC Li fe Insurance Company 506 688 Purchases of investments (2,713,370) (3,737,520)
Other 1,209 679 Proceeds from sa les of investments 3,277,844 6,429,057
38,207,248 35,674,927 Cash provided by (used in) oeprating activi ties 965,100 3,205,599
Liabilities Financing activities
Bank indebtedness 14,354 1,044 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 2,651,052 2,583,573
Accrued expenses 71,753 79,665 Redemption of units (3,629,462) (5,807,804)
Accounts payable - contractholders - 1,541 Cash provided by (used in) financing activi ties (978,410) (3,224,231)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (13,310) (18,632)
Other - - Cash/bank indebtedness at beginning of period (1,044) 2,996
86,107 82,250 Cash/bank indebtedness at end of period (14,354)$ (15,636)$
Net assets attributable to contractholders 38,121,141$ 35,592,677$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.23$ 10.19$ ExpensesSeries 1 13.46 12.24 Annual Management fee and Other adminis tration expenses
Series 2 10.98 9.99 Invest Series 1.70% 1.90%
Series 1 1.94% 2.20%
Series 2 1.71% 1.91%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.25 (0.75) % 0.25 (0.75) %
Income Series 1 0.40 (0.80) % 0.40 (0.80) %
Distribution from underlying fund 875,036$ 1,046,001$ Series 2 0.70 (1.20) % 0.70 (1.20) %
Real ized ga in (loss ) on sa le of investments (57,290) (86,530)
Change in unreal ized ga in/loss of investments 3,153,737 (675,950) Sales and redemption of units3,971,483 283,521 Invest Series
Expenses Opening balance as at January 1st 272,536 209,872
Management fees 308,197 343,724 Purchases during the period 70,213 76,530
Insurance fees 86,319 95,770 Redemptions during the period (35,162) (13,084)
Other adminis trative expenses 75,348 82,252 Clos ing ba lance as at June 30th 307,587 273,318
469,864 521,746 Series 1
Less : Expenses waived 3,714 4,624 Opening ba lance as at January 1st 2,300,633 2,733,697
Expenses after waiver 466,150 517,122 Purchases during the period 90,879 98,426
Net income (loss) attributable to contractholders 3,505,333$ (233,601)$ Redemptions during the period (222,424) (330,223)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 2,169,088 2,501,900
Invest Series 1.01$ 0.01$ Series 2
Series 1 1.23 (0.07) Opening ba lance as at January 1st 465,038 566,161
Series 2 0.99 (0.10) Purchases during the period 63,410 51,712
Redemptions during the period (30,525) (134,156)
Clos ing ba lance as at June 30th 497,923 483,717
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 35,592,677$ 44,275,140$ Investment in underlying fund at fair valuePremium depos i ts 2,651,052 2,635,758 Level 1 38,205,533$ 35,673,560$
Net income (loss ) attributable to contractholders 3,505,333 (233,601)
41,749,062 46,677,297 Schedule of investment in underlying fundWithdrawals 3,627,921 5,798,880 PH&N Monthly Income Fund, Series O
Net assets, end of the period 38,121,141$ 40,878,417$ Number of units 3,443,957 3,497,099
Number of units outstanding Cost 38,120,472 38,742,236
Invest Series 307,587 273,318 Percentage held in underlying fund 2.1766% 2.0585%
Series 1 2,169,088 2,501,900 Fa i r va lue 38,205,533$ 35,673,560$
Series 2 497,923 483,717
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC PH&N Monthly Income GIF
RBC GUARANTEED INVESTMENT FUNDS Page 18 of 74
Unaudited interim financial statements of RBC PH&N Monthly Income GIF (continued)
Phi l l ips , Hager & North Monthly Income Fund
RBC High Yield Bond Fund 5.6% Sun Li fe Financia l Inc. 1.2%
Royal Bank of Canada 4.4% Shaw Communications Inc., Class B 1.2%
Toronto-Dominion Bank 4.2% Province of Ontario 3.500% Jun 2 2043 1.2%
Phi l l ips , Hager & North High Yield Bond Fund 4.2% Province of Ontario 6.200% Jun 2 2031 1.1%
Enbridge Inc. 2.8% Suncor Energy Inc. 1.0%
Bank of Nova Scotia 2.4% Canadian Natura l Resources Ltd. 1.0%
Canadian National Ra i lway Co. 2.1% Canadian Paci fic Ra i lway Ltd. 1.0%
Bank of Montreal 1.9% Canada Hous ing Trust No. 1 1.750% Jun 15 2022 1.0%
Brookfield Asset Management Inc., Class A 1.9% Nutrien Ltd. 1.0%
Manul i fe Financia l Corporation 1.5% Waste Connections Inc. 1.0%
Government of Canada 2.250% Mar 1 2024 1.4% Canada Hous ing Trust No. 1 2.350% Jun 15 2023 1.0%
TC Energy Corp. 1.4% TELUS Corp. 0.9%
Al imentation Couche-Tard Inc. 1.2% 47.6%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.23$ 10.19$ 10.88$ 10.49$ 9.37$ 13.46$ 12.24$ 13.14$ 12.72$ 11.41$
Net assets attributable to contractholders ($ '000) 3,453$ 2,777$ 2,284$ 1,085$ 543$ 29,200$ 28,169$ 35,915$ 36,615$ 42,041$
Net Income (loss ) ($ '000) 299$ (187)$ 67$ 79$ (22)$ 2,737$ (2,182)$ 1,149$ 4,133$ (2,695)$
Premium depos i ts ($ '000) 767$ 1,216$ 1,503$ 506$ 430$ 1,203$ 2,027$ 3,934$ 2,895$ 6,191$
Withdrawals ($ '000) 390$ 535$ 370$ 43$ 6$ 2,909$ 7,592$ 5,783$ 12,455$ 15,592$
Number of units outstanding 307,587 272,536 209,872 103,421 57,944 2,169,088 2,300,633 2,733,697 2,878,373 3,684,645
Management expense ratio 1 2.10% 2.11% 2.12% 2.37% 2.32% 2.56% 2.55% 2.55% 2.76% 2.75%
Management expense before waiver 2.10% 2.11% 2.30% 2.60% 2.54% 2.56% 2.56% 2.76% 2.97% 2.93%
Portfol io turnover rate of the underlying fund 2 61.51% 83.16% 84.53% 183.99% 206.03% 61.51% 83.16% 84.53% 183.99% 206.03%
Net Asset Value attributable to contractholders 10.98$ 9.99$ 10.73$ 10.40$ 9.34
Net assets attributable to contractholders ($ '000) 5,468$ 4,647$ 6,076$ 2,617$ 835$
Net Income (loss ) ($ '000) 469$ (372)$ 144$ 149$ (46)$
Premium depos i ts ($ '000) 681$ 861$ 3,857$ 1,941$ 822$
Withdrawals ($ '000) 329$ 1,918$ 542$ 308$ 50$
Number of units outstanding 497,923 465,038 566,161 251,571 89,366
Management expense ratio 1 2.66% 2.65% 2.66% 2.88% 2.94%
Management expense before waiver 2.80% 2.79% 2.91% 3.13% 3.20%
Portfol io turnover rate of the underlying fund 2 61.51% 83.16% 84.53% 183.99% 206.03%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series and Series 2 commenced operations on November 7, 2014.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of
the securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
Invest Series 3 Series 1
Series 2 3
RBC GUARANTEED INVESTMENT FUNDS Page 19 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 55,557$ Net income (loss ) attributable to contractholders 2,703,604$ 309,671$
Investments in underlying fund at fa i r va lue 36,997,053 30,585,485 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (3,129,469) (641,107)
Accounts receivable - contractholders - - Change in other assets (537) (1,781)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 2,651 2,918
Due from RBC Li fe Insurance Company 2,681 2,170 Purchases of investments (6,249,616) (5,516,705)
Other 705 679 Proceeds from sa les of investments 2,967,517 1,710,895
37,000,439 30,643,891 Cash provided by (used in) oeprating activi ties (3,705,850) (4,136,109)
Liabilities Financing activities
Bank indebtedness 46,414 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 7,494,469 6,232,481
Accrued expenses 75,861 73,210 Redemption of units (3,890,590) (1,774,057)
Accounts payable - contractholders - 2,052 Cash provided by (used in) financing activi ties 3,603,879 4,458,424
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (101,971) 322,315
Other - - Cash/bank indebtedness at beginning of period 55,557 (330,315)
122,275 75,262 Cash/bank indebtedness at end of period (46,414)$ (8,000)$
Net assets attributable to contractholders 36,878,164$ 30,568,629$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 12.51$ 11.51$ ExpensesSeries 1 16.04 14.79 Annual Management fee and Other adminis tration expenses
Series 2 12.19 11.25 Invest Series 1.74% 1.94%
Series 1 1.94% 2.30%
Series 2 1.74% 1.94%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.25 (0.75) % 0.25 (0.75) %
Income Series 1 0.40 (0.80) % 0.40 (0.80) %
Distribution from underlying fund 355$ 1,318$ Series 2 0.70 (1.20) % 0.70 (1.20) %
Real ized ga in on sa le of investments 215,544 155,963
Change in unreal ized ga in/loss of investments 2,913,925 485,144 Sales and redemption of units3,129,824 642,425 Invest Series
Expenses Opening balance as at January 1st 452,555 292,377
Management fees 280,680 215,362 Purchases during the period 249,235 98,652
Insurance fees 93,527 75,789 Redemptions during the period (87,197) (22,048)
Other adminis trative expenses 68,599 58,612 Clos ing ba lance as at June 30th 614,593 368,981
442,806 349,763 Series 1
Less : Expenses waived 16,586 17,009 Opening ba lance as at January 1st 669,495 560,704
Expenses after waiver 426,220 332,754 Purchases during the period 182,822 103,542
Net income (loss) attributable to contractholders 2,703,604$ 309,671$ Redemptions during the period (77,074) (40,974)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 775,243 623,272
Invest Series 0.96$ 0.17$ Series 2
Series 1 1.20 0.18 Opening ba lance as at January 1st 1,374,240 1,050,275
Series 2 0.95 0.13 Purchases during the period 136,543 304,890
Redemptions during the period (136,505) (75,329)
Clos ing ba lance as at June 30th 1,374,278 1,279,836
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 30,568,629$ 24,310,119$ Investment in underlying fund at fair valuePremium depos i ts 7,494,469 6,321,155 Level 1 36,997,053$ 30,585,485$
Net income (loss ) attributable to contractholders 2,703,604 309,671
40,766,702 30,940,945 Schedule of investment in underlying fundWithdrawals 3,888,538 1,771,657 RBC Global Balanced Fund, Series O
Net assets, end of the period 36,878,164$ 29,169,288$ Number of units 1,671,307 1,517,310
Number of units outstanding Cost 33,489,391$ 29,991,748$
Invest Series 614,593 368,981 Percentage held in underlying fund 5.2157% 4.5676%
Series 1 775,243 623,272 Fa i r va lue 36,997,053$ 30,585,485$
Series 2 1,374,278 1,279,836
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Global Balanced GIF
RBC GUARANTEED INVESTMENT FUNDS Page 20 of 74
Unaudited interim financial statements of
RBC Global Ba lanced Fund
RBC Emerging Markets Equity Fund 3.7% Spain Government EUR 1.150% Jul 30 2020 0.9%
Japan Government Twenty Year JPY 0.400% Mar 20 2039 2.2% Microsoft Corp. 0.9%
Buoni Pol iennal i Del Tesoro EUR 1.450% Sep 15 2022 1.9% Enbridge Inc. 0.9%
United States Treasury 1.750% May 15 2023 1.7% United States Treasury 2.750% Feb 15 2028 0.9%
Royal Bank of Canada 1.4% Province of Ontario 4.700% Jun 2 2037 0.8%
Toronto-Dominion Bank 1.3% Spain Government EUR 0.450% Oct 31 2022 0.8%
Province of Ontario USD 2.500% Sep 10 2021 1.3% Canadian National Ra i lway Co. 0.8%
Buoni Pol iennal i Del Tesoro EUR 0.450% Jun 1 2021 1.2% Bank of Nova Scotia 0.8%
Cash & Cash Equiva lents 1.1% Spain Government EUR 0.350% Jul 30 2023 0.8%
Japanese Nikkei 225 Index Future, September 2019 1.1% Amazon.com, Inc. 0.8%
RBC U.S. Mid-Cap Growth Equity Fund 1.1% Suncor Energy Inc. 0.7%
United States Treasury 2.500% Feb 15 2045 1.1% The S&P/TSX 60 Index Future, September 2019 (1.3%)
Belgium Government EUR 2.600% Jun 22 2024 1.0% 27.9%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 12.51$ 11.51$ 11.88$ 11.02$ 10.58$ 16.04$ 14.79$ 15.32$ 14.26$ 13.72$
Net assets attributable to contractholders ($ '000) 7,686$ 5,208$ 3,472$ 1,802$ 1,137$ 12,433$ 9,900$ 8,587$ 7,911$ 6,202$
Net Income (loss ) ($ '000) 566$ (175)$ 213$ 79$ 2$ 865$ (354)$ 561$ 321$ 96$
Premium depos i ts ($ '000) 2,984$ 2,873$ 2,103$ 688$ 1,140$ 2,868$ 3,511$ 2,309$ 2,752$ 6,742$
Withdrawals ($ '000) 1,072$ 962$ 645$ 102$ 10$ 1,200$ 1,844$ 2,194$ 1,365$ 5,027$
Number of units outstanding 614,593 452,555 292,377 163,504 107,483 775,243 669,495 560,704 554,760 451,973
Management expense ratio 1 2.19% 2.17% 2.19% 2.48% 2.42% 2.55% 2.53% 2.53% 2.72% 2.77%
Management expense before waiver 2.25% 2.21% 2.35% 2.65% 2.67% 2.60% 2.57% 2.72% 2.87% 2.99%
Portfol io turnover rate of the underlying fund 2 50.22% 55.19% 55.70% 53.75% 91.51% 50.22% 55.19% 55.70% 53.75% 91.51%
Net Asset Value attributable to contractholders 12.19$ 11.25$ 11.66$ 10.87$ 10.47$
Net assets attributable to contractholders ($ '000) 16,759$ 15,461$ 12,251$ 7,313$ 4,455$
Net income (loss ) ($ '000) 1,273$ (596)$ 667$ 243$ (21)$
Premium depos i ts ($ '000) 1,642$ 5,906$ 4,939$ 2,757$ 4,385$
Withdrawals ($ '000) 1,617$ 2,100$ 669$ 141$ 162$
Number of units outstanding 1,374,278 1,374,240 1,050,275 672,720 425,382
Management expense ratio 1 2.66% 2.64% 2.62% 2.84% 2.96%
Management expense before waiver 2.81% 2.80% 2.96% 3.19% 3.42%
Portfol io turnover rate of the underlying fund 2 50.22% 55.19% 55.70% 53.75% 91.51%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series and Series 2 commenced operations on November 7, 2014.
RBC Global Balanced GIF (continued)
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
Series 2 3
RBC GUARANTEED INVESTMENT FUNDS Page 21 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 39,847$ Net income (loss ) attributable to contractholders 19,854,564$ (1,846,107)$
Investments in underlying fund at fa i r va lue 169,954,571 152,775,105 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (19,262,586) 1,822,297
Accounts receivable - contractholders - - Change in other assets (21) (182)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (14,833) (48,462)
Due from RBC Li fe Insurance Company - - Purchases of investments (8,115,419) (8,444,845)
Other 547 526 Proceeds from sa les of investments 10,198,539 22,544,219
169,955,118 152,815,478 Cash provided by (used in) operating activi ties 2,660,244 14,026,920
Liabilities Financing activities
Bank indebtedness 47,537 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 13,583,118 15,229,958
Accrued expenses 312,749 327,582 Redemption of units (16,330,746) (29,614,124)
Accounts payable - contractholders 3,500 1,026 Cash provided by (used in) financing activi ties (2,747,628) (14,384,166)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (87,384) (357,246)
Other - - Cash/bank indebtedness at beginning of period 39,847 305,243
363,786 328,608 Cash/bank indebtedness at end of period (47,537)$ (52,003)$
Net assets attributable to contractholders 169,591,332$ 152,486,870$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 12.07$ 10.66$ ExpensesSeries 1 18.15 16.07 Annual Management fee and Other adminis tration expenses
Invest Series 1.80% 1.80%
Series 1 2.25% 2.25%
Annual Insurance Fee (Limit)
Invest Series 0.30 (0.80) % 0.30 (0.80) %
For the s ix month ended June 30, 2019 2018 Series 1 0.40 (0.80) % 0.40 (0.80) %
Income
Distribution from underlying fund 2,856,114$ 2,313,418$
Real ized ga in on sa le of investments 2,196,006 4,573,115
Change in unreal ized ga in/loss of investments 17,066,580 (6,395,412) Sales and redemption of units22,118,700 491,121 Invest Series
Expenses Opening balance as at January 1st 1,355,409 973,416
Management fees 1,706,598 1,767,656 Purchases during the period 197,083 295,198
Insurance fees 348,177 359,977 Redemptions during the period (199,493) (105,782)
Other adminis trative expenses 210,369 212,869 Clos ing ba lance as at June 30th 1,352,999 1,162,832
2,265,144 2,340,502 Series 1
Less : Expenses waived 1,008 3,274 Opening ba lance as at January 1st 8,587,293 9,728,364
Expenses after waiver 2,264,136 2,337,228 Purchases during the period 637,737 705,388
Net income (loss) attributable to contractholders 19,854,564$ (1,846,107)$ Redemptions during the period (783,287) (1,652,692)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 8,441,743 8,781,060
Invest Series 1.42$ (0.00)$
Series 1 2.10 (0.20)
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 152,486,870$ 184,387,776$ Investment in underlying fund at fair valuePremium depos i ts 13,583,118 15,422,143 Level 1 169,954,571$ 152,775,105$
Net income (loss ) attributable to contractholders 19,854,564 (1,846,107)
185,924,552 197,963,812 Schedule of investment in underlying fundWithdrawals 16,333,220 29,608,012 RBC Canadian Dividend Fund, Series O
Net assets, end of the period 169,591,332$ 168,355,800$ Number of units 2,248,674 2,275,413
Number of units outstanding Cost 133,348,522$ 133,235,636$
Invest Series 1,352,999 1,162,832 Percentage held in underlying fund 0.9046% 0.8978%
Series 1 8,441,743 8,781,060 Fa i r va lue 169,954,571$ 152,775,105$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC Canadian Dividend GIF
RBC GUARANTEED INVESTMENT FUNDS Page 22 of 74
Unaudited interim financial statements of RBC Canadian Dividend GIF (continued)
RBC Canadian Dividend Fund
Royal Bank of Canada 8.1% Suncor Energy Inc. 2.2%
Toronto-Dominion Bank 7.7% Thomson Reuters Corp. 1.9%
Bank of Nova Scotia 5.8% TELUS Corp. 1.8%
Canadian National Ra i lway Co. 4.9% Sun Li fe Financia l Inc. 1.7%
Cash & Cash Equiva lents 4.6% BCE Inc. 1.7%
Enbridge Inc. 4.4% Rogers Communications Inc., Class B 1.7%
Brookfield Asset Management Inc., Class A 4.1% Al imentation Couche-Tard Inc. 1.6%
TC Energy Corp. 3.4% Nutrien Ltd. 1.4%
Bank of Montreal 3.1% Pembina Pipel ine Corp. 1.3%
Manul i fe Financia l Corporation 2.7% Fortis Inc. 1.2%
Canadian Paci fic Ra i lway Ltd. 2.7% Loblaw Companies Ltd. 1.2%
Canadian Imperia l Bank of Commerce 2.4% Imperia l Oi l Ltd. 1.2%
Canadian Natura l Resources Ltd. 2.2% 75.0%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 12.07$ 10.66$ 11.74$ 10.97$ 9.24$ 18.15$ 16.07$ 17.78$ 16.69$ 14.12$
Net assets attributable to contractholders ($ '000) 16,333$ 14,453$ 11,428$ 5,481$ 1,897$ 153,258$ 138,034$ 172,959$ 166,500$ 144,956$
Net Income (loss ) ($ '000) 1,942$ (1,319)$ 649$ 594$ (116)$ 17,913$ (15,240)$ 10,711$ 25,625$ (13,412)$
Premium depos i ts ($ '000) 2,309$ 7,119$ 6,901$ 3,411$ 2,032$ 11,274$ 24,683$ 36,995$ 29,482$ 29,161$
Withdrawals ($ '000) 2,371$ 2,775$ 1,603$ 421$ 82$ 13,962$ 44,368$ 41,246$ 33,563$ 30,770$
Number of units outstanding 1,352,999 1,355,409 973,416 499,543 205,287 8,441,743 8,587,293 9,728,364 9,974,707 10,263,627
Management expense ratio 1 2.32% 2.32% 2.33% 2.35% 2.35% 2.79% 2.78% 2.78% 2.77% 2.77%
Management expense before waiver 2.32% 2.32% 2.36% 2.41% 2.44% 2.79% 2.78% 2.81% 2.81% 2.80%
Portfol io turnover rate of the underlying fund 2 12.29% 15.11% 14.26% 13.16% 12.92% 12.29% 15.11% 14.26% 13.16% 12.92%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
T
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Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 23 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 1,116,149$ 32,205$
Investments in underlying fund at fa i r va lue 11,879,632 9,182,792 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (1,272,033) (179,480)
Accounts receivable - contractholders - - Change in other assets 465 (987)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (186) (6,352)
Due from RBC Li fe Insurance Company 1,412 1,898 Purchases of investments (2,356,615) (1,138,605)
Other 2,662 2,641 Proceeds from sa les of investments 931,808 1,580,739
11,883,706 9,187,331 Cash provided by (used in) oeprating activi ties (1,580,412) 287,520
Liabilities Financing activities
Bank indebtedness 1,458 4,060 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 2,728,547 1,531,890
Accrued expenses 38,244 38,430 Redemption of units (1,145,533) (1,807,121)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 1,583,014 (275,231)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 2,602 12,289
Other - - Cash/bank indebtedness at beginning of period (4,060) (9,361)
39,702 42,490 Cash/bank indebtedness at end of period (1,458)$ 2,928$
Net assets attributable to contractholders 11,844,004$ 9,144,841$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.39$ 10.14$ ExpensesSeries 1 14.83 13.22 Annual Management fee and Other adminis tration expenses
Invest Series 2.05% 2.05%
Series 1 2.25% 2.25%
Annual Insurance Fee (Limit)
Invest Series 0.30 (0.80) % 0.30 (0.80) %
For the s ix month ended June 30, 2019 2018 Series 1 0.65 (1.05) % 0.65 (1.05) %
Income
Distribution from underlying fund 144 552$
Real ized loss on sa le of investments (53,082) (100,241)
Change in unreal ized ga in/loss of investments 1,325,115 279,721 Sales and redemption of units1,272,177 180,032 Invest Series
Expenses Opening balance as at January 1st 172,232 141,431
Management fees 75,143 70,465 Purchases during the period 39,002 40,856
Insurance fees 34,049 32,623 Redemptions during the period (35,549) (27,934)
Other adminis trative expenses 57,384 56,747 Clos ing ba lance as at June 30th 175,685 154,353
166,576 159,835 Series 1
Less : Expenses waived 10,548 12,008 Opening ba lance as at January 1st 559,771 615,447
Expenses after waiver 156,028 147,827 Purchases during the period 155,077 79,007
Net income (loss) attributable to contractholders 1,116,149$ 32,205$ Redemptions during the period (51,156) (103,918)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 663,692 590,536
Invest Series 1.20$ 0.11$
Series 1 1.52 0.03
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 9,144,841$ 10,726,633$ Investment in underlying fund at fair valuePremium depos i ts 2,728,547 1,591,890 Level 1 11,879,632$ 9,182,792$
Net income (loss ) attributable to contractholders 1,116,149 32,205
12,989,537 12,350,728 Schedule of investment in underlying fundWithdrawals 1,145,533 1,807,121 RBC Canadian Equity Fund, Series O
Net assets, end of the period 11,844,004$ 10,543,607$ Number of units 538,705 474,144
Number of units outstanding Cost 12,290,697 10,918,972
Invest Series 175,685 154,353 Percentage held in underlying fund 0.5332% 0.4407%
Series 1 663,692 590,536 Fa i r va lue 11,879,632$ 9,182,792$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC Canadian Equity GIF
RBC GUARANTEED INVESTMENT FUNDS Page 24 of 74
Unaudited interim financial statements of RBC Canadian Equity GIF (continued)
RBC Canadian Equity Fund
Royal Bank of Canada 6.3% Canadian Imperia l Bank of Commerce 1.9%
Toronto-Dominion Bank 5.1% Nutrien Ltd. 1.9%
Enbridge Inc. 4.5% Al imentation Couche-Tard Inc. 1.7%
Bank of Nova Scotia 4.3% BCE Inc. 1.6%
Suncor Energy Inc. 4.0% Sun Li fe Financia l Inc. 1.5%
Cash & Cash Equiva lents 3.5% Canadian Paci fic Ra i lway Ltd. 1.4%
RBC Canadian Smal l & Mid-Cap Resources Fund 3.4% Finning International Inc. 1.4%
Canadian Natura l Resources Ltd. 3.0% Pembina Pipel ine Corp. 1.3%
Manul i fe Financia l Corporation 3.0% George Weston Ltd. 1.3%
Canadian National Ra i lway Co. 3.0% UnitedHealth Group Incorporated 1.3%
TC Energy Corp. 2.7% Magna International Inc., Class A 1.2%
Brookfield Asset Management Inc., Class A 2.5% Canadian Ti re Corp. Ltd., Class A 1.2%
Bank of Montreal 2.3% 65.3%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.39$ 10.14$ 11.32$ 10.69$ 8.98$ 14.83$ 13.22$ 14.83$ 14.05$ 11.85$
Net assets attributable to contractholders ($ '000) 2,002$ 1,746$ 1,602$ 600$ 205$ 9,842$ 7,399$ 9,125$ 8,271$ 7,517$
Net Income (loss ) ($ '000) 213$ (213)$ 71$ 66$ (18)$ 903$ (962)$ 476$ 1,314$ (831)$
Premium depos i ts ($ '000) 437$ 910$ 1,314$ 367$ 225$ 2,292$ 1,526$ 2,298$ 1,311$ 1,443$
Withdrawals ($ '000) 394$ 553$ 383$ 39$ 7$ 752$ 2,290$ 1,920$ 1,870$ 1,976$
Number of units outstanding 175,685 172,232 141,431 56,105 22,869 663,692 559,771 615,447 588,606 634,259
Management expense ratio 1 2.65% 2.64% 2.66% 2.65% 2.66% 3.05% 3.04% 3.04% 3.02% 3.02%
Management expense before waiver 2.95% 2.95% 2.95% 3.15% 3.17% 3.22% 3.22% 3.21% 3.40% 3.35%
Portfol io turnover rate of the underlying fund 2 29.48% 34.22% 40.35% 23.57% 18.00% 29.48% 34.22% 40.35% 23.57% 18.00%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 25 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 761,606$ 127,080$
Investments in underlying fund at fa i r va lue 6,284,230 6,291,049 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (860,587) (242,944)
Accounts receivable - contractholders - - Change in other assets 282 (538)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (5,244) (6,717)
Due from RBC Li fe Insurance Company 3,494 3,797 Purchases of investments (233,223) (512,136)
Other 737 716 Proceeds from sa les of investments 1,100,629 1,198,159
6,288,461 6,295,562 Cash provided by (used in) oeprating activi ties 763,463 562,904
Liabilities Financing activities
Bank indebtedness 633 4,844 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 396,364 654,573
Accrued expenses 21,275 26,519 Redemption of units (1,155,616) (1,210,540)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (759,252) (555,967)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 4,211 6,937
Other - - Cash/bank indebtedness at beginning of period (4,844) -
21,908 31,363 Cash/bank indebtedness at end of period (633)$ 6,937$
Net assets attributable to contractholders 6,266,553$ 6,264,199$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.31$ 10.04$ ExpensesSeries 1 18.01 16.04 Annual Management fee and Other adminis tration expenses
Invest Series 2.05% 2.05%
Series 1 2.30% 2.30%
Annual Insurance Fee (Limit)
Invest Series 0.30 (0.80) % 0.30 (0.80) %
For the s ix month ended June 30, 2019 2018 Series 1 0.65 (1.05) % 0.65 (1.05) %
Income
Distribution from underlying fund -$ 128$
Real ized ga in on sa le of investments (4,195) 111,933
Change in unreal ized ga in/loss of investments 864,782 131,011 Sales and redemption of units860,587 243,072 Invest Series
Expenses Opening balance as at January 1st 89,847 51,541
Management fees 51,890 58,363 Purchases during the period 9,569 19,280
Insurance fees 21,078 25,224 Redemptions during the period (17,620) (3,210)
Other adminis trative expenses 49,253 50,986 Clos ing ba lance as at June 30th 81,796 67,611
122,221 134,573 Series 1
Less : Expenses waived 23,240 18,581 Opening ba lance as at January 1st 334,296 385,102
Expenses after waiver 98,981 115,992 Purchases during the period 16,570 22,144
Net income (loss) attributable to contractholders 761,606$ 127,080$ Redemptions during the period (54,341) (62,350)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 296,525 344,896
Invest Series 1.33$ 0.28$
Series 1 2.06 0.31
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 6,264,199$ 7,891,073$ Investment in underlying fund at fair valuePremium depos i ts 396,364 653,822 Level 1 6,284,230$ 6,291,049$
Net income (loss ) attributable to contractholders 761,606 127,080
7,422,169 8,671,975 Schedule of investment in underlying fundWithdrawals 1,155,616 1,201,233 RBC O'Shaughnessy All Canadian Equity Fund, Series O
Net assets, end of the period 6,266,553$ 7,470,742$ Number of units 438,423 500,468
Number of units outstanding Cost 6,144,721 7,016,322
Invest Series 81,796 67,611 Percentage held in underlying fund 1.3648% 1.4147%
Series 1 296,525 344,896 Fa i r va lue 6,284,230$ 6,291,049$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC O'Shaughnessy All Canadian Equity GIF
RBC GUARANTEED INVESTMENT FUNDS Page 26 of 74
Unaudited interim financial statements of
RBC O'Shaughnessy Al l -Canadian Equity Fund
Sun Li fe Financia l Inc. 3.6% CGI Inc. 2.1%
Air Canada 3.5% CAE Inc. 1.8%
Teck Resources Ltd., Class B 3.4% Constel lation Software Inc. 1.8%
Kirkland Lake Gold Ltd. 3.0% Norbord Inc. 1.7%
Manul i fe Financia l Corporation 2.7% Husky Energy Inc. 1.7%
Loblaw Companies Ltd. 2.7% Boyd Group Income Fund 1.5%
Great-West Li feco Inc. 2.7% Home Capita l Group Inc. 1.4%
Magna International Inc., Class A 2.6% Fairfax Financia l Holdings Ltd. 1.3%
Capita l Power Corp. 2.5% Aritzia Inc. 1.2%
Canadian Apartment Properties Real Estate Investment Trust 2.4% Hudbay Minera ls Inc. 1.2%
Methanex Corp. 2.3% BRP Inc. 1.2%
TFI International Inc. 2.2% Canadian Ti re Corp. Ltd., Class A 1.2%
Al imentation Couche-Tard Inc. 2.1% 53.8%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.31$ 10.04$ 11.77$ 11.16$ 9.99$ 18.01$ 16.04$ 18.92$ 18.02$ 16.21$
Net assets attributable to contractholders ($ '000) 925$ 902$ 607$ 478$ 227$ 5,342$ 5,362$ 7,284$ 7,722$ 7,869$
Net Income (loss ) ($ '000) 115$ (136)$ 28$ 32$ (6)$ 647$ (1,032)$ 348$ 827$ (218)$
Premium depos i ts ($ '000) 106$ 646$ 289$ 259$ 249$ 290$ 919$ 1,069$ 2,537$ 1,223$
Withdrawals ($ '000) 198$ 215$ 189$ 40$ 20$ 958$ 1,809$ 1,855$ 3,512$ 4,705$
Number of units outstanding 81,796 89,847 51,541 42,856 22,772 296,525 334,296 385,102 428,426 485,560
Management expense ratio 1 2.60% 2.60% 2.65% 2.66% 2.66% 3.19% 3.18% 3.16% 3.15% 3.15%
Management expense before waiver 3.70% 3.51% 3.49% 3.39% 3.33% 3.86% 3.65% 3.61% 3.55% 3.51%
Portfol io turnover rate of the underlying fund 2 54.14% 49.78% 65.41% 65.12% 67.35% 54.14% 49.78% 65.41% 65.12% 67.35%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series commenced operations on November 7, 2014.
RBC O'Shaughnessy All Canadian Equity GIF (continued)
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 27 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 815,895$ (18,726)$
Investments in underlying fund at fa i r va lue 6,647,648 5,350,200 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (816,823) 13,407
Accounts receivable - contractholders - - Change in other assets 612 (1,167)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (4,037) (6,574)
Due from RBC Li fe Insurance Company 1,995 2,628 Purchases of investments (919,057) (723,832)
Other 513 492 Proceeds from sa les of investments 438,432 1,231,815
6,650,156 5,353,320 Cash provided by (used in) oeprating activi ties (484,978) 494,923
Liabilities Financing activities
Bank indebtedness 12,140 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 981,897 729,237
Accrued expenses 17,208 21,245 Redemption of units (509,059) (1,234,948)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 472,838 (505,711)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (12,140) (10,788)
Other - - Cash/bank indebtedness at beginning of period - (818)
29,348 21,245 Cash/bank indebtedness at end of period (12,140)$ (11,606)$
Net assets attributable to contractholders 6,620,808$ 5,332,075$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.57$ 10.05$ ExpensesSeries 1 12.83 11.17 Annual Management fee and Other adminis tration expenses
Invest Series 1.91% 1.91%
Series 1 2.25% 2.25%
Annual Insurance Fee (Limit)
Invest Series 0.30 (0.80) % 0.30 (0.80) %
For the s ix month ended June 30, 2019 2018 Series 1 0.45 (0.85) % 0.45 (0.85) %
Income
Distribution from underlying fund 85,054$ 82,382$
Real ized ga in (loss ) on sa le of investments 13,313 15,114
Change in unreal ized ga in/loss of investments 803,510 (28,521) Sales and redemption of units901,877 68,975 Invest Series
Expenses Opening balance as at January 1st 72,381 77,004
Management fees 44,472 44,519 Purchases during the period 37,727 47,083
Insurance fees 14,289 14,633 Redemptions during the period (8,379) (20,520)
Other adminis trative expenses 43,302 45,404 Clos ing ba lance as at June 30th 101,729 103,567
102,063 104,556 Series 1
Less : Expenses waived 16,081 16,855 Opening ba lance as at January 1st 412,431 477,188
Expenses after waiver 85,982 87,701 Purchases during the period 44,562 17,937
Net income (loss) attributable to contractholders 815,895$ (18,726)$ Redemptions during the period (32,848) (83,034)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 424,145 412,091
Invest Series 1.34$ 0.17$
Series 1 1.65 (0.07)
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 5,332,075$ 6,833,255$ Investment in underlying fund at fair valuePremium depos i ts 981,897 729,237 Level 1 6,647,648$ 5,350,200$
Net income (loss ) attributable to contractholders 815,895 (18,726)
7,129,867 7,543,766 Schedule of investment in underlying fundWithdrawals 509,059 1,234,948 PH&N Canadian Income Fund, Series O
Net assets, end of the period 6,620,808$ 6,308,818$ Number of units 427,070 395,231
Number of units outstanding Cost 6,355,981 5,862,043
Invest Series 101,729 103,567 Percentage held in underlying fund 0.7691% 0.6591%
Series 1 424,145 412,091 Fa i r va lue 6,647,648$ 5,350,200$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC PH&N Canadian Income GIF
RBC GUARANTEED INVESTMENT FUNDS Page 28 of 74
Unaudited interim financial statements of
Phi l l ips , Hager & North Canadian Income Fund
Royal Bank of Canada 8.4% Suncor Energy Inc. 2.0%
Toronto-Dominion Bank 8.1% Canadian Paci fic Ra i lway Ltd. 2.0%
Enbridge Inc. 5.4% Canadian Natura l Resources Ltd. 1.9%
Bank of Nova Scotia 4.6% Nutrien Ltd. 1.9%
Canadian National Ra i lway Co. 4.0% Waste Connections Inc. 1.8%
Bank of Montreal 3.8% TELUS Corp. 1.7%
Brookfield Asset Management Inc., Class A 3.6% Fairfax Financia l Holdings Ltd. 1.6%
Manul i fe Financia l Corporation 2.8% Barrick Gold Corp. 1.5%
TC Energy Corp. 2.6% Canadian Imperia l Bank of Commerce 1.4%
Cash & Cash Equiva lents 2.5% Brookfield Property Partners LP 1.4%
Shaw Communications Inc., Class B 2.4% Dol larama Inc. 1.4%
Al imentation Couche-Tard Inc. 2.4% Quebecor Inc., Class B 1.4%
Sun Li fe Financia l Inc. 2.4% 73.0%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.57$ 10.05$ 11.22$ 10.68$ 8.85$ 12.83$ 11.17$ 12.51$ 11.95$ 9.95$
Net assets attributable to contractholders ($ '000) 1,177$ 727$ 864$ 684$ 198$ 5,444$ 4,605$ 5,970$ 5,008$ 4,048$
Net Income (loss ) ($ '000) 117$ (118)$ 40$ 51$ (21)$ 699$ (583)$ 244$ 765$ (449)$
Premium depos i ts ($ '000) 426$ 613$ 489$ 515$ 208$ 556$ 960$ 1,978$ 1,521$ 1,396$
Withdrawals ($ '000) 93$ 631$ 349$ 80$ 37$ 416$ 1,742$ 1,260$ 1,327$ 1,696$
Number of units outstanding 101,729 72,381 77,004 64,054 22,411 424,145 412,431 477,188 418,910 406,814
Management expense ratio 1 2.48% 2.48% 2.46% 2.43% 2.43% 2.85% 2.86% 2.84% 2.81% 2.81%
Management expense before waiver 2.96% 2.98% 2.83% 3.09% 2.99% 3.38% 3.40% 3.23% 3.53% 3.38%
Portfol io turnover rate of the underlying fund 2 39.96% 75.09% 97.63% 146.47% 207.29% 39.96% 75.09% 97.63% 146.47% 207.29%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
RBC PH&N Canadian Income GIF (continued)
Series 1Invest Series
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
RBC GUARANTEED INVESTMENT FUNDS Page 29 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 5,190$ Net income (loss ) attributable to contractholders 2,699,772$ 219,170$
Investments in underlying fund at fa i r va lue 26,982,987 24,214,588 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (3,077,072) (561,820)
Accounts receivable - contractholders - - Change in other assets (515) (1,983)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (3,683) 312
Due from RBC Li fe Insurance Company 1,267 773 Purchases of investments (2,545,769) (4,043,671)
Other 513 492 Proceeds from sa les of investments 2,854,442 1,543,263
26,984,767 24,221,043 Cash provided by (used in) oeprating activi ties (72,825) (2,844,729)
Liabilities Financing activities
Bank indebtedness 8,005$ -$ Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 3,656,756 5,536,514
Accrued expenses 63,991 67,674 Redemption of units (3,597,126) (2,628,529)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 59,630 2,907,985
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (13,195) 63,256
Other - - Cash/bank indebtedness at beginning of period 5,190 11,625
71,996 67,674 Cash/bank indebtedness at end of period (8,005)$ 74,881$
Net assets attributable to contractholders 26,912,771$ 24,153,369$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 12.54$ 11.29$ ExpensesSeries 1 14.28 12.88 Annual Management fee and Other adminis tration expenses
Invest Series 2.09% 2.09%
Series 1 2.25% 2.25%
Annual Insurance Fee (Limit)
Invest Series 0.30 (0.80) % 0.30 (0.80) %
For the s ix month ended June 30, 2019 2018 Series 1 0.65 (1.05) % 0.65 (1.05) %
Income
Distribution from underlying fund 395$ 698$
Real ized ga in (loss ) on sa le of investments 162,830 136,443
Change in unreal ized ga in/loss of investments 2,914,242 425,377 Sales and redemption of units3,077,467 562,518 Invest Series
Expenses Opening balance as at January 1st 673,087 494,111
Management fees 226,894 208,726 Purchases during the period 136,116 214,060
Insurance fees 76,911 70,716 Redemptions during the period (118,241) (63,189)
Other adminis trative expenses 84,477 76,267 Clos ing ba lance as at June 30th 690,962 644,982
388,282 355,709 Series 1
Less : Expenses waived 10,587 12,361 Opening ba lance as at January 1st 1,285,787 1,122,477
Expenses after waiver 377,695 343,348 Purchases during the period 142,335 209,713
Net income (loss) attributable to contractholders 2,699,772$ 219,170$ Redemptions during the period (149,981) (130,250)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 1,278,141 1,201,940
Invest Series -$ 0.18$
Series 1 - 0.10
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 24,153,369$ 22,223,509$ Investment in underlying fund at fair valuePremium depos i ts 3,656,756 5,596,514 Level 1 26,982,987$ 24,214,588$
Net income (loss ) attributable to contractholders 2,699,772 219,170
30,509,897 28,039,193 Schedule of investment in underlying fundWithdrawals 3,597,126 2,628,529 RBC North American Value Fund, Series O
Net assets, end of the period 26,912,771$ 25,410,664$ Number of units 1,031,759 1,041,635
Number of units outstanding Cost 25,283,115 25,428,958
Invest Series 690,962 644,982 Percentage held in underlying fund 0.8603% 0.8338%
Series 1 1,278,141 1,201,940 Fa i r va lue 26,982,987$ 24,214,588$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC North American Value GIF
RBC GUARANTEED INVESTMENT FUNDS Page 30 of 74
Unaudited interim financial statements of RBC North American Value GIF (continued)
RBC North American Value Fund
Cash & Cash Equiva lents 9.5% Berkshire Hathaway Inc., Class B 1.6%
Toronto-Dominion Bank 4.3% Manul i fe Financia l Corporation 1.6%
Bank of Nova Scotia 3.5% Charter Communications Inc. 1.6%
Royal Bank of Canada 3.5% Nutrien Ltd. 1.5%
Brookfield Asset Management Inc., Class A 2.5% BCE Inc. 1.5%
Microsoft Corp. 2.2% JPMorgan Chase & Co. 1.3%
Suncor Energy Inc. 2.1% Alphabet Inc., Class C 1.3%
TC Energy Corp. 1.9% Altice USA Inc., Class A 1.1%
Canadian Natura l Resources Ltd. 1.9% Danaher Corp. 1.1%
Canadian Paci fic Ra i lway Ltd. 1.9% Al imentation Couche-Tard Inc. 1.1%
Enbridge Inc. 1.8% Thomson Reuters Corp. 1.1%
Canadian National Ra i lway Co. 1.6% Sun Li fe Financia l Inc. 1.1%
George Weston Ltd. 1.6% 54.2%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 12.54$ 11.29$ 12.49$ 11.31$ 10.09$ 14.28$ 12.88$ 14.30$ 13.01$ 11.65$
Net assets attributable to contractholders ($ '000) 8,666$ 7,599$ 6,171$ 2,090$ 615$ 18,247$ 16,554$ 16,053$ 10,591$ 7,847$
Net Income (loss ) ($ '000) 878$ (766)$ 489$ 137$ (18)$ 1,822$ (1,818)$ 1,384$ 943$ (37)$
Premium depos i ts ($ '000) 1,663$ 3,593$ 4,517$ 1,505$ 599$ 1,994$ 5,100$ 6,804$ 3,875$ 2,543$
Withdrawals ($ '000) 1,474$ 1,399$ 925$ 168$ 39$ 2,123$ 2,780$ 2,727$ 2,072$ 3,460$
Number of units outstanding 690,962 673,087 494,111 184,779 60,959 1,278,141 1,285,787 1,122,477 814,309 673,233
Management expense ratio 1 2.60% 2.60% 2.57% 2.59% 2.65% 3.00% 3.00% 3.00% 2.99% 3.02%
Management expense before waiver 2.68% 2.67% 2.73% 2.94% 3.01% 3.08% 3.07% 3.18% 3.33% 3.33%
Portfol io turnover rate of the underlying fund 2 61.50% 64.01% 58.37% 55.55% 70.55% 61.50% 64.01% 58.37% 55.55% 70.55%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period. 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 31 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 458$ 7,232$ Net income (loss ) attributable to contractholders 655,626$ 98,038$
Investments in underlying fund at fa i r va lue 5,700,467 4,499,470 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (731,067) (154,547)
Accounts receivable - contractholders - - Change in other assets (738) (457)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 116 (4,820)
Due from RBC Li fe Insurance Company 4,023 3,306 Purchases of investments (958,977) (705,167)
Other 547 526 Proceeds from sa les of investments 489,047 214,594
5,705,495 4,510,534 Cash provided by (used in) oeprating activi ties (545,993) (552,359)
Liabilities Financing activities
Bank indebtedness - - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 1,092,845 823,110
Accrued expenses 26,684 26,568 Redemption of units (553,626) (270,951)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 539,219 552,159
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (6,774) (200)
Other - - Cash/bank indebtedness at beginning of period 7,232 200
26,684 26,568 Cash/bank indebtedness at end of period 458$ -$
Net assets attributable to contractholders 5,678,811$ 4,483,966$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 13.03$ 11.43$ ExpensesSeries 1 17.43 15.31 Annual Management fee and Other adminis tration expenses
Invest Series 2.06% 2.06%
Series 1 2.25% 2.25%
Annual Insurance Fee (Limit)
Invest Series 0.30 (0.80) % 0.30 (0.80) %
For the s ix month ended June 30, 2019 2018 Series 1 0.65 (1.05) % 0.65 (1.05) %
Income
Distribution from underlying fund 31$ 430$
Real ized ga in on sa le of investments 52,647 20,473
Change in unreal ized ga in/loss of investments 678,420 134,074 Sales and redemption of units731,098 154,977 Invest Series
Expenses Opening balance as at January 1st 109,800 70,499
Management fees 37,415 27,703 Purchases during the period 29,474 14,587
Insurance fees 15,520 12,025 Redemptions during the period (15,429) (4,400)
Other adminis trative expenses 43,901 41,016 Clos ing ba lance as at June 30th 123,845 80,686
96,836 80,744 Series 1
Less : Expenses waived 21,364 23,805 Opening ba lance as at January 1st 210,916 168,651
Expenses after waiver 75,472 56,939 Purchases during the period 43,050 39,279
Net income (loss) attributable to contractholders 655,626$ 98,038$ Redemptions during the period (20,815) (13,096)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 233,151 194,834
Invest Series 1.57$ 0.31$
Series 1 2.12 0.42
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 4,483,966$ 3,642,666$ Investment in underlying fund at fair valuePremium depos i ts 1,092,845 823,110 Level 1 5,700,467$ 4,499,470$
Net income (loss ) attributable to contractholders 655,626 98,038
6,232,437 4,563,814 Schedule of investment in underlying fundWithdrawals 553,626 270,951 RBC North American Growth Fund, Series O
Net assets, end of the period 5,678,811$ 4,292,863$ Number of units 133,046 121,322
Number of units outstanding Cost 5,047,433$ 4,524,856$
Invest Series 123,845 80,686 Percentage held in underlying fund 1.0486% 0.9240%
Series 1 233,151 194,834 Fa i r va lue 5,700,467$ 4,499,470$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC North American Growth GIF
RBC GUARANTEED INVESTMENT FUNDS Page 32 of 74
Unaudited interim financial statements of RBC North American Growth GIF (continued)
RBC North American Growth Fund
Royal Bank of Canada 3.6% Canadian Paci fic Ra i lway Ltd. 1.3%
Toronto-Dominion Bank 3.3% Manul i fe Financia l Corporation 1.3%
Microsoft Corp. 2.3% Nutrien Ltd. 1.3%
Bank of Nova Scotia 2.2% Facebook Inc., Class A 1.1%
Canadian National Ra i lway Co. 2.2% Canadian Natura l Resources Ltd. 1.1%
Enbridge Inc. 1.9% Cash & Cash Equiva lents 1.0%
Amazon.com, Inc. 1.8% JPMorgan Chase & Co. 1.0%
Suncor Energy Inc. 1.7% Al imentation Couche-Tard Inc. 1.0%
Apple Inc. 1.5% Sun Li fe Financia l Inc. 0.9%
TC Energy Corp. 1.5% Waste Connections Inc. 0.9%
Alphabet Inc., Class A 1.5% BCE Inc. 0.8%
Brookfield Asset Management Inc., Class A 1.5% Visa Inc., Class A 0.8%
Bank of Montreal 1.4% 38.9%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 13.03$ 11.43$ 12.25$ 11.32$ 10.13$ 17.43$ 15.31$ 16.48$ 15.30$ 13.75$
Net assets attributable to contractholders ($ '000) 1,614$ 1,255$ 863$ 425$ 131$ 4,065$ 3,229$ 2,779$ 2,021$ 1,729$
Net Income (loss ) ($ '000) 189$ (97)$ 59$ 39$ (5)$ 467$ (239)$ 188$ 189$ 7$
Premium depos i ts ($ '000) 368$ 552$ 664$ 275$ 152$ 725$ 1,147$ 1,009$ 484$ 761$
Withdrawals ($ '000) 198$ 64$ 284$ 21$ 21$ 356$ 458$ 439$ 381$ 811$
Number of units outstanding 123,845 109,800 70,499 37,512 12,943 233,151 210,916 168,651 132,132 125,800
Management expense ratio 1 2.64% 2.64% 2.65% 2.65% 2.67% 3.04% 3.04% 3.07% 3.04% 3.04%
Management expense before waiver 3.56% 3.76% 4.14% 5.45% 5.69% 3.84% 4.04% 4.44% 5.79% 5.82%
Portfol io turnover rate of the underlying fund 2 16.76% 16.92% 15.80% 152.07% 139.89% 16.76% 16.92% 15.80% 152.07% 139.89%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 33 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 5,670$ Net income (loss ) attributable to contractholders 5,662,537$ 876,819$
Investments in underlying fund at fa i r va lue 71,606,585 62,324,495 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (5,773,207) (1,095,665)
Accounts receivable - contractholders - - Change in other assets (169) (1,781)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 2,405 (4,136)
Due from RBC Li fe Insurance Company 2,071 1,923 Purchases of investments (7,234,489) (7,119,422)
Other 547 526 Proceeds from sa les of investments 3,725,606 5,282,879
71,609,203 62,332,614 Cash provided by (used in) oeprating activi ties (3,617,317) (2,061,306)
Liabilities Financing activities
Bank indebtedness 37,219 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 10,635,535 10,358,828
Accrued expenses 160,315 157,910 Redemption of units (7,061,107) (8,375,849)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 3,574,428 1,982,979
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (42,889) (78,327)
Other - - Cash/bank indebtedness at beginning of period 5,670 116,039
197,534 157,910 Cash/bank indebtedness at end of period (37,219)$ 37,712$
Net assets attributable to contractholders 71,411,669$ 62,174,704$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 15.37$ 14.08$ ExpensesSeries 1 20.92 19.22 Annual Management fee and Other adminis tration expenses
Invest Series 2.08% 2.08%
Series 1 2.30% 2.30%
Annual Insurance Fee (Limit)
Invest Series 0.30 (0.80) % 0.30 (0.80) %
For the s ix month ended June 30, 2019 2018 Series 1 0.65 (1.15) % 0.65 (1.15) %
Income
Distribution from underlying fund 892,995$ 632,881$
Real ized ga in on sa le of investments 503,530 821,014
Change in unreal ized ga in/loss of investments 5,269,677 274,651 Sales and redemption of units6,666,202 1,728,546 Invest Series
Expenses Opening balance as at January 1st 1,062,737 737,712
Management fees 669,345 556,226 Purchases during the period 224,324 240,559
Insurance fees 206,881 178,393 Redemptions during the period (152,745) (66,931)
Other adminis trative expenses 147,535 124,971 Clos ing ba lance as at June 30th 1,134,316 911,340
1,023,761 859,590 Series 1
Less : Expenses waived 20,096 7,863 Opening ba lance as at January 1st 2,456,080 2,351,836
Expenses after waiver 1,003,665 851,727 Purchases during the period 355,930 360,048
Net income (loss) attributable to contractholders 5,662,537$ 876,819$ Redemptions during the period (231,280) (378,845)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 2,580,730 2,333,039
Invest Series 1.29$ 0.22$
Series 1 1.68 0.30
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 62,174,704$ 56,002,632$ Investment in underlying fund at fair valuePremium depos i ts 10,635,535 10,528,408 Level 1 71,606,585$ 62,324,495$
Net income (loss ) attributable to contractholders 5,662,537 876,819
78,472,776 67,407,859 Schedule of investment in underlying fundWithdrawals 7,061,107 8,365,550 RBC U.S. Dividend Fund, Series O
Net assets, end of the period 71,411,669$ 59,042,309$ Number of units 2,305,584 2,189,352
Number of units outstanding Cost 61,528,812 57,516,399
Invest Series 1,134,316 911,340 Percentage held in underlying fund 1.6200% 1.5498%
Series 1 2,580,730 2,333,039 Fa i r va lue 71,606,585$ 62,324,495$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC U.S. Dividend GIF
RBC GUARANTEED INVESTMENT FUNDS Page 34 of 74
Unaudited interim financial statements of RBC U.S. Dividend GIF (continued)
RBC U.S. Dividend Fund
Microsoft Corp. 5.6% Peps iCo Inc. 2.0%
Cash & Cash Equiva lents 4.6% The Procter & Gamble Co. 2.0%
Apple Inc. 3.7% Vanguard Real Estate ETF 1.8%
iShares Dow Jones US Real Estate Index ETF 3.5% Visa Inc., Class A 1.7%
Cisco Systems Inc. 3.2% Merck & Co. Inc. 1.7%
Comcast Corp., Class A 2.5% McDonald's Corp. 1.6%
CVS Health Corp. 2.5% Pfizer Inc. 1.6%
Uti l i ties Select Sector SPDR ETF 2.4% The Walt Disney Company 1.5%
Texas Instruments Inc. 2.2% Union Paci fic Corp. 1.5%
Johnson & Johnson 2.0% Mastercard Inc. 1.5%
JPMorgan Chase & Co. 2.0% Anthem Inc. 1.5%
Broadcom Inc. 2.0% UnitedHealth Group Incorporated 1.5%
Verizon Communications Inc. 2.0% 58.1%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 15.37$ 14.08$ 14.13$ 12.75$ 12.02$ 20.92$ 19.22$ 19.38$ 17.60$ 16.67$
Net assets attributable to contractholders ($ '000) 17,431$ 14,969$ 10,423$ 7,043$ 2,281$ 53,981$ 47,206$ 45,580$ 37,273$ 37,342$
Net Income (loss ) ($ '000) 1,430$ (193)$ 907$ 394$ 135$ 4,233$ (585)$ 4,098$ 1,957$ 3,489$
Premium depos i ts ($ '000) 3,337$ 7,453$ 3,958$ 5,122$ 2,256$ 7,299$ 13,161$ 13,315$ 10,815$ 20,878$
Withdrawals ($ '000) 2,303$ 2,715$ 1,486$ 754$ 180$ 4,758$ 10,949$ 9,106$ 12,841$ 5,032$
Number of units outstanding 1,134,316 1,062,737 737,713 552,254 189,803 2,580,730 2,456,080 2,351,836 2,117,261 2,239,829
Management expense ratio 1 2.61% 2.59% 2.62% 2.64% 2.64% 3.12% 3.11% 3.12% 3.12% 3.12%
Management expense before waiver 2.67% 2.62% 2.78% 2.93% 2.90% 3.18% 3.13% 3.28% 3.41% 3.42%
Portfol io turnover rate of the underlying fund 2 137.94% 145.65% 89.68% 121.06% 205.51% 137.94% 145.65% 89.68% 121.06% 205.51%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 35 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 537$ -$ Net income (loss ) attributable to contractholders 919,001$ 353,940$
Investments in underlying fund at fa i r va lue 10,442,763 8,699,619 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (1,067,525) (462,174)
Accounts receivable - contractholders - - Change in other assets (825) (258)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (91) (2,466)
Due from RBC Li fe Insurance Company 2,397 1,593 Purchases of investments (1,674,596) (2,346,698)
Other 547 526 Proceeds from sa les of investments 998,977 1,040,649
10,446,244 8,701,738 Cash provided by (used in) oeprating activi ties (825,059) (1,417,007)
Liabilities Financing activities
Bank indebtedness - 9,554 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 2,035,089 2,748,398
Accrued expenses 40,779 40,870 Redemption of units (1,199,939) (1,315,963)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 835,150 1,432,435
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 10,091 15,428
Other - - Cash/bank indebtedness at beginning of period (9,554) (10,151)
40,779 50,424 Cash/bank indebtedness at end of period 537$ 5,277$
Net assets attributable to contractholders 10,405,465$ 8,651,314$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 14.84$ 13.46$ ExpensesSeries 1 19.74 17.94 Annual Management fee and Other adminis tration expenses
Invest Series 1.96% 1.96%
Series 1 2.30% 2.30%
Annual Insurance Fee (Limit)
Invest Series 0.40 (0.90) % 0.40 (0.90) %
For the s ix month ended June 30, 2019 2018 Series 1 0.75 (1.15) % 0.75 (1.15) %
Income
Distribution from underlying fund 94$ 188$
Real ized ga in (loss ) on sa le of investments 48,407 61,993
Change in unreal ized ga in/loss of investments 1,019,118 400,181 Sales and redemption of units1,067,619 462,362 Invest Series
Expenses Opening balance as at January 1st 140,592 76,906
Management fees 69,986 49,611 Purchases during the period 65,286 30,874
Insurance fees 36,227 27,313 Redemptions during the period (34,216) (16,508)
Other adminis trative expenses 56,012 49,775 Clos ing ba lance as at June 30th 171,662 91,272
162,225 126,699 Series 1
Less : Expenses waived 13,607 18,277 Opening ba lance as at January 1st 376,714 292,946
Expenses after waiver 148,618 108,422 Purchases during the period 57,272 126,558
Net income (loss) attributable to contractholders 919,001$ 353,940$ Redemptions during the period (35,864) (60,207)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 398,122 359,297
Invest Series 1.33$ 0.62$
Series 1 1.78 0.94
For the s ix month ended June 30, 2019 2018 As at Dec 31, 2018 Dec 31, 2017
Net assets , beginning of the period 8,651,314$ 6,253,123$ Investment in underlying fund at fair valuePremium depos i ts 2,035,089 2,748,398 Level 1 10,442,763$ 8,699,619$
Net income (loss ) attributable to contractholders 919,001 353,940
11,605,404 9,355,461 Schedule of investment in underlying fundWithdrawals 1,199,939 1,315,963 RBC U.S. Equity Fund, Series O
Net assets, end of the period 10,405,465$ 8,039,498$ Number of units 298,372 277,510
Number of units outstanding Cost 9,809,671 9,085,645
Invest Series 171,662 91,272 Percentage held in underlying fund 0.5104% 0.4573%
Series 1 398,122 359,297 Fa i r va lue 10,442,763$ 8,699,619$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC U.S. Equity GIF
RBC GUARANTEED INVESTMENT FUNDS Page 36 of 74
Unaudited interim financial statements of
RBC U.S. Equity Fund
RBC U.S. Mid-Cap Growth Equity Fund 5.0% Berkshire Hathaway Inc., Class B 1.6%
Microsoft Corp. 4.5% Cisco Systems Inc. 1.6%
Cash & Cash Equiva lents 4.2% CVS Health Corp. 1.5%
Amazon.com, Inc. 3.8% Mastercard Inc. 1.5%
Apple Inc. 3.3% Vanguard Real Estate ETF 1.4%
RBC U.S. Mid-Cap Value Equity Fund 2.9% The Walt Disney Company 1.4%
Alphabet Inc., Class A 2.5% The Procter & Gamble Co. 1.4%
Verizon Communications Inc. 2.0% Merck & Co. Inc. 1.4%
Johnson & Johnson 2.0% Bank of America Corp. 1.2%
JPMorgan Chase & Co. 1.9% Comcast Corp., Class A 1.2%
iShares Dow Jones US Real Estate Index ETF 1.9% Union Paci fic Corp. 1.2%
Facebook Inc., Class A 1.8% Thermo Fisher Scienti fic Inc. 1.1%
Visa Inc., Class A 1.7% 54.0%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 14.84$ 13.46$ 13.32$ 12.14$ 11.65$ 19.74$ 17.94$ 17.85$ 16.35$ 15.76$
Net assets attributable to contractholders ($ '000) 2,547$ 1,891$ 1,024$ 704$ 447$ 7,858$ 6,760$ 5,229$ 5,434$ 4,546$
Net Income (loss ) ($ '000) 223$ (57)$ 88$ 41$ 15$ 696$ (89)$ 434$ 188$ 376$
Premium depos i ts ($ '000) 931$ 1,231$ 383$ 326$ 496$ 1,104$ 4,034$ 1,772$ 2,806$ 2,771$
Withdrawals ($ '000) 499$ 307$ 151$ 109$ 75$ 701$ 2,414$ 2,411$ 2,107$ 1,053$
Number of units outstanding 171,662 140,592 76,906 58,002 38,327 398,122 376,714 292,946 332,240 288,536
Management expense ratio 1 2.64% 2.64% 2.67% 2.68% 2.69% 3.16% 3.15% 3.13% 3.14% 3.16%
Management expense before waiver 3.13% 3.21% 3.63% 3.58% 3.92% 3.37% 3.46% 3.77% 3.73% 4.15%
Portfol io turnover rate of the underlying fund 2 115.66% 119.95% 91.78% 109.31% 216.79% 115.66% 119.95% 91.78% 109.31% 216.79%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series commenced operations on November 7, 2014.
RBC U.S. Equity GIF (continued)
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 37 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 5,575$ Net income (loss ) attributable to contractholders 2,048,509$ (29,573)$
Investments in underlying fund at fa i r va lue 15,705,968 13,922,370 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (2,109,390) (50,931)
Accounts receivable - contractholders - - Change in other assets (643) (285)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (2,153) (7,945)
Due from RBC Li fe Insurance Company 1,811 1,189 Purchases of investments (1,105,382) (2,124,352)
Other 737 716 Proceeds from sa les of investments 1,431,174 2,649,300
15,708,516 13,929,850 Cash provided by (used in) oeprating activi ties 262,115 436,214
Liabilities Financing activities
Bank indebtedness 2,464 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 1,430,226 2,649,560
Accrued expenses 45,200 47,353 Redemption of units (1,700,380) (3,088,697)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (270,154) (439,137)
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (8,039) (2,923)
Other - - Cash/bank indebtedness at beginning of period 5,575 (1,100)
47,664 47,353 Cash/bank indebtedness at end of period (2,464)$ (4,023)$
Net assets attributable to contractholders 15,660,852$ 13,882,497$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 12.11$ 10.54$ ExpensesSeries 1 16.41 14.31 Annual Management fee and Other adminis tration expenses
Invest Series 1.99% 1.99%
Series 1 2.30% 2.30%
Annual Insurance Fee (Limit)
Invest Series 0.40 (0.90) % 0.40 (0.90) %
For the s ix month ended June 30, 2019 2018 Series 1 0.75 (1.15) % 0.75 (1.15) %
Income
Distribution from underlying fund 178,004$ 175,932$
Real ized ga in on sa le of investments (81,991) 475,024
Change in unreal ized ga in/loss of investments 2,191,381 (424,093) Sales and redemption of units2,287,394 226,863 Invest Series
Expenses Opening balance as at January 1st 165,990 111,248
Management fees 119,537 130,147 Purchases during the period 48,278 46,468
Insurance fees 59,369 64,521 Redemptions during the period (19,141) (8,832)
Other adminis trative expenses 70,694 65,871 Clos ing ba lance as at June 30th 195,127 148,884
249,600 260,539 Series 1
Less : Expenses waived 10,715 4,103 Opening ba lance as at January 1st 847,975 927,068
Expenses after waiver 238,885 256,436 Purchases during the period 54,521 122,167
Net income (loss) attributable to contractholders 2,048,509$ (29,573)$ Redemptions during the period (92,061) (176,367)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 810,435 872,868
Invest Series 1.48$ (0.05)$
Series 1 2.10 (0.03)
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 13,882,497$ 16,900,992$ Investment in underlying fund at fair valuePremium depos i ts 1,430,226 2,649,560 Level 1 15,705,968$ 13,922,370$
Net income (loss ) attributable to contractholders 2,048,509 (29,573)
17,361,232 19,520,979 Schedule of investment in underlying fundWithdrawals 1,700,380 3,079,101 RBC O'Shaughnessy U.S. Value Fund, Series O
Net assets, end of the period 15,660,852$ 16,441,878$ Number of units 1,137,998 1,161,485
Number of units outstanding Cost 16,205,743$ 16,613,526$
Invest Series 195,127 148,884 Percentage held in underlying fund 1.2330% 1.1508%
Series 1 810,435 872,868 Fa i r va lue 15,705,968$ 13,922,370$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC O'Shaughnessy U.S. Value GIF
RBC GUARANTEED INVESTMENT FUNDS Page 38 of 74
Unaudited interim financial statements of RBC O'Shaughnessy U.S. Value GIF (continued)
RBC O'Shaughnessy U.S. Va lue Fund
Citigroup Inc. 5.1% Spiri t Aerosystems Holdings Inc., Class A 2.3%
MetLi fe Inc. 4.9% eBay Inc. 2.3%
Ameriprise Financia l Inc. 4.8% Cash & Cash Equiva lents 2.3%
Yum! Brands , Inc. 4.0% Phi l l ips 66 Company 2.2%
Fi fth Third Bancorp 3.5% Corning Inc. 2.0%
Union Paci fic Corp. 3.4% Marathon Petroleum Corp. 1.9%
Amgen Inc. 3.3% Regions Financia l Corp. 1.9%
Cisco Systems Inc. 3.3% Best Buy Co. Inc. 1.9%
Citrix Systems Inc. 3.3% The Kroger Co. 1.9%
Voya Financia l Inc. 3.0% NXP Semiconductor N.V. 1.8%
Al ly Financia l Inc. 2.6% Dover Corp. 1.7%
Juniper Networks Inc. 2.6% The Western Union Co. 1.7%
Cardinal Health Inc. 2.5% 70.2%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 12.11$ 10.54$ 12.28$ 10.22$ 9.18$ 16.41$ 14.31$ 16.76$ 14.02$ 12.66$
Net assets attributable to contractholders ($ '000) 2,364$ 1,749$ 1,366$ 611$ 347$ 13,297$ 12,133$ 15,535$ 12,564$ 14,501$
Net Income (loss ) ($ '000) 275$ (312)$ 179$ 58$ (44)$ 1,774$ (2,107)$ 2,536$ 1,213$ (1,765)$
Premium depos i ts ($ '000) 565$ 1,216$ 634$ 316$ 367$ 865$ 2,833$ 3,150$ 1,040$ 2,709$
Withdrawals ($ '000) 225$ 520$ 58$ 110$ 12$ 1,475$ 4,128$ 2,714$ 4,190$ 5,067$
Number of units outstanding 195,127 165,990 111,248 59,753 37,785 810,435 847,975 927,068 895,960 1,145,728
Management expense ratio 1 2.66% 2.68% 2.69% 2.70% 2.72% 3.20% 3.18% 3.20% 3.20% 3.19%
Management expense before waiver 2.98% 2.88% 3.00% 3.14% 3.10% 3.31% 3.23% 3.36% 3.54% 3.50%
Portfol io turnover rate of the underlying fund 2 55.78% 68.89% 68.37% 62.98% 54.36% 55.78% 68.89% 68.37% 62.98% 54.36%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 39 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 154,748$ Net income (loss ) attributable to contractholders 6,894,172$ 1,757,839$
Investments in underlying fund at fa i r va lue 54,307,596 45,145,519 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (7,687,439) (2,269,012)
Accounts receivable - contractholders - - Change in other assets (1,184) (2,167)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 6,534 33,048
Due from RBC Li fe Insurance Company 4,021 2,858 Purchases of investments (4,701,377) (14,402,647)
Other 547 526 Proceeds from sa les of investments 3,226,739 526,864
54,312,164 45,303,651 Cash provided by (used in) oeprating activi ties (2,262,555) (14,356,075)
Liabilities Financing activities
Bank indebtedness 5,610 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 8,396,862 16,346,283
Accrued expenses 134,528 127,994 Redemption of units (6,294,665) (2,160,271)
Accounts payable - contractholders 9,035 - Cash provided by (used in) financing activi ties 2,102,197 14,186,012
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (160,358) (170,063)
Other - - Cash/bank indebtedness at beginning of period 154,748 207,183
149,173 127,994 Cash/bank indebtedness at end of period (5,610)$ 37,120$
Net assets attributable to contractholders 54,162,991$ 45,175,657$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 15.61$ 13.56$ ExpensesSeries 1 19.31 16.82 Annual Management fee and Other adminis tration expenses
Invest Series 2.07% 2.07%
Series 1 2.40% 2.40%
Annual Insurance Fee (Limit)
Invest Series 0.45 (0.95) % 0.45 (0.95) %
For the s ix month ended June 30, 2019 2018 Series 1 0.80 (1.20) % 0.80 (1.20) %
Income
Distribution from underlying fund 650$ 1,637$
Real ized ga in (loss ) on sa le of investments 284,581 49,575
Change in unreal ized ga in/loss of investments 7,402,858 2,219,437 Sales and redemption of units7,688,089 2,270,649 Invest Series
Expenses Opening balance as at January 1st 899,668 489,406
Management fees 503,689 307,949 Purchases during the period 198,745 319,560
Insurance fees 193,232 124,837 Redemptions during the period (149,974) (38,343)
Other adminis trative expenses 123,253 89,939 Clos ing ba lance as at June 30th 948,439 770,623
820,174 522,725 Series 1
Less : Expenses waived 26,257 9,915 Opening ba lance as at January 1st 1,960,704 1,072,795
Expenses after waiver 793,917 512,810 Purchases during the period 296,935 681,319
Net income (loss) attributable to contractholders 6,894,172$ 1,757,839$ Redemptions during the period (220,032) (92,411)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 2,037,607 1,661,703
Invest Series 2.04$ 0.78$
Series 1 2.50 0.95
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 45,175,657$ 24,954,341$ Investment in underlying fund at fair valuePremium depos i ts 8,396,862 16,494,083 Level 1 54,307,596$ 45,145,519$
Net income (loss ) attributable to contractholders 6,894,172 1,757,839
60,466,691 43,206,263 Schedule of investment in underlying fundWithdrawals 6,303,700 2,165,271 RBC Global Dividend Growth Fund, Series O
Net assets, end of the period 54,162,991$ 41,040,992$ Number of units 3,203,553 3,107,868
Number of units outstanding Cost 47,402,165$ 45,642,946$
Invest Series 948,439 770,623 Percentage held in underlying fund 1.5457% 1.5049%
Series 1 2,037,607 1,661,703 Fa i r va lue 54,307,596$ 45,145,519$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC Global Dividend Growth GIF
RBC GUARANTEED INVESTMENT FUNDS Page 40 of 74
Unaudited interim financial statements of
RBC Global Dividend Growth Fund
Microsoft Corp. 6.5% EOG Resources Inc. 2.7%
Blackstone Group LP 5.1% Uni lever N.V. 2.7%
TJX Companies Inc. 4.5% HDFC Bank Ltd. ADR 2.6%
Estée Lauder Companies Inc., Class A 4.2% AIA Group Ltd. 2.6%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% Citigroup Inc. 2.5%
UnitedHealth Group Incorporated 4.1% Fortive Corp. 2.3%
Roche Holdings AG Genusscheine 3.6% MarketAxess Holdings Inc. 2.2%
InterContinenta l Hotels Group Plc. 3.3% Royal Dutch Shel l Plc., B Shares 2.0%
JPMorgan Chase & Co. 3.3% Croda International Plc. 2.0%
Danaher Corp. 3.1% Inditex S.A. 2.0%
Deutsche Post AG 3.1% Broadcom Inc. 1.8%
Firs t Republ ic Bank 2.9% American Water Works Co. Inc. 1.8%
Anheuser-Busch InBev S.A./N.V. 2.7% 77.7%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 15.61$ 13.56$ 13.65$ 11.63$ 12.23$ 19.31$ 16.82$ 17.03$ 14.59$ 15.43$
Net assets attributable to contractholders ($ '000) 14,807$ 12,197$ 6,683$ 2,575$ 1,549$ 39,356$ 32,979$ 18,272$ 12,781$ 20,034$
Net Income (loss ) ($ '000) 1,896$ (383)$ 642$ (54)$ 62$ 4,998$ (1,130)$ 2,266$ (1,270)$ 1,576$
Premium depos i ts ($ '000) 2,955$ 8,715$ 3,714$ 1,745$ 1,547$ 5,442$ 20,304$ 6,289$ 4,686$ 13,796$
Withdrawals ($ '000) 2,241$ 2,818$ 249$ 664$ 94$ 4,063$ 4,467$ 3,064$ 10,669$ 2,334$
Number of units outstanding 948,439 899,668 489,406 221,425 126,693 2,037,607 1,960,704 1,072,795 876,200 1,298,151
Management expense ratio 1 2.78% 2.78% 2.76% 2.74% 2.74% 3.34% 3.32% 3.32% 3.29% 3.30%
Management expense before waiver 2.89% 2.84% 3.10% 3.16% 3.10% 3.44% 3.36% 3.58% 3.65% 3.63%
Portfol io turnover rate of the underlying fund 2 11.16% 15.92% 33.21% 152.69% 130.01% 11.16% 15.92% 33.21% 152.69% 130.01%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series commenced operations on November 7, 2014.
RBC Global Dividend Growth GIF (continued)
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 41 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 951$ -$ Net income (loss ) attributable to contractholders 206,721$ (48,807)$
Investments in underlying fund at fa i r va lue 6,300,616 6,200,599 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (306,583) (64,586)
Accounts receivable - contractholders - - Change in other assets (542) (855)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (4,209) (4,679)
Due from RBC Li fe Insurance Company 4,276 3,755 Purchases of investments (609,299) (1,334,849)
Other 547 526 Proceeds from sa les of investments 815,865 775,205
6,306,390 6,204,880 Cash provided by (used in) oeprating activi ties 101,953 (678,571)
Liabilities Financing activities
Bank indebtedness - 2,346 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 818,382 1,587,662
Accrued expenses 26,025 30,234 Redemption of units (917,038) (909,579)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (98,656) 678,083
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 3,297 (488)
Other - - Cash/bank indebtedness at beginning of period (2,346) (201)
26,025 32,580 Cash/bank indebtedness at end of period 951$ (689)$
Net assets attributable to contractholders 6,280,365$ 6,172,300$
Net assets attributable to unitholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.35$ 10.96$ ExpensesSeries 1 10.36 10.03 Annual Management fee and Other adminis tration expenses
Invest Series 2.07% 2.07%
Series 1 2.40% 2.40%
Annual Insurance Fee (Limit)
Invest Series 0.45 (0.95) % 0.45 (0.95) %
For the s ix month ended June 30, 2019 2018 Series 1 0.80 (1.20) % 0.80 (1.20) %
Income
Distribution from underlying fund 27$ 71$
Real ized ga in (loss ) on sa le of investments (46,871) 56,180
Change in unreal ized ga in/loss of investments 353,454 8,406 Sales and redemption of units306,610 64,657 Invest Series
Expenses Opening balance as at January 1st 108,314 76,307
Management fees 49,353 55,443 Purchases during the period 20,420 54,540
Insurance fees 24,804 28,342 Redemptions during the period (17,745) (21,982)
Other adminis trative expenses 51,553 51,480 Clos ing ba lance as at June 30th 110,989 108,865
125,710 135,265 Series 1
Less : Expenses waived 25,821 21,801 Opening ba lance as at January 1st 496,852 484,322
Expenses after waiver 99,889 113,464 Purchases during the period 55,712 74,102
Net income (loss) attributable to contractholders 206,721$ (48,807)$ Redemptions during the period (67,954) (53,552)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 484,610 504,872
Invest Series 0.34$ (0.12)$
Series 1 0.35 (0.07)
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 6,172,300$ 6,622,070$ Investment in underlying fund at fair valuePremium depos i ts 818,382 1,587,662 Level 1 6,300,616$ 6,200,599$
Net income (loss ) attributable to contractholders 206,721 (48,807)
7,197,403 8,160,925 Schedule of investment in underlying fundWithdrawals 917,038 909,579 RBC O'Shaughnessy International Equity Fund, Series O
Net assets, end of the period 6,280,365$ 7,251,346$ Number of units 715,524 738,905
Number of units outstanding Cost 6,675,206$ 6,928,643$
Invest Series 110,989 108,865 Percentage held in underlying fund 2.2397% 2.0907%
Series 1 484,610 504,872 Fa i r va lue 6,300,616$ 6,200,599$
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC O'Shaughnessy International Equity GIF
RBC GUARANTEED INVESTMENT FUNDS Page 42 of 74
Unaudited interim financial statements of RBC O'Shaughnessy International Equity GIF (continued)
RBC O'Shaughnessy International Equity Fund
Astel las Pharma Inc. 2.9% OMV AG 1.4%
ENI S.p.A. 2.6% Japan Aviation Electronics Industry Ltd. 1.4%
Rio Tinto Plc. 2.3% Aurizon Holdings Ltd. 1.4%
Burberry Group Plc. 2.1% Skandinaviska Enski lda Banken 1.4%
Roche Holding AG 2.1% SAMTY Co. Ltd. 1.3%
Ageas 2.1% Wesfarmers Ltd. 1.3%
Evraz Plc. 2.0% EXOR N.V. 1.2%
Peugeot S.A. 2.0% Cash & Cash Equiva lents 1.2%
Koninkl i jke Ahold Delhaize N.V. 1.9% Ferguson Plc. 1.2%
NTT DoCoMo Inc. 1.6% Contact Energy Limited 1.2%
Austra l ia & New Zealand Banking Group Ltd. 1.6% Toshiba TEC Corp. 1.1%
Tate & Lyle Plc. 1.6% Imperia l Brands Plc. 1.1%
Société Généra le 1.5% 41.5%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.35$ 10.96$ 12.67$ 11.08$ 11.78$ 10.36$ 10.03$ 11.67$ 10.25$ 10.95$
Net assets attributable to contractholders ($ '000) 1,260$ 1,187$ 968$ 490$ 263$ 5,020$ 4,985$ 5,654$ 5,039$ 5,334$
Net Income (loss ) ($ '000) 38$ (200)$ 88$ (12)$ 14$ 169$ (837)$ 680$ (352)$ 629$
Premium depos i ts ($ '000) 236$ 846$ 514$ 356$ 220$ 582$ 1,335$ 1,276$ 1,406$ 1,700$
Withdrawals ($ '000) 202$ 427$ 124$ 118$ 1$ 715$ 1,167$ 1,341$ 1,348$ 1,278$
Number of units outstanding 110,989 108,314 76,307 44,255 22,368 484,610 496,852 484,322 491,734 487,165
Management expense ratio 1 2.78% 2.77% 2.79% 2.77% 2.72% 3.33% 3.31% 3.31% 3.33% 3.32%
Management expense before waiver 4.00% 3.80% 3.92% 4.05% 4.07% 4.07% 3.84% 3.96% 4.15% 4.27%
Portfol io turnover rate of the underlying fund 2 69.41% 90.84% 67.66% 72.80% 75.66% 69.41% 90.84% 67.66% 72.80% 75.66%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
RBC GUARANTEED INVESTMENT FUNDS Page 43 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 200$ Net income (loss ) attributable to contractholders 18,882$ 3,016$
Investments in underlying fund at fa i r va lue 410,973 395,872 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (23,453) (8,297)
Accounts receivable - contractholders - - Change in other assets 508 (548)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (3,683) (6,041)
Due from RBC Li fe Insurance Company 4,131 4,656 Purchases of investments (34,556) (30,405)
Other 2,392 2,375 Proceeds from sa les of investments 42,908 38,182
417,496 403,103 Cash provided by (used in) oeprating activi ties 606 (4,093)
Liabilities Financing activities
Bank indebtedness - - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 21,119 20,790
Accrued expenses 18,418 22,101 Redemption of units (21,925) (18,195)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (806) 2,595
Accounts payable - purchase of investments - - Increase (decrease) in cash (200) (1,498)
Other - - Cash at beginning of period 200 448
18,418 22,101 Cash at end of period -$ (1,050)$
Net assets attributable to contractholders 399,078$ 381,002$
Net assets attributable to contractholders per unit 10.39$ 9.91$ For the s ix month ended June 30, 2019 2018
ExpensesAnnual Management fee and Other adminis tration expenses 1.97% 1.97%
Annual Insurance Fee (Limit) 0.45 (0.95) % 0.45 (0.95) %
For the s ix month ended June 30, 2019 2018
Income Sales and redemption of unitsDistribution from underlying fund 432$ 717$
Real ized ga in (loss ) on sa le of investments (1,811) 954 Opening ba lance as at January 1st 38,459 43,652
Change in unreal ized ga in/loss of investments 25,264 7,343 Purchases during the period 2,051 1,968
23,885 9,014 Redemptions during the period (2,114) (1,741)
Expenses Clos ing ba lance as at June 30th 38,396 43,879
Management fees 3,902 3,608
Insurance fees 934 1,120
Other adminis trative expenses 28,133 29,815 As at June 30, 2019 Dec 31, 2018
32,969 34,543 Investment in underlying fund at fair valueLess : Expenses waived 27,966 28,545 Level 1 410,973$ 395,872$
Expenses after waiver 5,003 5,998
Net income (loss) attributable to contractholders 18,882$ 3,016$ Schedule of investment in underlying fundNet income (loss ) attributable to unitholders per unit 0.50$ 0.07$ RBC BlueBay Global Convertible Bond Fund, Series O
Number of units 34,561$ 35,261$
Cost 425,964$ 436,127$
Percentage held in underlying fund 0.0573% 0.0476%
Fair va lue 410,973$ 395,872$
For the s ix month ended June 30, 2019 2018
Net assets , beginning of the period 381,002$ 453,968$
Premium depos i ts 21,119 20,790
Net income (loss ) attributable to contractholders 18,882 3,016
421,003 477,774
Withdrawals 21,925 18,195
Net assets, end of the period 399,078$ 459,579$
Number of units outstanding 38,396 43,879
The accompanying notes are an integral part of these financial statements.
RBC BlueBay Global Convertible Bond GIF
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC GUARANTEED INVESTMENT FUNDS Page 44 of 74
Unaudited interim financial statements of RBC BlueBay Global Convertible Bond GIF
RBC BlueBay Global Convertible Bond Fund (Canada)
Cash & Cash Equiva lents 4.8% RAG-Sti ftung, Convertible EUR 0.000% Oct 2 2024 1.6%
Ctrip.com International Ltd., Convertible USD 1.250% Sep 15 2022 3.1% Akamai Technologies Inc., Convertible 0.125% May 1 2025 1.5%
Shanghai Port Group BVI Holding Co. Ltd., Convertible USD 0.000% Aug 9 2021 3.0% QIAGEN N.V., Convertible USD 1.000% Nov 13 2024 1.5%
Microchip Technology Inc., Convertible 1.625% Feb 15 2027 2.8% Bagan Capita l Ltd., Convertible USD 0.000% Sep 23 2021 1.5%
Tes la Inc., Convertible 1.250% Jan 3 2021 2.6% Transocean Inc., Convertible USD 0.500% Jan 30 2023 1.4%
DISH Network Corp., Convertible 3.375% Aug 15 2026 2.1% STMicroelectronics N.V., Convertible USD 0.000% Jul 3 2022 1.4%
Harvest International Co., Convertible HKD 0.000% Nov 21 2022 2.0% Sika AG, Convertible CHF 0.150% Jun 5 2025 1.4%
Palo Al to Networks Inc., Convertible 0.750% Jul 1 2023 1.9% DocuSign Inc., Convertible 0.500% Sep 15 2023 1.4%
China Evergrande Group, Convertible HKD 4.250% Feb 14 2023 1.8% LG Chem Ltd., Convertible EUR 0.000% Apr 16 2021 1.3%
CRRC Corp Ltd., Convertible USD 0.000% Feb 5 2021 1.8% ON Semiconductor Corp., Convertible 1.000% Dec 1 2020 1.3%
China Rai lway Construction Corp. Ltd., Convertible CNY 1.500% Dec 21 2021 1.8% Huazhu Group Ltd., Convertible USD 0.375% Nov 1 2022 1.3%
China Overseas Finance Investment Cayman V Ltd., Convertible USD 0.000% Jan 5 2023 1.8% Tes la Inc., Convertible 2.000% May 15 2024 1.3%
Deutsche Wohnen SE, Convertible EUR 0.600% Jan 5 2026 1.7% 48.1%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 10.39$ 9.91$ 9.91$ 10.13$ 10.27$
Net assets attributable to contractholders ($ '000) 399$ 381$ 454$ 378$ 503$
Net income (loss ) ($ '000) 19$ (20)$ 9$ (7)$ (9)$
Premium depos i ts ($ '000) 21$ 29$ 98$ 25$ 474$
Withdrawals ($ '000) 22$ 82$ 31$ 142$ 2$
Number of units outstanding 38,396 38,459 38,459 37,339 48,953
Management expense ratio 1 2.61% 2.61% 2.63% 2.64% 2.74%
Management expense before waiver 17.19% 15.30% 15.88% 15.75% 19.37%
Portfol io turnover rate of the underlying fund 2 93.66% 84.83% 76.71% 83.94% 108.75%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the securities
in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year.
There is not necessarily a relationship between a high turnover rate and the performance of a fund.
Invest Series
RBC GUARANTEED INVESTMENT FUNDS Page 45 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 449,912$ 106,649$ Net income (loss ) attributable to contractholders 6,945,325$ (650,338)$
Investments in underlying fund at fa i r va lue 91,870,573 79,206,069 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (6,305,453) 979,470
Accounts receivable - contractholders - - Change in other assets 694 (3,263)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (602) 26,878
Due from RBC Li fe Insurance Company 1,262 1,982 Purchases of investments (12,857,410) (21,358,860)
Other 897 871 Proceeds from sa les of investments 6,498,359 3,725,888
92,322,644 79,315,571 Cash provided by (used in) oeprating activi ties (5,719,087) (17,280,225)
Liabilities Financing activities
Bank indebtedness - - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 15,785,193 24,187,786
Accrued expenses 164,754 165,356 Redemption of units (9,722,843) (7,013,452)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 6,062,350 17,174,334
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 343,263 (105,891)
Other - - Cash/bank indebtedness at beginning of period 106,649 85,273
164,754 165,356 Cash/bank indebtedness at end of period 449,912$ (20,618)$
Net assets attributable to contractholders 92,157,890$ 79,150,215$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 12.13$ 11.15$ ExpensesSeries 1 12.02 11.06 Annual Management fee and Other adminis tration expenses
Series 2 11.93 10.99 Invest Series 1.77% 1.97%
Series 1 1.87% 2.07%
Series 2 1.74% 1.94%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.30 (0.80) % 0.30 (0.80) %
Income Series 1 0.40 (0.80) % 0.40 (0.80) %
Distribution from underlying fund 1,697,360$ 1,222,832$ Series 2 0.70 (1.20) % 0.70 (1.20) %
Real ized ga in (loss ) on sa le of investments 15,937 106,201
Change in unreal ized ga in/loss of investments 6,289,516 (1,085,671) Sales and redemption of units8,002,813 243,362 Invest Series
Expenses Opening balance as at January 1st 1,330,097 1,104,002
Management fees 726,146 625,152 Purchases during the period 391,037 336,044
Insurance fees 228,176 189,519 Redemptions during the period (174,102) (127,321)
Other adminis trative expenses 121,902 98,886 Clos ing ba lance as at June 30th 1,547,032 1,312,725
1,076,224 913,557 Series 1
Less : Expenses waived 18,736 19,857 Opening ba lance as at January 1st 3,024,425 2,581,720
Expenses after waiver 1,057,488 893,700 Purchases during the period 604,848 775,758
Net income (loss) attributable to contractholders 6,945,325$ (650,338)$ Redemptions during the period (404,713) (336,991)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 3,224,560 3,020,487
Invest Series 0.92$ (0.09)$ Series 2
Series 1 0.95 (0.10) Opening ba lance as at January 1st 2,808,825 1,780,230
Series 2 0.94 (0.12) Purchases during the period 342,447 962,973
Redemptions during the period (247,334) (136,771)
Clos ing ba lance as at June 30th 2,903,938 2,606,432
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 79,150,215$ 64,065,412$ Investment in underlying fund at fair valuePremium depos i ts 15,785,193 24,187,786 Level 1 91,870,573$ 79,206,069$
Net income (loss ) attributable to contractholders 6,945,325 (650,338)
101,880,733 87,602,860 Schedule of investment in underlying fundWithdrawals 9,722,843 7,011,452 RBC Balanced Growth and Income Fund, Series O
Net assets, end of the period 92,157,890$ 80,591,408$ Number of units 7,554,835 7,028,357
Number of units outstanding Cost 90,817,977$ 84,442,989$
Invest Series 1,547,032 1,312,725 Percentage held in underlying fund 6.0525% 5.4402%
Series 1 3,224,560 3,020,487 Fa i r va lue 91,870,573$ 79,206,069$
Series 2 2,903,938 2,606,432
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Balanced Growth and Income GIF
RBC GUARANTEED INVESTMENT FUNDS Page 46 of 74
Unaudited interim financial statements of RBC Balanced Growth and Income GIF (continued)
RBC Balanced Growth & Income Fund
Phi l l ips , Hager & North Tota l Return Bond Fund 12.5% Suncor Energy Inc. 0.9%
RBC Emerging Markets Dividend Fund 10.0% TC Energy Corp. 0.9%
RBC Global Corporate Bond Fund 8.6% Nutrien Ltd. 0.8%
RBC European Dividend Fund 7.2% Canadian Natura l Resources Ltd. 0.8%
RBC Global High Yield Bond Fund 6.6% Agnico Eagle Mines Ltd. 0.7%
BlueBay Global Monthly Income Bond Fund 6.6% Apple Inc. 0.7%
Royal Bank of Canada 1.7% iShares Dow Jones US Real Estate Index ETF 0.7%
Enbridge Inc. 1.6% Canadian Imperia l Bank of Commerce 0.7%
Bank of Nova Scotia 1.6% Bank of Montreal 0.6%
Cash & Cash Equiva lents 1.5% Cisco Systems Inc. 0.6%
Toronto-Dominion Bank 1.4% Brookfield Asset Management Inc., Class A 0.6%
Microsoft Corp. 1.1% Sun Li fe Financia l Inc. 0.6%
Manul i fe Financia l Corporation 1.0% 70.0%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 12.13$ 11.15$ 11.79$ 10.92$ 10.01$ 12.02$ 11.06$ 11.72$ 10.88$ 9.99$
Net assets attributable to contractholders ($ '000) 18,764$ 14,831$ 13,020$ 5,939$ 5,935$ 38,756$ 33,452$ 30,259$ 10,691$ 3,511$
Net Income (loss ) ($ '000) 1,320$ (822)$ 682$ 545$ (206)$ 2,983$ (2,008)$ 1,480$ 655$ (6)$
Premium depos i ts ($ '000) 4,670$ 6,240$ 7,572$ 1,970$ 7,081$ 7,108$ 13,482$ 23,411$ 6,715$ 3,517$
Withdrawals ($ '000) 2,058$ 3,607$ 1,173$ 2,511$ 1,413$ 4,788$ 8,281$ 5,322$ 190$ -$
Number of units outstanding 1,547,032 1,330,097 1,104,002 543,674 585,773 3,224,560 3,024,425 2,581,720 982,861 351,266
Management expense ratio 1 2.22% 2.22% 2.21% 2.41% 2.42% 2.43% 2.42% 2.41% 2.60% 2.76%
Management expense before waiver 2.27% 2.26% 2.36% 2.50% 3.17% 2.47% 2.46% 2.55% 2.70% 2.90%
Portfol io turnover rate of the underlying fund 2 38.85% 47.67% 31.11% 50.12% 68.27% 38.85% 47.67% 31.11% 50.12% 68.27%
Net Asset Value attributable to contractholders 11.93$ 10.99$ 11.68$ 10.86$ 9.99$
Net assets attributable to contractholders ($ '000) 34,638$ 30,867$ 20,786$ 3,353$ 1,171$
Net Income (loss ) ($ '000) 2,642$ (1,838)$ 786$ 257$ 7$
Premium depos i ts ($ '000) 4,007$ 14,838$ 19,112$ 2,726$ 1,164$
Withdrawals ($ '000) 2,877$ 2,919$ 2,465$ 801$ -$
Number of units outstanding 2,903,938 2,808,825 1,780,230 308,827 117,266
Management expense ratio 1 2.66% 2.65% 2.61% 2.80% 2.93%
Management expense before waiver 2.70% 2.69% 2.73% 2.90% 3.10%
Portfol io turnover rate of the underlying fund 2 38.85% 47.67% 31.11% 50.12% 68.27%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period. 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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
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Invest Series Series 1
Series 2
RBC GUARANTEED INVESTMENT FUNDS Page 47 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 716,941$ 173,780$
Investments in underlying fund at fa i r va lue 5,067,055 4,652,112 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (787,079) (207,852)
Accounts receivable - contractholders - - Change in other assets (2,103) (924)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 26 (1,767)
Due from RBC Li fe Insurance Company 6,556 4,470 Purchases of investments (830,000) (1,455,009)
Other 587 570 Proceeds from sa les of investments 1,202,136 360,798
5,074,198 4,657,152 Cash provided by (used) in oeprating activi ties 299,921 (1,130,974)
Liabilities Financing activities
Bank indebtedness 375 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 1,296,042 1,633,946
Accrued expenses 21,181 21,155 Redemption of units (1,596,338) (505,172)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties (300,296) 1,128,774
Accounts payable - purchase of investments - - Increase (decrease) in cash (375) (2,200)
Other - - Cash at beginning of period - 30
21,556 21,155 Cash at end of period (375)$ (2,170)$
Net assets attributable to contractholders 5,052,642$ 4,635,997$
Net assets attributable to contractholders per unit 16.59$ 14.41$ For the s ix month ended June 30, 2019 2018
ExpensesAnnual Management fee and Other adminis tration expenses 2.07% 2.07%
Annual Insurance Fee (Limit) 0.45 (0.95) % 0.45 (0.95) %
For the s ix month ended June 30, 2019 2018
Income Sales and redemption of unitsDistribution from underlying fund -$ 1,115$
Real ized ga in (loss ) on sa le of investments 35,818 18,843 Opening ba lance as at January 1st 321,736 118,507
Change in unreal ized ga in/loss of investments 751,261 189,009 Purchases during the period 82,530 108,474
787,079 208,967 Redemptions during the period (99,688) (33,543)
Expenses Clos ing ba lance as at June 30th 304,578 193,438
Management fees 46,480 23,314
Insurance fees 12,525 6,283
Other adminis trative expenses 46,481 36,807 As at June 30, 2019 Dec 31, 2018
105,486 66,404 Investment in underlying fund at fair valueLess : Expenses waived 35,348 31,217 Level 1 5,067,055$ 4,652,112$
Expenses after waiver 70,138 35,187
Net income (loss) attributable to contractholders 716,941$ 173,780$ Schedule of investment in underlying fundNet income (loss ) attributable to unitholders per unit 2.23$ 1.03$ RBC Global Equity Fund, Series O
Number of units 291,747 312,371
Cost 4,735,453$ 5,071,771$
Percentage held in underlying fund 0.4815% 0.5079%
Fair va lue 5,067,055$ 4,652,112$
For the s ix month ended June 30, 2019 2018
Net assets , beginning of the period 4,635,997$ 1,720,653$
Premium depos i ts 1,296,042 1,633,946
Net income (loss ) attributable to contractholders 716,941 173,780
6,648,980 3,528,379
Withdrawals 1,596,338 505,172
Net assets, end of the period 5,052,642$ 3,023,207$
Number of units outstanding 304,578 193,438
The accompanying notes are an integral part of these financial statements.
RBC Global Equity GIF
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC GUARANTEED INVESTMENT FUNDS Page 48 of 74
Unaudited interim financial statements of
RBC Global Equity Fund
Danaher Corp. 4.2% Firs t Republ ic Bank 2.6%
Roche Holdings AG Genusscheine 4.2% Gartner Inc. 2.6%
Microsoft Corp. 4.0% JPMorgan Chase & Co. 2.3%
Amazon.com, Inc. 3.7% AIA Group Ltd. 2.3%
Fortive Corp. 3.5% American Water Works Co. Inc. 2.3%
UnitedHealth Group Incorporated 3.3% SVB Financia l Group 2.2%
TJX Companies Inc. 3.3% MarketAxess Holdings Inc. 2.2%
Deutsche Post AG 3.1% Nidec Corp. 2.2%
Uni lever N.V. 3.1% Inditex S.A. 2.2%
Anheuser-Busch InBev S.A./N.V. 3.0% Taiwan Semiconductor Manufacturing Co. Ltd. ADR 2.1%
Blackstone Group LP 2.8% Alphabet Inc., Class A 2.1%
Estée Lauder Companies Inc., Class A 2.7% InterContinenta l Hotels Group Plc. 2.1%
EOG Resources Inc. 2.7% 70.8%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 16.59$ 14.41$ 14.41$ 11.74$ 12.17$
Net assets attributable to contractholders ($ '000) 5,053$ 4,636$ 1,721$ 339$ 1,024$
Net Income (loss ) ($ '000) 717$ (203)$ 93$ (26)$ 34$
Premium depos i ts ($ '000) 1,296$ 4,483$ 1,359$ 320$ 990$
Withdrawals ($ '000) 1,596$ 1,365$ 70$ 979$ 17$
Number of units outstanding 304,578 321,736 321,736 28,872 84,121
Management expense ratio 1 2.79% 2.75% 2.68% 2.67% 2.85%
Management expense before waiver 4.20% 4.56% 14.54% 8.18% 33.70%
Portfol io turnover rate of the underlying fund 2 27.73% 39.05% 30.41% 40.76% 31.76%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
RBC Global Equity GIF
2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the
securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in
the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series
RBC GUARANTEED INVESTMENT FUNDS Page 49 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 1,458$ -$ Net income (loss ) attributable to contractholders 138,648$ (342,995)$
Investments in underlying fund at fa i r va lue 4,386,952 4,113,205 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (138,102) 333,575
Accounts receivable - contractholders - - Change in other assets (1,952) (2,327)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 279 232
Due from RBC Li fe Insurance Company 7,559 5,624 Purchases of investments (828,569) (2,599,188)
Other 2,392 2,375 Proceeds from sa les of investments 692,924 511,752
4,398,361 4,121,204 Cash provided by (used in) oeprating activi ties (136,772) (2,098,951)
Liabilities Financing activities
Bank indebtedness - 5,603 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 1,002,900 2,773,192
Accrued expenses 32,464 32,185 Redemption of units (859,067) (680,356)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 143,833 2,092,836
Accounts payable - purchase of investments - - Increase (decrease) in cash 7,061 (6,115)
Other - - Cash at beginning of period (5,603) 3,230
32,464 37,788 Cash at end of period 1,458$ (2,885)$
Net assets attributable to contractholders 4,365,897$ 4,083,416$
Net assets attributable to contractholders per unit 11.67$ 11.32$ For the s ix month ended June 30, 2019 2018
ExpensesAnnual Management fee and Other adminis tration expenses 2.20% 2.20%
Annual Insurance Fee (Limit) 0.45 (0.95) % 0.45 (0.95) %
For the s ix month ended June 30, 2019 2018 Sales and redemption of unitsIncome
Distribution from underlying fund 64,787 47,105$ Opening ba lance as at January 1st 360,747 201,945
Real ized ga in (loss ) on sa le of investments (41,742) 14,949 Purchases during the period 85,528 207,620
Change in unreal ized ga in/loss of investments 179,844 (348,524) Redemptions during the period (72,155) (53,064)
202,889 (286,470) Clos ing ba lance as at June 30th 374,120 356,501
Expenses
Management fees 43,149 37,968
Insurance fees 10,909 9,598 As at June 30, 2019 Dec 31, 2018
Other adminis trative expenses 50,100 41,814 Investment in underlying fund at fair value104,158 89,380 Level 1 4,386,952$ 4,113,205$
Less : Expenses waived 39,917 32,855
Expenses after waiver 64,241 56,525 Schedule of investment in underlying fundNet income (loss) attributable to contractholders 138,648$ (342,995)$ RBC Emerging Markets Dividend Fund, Series O
Net income (loss ) attributable to unitholders per unit 0.37$ (1.18)$ Number of units 346,018$ 334,434$
Cost 4,731,627$ 4,637,724$
Percentage held in underlying fund 0.3980% 0.4020%
Fair va lue 4,386,952$ 4,113,205$
For the s ix month ended June 30, 2019 2018
Net assets , beginning of the period 4,083,416$ 2,610,197$
Premium depos i ts 1,002,900 2,763,452
Net income (loss ) attributable to contractholders 138,648 (342,995)
5,224,964 5,030,654
Withdrawals 859,067 680,356
Net assets, end of the period 4,365,897$ 4,350,298$
Number of units outstanding 374,120 356,501
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC Emerging Markets Dividend GIF
RBC GUARANTEED INVESTMENT FUNDS Page 50 of 74
Unaudited interim financial statements of
RBC Emerging Markets Dividend Fund
Cash & Cash Equiva lents 5.5% Sberbank of Russ ia ADR 1.2%
Naspers Ltd. 4.8% Lukoi l PJSC ADR 1.2%
Samsung Electronics Co. Ltd. 4.0% PT Bank Negara Indones ia Persero Tbk 1.1%
China Construction Bank Corp. 3.9% MTN Group Ltd. 1.1%
Industria l & Commercia l Bank of China 3.8% Sao Martinho S.A. 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd. 3.2% CNOOC Ltd. 1.1%
Ping An Insurance Group Company of China Ltd. 3.2% Aurobindo Pharma Ltd. 1.1%
China Overseas Land & Investment Ltd. 1.7% Banco Davivienda S.A. Preference 1.0%
Banco do Bras i l S.A. 1.5% X5 Reta i l Group N.V. GDR 1.0%
Hana Financia l Group Inc. 1.4% MOL Hungarian Oi l & Gas Plc. 1.0%
TF Adminis tradora Industria l S. de R.L. de C.V. Real Estate Investment Trust Trust 1.4% Commercia l International Bank GDR 1.0%
Petroleo Bras i lei ro S.A. 1.3% Oi l & Natura l Gas Corp Ltd. 1.0%
Rel iance Industries Ltd. 1.3% 49.9%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.67$ 11.32$ 11.32$ 10.24$ 9.28$
Net assets attributable to contractholders ($ '000) 4,366$ 4,083$ 2,610$ 496$ 336$
Net Income (loss ) ($ '000) 139$ (656)$ 229$ 50$ (31)$
Premium depos i ts ($ '000) 1,003$ 3,760$ 2,109$ 304$ 347$
Withdrawals ($ '000) 859$ 1,631$ 223$ 194$ 4$
Number of units outstanding 374,120 360,747 360,747 48,390 36,184
Management expense ratio 1 2.92% 2.97% 2.98% 2.95% 3.01%
Management expense before waiver 4.74% 4.66% 7.48% 8.18% 36.32%
Portfol io turnover rate of the underlying fund 2 63.44% 65.74% 54.61% 70.28% 69.98%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
RBC Emerging Markets Dividend GIF
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all of the
securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in
the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
Invest Series
RBC GUARANTEED INVESTMENT FUNDS Page 51 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 118,901$ 170$ Net income (loss ) attributable to contractholders 1,923,311$ (167,351)$
Investments in underlying fund at fa i r va lue 32,520,829 26,225,554 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (1,700,678) 308,511
Accounts receivable - contractholders - - Change in other assets 195 (1,159)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 2,398 6,992
Due from RBC Li fe Insurance Company - 221 Purchases of investments (6,930,270) (8,730,892)
Other 897 871 Proceeds from sa les of investments 2,335,673 1,558,257
32,640,627 26,226,816 Cash provided by (used in) oeprating activi ties (4,369,371) (7,025,642)
Liabilities Financing activities
Bank indebtedness - - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 7,920,442 8,905,112
Accrued expenses 61,269 58,871 Redemption of units (3,432,340) (2,048,717)
Accounts payable - contractholders 2,500 400 Cash provided by (used in) financing activi ties 4,488,102 6,856,395
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 118,731 (169,247)
Other - - Cash/bank indebtedness at beginning of period 170 127,965
63,769 59,271 Cash/bank indebtedness at end of period 118,901$ (41,282)$
Net assets attributable to contractholders 32,576,858$ 26,167,545$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.40$ 10.63$ ExpensesSeries 1 11.32 10.57 Annual Management fee and Other adminis tration expenses
Series 2 11.27 10.53 Invest Series 1.67% 1.67%
Series 1 1.64% 1.64%
Series 2 1.61% 1.61%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.20 (0.70) % 0.20 (0.70) %
Income Series 1 0.40 (0.70) % 0.40 (0.70) %
Distribution from underlying fund 535,579$ 389,721$ Series 2 0.50 (0.80) % 0.50 (0.80) %
Real ized ga in on sa le of investments 2,586 (4,345)
Change in unreal ized ga in/loss of investments 1,698,092 (304,166) Sales and redemption of units2,236,257 81,210 Invest Series
Expenses Opening balance as at January 1st 453,143 346,684
Management fees 205,195 160,881 Purchases during the period 258,287 152,466
Insurance fees 59,542 48,001 Redemptions during the period (79,343) (63,559)
Other adminis trative expenses 53,381 47,757 Clos ing ba lance as at June 30th 632,087 435,591
318,118 256,639 Series 1
Less : Expenses waived 5,172 8,078 Opening ba lance as at January 1st 1,346,991 764,361
Expenses after waiver 312,946 248,561 Purchases during the period 367,543 529,560
Net income (loss) attributable to contractholders 1,923,311$ (167,351)$ Redemptions during the period (153,462) (47,948)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 1,561,072 1,245,973
Invest Series 0.74$ (0.09)$ Series 2
Series 1 0.73 (0.06) Opening ba lance as at January 1st 675,827 555,772
Series 2 0.74 (0.11) Purchases during the period 88,531 143,558
Redemptions during the period (80,778) (78,458)
Clos ing ba lance as at June 30th 683,580 620,872
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 26,167,545$ 18,155,465$ Investment in underlying fund at fair valuePremium depos i ts 7,920,442 8,895,112 Level 1 32,520,829$ 26,225,554$
Net income (loss ) attributable to contractholders 1,923,311 (167,351)
36,011,298 26,883,226 Schedule of investment in underlying fundWithdrawals 3,434,440 2,048,717 RBC Conservative Growth & Income Fund, Series O
Net assets, end of the period 32,576,858$ 24,834,509$ Number of units 3,150,755 2,703,665
Number of units outstanding Cost 31,759,580 27,162,397
Invest Series 632,087 435,591 Percentage held in underlying fund 18.0706% 16.0433%
Series 1 1,561,072 1,245,973 Fa i r va lue 32,520,829$ 26,225,554$
Series 2 683,580 620,872
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Conservative Growth and Income GIF
RBC GUARANTEED INVESTMENT FUNDS Page 52 of 74
Unaudited interim financial statements of
RBC Conservative Growth & Income Fund
Phi l l ips , Hager & North Tota l Return Bond Fund 26.3%
RBC Bond Fund 26.1%
RBC Canadian Equity Income Fund 10.2%
RBC Global Corporate Bond Fund 9.0%
RBC Global High Yield Bond Fund 6.9%
BlueBay Global Monthly Income Bond Fund 6.9%
RBC U.S. Dividend Fund 6.5%
RBC Emerging Markets Dividend Fund 3.5%
RBC European Dividend Fund 2.8%
Cash & Cash Equiva lents 1.8%
100.0%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.40$ 10.63$ 10.94$ 10.49$ 10.08$ 11.32$ 10.57$ 10.89$ 10.46$ 10.08$
Net assets attributable to contractholders ($ '000) 7,203$ 4,817$ 3,792$ 2,077$ 5$ 17,669$ 14,234$ 8,323$ 428$ 8$
Net Income (loss ) ($ '000) 387$ (123)$ 95$ 26$ -$ 1,043$ (346)$ 109$ 3$ -$
Premium depos i ts ($ '000) 2,884$ 3,046$ 3,466$ 2,246$ 5$ 4,064$ 8,147$ 7,989$ 419$ 8$
Withdrawals ($ '000) 885$ 1,898$ 1,846$ 176$ -$ 1,673$ 1,891$ 203$ 5$ -$
Number of units outstanding 632,087 453,143 346,684 198,044 500 1,561,072 1,346,991 764,361 40,872 798
Management expense ratio 1 2.06% 2.04% 2.02% 2.20% 2.33% 2.22% 2.19% 2.22% 2.46% 2.53%
Management expense before waiver 2.10% 2.09% 2.23% 4.19% 144.31% 2.26% 2.24% 2.36% 4.98% 118.77%
Portfol io turnover rate of the underlying fund 2 15.59% 19.12% 5.14% 27.72% 51.34% 15.59% 19.12% 5.14% 27.72% 51.34%
Net Asset Value attributable to contractholders 11.27$ 10.53$ 10.87$ 10.45$ 10.08$
Net assets attributable to contractholders ($ '000) 7,705$ 7,117$ 6,040$ 1,917$ 116$
Net Income (loss ) ($ '000) 493$ (209)$ 143$ 5$ -$
Premium depos i ts ($ '000) 972$ 3,295$ 5,605$ 1,853$ 115
Withdrawals ($ '000) 876$ 2,009$ 1,624$ 78$ -$
Number of units outstanding 683,580 675,827 555,772 183,365 11,458
Management expense ratio 1 2.36% 2.34% 2.31% 2.61% 2.69%
Management expense before waiver 2.39% 2.39% 2.54% 6.11% 52.98%
Portfol io turnover rate of the underlying fund 2 15.59% 19.12% 5.14% 27.72% 51.34%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
RBC Conservative Growth and Income GIF (continued)
Series 2
2 The underlying fund's portfolio turnover rate indicates how actively the fund's portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the fund buying and selling all
of the securities in its portfolio of the year. The higher a fund's portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving
taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
T
h
e
c
o
m
p
a
r
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Series 1Invest Series
RBC GUARANTEED INVESTMENT FUNDS Page 53 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 107,165$ Net income (loss ) attributable to contractholders 2,265,348$ (11,973)$
Investments in underlying fund at fa i r va lue 31,215,990 15,724,956 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (2,556,888) 7,365
Accounts receivable - contractholders - - Change in other assets (648) (5,337)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 24,332 15,443
Due from RBC Li fe Insurance Company 622 - Purchases of investments (13,551,242) (3,492,471)
Other 543 517 Proceeds from sa les of investments 617,096 123,937
31,217,155 15,832,638 Cash provided by (used in) oeprating activi ties (13,202,002) (3,363,036)
Liabilities Financing activities
Bank indebtedness 5,186 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 14,174,444 3,387,318
Accrued expenses 69,086 44,754 Redemption of units (1,084,793) (9,573)
Accounts payable - contractholders - - Cash provided by (used in) financing activi ties 13,089,651 3,377,745
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (112,351) 14,709
Other - - Cash/bank indebtedness at beginning of period 107,165 -
74,272 44,754 Cash/bank indebtedness at end of period (5,186)$ 14,709$
Net assets attributable to contractholders 31,142,883$ 15,787,884$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 10.67$ 9.63$ ExpensesSeries 1 10.64 9.61 Annual Management fee and Other adminis tration expenses
Series 2 10.61 9.60 Invest Series 1.69% 1.08%
Series 1 1.86% 1.09%
Series 2 1.73% 0.96%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.30 (0.80) % 0.30 (0.80) %
Income Series 1 0.40 (0.80) % 0.40 (0.80) %
Distribution from underlying fund 14,328$ 1,428$ Series 2 0.70 (1.20) % 0.70 (1.20) %
Real ized ga in (loss ) on sa le of investments 23,767 990
Change in unreal ized ga in/loss of investments 2,533,121 (8,355) Sales and redemption of units2,571,216 (5,937) Invest Series
Expenses Opening balance as at January 1st 198,984 -
Management fees 188,214 2,606 Purchases during the period 236,183 49,018
Insurance fees 72,201 1,452 Redemptions during the period (9,168) -
Other adminis trative expenses 52,909 11,963 Clos ing ba lance as at June 30th 425,999 49,018
313,324 16,021 Series 1
Less : Expenses waived 7,456 9,985 Opening ba lance as at January 1st 477,831 -
Expenses after waiver 305,868 6,036 Purchases during the period 583,815 94,981
Net income (loss) attributable to contractholders 2,265,348$ (11,973)$ Redemptions during the period (38,692) -
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 1,022,954 94,981
Invest Series 0.98$ (0.10)$ Series 2
Series 1 0.86 (0.10) Opening ba lance as at January 1st 966,566 -
Series 2 0.94 (0.06) Purchases during the period 572,065 191,294
Redemptions during the period (57,289) (949)
Clos ing ba lance as at June 30th 1,481,342 190,345
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 15,787,884$ -$ Investment in underlying fund at fair valuePremium depos i ts 14,174,444 3,387,318 Level 1 31,215,990$ 15,724,956$
Net income (loss ) attributable to contractholders 2,265,348 (11,973)
32,227,676 3,375,345 Schedule of investment in underlying fundWithdrawals 1,084,793 9,573 RBC Global Growth and Income Fund, Series O
Net assets, end of the period 31,142,883$ 3,365,772$ Number of units 2,492,096 1,405,005
Number of units outstanding Cost 29,655,414 16,697,501
Invest Series 425,999 49,018 Percentage held in underlying fund 9.8227% 6.3648%
Series 1 1,022,954 94,981 Fa i r va lue 31,215,990$ 15,724,956$
Series 2 1,481,342 190,345
The accompanying notes are an integral part of these financial statements.
RBC Global Growth and Income GIF
Statements of Financial Position Statements of Cash Flow
Statements of Comprehensive Income
Statements of Changes in Net Assets Attributable to Contractholders
RBC GUARANTEED INVESTMENT FUNDS Page 54 of 74
Unaudited interim financial statements of RBC Global Growth and Income GIF (continued)
RBC Global Growth & Income Fund
RBC Global Dividend Growth Fund 21.0%
RBC Global Equity Focus Fund 21.0%
RBC Global Bond Fund 13.0%
RBC Global Corporate Bond Fund 10.8%
RBC Emerging Markets Equity Fund 10.7%
RBC Global High Yield Bond Fund 6.7%
RBC European Mid-Cap Equity Fund 6.2%
RBC U.S. Mid-Cap Value Equity Fund 3.7%
Cash & Cash Equiva lents 2.5%
BlueBay Global Monthly Income Bond Fund 2.2%
RBC Emerging Markets Foreign Exchange Fund 2.2%
100.0%
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 10.67$ 9.63$ -$ -$ -$ 10.64$ 9.61$ -$ -$ -$
Net assets attributable to contractholders ($ '000) 4,546$ 1,916$ -$ -$ -$ 10,880$ 4,593$ -$ -$ -$
Net Income (loss ) ($ '000) 265$ (87)$ -$ -$ -$ 772$ (127)$ -$ -$ -$
Premium depos i ts ($ '000) 2,458$ 2,062$ -$ -$ -$ 5,917$ 4,809$ -$ -$ -$
Withdrawals ($ '000) 95$ 57$ -$ -$ -$ 401$ 90$ -$ -$ -$
Number of units outstanding 425,999 198,984 - - - 1,022,954 477,831 - - -
Management expense ratio 1 2.16% 2.20% 0.00% 0.00% 0.00% 2.45% 2.44% 0.00% 0.00% 0.00%
Management expense before waiver 2.23% 2.70% 0.00% 0.00% 0.00% 2.51% 2.87% 0.00% 0.00% 0.00%
Portfol io turnover rate of the underlying fund 2 16.22% 14.20% 0.00% 0.00% 0.00% 16.22% 14.20% 0.00% 0.00% 0.00%
Net Asset Value attributable to contractholders 10.61$ 9.60$ -$ -$ -$
Net assets attributable to contractholders ($ '000) 15,717$ 9,279$ -$ -$ -$
Net Income (loss ) ($ '000) 1,228$ (380)$ -$ -$ -$
Premium depos i ts ($ '000) 5,799$ 9,963$ -$ -$ -$
Withdrawals ($ '000) 589$ 304$ -$ -$ -$
Number of units outstanding 1,481,342 933,566 - - -
Management expense ratio 1 2.70% 2.73% 0.00% 0.00% 0.00%
Management expense before waiver 2.77% 3.06% 0.00% 0.00% 0.00%
Portfol io turnover rate of the underlying fund 2 16.22% 14.20% 0.00% 0.00% 0.00%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series, Series 1 and Series 2 commenced operations on May 7, 2018.
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.
Top 25 holdings of the underlying fund (unaudited)
Financial Highlights (unaudited)
Invest Series 3 Series 1
Series 2 3
RBC GUARANTEED INVESTMENT FUNDS Page 55 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 139,723$ Net income (loss ) attributable to contractholders 18,181,570$ 332,852$
Investments in underlying fund at fa i r va lue 263,349,130 233,051,003 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (18,212,291) (698,795)
Accounts receivable - contractholders 63,500 - Change in other assets (26) (1,144)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (8,579) 21,278
Due from RBC Li fe Insurance Company 213 213 Purchases of investments (26,478,149) (33,661,050)
Other 510 484 Proceeds from sa les of investments 14,392,313 19,020,322
263,413,353 233,191,423 Cash provided by (used in) oeprating activi ties (12,125,162) (14,986,537)
Liabilities Financing activities
Bank indebtedness 337,944 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 40,610,789 48,529,806
Accrued expenses 484,847 493,426 Redemption of units (28,963,294) (33,911,911)
Accounts payable - contractholders 3,000 1,338 Cash provided by (used in) financing activi ties 11,647,495 14,617,895
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (477,667) (368,642)
Other - - Cash/bank indebtedness at beginning of period 139,723 124,856
825,791 494,764 Cash/bank indebtedness at end of period (337,944)$ (243,786)$
Net assets attributable to contractholders 262,587,562$ 232,696,659$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 11.98$ 11.10$ ExpensesSeries 1 15.12 14.04 Annual Management fee and Other adminis tration expenses
Series 2 14.91 13.86 Invest Series 1.66% 1.86%
Series 1 1.85% 2.10%
Series 2 1.87% 2.20%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.20 (0.70) % 0.20 (0.70) %
Income Series 1 0.40 (0.70) % 0.40 (0.70) %
Distribution from underlying fund 2,993,249$ 2,550,209$ Series 2 0.50 (0.80) % 0.50 (0.80) %
Real ized ga in on sa le of investments 525,537 776,888
Change in unreal ized ga in/loss of investments 17,686,754 (78,093) Sales and redemption of units21,205,540 3,249,004 Invest Series
Expenses Opening balance as at January 1st 2,659,722 2,134,401
Management fees 2,219,469 2,143,696 Purchases during the period 893,223 754,358
Insurance fees 568,964 555,775 Redemptions during the period (399,673) (472,578)
Other adminis trative expenses 237,647 223,361 Clos ing ba lance as at June 30th 3,153,272 2,416,181
3,026,080 2,922,832 Series 1
Less : Expenses waived 2,110 6,680 Opening ba lance as at January 1st 5,598,165 5,017,580
Expenses after waiver 3,023,970 2,916,152 Purchases during the period 986,431 1,486,397
Net income (loss) attributable to contractholders 18,181,570$ 332,852$ Redemptions during the period (733,078) (817,137)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 5,851,518 5,686,840
Invest Series 0.86$ 0.04$ Series 2
Series 1 1.08 0.05 Opening ba lance as at January 1st 8,991,152 8,886,076
Series 2 1.06 0.00 Purchases during the period 1,080,620 1,294,381
Redemptions during the period (927,607) (1,154,828)
Clos ing ba lance as at June 30th 9,144,165 9,025,629
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 232,696,659$ 225,491,114$ Investment in underlying fund at fair valuePremium depos i ts 40,674,289 48,530,233 Level 1 263,349,130$ 233,051,003$
Net income (loss ) attributable to contractholders 18,181,570 332,852
291,552,518 274,354,199 Schedule of investment in underlying fundWithdrawals 28,964,956 33,756,870 RBC Select Conservative Portfolio, Series O
Net assets, end of the period 262,587,562$ 240,597,329$ Number of units 11,760,805 11,210,196
Number of units outstanding Cost 249,458,552$ 236,847,179$
Invest Series 3,153,272 2,416,181 Percentage held in underlying fund 0.8429% 0.8267%
Series 1 5,851,518 5,686,840 Fa i r va lue 263,349,130$ 233,051,003$
Series 2 9,144,165 9,025,629
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Select Conservative GIP
RBC GUARANTEED INVESTMENT FUNDS Page 56 of 74
Unaudited interim financial statements of
RBC Select Conservative Portfol io
RBC Bond Fund 16.1% Phi l l ips , Hager & North Short Term Bond & Mortgage Fund 2.4%
Cash & Cash Equiva lents 4.2% Province of Ontario 2.850% Jun 2 2023 6.0%
Province of Ontario 3.450% Jun 2 2045 2.8% Government of Canada 1.500% Aug 1 2021 6.0%
Province of Ontario 3.500% Jun 2 2043 2.2% Canada Hous ing Trust No. 1 2.900% Jun 15 2024 5.0%
Province of Ontario 2.900% Jun 2 2049 2.2% Canada Hous ing Trust No. 1 2.350% Jun 15 2023 4.6%
Province of Ontario 2.900% Dec 2 2046 2.2% Canada Hous ing Trust No. 1 2.400% Dec 15 2022 3.4%
Phi l l ips , Hager & North Tota l Return Bond Fund 9.2% RBC QUBE U.S. Equity Fund 2.1%
Government of Canada 2.250% Mar 1 2024 4.3% Microsoft Corp. 5.0%
Government of Canada 2.250% Jun 1 2029 4.1% Amazon.com, Inc. 3.8%
Canada Hous ing Trust No. 1 2.400% Dec 15 2022 3.4% Alphabet Inc., Class C 2.9%
Canada Hous ing Trust No. 1 1.750% Jun 15 2022 3.3% The Procter & Gamble Co. 2.8%
Government of Canada 1.500% Aug 1 2021 2.6% Honeywel l International Inc. 2.6%
RBC Canadian Short-Term Income Fund 8.4% RBC U.S. Dividend Fund 2.1%
Government of Canada 0.500% Mar 1 2022 3.9% Microsoft Corp. 5.6%
Cash & Cash Equiva lents 2.8% Cash & Cash Equiva lents 4.6%
Province of Ontario 2.850% Jun 2 2023 2.6% Apple Inc. 3.7%
Government of Canada 2.250% Mar 1 2024 2.3% iShares Dow Jones US Real Estate Index ETF 3.5%
Canada Hous ing Trust No. 1 2.900% Jun 15 2024 2.2% Cisco Systems Inc. 3.2%
RBC European Equity Fund 7.8% RBC As ia Paci fic ex-Japan Equity Fund 2.1%
Diageo Plc. 5.2% RBC As ia Paci fic ex-Japan Equity Fund 64.3%
Uni lever Plc. 5.2% RBC Japanese Equity Fund 35.6%
London Stock Exchange Group Plc. 4.9% Cash & Cash Equiva lents 0.1%
RELX Plc. 4.9% BlueBay Global Sovereign Bond Fund (Canada) 1.8%
Novo Nordisk A/S 4.5% Cash & Cash Equiva lents 10.7%
RBC Global Corporate Bond Fund 7.8% Buoni Pol iennal i Del Tesoro EUR 2.450% Sep 1 2033 7.4%
Cash & Cash Equiva lents 2.9% Japan Government Thirty Year JPY 0.600% Dec 20 2046 4.2%
RBC Emerging Markets Bond Fund 2.1% United States Treasury Inflation Indexed 0.625% Apr 15 2023 3.2%
BlueBay Emerging Markets Corporate Bond Fund 2.1% United States Treasury 2.875% Nov 15 2046 3.2%
Vanguard Intermediate-Term Corporate Bond ETF 1.8% Phi l l ips , Hager & North Canadian Equity Underlying Fund II 1.7%
Vanguard Short-Term Corporate Bond ETF 1.7% Royal Bank of Canada 7.1%
RBC Global Bond Fund 7.0% Toronto-Dominion Bank 6.7%
Euro-Schatz Future, September 2019 4.4% Enbridge Inc. 4.7%
Spain Government EUR 1.150% Jul 30 2020 4.0% Bank of Nova Scotia 3.8%
Cash & Cash Equiva lents 3.7% Brookfield Asset Management Inc., Class A 3.8%
United States 2-Year Note Future, September 2019 3.7% Phi l l ips , Hager & North Canadian Equity Underlying Fund 1.5%
United States Treasury 1.500% Jan 31 2022 2.9% Royal Bank of Canada 7.2%
RBC Canadian Dividend Fund 4.9% Toronto-Dominion Bank 6.8%
Royal Bank of Canada 8.1% Enbridge Inc. 4.7%
Toronto-Dominion Bank 7.7% Bank of Nova Scotia 3.8%
Bank of Nova Scotia 5.8% Canadian National Ra i lway Co. 3.4%
Canadian National Ra i lway Co. 4.9% Cash & Cash Equiva lents 1.3%
Cash & Cash Equiva lents 4.6% Cash & Cash Equiva lents 1.3%
Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 4.8% BlueBay European High Yield Bond Fund 1.3%
Microsoft Corp. 3.7% Cash & Cash Equiva lents 9.5%
Amazon.com, Inc. 2.8% Telecom Ita l ia S.p.A. EUR 4.000% Apr 11 2024 2.5%
Cash & Cash Equiva lents 2.6% Teva Pharmaceutica l Finance Netherlands II BV EUR 0.375% Jul 25 2020 2.4%
Apple Inc. 2.4% Synlab Bondco Plc. EUR 3.500% Jul 1 2022 2.4%
Facebook Inc., Class A 1.6% Unitymedia GmbH EUR 3.750% Jan 15 2027 2.2%
Phi l l ips , Hager & North Conservative Equity Income Fund 4.3% RBC Japanese Equity Fund 1.3%
Toronto-Dominion Bank 5.7% SoftBank Group Corp. 6.5%
Enbridge Inc. 5.5% Cash & Cash Equiva lents 4.4%
Royal Bank of Canada 5.5% Dai ichi Sankyo Co. Ltd. 3.2%
Bank of Nova Scotia 4.8% Keyence Corp. 3.1%
Canadian National Ra i lway Co. 4.5% Tokio Marine Holdings , Inc. 3.1%
RBC Private Canadian Equity Pool 3.8% RBC Global Equity Fund 1.2%
Royal Bank of Canada 6.2% Danaher Corp. 4.2%
Toronto-Dominion Bank 5.1% Roche Holdings AG Genusscheine 4.2%
Enbridge Inc. 4.5% Microsoft Corp. 4.0%
Bank of Nova Scotia 4.4% Amazon.com, Inc. 3.7%
Suncor Energy Inc. 3.8% Fortive Corp. 3.5%
RBC Global High Yield Bond Fund 3.3% RBC U.S. Equity Fund 1.0%
Cash & Cash Equiva lents 3.8% RBC U.S. Mid-Cap Growth Equity Fund 5.0%
BlueBay Emerging Markets Corporate Bond Fund 3.5% Microsoft Corp. 4.5%
iShares 0-5 Year High Yield Corporate Bond ETF 1.3% Cash & Cash Equiva lents 4.2%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF 1.3% Amazon.com, Inc. 3.8%
Peruvian Government USD 8.750% Nov 21 2033 1.2% Apple Inc. 3.3%
BlueBay Global Investment Grade Corporate Bond Fund (Canada) 2.5% Mini MSCI EAFE Index Future, September 2019 0.1%
Cash & Cash Equiva lents 6.1% Mini MSCI EAFE Index Future, September 2019 0.1%
Buoni Pol iennal i Del Tesoro EUR 3.000% Aug 1 2029 2.9%
Barclays Plc. USD 2.875% Jun 8 2020 1.9%
Nissan Canada Financia l Services Inc. 2.606% Mar 5 2021 1.9%
Broadcom Inc. 4.750% Apr 15 2029 1.4%
99.8%
RBC Select Conservative GIP (continued)
Top 25 holdings of the underlying fund (Unaudited)
RBC GUARANTEED INVESTMENT FUNDS Page 57 of 74
Unaudited interim financial statements of
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 11.98$ 11.10$ 11.47$ 10.88$ 10.50$ 15.12$ 14.04$ 14.57$ 13.88$ 13.45$
Net assets attributable to contractholders ($ '000) 37,768$ 29,520$ 24,473$ 10,616$ 3,792$ 88,480$ 78,600$ 73,089$ 73,881$ 59,097$
Net Income (loss ) ($ '000) 2,519$ (1,003)$ 967$ 368$ 14$ 6,145$ (2,706)$ 3,358$ 2,152$ 1,574$
Premium depos its ($ '000) 10,376$ 18,587$ 18,162$ 10,139$ 3,619$ 14,541$ 33,494$ 23,078$ 24,736$ 23,573$
Withdrawals ($ '000) 4,645$ 12,537$ 5,272$ 3,683$ 252$ 10,808$ 25,278$ 27,228$ 12,105$ 13,725$
Number of units outstanding 3,153,272 2,659,722 2,134,401 975,888 361,018 5,851,518 5,598,165 5,017,580 5,324,449 4,394,837
Management expense ratio 1 2.03% 2.03% 2.05% 2.26% 2.23% 2.45% 2.45% 2.44% 2.64% 2.63%
Management expense before waiver 2.03% 2.03% 2.60% 2.35% 2.33% 2.45% 2.45% 2.60% 2.71% 2.70%
Portfol io turnover rate of the underlying fund 2 5.03% 4.72% 6.57% 12.26% 16.35% 5.03% 4.72% 6.57% 12.26% 16.35%
Net Asset Value attributable to contractholders 14.91$ 13.86$ 14.40$ 13.74$ 13.34$
Net assets attributable to contractholders ($ '000) 136,340$ 124,577$ 127,929$ 115,400$ 90,808$
Net Income (loss ) ($ '000) 9,518$ (4,937)$ 5,681$ 3,111$ 1,795$
Premium depos its ($ '000) 15,757$ 33,860$ 32,356$ 37,428$ 35,571$
Withdrawals ($ '000) 13,512$ 32,274$ 25,508$ 15,947$ 14,230$
Number of units outstanding 9,144,165 8,991,152 8,886,076 8,401,673 6,808,929
Management expense ratio 1 2.61% 2.61% 2.60% 2.83% 2.82%
Management expense before waiver 2.61% 2.61% 2.75% 2.90% 2.89%
Portfol io turnover rate of the underlying fund 2 5.03% 4.72% 6.57% 12.26% 16.35%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Financial Highlights (unaudited)
RBC Select Conservative GIP (continued)
Invest Series 3 Series 1
Series 2
RBC GUARANTEED INVESTMENT FUNDS Page 58 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash 230,553$ 211,402$ Net income (loss ) attributable to contractholders 30,344,115$ 2,634,838$
Investments in underlying fund at fa i r va lue 386,050,711 316,975,634 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (34,774,610) (6,177,867)
Accounts receivable - contractholders - - Change in other assets 1,945 (5,817)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 49,849 81,088
Due from RBC Li fe Insurance Company 1,302 3,273 Purchases of investments (45,911,626) (45,315,151)
Other 510 484 Proceeds from sa les of investments 11,611,159 7,975,818
386,283,076 317,190,793 Cash provided by (used in) oeprating activi ties (38,679,168) (40,807,091)
Liabilities Financing activities
Bank indebtedness - - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 72,547,636 67,156,797
Accrued expenses 738,720 688,871 Redemption of units (33,849,317) (26,807,478)
Accounts payable - contractholders 23,212 6,034 Cash provided by (used in) financing activi ties 38,698,319 40,349,319
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness 19,151 (457,772)
Other - - Cash/bank indebtedness at beginning of period 211,402 518,272
761,932 694,905 Cash/bank indebtedness at end of period 230,553$ 60,500$
Net assets attributable to contractholders 385,521,144$ 316,495,888$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 12.66$ 11.57$ ExpensesSeries 1 16.23 14.85 Annual Management fee and Other adminis tration expenses
Series 2 15.81 14.48 Invest Series 1.75% 1.95%
Series 1 1.88% 2.20%
Series 2 1.93% 2.30%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.20 (0.70) % 0.20 (0.70) %
Income Series 1 0.40 (0.80) % 0.40 (0.80) %
Distribution from underlying fund 6,076 16,082$ Series 2 0.50 (0.90) % 0.50 (0.90) %
Real ized ga in on sa le of investments 976,406 899,217
Change in unreal ized ga in/loss of investments 33,798,204 5,278,650 Sales and redemption of units34,780,686 6,193,949 Invest Series
Expenses Opening balance as at January 1st 4,147,244 2,288,084
Management fees 3,292,886 2,622,922 Purchases during the period 1,895,243 1,096,958
Insurance fees 810,718 666,333 Redemptions during the period (463,566) (115,367)
Other adminis trative expenses 363,404 292,326 Clos ing ba lance as at June 30th 5,578,921 3,269,675
4,467,008 3,581,581 Series 1
Less : Expenses waived 30,437 22,470 Opening ba lance as at January 1st 5,925,623 4,772,310
Expenses after waiver 4,436,571 3,559,111 Purchases during the period 1,274,544 1,298,011
Net income (loss) attributable to contractholders 30,344,115$ 2,634,838$ Redemptions during the period (634,083) (558,866)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 6,566,084 5,511,455
Invest Series 1.04$ 0.15$ Series 2
Series 1 1.35 0.15 Opening ba lance as at January 1st 12,467,109 10,365,963
Series 2 1.31 0.13 Purchases during the period 1,883,273 2,231,171
Redemptions during the period (1,176,149) (1,107,933)
Clos ing ba lance as at June 30th 13,174,233 11,489,201
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 316,495,888$ 258,456,581$ Investment in underlying fund at fair valuePremium depos i ts 72,547,636 67,184,274 Level 1 386,050,711$ 316,975,634$
Net income (loss ) attributable to contractholders 30,344,115 2,634,838
419,387,639 328,275,693 Schedule of investment in underlying fundWithdrawals 33,866,495 26,821,478 RBC Select Balanced Portfolio, Series O
Net assets, end of the period 385,521,144$ 301,454,215$ Number of units 12,813,770 11,638,668
Number of units outstanding Cost 344,961,546 309,684,673
Invest Series 5,578,921 3,269,675 Percentage held in underlying fund 1.0773% 1.0196%
Series 1 6,566,084 5,511,455 Fa i r va lue 386,050,711$ 316,975,634$
Series 2 13,174,233 11,489,201
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Select Balanced GIP
RBC GUARANTEED INVESTMENT FUNDS Page 59 of 74
Unaudited interim financial statements of
RBC Select Ba lanced Portfol io
RBC Bond Fund 18.8% RBC As ia Paci fic ex-Japan Equity Fund 2.4%
Cash & Cash Equiva lents 4.2% Tencent Holdings Ltd. 6.0%
Province of Ontario 3.450% Jun 2 2045 2.8% Taiwan Semiconductor Manufacturing Co. Ltd. 4.9%
Province of Ontario 3.500% Jun 2 2043 2.2% CSL Ltd. 4.9%
Province of Ontario 2.900% Jun 2 2049 2.2% HDFC Bank Ltd. 3.7%
Province of Ontario 2.900% Dec 2 2046 2.2% AIA Group Ltd. 3.5%
RBC Global Corporate Bond Fund 9.5% RBC Private U.S. Large-Cap Core Equity Pool 2.0%
Cash & Cash Equiva lents 2.9% Microsoft Corp. 5.1%
RBC Emerging Markets Bond Fund 2.1% Cash & Cash Equiva lents 4.1%
BlueBay Emerging Markets Corporate Bond Fund 2.1% Amazon.com, Inc. 3.9%
Vanguard Intermediate-Term Corporate Bond ETF 1.8% Apple Inc. 3.4%
Vanguard Short-Term Corporate Bond ETF 1.7% Alphabet Inc., Class C 2.5%
Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 5.5% RBC U.S. Dividend Fund 2.0%
Microsoft Corp. 3.7% Microsoft Corp. 5.6%
Amazon.com, Inc. 2.8% Cash & Cash Equiva lents 4.6%
Cash & Cash Equiva lents 2.6% Apple Inc. 3.7%
Apple Inc. 2.4% iShares Dow Jones US Real Estate Index ETF 3.5%
Facebook Inc., Class A 1.6% Cisco Systems Inc. 3.2%
RBC European Equity Fund 5.3% BlueBay Global Investment Grade Corporate Bond Fund (Canada) 1.9%
Diageo Plc. 5.2% Cash & Cash Equiva lents 6.1%
Uni lever Plc. 5.2% Buoni Pol iennal i Del Tesoro EUR 3.000% Aug 1 2029 2.9%
London Stock Exchange Group Plc. 4.9% Barclays Plc. USD 2.875% Jun 8 2020 1.9%
RELX Plc. 4.9% Nissan Canada Financia l Services Inc. 2.606% Mar 5 2021 1.9%
Novo Nordisk A/S 4.5% Broadcom Inc. 4.750% Apr 15 2029 1.4%
RBC Private Canadian Equity Pool 5.3% Cash & Cash Equiva lents 1.5%
Royal Bank of Canada 6.2% Cash & Cash Equiva lents 1.5%
Toronto-Dominion Bank 5.1% BlueBay Global Sovereign Bond Fund (Canada) 1.2%
Enbridge Inc. 4.5% Cash & Cash Equiva lents 10.7%
Bank of Nova Scotia 4.4% Buoni Pol iennal i Del Tesoro EUR 2.450% Sep 1 2033 7.4%
Suncor Energy Inc. 3.8% Japan Government Thirty Year JPY 0.600% Dec 20 2046 4.2%
RBC Canadian Dividend Fund 5.3% United States Treasury Inflation Indexed 0.625% Apr 15 2023 3.2%
Royal Bank of Canada 8.1% United States Treasury 2.875% Nov 15 2046 3.2%
Toronto-Dominion Bank 7.7% RBC Japanese Equity Fund 1.2%
Bank of Nova Scotia 5.8% SoftBank Group Corp. 6.5%
Canadian National Ra i lway Co. 4.9% Cash & Cash Equiva lents 4.4%
Cash & Cash Equiva lents 4.6% Dai ichi Sankyo Co. Ltd. 3.2%
RBC QUBE U.S. Equity Fund 5.0% Keyence Corp. 3.1%
Microsoft Corp. 5.0% Tokio Marine Holdings , Inc. 3.1%
Amazon.com, Inc. 3.8% RBC European Mid-Cap Equity Fund 1.1%
Alphabet Inc., Class C 2.9% Cash & Cash Equiva lents 3.4%
The Procter & Gamble Co. 2.8% London Stock Exchange Group Plc. 3.0%
Honeywel l International Inc. 2.6% Topdanmark A/S 2.9%
Phi l l ips , Hager & North Canadian Equity Underlying Fund II 2.9% DSV A/S 2.6%
Royal Bank of Canada 7.1% Ashtead Group Plc. 2.6%
Toronto-Dominion Bank 6.7% RBC U.S. Mid-Cap Growth Equity Fund 1.1%
Enbridge Inc. 4.7% RBC U.S. Mid-Cap Growth Equity Fund 5.0%
Bank of Nova Scotia 3.8% Microsoft Corp. 4.5%
Brookfield Asset Management Inc., Class A 3.8% Cash & Cash Equiva lents 4.2%
RBC Global Dividend Growth Fund 2.9% Amazon.com, Inc. 3.8%
Microsoft Corp. 6.5% Apple Inc. 3.3%
Blackstone Group LP 5.1% RBC U.S. Equity Fund 1.0%
TJX Companies Inc. 4.5% RBC U.S. Mid-Cap Growth Equity Fund 5.0%
Estée Lauder Companies Inc., Class A 4.2% Microsoft Corp. 4.5%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% Cash & Cash Equiva lents 4.2%
RBC Global Equity Focus Fund 2.9% Amazon.com, Inc. 3.8%
Danaher Corp. 4.2% Apple Inc. 3.3%
Roche Holdings AG Genusscheine 4.2% RBC Global Bond Fund 4.1%
Microsoft Corp. 4.0% Euro-Schatz Future, September 2019 4.4%
Amazon.com, Inc. 3.7% Spain Government EUR 1.150% Jul 30 2020 4.0%
Fortive Corp. 3.5% Cash & Cash Equiva lents 3.7%
BlueBay Global Monthly Income Bond Fund 2.9% United States 2-Year Note Future, September 2019 3.7%
Cash & Cash Equiva lents 7.4% United States Treasury 1.500% Jan 31 2022 2.9%
Hel lenic Republ ic Government EUR 3.900% Jan 30 2033 2.0% RBC Emerging Markets Equity Fund 3.3%
Republ ic of South Africa ZAR 8.750% Feb 28 2048 1.6% Naspers Ltd. 6.5%
Intesa Sanpaolo S.p.A. EUR 7.750% Perpetual 1.2% AIA Group Ltd. 5.3%
Mexican Bonos MXN 5.750% Mar 5 2026 1.0% Hous ing Development Finance Corp. 5.2%
Phi l l ips , Hager & North Canadian Equity Underlying Fund 2.6% Taiwan Semiconductor Manufacturing Co. Ltd. 4.8%
Royal Bank of Canada 7.2% Tata Consultancy Services Ltd. 4.0%
Toronto-Dominion Bank 6.8% RBC QUBE Canadian Equity Fund 3.3%
Enbridge Inc. 4.7% Toronto-Dominion Bank 7.7%
Bank of Nova Scotia 3.8% Royal Bank of Canada 7.4%
Canadian National Ra i lway Co. 3.4% Manul i fe Financia l Corporation 3.8%
Enbridge Inc. 3.8%
Canadian Paci fic Ra i lway Ltd. 3.3%
95.0%
Top 25 holdings of the underlying fund (Unaudited)
RBC Select Balanced GIP (continued)
RBC GUARANTEED INVESTMENT FUNDS Page 60 of 74
Unaudited interim financial statements of RBC Select Balanced GIP (continued)
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 201800.0% 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 1266.0% 1157.0% 12.03$ 11.11$ 10.66$ 16.23$ 14.85$ 15.50$ 14.36$ 13.82$
Net assets attributable to contractholders ($ '000) 7065600.0% 4797300.0% 27,525$ 13,046$ 5,867$ 106,589$ 88,011$ 73,980$ 55,557$ 40,610$
Net Income (loss ) ($ '000) 516000.0% -190200.0% 1,563$ 475$ 2$ 8,326$ (3,882)$ 4,792$ 2,031$ 1,124$
Premium depos its ($ '000) 2322800.0% 2954600.0% 15,461$ 8,245$ 6,002$ 20,284$ 34,156$ 25,846$ 19,967$ 20,196$
Withdrawals ($ '000) 570500.0% 719600.0% 2,545$ 1,540$ 191$ 10,031$ 16,243$ 12,215$ 7,050$ 5,157$
Number of units outstanding 557892100.0% 414724400.0% 2,288,084 1,174,440 550,413 6,566,084 5,925,623 4,772,310 3,867,821 2,937,565
Management expense ratio 1 2.1% 2.1% 2.16% 2.41% 2.36% 2.49% 2.50% 2.49% 2.70% 2.71%
Management expense before waiver 2.2% 2.2% 2.29% 2.51% 2.46% 2.51% 2.50% 2.64% 2.79% 2.78%
Portfol io turnover rate of the underlying fund 2 5.2% 4.3% 3.34% 5.91% 16.43% 5.19% 4.30% 3.34% 5.91% 16.43%
Net Asset Value attributable to contractholders 1581.0% 1448.0% 15.14$ 14.06$ 13.55$
Net assets attributable to contractholders ($ '000) 20827600.0% 18051200.0% 156,952$ 127,204$ 101,130$
Net Income (loss ) ($ '000) 1685800.0% -830300.0% 10,462$ 4,413$ 3,232$
Premium depos its ($ '000) 2903600.0% 6422600.0% 43,211$ 35,868$ 38,192$
Withdrawals ($ '000) 1813000.0% 3236300.0% 23,924$ 14,209$ 14,393$
Number of units outstanding 1317423300.0% 1246710900.0% 10,365,963 9,049,476 7,460,809
Management expense ratio 1 2.7% 2.7% 2.67% 2.89% 2.89%
Management expense before waiver 2.7% 2.7% 2.83% 2.98% 2.97%
Portfol io turnover rate of the underlying fund 2 5.2% 4.3% 3.34% 5.91% 16.43%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Financial Highlights (unaudited)
Invest Series 3 Series 1
Series 2
RBC GUARANTEED INVESTMENT FUNDS Page 61 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ -$ Net income (loss ) attributable to contractholders 10,064,628$ 1,176,183$
Investments in underlying fund at fa i r va lue 116,130,772 100,269,096 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net ga ins on investments (11,712,243) (2,562,935)
Accounts receivable - contractholders - - Change in other assets 548 (2,352)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties 8,090 20,355
Due from RBC Li fe Insurance Company 793 1,367 Purchases of investments (8,950,736) (13,435,385)
Other 510 484 Proceeds from sa les of investments 4,801,303 3,725,654
116,132,075 100,270,947 Cash provided by (used in) oeprating activi ties (5,788,410) (11,078,480)
Liabilities Financing activities
Bank indebtedness 51,363 16,689 Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 14,062,949 18,512,507
Accrued expenses 265,931 257,841 Redemption of units (8,309,213) (7,476,862)
Accounts payable - contractholders 4,000 2,154 Cash provided by (used in) financing activi ties 5,753,736 11,035,645
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (34,674) (42,835)
Other - - Cash/bank indebtedness at beginning of period (16,689) 33,041
321,294 276,684 Cash/bank indebtedness at end of period (51,363)$ (9,794)$
Net assets attributable to contractholders 115,810,781$ 99,994,263$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 12.91$ 11.73$ ExpensesSeries 1 16.12 14.67 Annual Management fee and Other adminis tration expenses
Series 2 15.66 14.27 Invest Series 1.94% 1.94%
Series 1 2.25% 2.25%
Series 2 2.35% 2.35%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.40 (0.90) % 0.40 (0.90) %
Income Series 1 0.60 (1.00) % 0.60 (1.00) %
Distribution from underlying fund 4,985$ 7,561$ Series 2 0.70 (1.10) % 0.70 (1.10) %
Real ized ga in on sa le of investments 428,916 437,384
Change in unreal ized ga in/loss of investments 11,283,327 2,125,551 Sales and redemption of units11,717,228 2,570,496 Invest Series
Expenses Opening balance as at January 1st 1,417,983 712,274
Management fees 1,126,582 942,111 Purchases during the period 344,232 514,000
Insurance fees 377,659 323,495 Redemptions during the period (131,488) (61,765)
Other adminis trative expenses 161,870 138,372 Clos ing ba lance as at June 30th 1,630,727 1,164,509
1,666,111 1,403,978 Series 1
Less : Expenses waived 13,511 9,665 Opening ba lance as at January 1st 1,326,668 1,018,318
Expenses after waiver 1,652,600 1,394,313 Purchases during the period 247,375 290,090
Net income (loss) attributable to contractholders 10,064,628$ 1,176,183$ Redemptions during the period (96,854) (73,580)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 1,477,189 1,234,828
Invest Series 1.15$ 0.24$ Series 2
Series 1 1.42 0.21 Opening ba lance as at January 1st 4,476,693 4,130,777
Series 2 1.38 0.17 Purchases during the period 390,479 506,381
Redemptions during the period (336,847) (370,538)
Clos ing ba lance as at June 30th 4,530,325 4,266,620
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 99,994,263$ 86,872,841$ Investment in underlying fund at fair valuePremium depos i ts 14,062,949 18,512,507 Level 1 116,130,772$ 100,269,096$
Net income (loss ) attributable to contractholders 10,064,628 1,176,183
124,121,840 106,561,531 Schedule of investment in underlying fundWithdrawals 8,311,059 7,476,862 RBC Select Growth Portfolio, Series O
Net assets, end of the period 115,810,781$ 99,084,669$ Number of units 3,664,333 3,524,769
Number of units outstanding Cost 102,507,438$ 97,929,089$
Invest Series 1,630,727 1,164,509 Percentage held in underlying fund 1.1121% 1.0922%
Series 1 1,477,189 1,234,828 Fa i r va lue 116,130,772$ 100,269,096$
Series 2 4,530,325 4,266,620
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Select Growth GIP
RBC GUARANTEED INVESTMENT FUNDS Page 62 of 74
Unaudited interim financial statements of
RBC Select Growth Portfol io
RBC Bond Fund 9.8% RBC Global Bond Fund 3.6%
Cash & Cash Equiva lents 4.2% Euro-Schatz Future, September 2019 4.4%
Province of Ontario 3.450% Jun 2 2045 2.8% Spain Government EUR 1.150% Jul 30 2020 4.0%
Province of Ontario 3.500% Jun 2 2043 2.2% Cash & Cash Equiva lents 3.7%
Province of Ontario 2.900% Jun 2 2049 2.2% United States 2-Year Note Future, September 2019 3.7%
Province of Ontario 2.900% Dec 2 2046 2.2% United States Treasury 1.500% Jan 31 2022 2.9%
RBC Global Corporate Bond Fund 7.3% RBC QUBE Canadian Equity Fund 3.1%
Cash & Cash Equiva lents 2.9% Toronto-Dominion Bank 7.7%
RBC Emerging Markets Bond Fund 2.1% Royal Bank of Canada 7.4%
BlueBay Emerging Markets Corporate Bond Fund 2.1% Manul i fe Financia l Corporation 3.8%
Vanguard Intermediate-Term Corporate Bond ETF 1.8% Enbridge Inc. 3.8%
Vanguard Short-Term Corporate Bond ETF 1.7% Canadian Paci fic Ra i lway Ltd. 3.3%
RBC European Equity Fund 6.5% RBC Private U.S. Large-Cap Core Equity Pool 3.0%
Diageo Plc. 5.2% Microsoft Corp. 5.1%
Uni lever Plc. 5.2% Cash & Cash Equiva lents 4.1%
London Stock Exchange Group Plc. 4.9% Amazon.com, Inc. 3.9%
RELX Plc. 4.9% Apple Inc. 3.4%
Novo Nordisk A/S 4.5% Alphabet Inc., Class C 2.5%
Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 6.4% RBC U.S. Dividend Fund 3.0%
Microsoft Corp. 3.7% Microsoft Corp. 5.6%
Amazon.com, Inc. 2.8% Cash & Cash Equiva lents 4.6%
Cash & Cash Equiva lents 2.6% Apple Inc. 3.7%
Apple Inc. 2.4% iShares Dow Jones US Real Estate Index ETF 3.5%
Facebook Inc., Class A 1.6% Cisco Systems Inc. 3.2%
RBC Private Canadian Equity Pool 6.1% RBC As ia Paci fic ex-Japan Equity Fund 2.7%
Royal Bank of Canada 6.2% RBC As ia Paci fic ex-Japan Equity Fund 64.3%
Toronto-Dominion Bank 5.1% RBC Japanese Equity Fund 35.6%
Enbridge Inc. 4.5% Cash & Cash Equiva lents 0.1%
Bank of Nova Scotia 4.4% BlueBay Global Monthly Income Bond Fund 1.8%
Suncor Energy Inc. 3.8% Cash & Cash Equiva lents 7.4%
RBC QUBE U.S. Equity Fund 5.0% Hel lenic Republ ic Government EUR 3.900% Jan 30 2033 2.0%
Microsoft Corp. 5.0% Republ ic of South Africa ZAR 8.750% Feb 28 2048 1.6%
Amazon.com, Inc. 3.8% Intesa Sanpaolo S.p.A. EUR 7.750% Perpetual 1.2%
Alphabet Inc., Class C 2.9% Mexican Bonos MXN 5.750% Mar 5 2026 1.0%
The Procter & Gamble Co. 2.8% RBC Japanese Equity Fund 1.7%
Honeywel l International Inc. 2.6% SoftBank Group Corp. 6.5%
RBC Global Equity Focus Fund 4.8% Cash & Cash Equiva lents 4.4%
Danaher Corp. 4.9% Dai ichi Sankyo Co. Ltd. 3.2%
Roche Holdings AG Genusscheine 4.8% Keyence Corp. 3.1%
UnitedHealth Group Incorporated 4.6% Tokio Marine Holdings , Inc. 3.1%
Fortive Corp. 4.4% RBC European Mid-Cap Equity Fund 1.6%
Uni lever N.V. 4.1% Cash & Cash Equiva lents 3.4%
RBC Global Dividend Growth Fund 4.7% London Stock Exchange Group Plc. 3.0%
Microsoft Corp. 6.5% Topdanmark A/S 2.9%
Blackstone Group LP 5.1% DSV A/S 2.6%
TJX Companies Inc. 4.5% Ashtead Group Plc. 2.6%
Estée Lauder Companies Inc., Class A 4.2% RBC U.S. Equity Fund 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% RBC U.S. Mid-Cap Growth Equity Fund 5.0%
Phi l l ips , Hager & North Canadian Equity Underlying Fund 4.4% Microsoft Corp. 4.5%
Royal Bank of Canada 7.2% Cash & Cash Equiva lents 4.2%
Toronto-Dominion Bank 6.8% Amazon.com, Inc. 3.8%
Enbridge Inc. 4.7% Apple Inc. 3.3%
Bank of Nova Scotia 3.8% Cash & Cash Equiva lents 1.3%
Canadian National Ra i lway Co. 3.4% Cash & Cash Equiva lents 1.3%
RBC Emerging Markets Equity Fund 4.4% BlueBay Global Sovereign Bond Fund (Canada) 1.3%
Naspers Ltd. 6.5% Cash & Cash Equiva lents 10.7%
AIA Group Ltd. 5.3% Buoni Pol iennal i Del Tesoro EUR 2.450% Sep 1 2033 7.4%
Hous ing Development Finance Corp. 5.2% Japan Government Thirty Year JPY 0.600% Dec 20 2046 4.2%
Taiwan Semiconductor Manufacturing Co. Ltd. 4.8% United States Treasury Inflation Indexed 0.625% Apr 15 2023 3.2%
Tata Consultancy Services Ltd. 4.0% United States Treasury 2.875% Nov 15 2046 3.2%
RBC Canadian Dividend Fund 4.1% Phi l l ips , Hager & North Canadian Equity Underlying Fund II 1.3%
Royal Bank of Canada 8.1% Royal Bank of Canada 7.1%
Toronto-Dominion Bank 7.7% Toronto-Dominion Bank 6.7%
Bank of Nova Scotia 5.8% Enbridge Inc. 4.7%
Canadian National Ra i lway Co. 4.9% Bank of Nova Scotia 3.8%
Cash & Cash Equiva lents 4.6% Brookfield Asset Management Inc., Class A 3.8%
Phi l l ips , Hager & North Canadian Growth Fund 4.1% Mini MSCI EAFE Index Future, September 2019 1.1%
Royal Bank of Canada 7.2% Mini MSCI EAFE Index Future, September 2019 1.1%
Toronto-Dominion Bank 6.6%
Bank of Nova Scotia 4.3%
Canadian National Ra i lway Co. 4.3%
Enbridge Inc. 3.5%
94.6%
RBC Select Growth GIP (continued)
Top 25 holdings of the underlying fund (Unaudited)
RBC GUARANTEED INVESTMENT FUNDS Page 63 of 74
Unaudited interim financial statements of RBC Select Growth GIP (continued)
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 2018 2017 2016 2015 June 30, 2019 2018 2017 2016 2015
Net Asset Value attributable to contractholders 12.91$ 11.73$ 12.33$ 11.22$ 10.76$ 16.12$ 14.67$ 15.48$ 14.15$ 13.61$
Net assets attributable to contractholders ($ '000) 21,056$ 16,635$ 8,781$ 3,736$ 1,160$ 23,806$ 19,464$ 15,761$ 13,154$ 12,802$
Net Income (loss ) ($ '000) 1,804$ (847)$ 539$ 203$ 23$ 2,015$ (1,032)$ 1,266$ 504$ 454$
Premium depos its ($ '000) 4,255$ 11,042$ 5,225$ 2,638$ 1,237$ 3,842$ 7,494$ 4,301$ 3,007$ 5,830$
Withdrawals ($ '000) 1,638$ 2,340$ 720$ 265$ 111$ 1,516$ 2,760$ 2,960$ 3,160$ 1,540$
Number of units outstanding 1,630,727 1,417,983 712,274 332,886 107,861 1,477,189 1,326,668 1,018,318 929,736 940,486
Management expense ratio 1 2.58% 2.58% 2.57% 2.55% 2.63% 2.98% 2.96% 2.97% 2.94% 2.93%
Management expense before waiver 2.62% 2.60% 2.61% 2.64% 2.72% 3.00% 2.97% 3.02% 3.00% 2.99%
Portfol io turnover rate of the underlying fund 2 6.11% 5.05% 2.35% 6.80% 18.97% 6.11% 5.05% 2.35% 6.80% 18.97%
Net Asset Value attributable to contractholders 15.66$ 14.27$ 15.09$ 13.82$ 13.33$
Net assets attributable to contractholders ($ '000) 70,949$ 63,895$ 62,331$ 50,018$ 43,710$
Net Income (loss ) ($ '000) 6,246$ (3,579)$ 4,870$ 1,852$ 1,681$
Premium depos its ($ '000) 5,966$ 16,429$ 15,699$ 9,919$ 17,670$
Withdrawals ($ '000) 5,157$ 11,286$ 8,256$ 5,462$ 6,146$
Number of units outstanding 4,530,325 4,476,693 4,130,777 3,618,716 3,279,289
Management expense ratio 1 3.18% 3.17% 3.18% 3.17% 3.16%
Management expense before waiver 3.21% 3.18% 3.23% 3.23% 3.23%
Portfol io turnover rate of the underlying fund 2 6.11% 5.05% 2.35% 6.80% 18.97%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 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.
Financial Highlights (unaudited)
Invest Series 3 Series 1
Series 2
RBC GUARANTEED INVESTMENT FUNDS Page 64 of 74
Unaudited interim financial statements of
As at June 30, 2019 Dec 31, 2018 For the s ix month ended June 30, 2019 2018
Assets Operating activities
Cash -$ 98,997$ Net income (loss ) attributable to contractholders 3,933,091$ 520,716$
Investments in underlying fund at fa i r va lue 37,893,419 35,038,907 Add (deduct) to convert net income to
Other assets a cash bas is
Accrued income dis tribution from underlying funds - - Net (ga ins ) losses on investments (4,552,729) (1,083,691)
Accounts receivable - contractholders - - Change in other assets (68) (1,910)
Accounts receivable - sa le of investments - - Change in other l iabi l i ties (2,925) 15,273
Due from RBC Li fe Insurance Company 947 905 Purchases of investments (3,123,025) (11,506,327)
Other 510 484 Proceeds from sa les of investments 4,821,242 5,802,219
37,894,876 35,139,293 Cash provided by (used in) oeprating activi ties 1,075,586 (6,253,720)
Liabilities Financing activities
Bank indebtedness 21,624 - Dis tributions to the contractholders - -
Other l iabi l i ties Proceeds from issue of units 4,899,570 13,493,276
Accrued expenses 104,756 107,681 Redemption of units (6,095,777) (7,226,021)
Accounts payable - contractholders 15,000 10,000 Cash provided by (used in) financing activi ties (1,196,207) 6,267,255
Accounts payable - purchase of investments - - Increase (decrease) in cash/bank indebtedness (120,621) 13,535
Other - - Cash/bank indebtedness at beginning of period 98,997 (8,392)
141,380 117,681 Cash/bank indebtedness at end of period (21,624)$ 5,143$
Net assets attributable to contractholders 37,753,496$ 35,021,612$
Net assets attributable to contractholders per unit For the s ix month ended June 30, 2019 2018
Invest Series 13.44$ 12.05$ ExpensesSeries 1 15.93 14.32 Annual Management fee and Other adminis tration expenses
Series 2 15.34 13.81 Invest Series 1.87% 1.87%
Series 1 2.35% 2.35%
Series 2 2.40% 2.40%
Annual Insurance Fee (Limit)
For the s ix month ended June 30, 2019 2018 Invest Series 0.55 (1.05) % 0.55 (1.05) %
Income Series 1 0.75 (1.15) % 0.75 (1.15) %
Distribution from underlying fund 413$ 2,435$ Series 2 0.95 (1.35) % 0.95 (1.35) %
Real ized ga in on sa le of investments 406,074 560,469
Change in unreal ized ga in/loss of investments 4,146,655 523,222 Sales and redemption of units4,553,142 1,086,126 Invest Series
Expenses Opening balance as at January 1st 440,923 279,818
Management fees 367,810 337,068 Purchases during the period 82,786 135,776
Insurance fees 176,421 162,491 Redemptions during the period (27,407) (30,495)
Other adminis trative expenses 85,383 75,322 Clos ing ba lance as at June 30th 496,302 385,099
629,614 574,881 Series 1
Less : Expenses waived 9,563 9,471 Opening ba lance as at January 1st 371,152 218,550
Expenses after waiver 620,051 565,410 Purchases during the period 47,162 178,572
Net income (loss) attributable to contractholders 3,933,091$ 520,716$ Redemptions during the period (29,904) (24,499)
Net income (loss ) attributable to contractholders per unit Clos ing ba lance as at June 30th 388,410 372,623
Invest Series 1.37$ 0.32$ Series 2
Series 1 1.59 0.38 Opening ba lance as at January 1st 1,766,673 1,552,041
Series 2 1.55 0.18 Purchases during the period 205,605 600,341
Redemptions during the period (348,890) (438,631)
Clos ing ba lance as at June 30th 1,623,388 1,713,751
For the s ix month ended June 30, 2019 2018 As at June 30, 2019 Dec 31, 2018
Net assets , beginning of the period 35,021,612$ 29,998,294$ Investment in underlying fund at fair valuePremium depos i ts 4,899,570 13,496,276 Level 1 37,893,419$ 35,038,907$
Net income (loss ) attributable to contractholders 3,933,091 520,716
43,854,273 44,015,286 Schedule of investment in underlying fundWithdrawals 6,100,777 7,226,021 RBC Select Aggressive Growth Portfolio, Series O
Net assets, end of the period 37,753,496$ 36,789,265$ Number of units 2,674,804 2,794,283
Number of units outstanding Cost 34,162,286$ 35,454,429$
Invest Series 496,302 385,099 Percentage held in underlying fund 1.6123% 1.7363%
Series 1 388,410 372,623 Fa i r va lue 37,893,419$ 35,038,907$
Series 2 1,623,388 1,713,751
The accompanying notes are an integral part of these financial statements.
Statements of Financial Position Statements of Cash Flow
Statements of Changes in Net Assets Attributable to Contractholders
Statements of Comprehensive Income
RBC Select Aggressive Growth GIP
RBC GUARANTEED INVESTMENT FUNDS Page 65 of 74
Unaudited interim financial statements of
RBC Select Aggress ive Growth Portfol io
RBC European Equity Fund 9.6% RBC U.S. Dividend Fund 3.9%
Diageo Plc. 5.2% Microsoft Corp. 5.6%
Uni lever Plc. 5.2% Cash & Cash Equiva lents 4.6%
London Stock Exchange Group Plc. 4.9% Apple Inc. 3.7%
RELX Plc. 4.9% iShares Dow Jones US Real Estate Index ETF 3.5%
Novo Nordisk A/S 4.5% Cisco Systems Inc. 3.2%
Phi l l ips , Hager & North U.S. Multi -Style Al l -Cap Equity Fund 9.1% RBC As ia Paci fic ex-Japan Equity Fund 3.4%
Microsoft Corp. 3.7% RBC As ia Paci fic ex-Japan Equity Fund 64.3%
Amazon.com, Inc. 2.8% RBC Japanese Equity Fund 35.6%
Cash & Cash Equiva lents 2.6% Cash & Cash Equiva lents 0.1%
Apple Inc. 2.4% RBC European Mid-Cap Equity Fund 3.4%
Facebook Inc., Class A 1.6% Cash & Cash Equiva lents 3.4%
RBC Private Canadian Equity Pool 7.9% London Stock Exchange Group Plc. 3.0%
Royal Bank of Canada 6.2% Topdanmark A/S 2.9%
Toronto-Dominion Bank 5.1% DSV A/S 2.6%
Enbridge Inc. 4.5% Ashtead Group Plc. 2.6%
Bank of Nova Scotia 4.4% Phi l l ips , Hager & North Canadian Equity Underlying Fund II 3.1%
Suncor Energy Inc. 3.8% Royal Bank of Canada 7.1%
RBC QUBE U.S. Equity Fund 7.8% Toronto-Dominion Bank 6.7%
Microsoft Corp. 5.0% Enbridge Inc. 4.7%
Amazon.com, Inc. 3.8% Bank of Nova Scotia 3.8%
Alphabet Inc., Class C 2.9% Brookfield Asset Management Inc., Class A 3.8%
The Procter & Gamble Co. 2.8% RBC Japanese Equity Fund 2.4%
Honeywel l International Inc. 2.6% SoftBank Group Corp. 6.5%
RBC Emerging Markets Equity Fund 6.3% Cash & Cash Equiva lents 4.4%
RBC QUBE Canadian Equity Fund 5.9% Dai ichi Sankyo Co. Ltd. 3.2%
Toronto-Dominion Bank 7.7% Keyence Corp. 3.1%
Royal Bank of Canada 7.4% Tokio Marine Holdings , Inc. 3.1%
Manul i fe Financia l Corporation 3.8% RBC U.S. Equity Fund 1.9%
Enbridge Inc. 3.8% RBC U.S. Mid-Cap Growth Equity Fund 5.0%
Canadian Paci fic Ra i lway Ltd. 3.3% Microsoft Corp. 4.5%
Phi l l ips , Hager & North Canadian Growth Fund 5.9% Cash & Cash Equiva lents 4.2%
Royal Bank of Canada 7.2% Amazon.com, Inc. 3.8%
Toronto-Dominion Bank 6.6% Apple Inc. 3.3%
Bank of Nova Scotia 4.3% RBC Emerging Markets Dividend Fund 1.5%
Canadian National Ra i lway Co. 4.3% Cash & Cash Equiva lents 5.5%
Enbridge Inc. 3.5% Naspers Ltd. 4.8%
RBC Global Dividend Growth Fund 5.0% Samsung Electronics Co. Ltd. 4.0%
Microsoft Corp. 6.5% China Construction Bank Corp. 3.9%
Blackstone Group LP 5.1% Industria l & Commercia l Bank of China 3.8%
TJX Companies Inc. 4.5% RBC U.S. Mid-Cap Growth Equity Fund 1.5%
Estée Lauder Companies Inc., Class A 4.2% RBC U.S. Mid-Cap Growth Equity Fund 5.0%
Taiwan Semiconductor Manufacturing Co. Ltd. ADR 4.1% Microsoft Corp. 4.5%
RBC Global Equity Focus Fund 4.9% Cash & Cash Equiva lents 4.2%
Danaher Corp. 4.2% Amazon.com, Inc. 3.8%
Roche Holdings AG Genusscheine 4.2% Apple Inc. 3.3%
Microsoft Corp. 4.0% RBC Emerging Markets Smal l -Cap Equity Fund 1.5%
Amazon.com, Inc. 3.7% Cash & Cash Equiva lents 6.1%
Fortive Corp. 3.5% Baja j Holdings & Investment Ltd. 4.0%
RBC Canadian Dividend Fund 4.9% Infotech Enterprises Ltd. 3.9%
Royal Bank of Canada 8.1% Century Paci fic Food Inc. 3.9%
Toronto-Dominion Bank 7.7% AVI Ltd. 3.8%
Bank of Nova Scotia 5.8% RBC U.S. Mid-Cap Value Equity Fund 1.4%
Canadian National Ra i lway Co. 4.9% VICI Properties Inc. Real Estate Investment Trust 2.6%
Cash & Cash Equiva lents 4.6% Arcosa Inc. 2.6%
Phi l l ips , Hager & North Canadian Equity Underlying Fund 4.2% Post Holdings Inc. 2.5%
Royal Bank of Canada 7.2% Jazz Pharmaceutica ls Plc. 2.5%
Toronto-Dominion Bank 6.8% Popular Inc. 2.5%
Enbridge Inc. 4.7% Cash & Cash Equiva lents 0.5%
Bank of Nova Scotia 3.8% Cash & Cash Equiva lents 0.5%
Canadian National Ra i lway Co. 3.4% The S&P/TSX 60 Index Future, September 2019 0.0%
RBC Private U.S. Large-Cap Core Equity Pool 3.9% The S&P/TSX 60 Index Future, September 2019 0.0%
Microsoft Corp. 5.1% The S&P 500 Mini Index Future, September 2019 -0.1%
Cash & Cash Equiva lents 4.1% The S&P 500 Mini Index Future, September 2019 -0.1%
Amazon.com, Inc. 3.9%
Apple Inc. 3.4%
Alphabet Inc., Class C 2.5%
99.8%
RBC Select Aggressive Growth GIP (continued)
Top 25 holdings of the underlying fund (Unaudited)
RBC GUARANTEED INVESTMENT FUNDS Page 66 of 74
Unaudited interim financial statements of
The following tables show selected key financial information about the Fund and are intended to help you understand the Fund's financial performance for the past 5 years.
For the years June 30, 2019 201800.0% 2017 2016 2015 June 30, 2019 2018 ## 2016 201500.0%
Net Asset Value attributable to contractholders 1344.0% 1205.0% 12.86$ 11.45$ 10.88$ 15.93$ 14.32$ # 13.74$ 1311.0%
Net assets attributable to contractholders ($ '000) 666900.0% 531300.0% 3,598$ 1,157$ 565$ 6,187$ 5,315$ # 2,439$ 230300.0%
Net Income (loss ) ($ '000) 63300.0% -36300.0% 228$ 69$ -$ 614$ (413)$ # 98$ 12000.0%
Premium depos its ($ '000) 108700.0% 326900.0% 2,374$ 670$ 655$ 723$ 3,699$ # 922$ 80100.0%
Withdrawals ($ '000) 36300.0% 119100.0% 161$ 148$ 94$ 465$ 1,327$ # 884$ 45100.0%
Number of units outstanding 49630200.0% 44092300.0% 279,818 101,008 51,951 388,410 371,152 # 177,547 17565800.0%
Management expense ratio 1 2.7% 2.7% 2.73% 2.73% 2.73% 3.20% 3.19% ## 3.14% 3.2%
Management expense before waiver 2.8% 2.7% 2.80% 2.87% 2.96% 3.25% 3.23% ## 3.25% 3.3%
Portfol io turnover rate of the underlying fund 2 5.3% 5.6% 1.68% 4.70% 14.81% 5.29% 5.62% ## 4.70% 14.8%
Net Asset Value attributable to contractholders 1534.0% 1381.0% 14.85$ 13.32$ 12.77$
Net assets attributable to contractholders ($ '000) 2489700.0% 2439400.0% 23,044$ 16,925$ 13,654$
Net Income (loss ) ($ '000) 268600.0% -193700.0% 2,060$ 816$ 560$
Premium depos its ($ '000) 309000.0% 1294100.0% 8,173$ 5,114$ 7,044$
Withdrawals ($ '000) 527300.0% 965400.0% 4,113$ 2,658$ 2,058$
Number of units outstanding 162338800.0% 176667300.0% 1,552,041 1,270,388 1,069,553
Management expense ratio 1 3.5% 3.5% 3.47% 3.50% 3.47%
Management expense before waiver 3.6% 3.5% 3.54% 3.61% 3.59%
Portfol io turnover rate of the underlying fund 2 5.3% 5.6% 1.68% 4.70% 14.81%
1 The management expense ratio ("MER") is based on total expenses, including pro-rata share of operating expenses of the underlying fund, for the stated period and is expressed as an annualized percentage of
daily average net assets during the period.
3 Invest series commenced operations on November 7, 2014.
RBC Select Aggressive Growth GIP (continued)
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.
Financial Highlights (unaudited)
Invest Series 3 Series 1
Series 2
RBC GUARANTEED INVESTMENT FUNDS Page 67 of 74
1. THE FUNDS
RBC Guaranteed Investment Funds (“GIF”) and RBC Guaranteed Investment Portfolios (“GIP”), together referred to as RBC Guaranteed Investment Funds, are segregated funds comprised of the following funds and portfolios: RBC Guaranteed Investment Funds: RBC Canadian Money Market GIF RBC Canadian Short-Term Income GIF RBC Bond GIF RBC PH&N Total Return Bond GIF RBC Global Bond GIF RBC High Yield Bond GIF RBC Balanced GIF RBC PH&N Monthly Income GIF RBC Global Balanced GIF RBC Canadian Dividend GIF RBC Canadian Equity GIF RBC O'Shaughnessy All Canadian Equity GIF RBC PH&N Canadian Income GIF RBC North American Value GIF RBC North American Growth GIF RBC U.S. Dividend GIF RBC U.S. Equity GIF RBC O'Shaughnessy U.S. Value GIF RBC Global Dividend Growth GIF RBC O'Shaughnessy International Equity GIF RBC BlueBay Global Convertible Bond GIF RBC Balanced Growth and Income GIF RBC Global Equity GIF RBC Emerging Markets Dividend GIF RBC Conservative Growth and Income Fund GIF RBC Global Growth and Income Fund GIF (introduced May 7, 2018) RBC Guaranteed Investment Portfolios: RBC Select Conservative GIP RBC Select Balanced GIP RBC Select Growth GIP RBC Select Aggressive Growth GIP
Both the RBC Guaranteed Investment Funds and RBC Guaranteed Investment Portfolios are referred to in these financial statements as collectively the “Funds” and individually the “Fund”. RBC Life Insurance Company, a related party, is the fund manager (the “Manager”) and sole issuer of the individual insurance contracts for each Fund, and is guarantor of the guarantee provisions contained in these contracts. The Funds invest in underlying mutual funds managed by RBC Global Asset Management Inc. (“RBC GAM”). Both, RBC Life Insurance Company and RBC GAM are wholly owned subsidiaries of Royal Bank of Canada (“RBC”). The Manager’s registered office is located at 6880 Financial Dr., Mississauga, Ontario L5N 7Y5, Canada. Some of the Funds may invest in units of only one underlying mutual fund managed by RBC GAM, while others, referred to in these financial statements as RBC Guaranteed Investment Portfolios, may invest in units of underlying portfolios, which invest in multiple underlying mutual funds, also managed by RBC GAM. The assets of each of the Funds are owned by RBC Life Insurance Company and are segregated from RBC Life Insurance Company’s other assets. The Funds are not separate legal entities, but are separate reporting entities.
RBC GUARANTEED INVESTMENT FUNDS Page 68 of 74
2. FINANCIAL YEAR
The information provided in these financial statements and notes thereto is as at June 30, 2019 and December 31, 2018, as applicable, and for the 6-month periods ended June 30, 2019 and December 31, 2018, as applicable, except for Funds or series established during either period, in which case the information for the Fund, or series, is provided for the period from the commencement date as described in the footnotes to the Financial Highlights of the Fund.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Canadian dollar is the functional and presentation currency of the Funds.
The following is a summary of the significant accounting policies:
a) Adoption of new accounting standards
Effective January 1, 2018, the Funds retrospectively without restatement adopted IFRS 9, Financial Instruments (“IFRS 9”). The new standard requires financial assets to be either carried at amortized cost, or at fair value, with changes in fair value recognized in profit and loss (“FVTPL”) or in other comprehensive income (“FVOCI”) based on the Funds’ business model for managing financial assets and the contractual cash flow characteristics of the financial assets.
The Funds manage their investments in financial assets with the objective of realizing cash flows through both the sale of the assets and income generated from those assets. The Portfolio Managers make decisions based on the assets’ fair values and manage the assets to realize those fair values. Upon transition to IFRS 9, the Funds’ financial assets and financial liabilities previously designated as FVTPL under IAS 39, Financial Instruments: Recognition and Measurement (“IAS 39”) continue to be classified as FVTPL under IFRS 9. There were no changes in the measurement attributes for any of the financial assets and financial liabilities upon transition to IFRS 9.
b) Classification and Measurement of Financial Assets, Liabilities and Derivatives
Each of the Funds classify their investment portfolio based on the business model for managing the portfolio and the contractual cash flow characteristics. The investment portfolio of financial assets and liabilities is managed and performance is evaluated on a fair value basis. The contractual cash flows of the Funds’ debt securities that are solely principal and interest are neither held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash flows for sale. The collection of contractual cash flows is only incidental to achieving the Funds’ business model objectives. Consequently, all investments are measured at FVTPL. Derivative assets and liabilities are also measured at FVTPL. The Funds’ obligation for net assets attributable to holders of redeemable units represents a financial liability and is measured at the redemption amount, which approximates fair value as of the reporting date. All other financial assets and liabilities are measured at amortized cost.
c) Income recognition
Distributions from investments are recorded when declared by the underlying mutual fund. On the statements of comprehensive income, “Distribution from underlying funds” includes income distributions and any capital gain distributions paid by underlying funds.
d) Net assets attributable to contractholders per unit
Net assets attributable to contractholders per unit is computed by dividing the net assets attributable to a series of units on a business day by the total number of units of the series outstanding on that day.
e) Net income (loss) attributable to contractholders per unit
Net income attributable to contractholders per unit in the Statements of Comprehensive Income represents the increase (decrease) in net assets from operations attributable to the series for the year, divided by the weighted average number of units outstanding at the end of the year.
f) Use of estimates
These financial statements are prepared in accordance with IFRS, and include estimates and assumptions by management that affects the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
g) Income taxes
Each Fund is deemed to be an inter-vivos trust under the provisions of the Income Tax Act (Canada) and is deemed to have allocated its income to the contract holders. Each Fund’s net capital gains (losses) are deemed to be those of the contract holders. Accordingly, each Fund is not subject to income tax on its net income, including net realized capital gains for the year.
A fund may elect each year to realize capital gain (loss) for the taxation year, to optimize the allocation of capital gain/(loss) between redeeming and continuing contractholders.
RBC GUARANTEED INVESTMENT FUNDS Page 69 of 74
h) Unconsolidated Structured Entities
The funds may invest in other Funds and exchange-traded funds (“ETFs”) managed by the manager or affiliate of the manager (“sponsored funds”) and may invest in other funds and ETFs managed by unaffiliated entities (“unsponsored funds”); collectively, “underlying funds.” The underlying funds are determined to be unconsolidated structured entities, as decision making in the underlying fund is not governed by the voting rights or other similar rights held by the Fund. The investments in underlying funds are subject to the terms and conditions of the offering documents of the respective underlying funds and are susceptible to market price risk arising from uncertainties about future values of those underlying funds. The underlying funds’ objectives are generally to achieve long-term capital appreciation and/or current income by investing in a portfolio of securities and other funds in line with each of their documented investment strategies. The underlying funds apply various investment strategies to accomplish their respective investment objectives. The underlying funds finance their operations by issuing redeemable units which are puttable at the unitholder’s option, and entitle the unitholder to a proportional stake in the respective underlying funds’ NAV. The Funds do not consolidate their investment in underlying funds but account for these investments at fair value. The manager has determined that the Funds are investment entities in accordance with IFRS 10 Consolidated Financial Statements, since the funds meet the following criteria: (i) The Funds obtain capital from one or more investors for the purpose of providing those investors with investment management services, (ii) The Funds commit to their investors that their business purpose is to invest funds solely for the returns from capital appreciation, investment income, or both, and (iii)The Funds measure and evaluate the performance of substantially all of their investments on a fair value basis. Therefore, the fair value of investments in the underlying funds is included in the Schedule of Investment Portfolio and included in “Investments at fair value” in the Funds’ Statements of Financial Position. The change in fair value of the investment held in the underlying funds is included in “Change in unrealized gain (loss) on investments” in the Statements of Comprehensive Income.
i) Current assets and Current liabilities
The Funds’ Statements of Financial Position is presented broadly in order of liquidity.
4. FINANCIAL INSTRUMENTS RISK
The Funds may be exposed to a variety of financial risks. Each of the Fund’s exposures to financial risks is concentrated in its investment holdings. The Schedule of Invested Assets on each Fund’s supplementary information, disclosed alongside the financial statements, presents the details of units held by each Fund as at June 30,2019 and December 31,2018 and groups the underlying mutual funds by their nature. The Funds do not manage their underlying mutual funds and therefore the detailed quantitative and qualitative risk disclosures, as required by IFRS 7, Financial Instruments: Disclosures, of the underlying mutual funds have not been disclosed. For further information on the financial instruments risk of the underlying mutual fund and the sensitivity to price changes please refer to the financial statements of the underlying mutual funds which are filed on SEDAR. Each of the Fund’s risk management practice includes the monitoring of compliance to investment guidelines. The Fund Manager manages the potential effects of these financial risks on the Funds’ performance by employing and overseeing professional and experienced portfolio advisors that regularly monitor the Funds’ positions, market events and diversify investment portfolios within the constraints of the investment guidelines. a) Credit risk
Credit risk is the possibility that a borrower, or the counterparty to a derivatives contract, repurchase agreement or reverse repurchase agreement, is unable or unwilling to repay the loan or obligation, either on time or at all. Companies and governments that borrow money, and the debt securities they issue, are rated by specialized rating agencies. Debt securities issued by companies or governments in emerging markets often have higher credit risk (lower rated debt), while debt securities issued by well-established companies or by governments of developed countries tend to have lower credit risk (higher rated debt). A downgrade in an issuer’s credit rating or other adverse news regarding an issuer can reduce a security’s fair value. Lower rated and unrated debt instruments generally offer a better return than higher grade debt instruments, but have the potential for substantial loss. Funds that invest in companies or markets with higher credit risk tend to be more volatile in the short term. However, they may offer the potential of higher returns over the long term. Credit risk arises when an underlying mutual fund invests in fixed income securities. Credit risk is considered as part of the investment decision making process.
For the years ended June 30, 2019 and December 31,2018, the underlying mutual funds only bought and sold investments through brokers which are RBC approved counterparties, thus minimizing the risk of default during settlement.
b) Currency risk
Most underlying mutual funds are valued in Canadian dollars. However, underlying mutual funds that purchase foreign securities may be required to pay for such securities using a foreign currency and receive a foreign currency when they sell them. As a result, changes in the value of the Canadian dollar compared to foreign currencies will affect the value of any foreign securities. For example, if the Canadian dollar rises relative to a foreign currency (like the U.S. dollar or the Euro), the Canadian dollar value of an investment denominated in that foreign currency may decline. This decline may reduce, or even eliminate, any return the Fund has earned on the security. On the other hand, a Fund may also benefit from changes in exchange rates. Currency exposure may increase the volatility of foreign investments relative to Canadian investments. Some underlying mutual funds may hedge (protect against) the risk of changes in foreign currency exchange rates of the underlying assets of the Fund.
RBC GUARANTEED INVESTMENT FUNDS Page 70 of 74
During the period ended June 30, 2019 and year ended December 31, 2018, as the Funds only invested in Canadian denominated underlying mutual funds, the Funds do not have a direct currency risk exposure.
c) Interest rate risk
If a Fund invests primarily in bonds and other fixed-income securities, the biggest influence on the Fund’s value will be changes in the general level of interest rates. If interest rates fall, the value of the Fund’s units will tend to rise. If interest rates rise, the value of the Fund’s units will tend to fall. Short-term interest rates can have a different influence on a Fund’s value than long-term interest rates. If a Fund invests primarily in bonds and other fixed-income securities with longer-term maturities, the biggest influence on the Fund’s value will be changes in the general level of long-term interest rates. If a Fund invests primarily in bonds and other fixed-income securities with shorter-term maturities, the biggest influence on the Fund’s value will be changes in the general level of shorter-term interest rates. Investors seeking current income should be aware that the level of interest income from a money market fund will fluctuate as short-term interest rates vary.
Interest rate risk arises when the underlying mutual fund invests in interest bearing financial instruments such as a bond. The underlying mutual fund is exposed to the risk that the value of such financial instruments will fluctuate due to changes in the prevailing levels of market interest rates. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa.
d) Liquidity risk
Liquidity refers to the speed and ease with which an asset can be sold and converted into cash. Most securities owned by an underlying mutual fund can be sold easily and at a fair price. In highly volatile markets, such as in periods of sudden interest rate changes, certain securities may become less liquid, which means they cannot be sold as quickly or easily. Some securities may be illiquid because of legal restrictions, the nature of the investment, or because of features like guarantees. Another reason for illiquidity is a lack of buyers interested in a particular security or market. Difficulty in selling securities may result in a loss or reduced return for a Fund.
As at June 30, 2019 and December 31,2018, the Funds’ assets were comprised of units of underlying mutual funds which can be redeemed upon request from the issuer on a valuation date. A valuation date occurs every day that the principal exchange is open for trading and a value is available for the assets of the relevant fund. The Toronto Stock Exchange currently is the principal exchange used for purposes of determining the valuation dates.
e) Market risk
Market risk is the risk that the value of investments will fluctuate as a result of changes in market condition. Several factors can influence market trends, such as economic developments, changes in interest rates, political changes, and catastrophic events. As at June 30, 2019 and December 31,2018, the Funds are exposed to the market risk of the underlying mutual funds.
RBC GUARANTEED INVESTMENT FUNDS Page 71 of 74
4. FINANCIAL INSTRUMENTS RISK (continued)
f) The following table shows risk profile of all the Underlying Funds as at June 30, 2019.
T he F und name Underlying M utual F und name F air value
Underlyin
g mutual
fund risk
expo sure
s ( * )
N umb
er o f
F unds
Impact o n
net assets
based o n
5% increase
o r decrease
RBC Canadian M oney M arket GIF RBC Canadian M oney M arket Fund 35,833,055$ I, CR 1 1,791,653$
RBC Canadian Short-Term Income GIF RBC Canadian Short-Term Income Fund 4,183,937 I, CR 1 209,197
RBC Bond GIF RBC Bond Fund 18,141,519 I, CR 1 907,076
RBC PH&N Total Return Bond GIF RBC PH&N Total Return Bond Fund 5,428,259 I, CR 1 271,413
RBC Global Bond GIF RBC Global Bond Fund 4,322,299 I, CR, C 1 216,115
RBC High Yield Bond GIF RBC High Yield Bond Fund 3,129,606 I, CR 1 156,480
RBC Balanced GIF RBC Balanced Fund 434,111,298 O, C, I, CR, L 1 21,705,565
RBC PH&N M onthly Income GIF RBC PH&N M onthly Income Fund 38,205,533 I, CR, O, C 1 1,910,277
RBC Global Balanced GIF RBC Global Balanced Fund 36,997,053 O, C, I, CR 1 1,849,853
RBC Canadian Dividend GIF RBC Canadian Dividend Fund 169,954,571 O 1 8,497,729
RBC Canadian Equity GIF RBC Canadian Equity Fund 11,879,632 O, L 1 593,982
RBC O'Shaughnessy All Canadian Equity GIF RBC O'Shaughnessy All Canadian Equity Fund 6,284,230 O 1 314,212
RBC PH&N Canadian Income GIF RBC PH&N Canadian Income Fund 6,647,648 O 1 332,382
RBC North American Value GIF RBC North American Value Fund 26,982,987 O, C 1 1,349,149
RBC North American Growth GIF RBC North American Growth Fund 5,700,467 O, C 1 285,023
RBC U.S. Dividend GIF RBC U.S. Dividend Fund 71,606,585 O, C 1 3,580,329
RBC U.S. Equity GIF RBC U.S. Equity Fund 10,442,783 O, C 1 522,139
RBC O'Shaughnessy U.S. Value GIF RBC O'Shaughnessy U.S. Value Fund 15,705,968 O 1 785,298
RBC Global Dividend Growth GIF RBC Global Dividend Growth Fund 54,307,596 O, C 1 2,715,380
RBC O'Shaughnessy International Equity GIF RBC O'Shaughnessy International Equity Fund 6,300,616 O, C 1 315,031
RBC BlueBay Global Convertible Bond GIF BlueBay Global Convertible Bond Fund 410,973 I, CR 1 20,549
RBC Balanced Growth and Income GIF RBC Balanced Growth and Income Fund 91,870,573 I, CR, O, C 1 4,593,529
RBC Global Equity GIF RBC Global Equity Fund 5,067,055 O, C 1 253,353
RBC Emerging M arkets Dividend GIF RBC Emerging M arkets Dividend Fund 4,386,952 O, C 1 219,348
RBC Conservative Growth and Income Fund GIFRBC Conservative Growth and Income Fund 32,520,829 I, O, C, CR 1 1,626,041
RBC Select Conservative GIP RBC Select Conservative Portfo lio 263,349,130 O, I, CR, C 1 13,167,457
RBC Select Balanced GIP RBC Select Balanced Portfo lio 386,050,711 O, I, CR, C 1 19,302,536
RBC Select Growth GIP RBC Select Growth Portfo lio 116,130,772 O, I, CR, C 1 5,806,539
RBC Select Aggressive Growth GIP RBC Select Aggressive Growth Portfo lio 37,893,419 O, C 1 1,894,671
RBC Global Growth and Income GIF RBC Global Growth and Income GIF 31,215,990 O, C 1 1,560,800
(*) O = Other Price Risk, I = Interest Price Risk, C = Currency Risk, L = Liquidity Risk and CR = Credit Risk
RBC GUARANTEED INVESTMENT FUNDS Page 72 of 74
4. FINANCIAL INSTRUMENTS RISK (continued)
g) The following table shows risk profile of all the Underlying Funds as at December 31, 2018
T he Fund name Underlying M utual Fund name Fair value
Underlyin
g mutual
fund risk
exposures ( * )
Numbe
r of
Funds
Impact on
net assets
based on 5%
increase or
decrease
RBC Canadian Money Market GIF RBC Canadian Money Market Fund 47,315,132$ I, CR 1 2,365,757$
RBC Canadian Short-Term Income GIF RBC Canadian Short-Term Income Fund 5,258,121 I, CR 1 262,906
RBC Bond GIF RBC Bond Fund 16,769,556 I, CR 1 838,478
RBC PH&N Total Return Bond GIF RBC PH&N Total Return Bond Fund 6,075,805 I, CR 1 303,790
RBC Global Bond GIF RBC Global Bond Fund 3,876,645 I, CR, C 1 193,832
RBC High Yield Bond GIF RBC High Yield Bond Fund 2,680,198 I, CR 1 134,010
RBC Balanced GIF RBC Balanced Fund 41,122,188 O, C, I, CR, L 1 2,056,109
RBC PH&N Monthly Income GIF RBC PH&N Monthly Income Fund 51,398,516 I, CR, O, C 1 2,569,926
RBC Global Balanced GIF RBC Global Balanced Fund 30,585,485 O, C, I, CR 1 1,529,274
RBC Canadian Dividend GIF RBC Canadian Dividend Fund 152,775,105 O 1 7,638,755
RBC Canadian Equity GIF RBC Canadian Equity Fund 9,182,792 O, L 1 459,140
RBC O'Shaughnessy All Canadian Equity GIF RBC O'Shaughnessy All Canadian Equity Fund 6,291,049 O 1 314,552
RBC PH&N Canadian Income GIF RBC PH&N Canadian Income Fund 5,350,200 O 1 267,510
RBC North American Value GIF RBC North American Value Fund 24,214,588 O, C 1 1,210,729
RBC North American Growth GIF RBC North American Growth Fund 4,499,470 O, C 1 224,974
RBC U.S. Dividend GIF RBC U.S. Dividend Fund 62,324,495 O, C 1 3,116,225
RBC U.S. Equity GIF RBC U.S. Equity Fund 8,699,619 O, C 1 434,981
RBC O'Shaughnessy U.S. Value GIF RBC O'Shaughnessy U.S. Value Fund 13,922,370 O 1 696,119
RBC Global Dividend Growth GIF RBC Global Dividend Growth Fund 45,145,519 O, C 1 2,257,276
RBC O'Shaughnessy International Equity GIF RBC O'Shaughnessy International Equity Fund 6,200,599 O, C 1 310,030
RBC BlueBay Global Convertible Bond GIF BlueBay Global Convertible Bond Fund 395,872 I, CR 1 19,794
RBC Balanced Growth and Income GIF RBC Balanced Growth and Income Fund 79,206,069 I, CR, O, C 1 3,960,303
RBC Global Equity GIF RBC Global Equity Fund 4,652,112 O, C 1 232,606
RBC Emerging Markets Dividend GIF RBC Emerging Markets Dividend Fund 4,113,205 O, C 1 205,660
RBC Conservative Growth and Income Fund GIF RBC Conservative Growth and Income Fund 26,225,554 I, O, C, CR 1 1,311,278
RBC Select Conservative GIP RBC Select Conservative Portfolio 233,051,003 O, I, CR, C 1 11,652,550
RBC Select Balanced GIP RBC Select Balanced Portfolio 316,975,634 O, I, CR, C 1 15,848,782
RBC Select Growth GIP RBC Select Growth Portfolio 100,269,096 O, I, CR, C 1 5,013,455
RBC Select Aggressive Growth GIP RBC Select Aggressive Growth Portfolio 35,038,907 O, C 1 1,751,945
(*) O = Other Price Risk, I = Interest Price Risk, C = Currency Risk, L = Liquidity Risk and CR = Credit Risk
RBC GUARANTEED INVESTMENT FUNDS Page 73 of 74
5. FINANCIAL RISK MANAGEMENT
The Funds use a fund-of-fund structure to invest in underlying mutual funds exclusively managed by RBC GAM. As part of the underlying mutual fund selection process for the Funds, the existing mutual funds line-up are reviewed at least annually by RBC Life Insurance Company to identify any product gaps that result from the changing needs of the market and distribution partners.
The screening criteria may include qualitative as well as quantitative measures of performance and must satisfy internal risk management standards.
Ongoing monitoring throughout the year by the Funds’ management includes monitoring any organizational or fund changes announced by underlying mutual fund managers or news items that may affect organizational stability or Funds performance as well as analysis on the Funds’ rate of return to verify that it is appropriate compared to the underlying mutual fund or fund’s benchmark.
Included in the ongoing due diligence process, managers of the underlying mutual funds are required to verify that the Funds have adhered to the Funds’ Investment Policies and that the underlying mutual funds are managed in accordance with their investment objectives and strategies. The underlying mutual funds could be exposed to specific risks which may primarily arise because the value of the investments are affected by changes in the local and global economies including interest rates, foreign exchange rates, financial markets and company-specific news. The underlying mutual funds’ manager has developed policies and procedures to manage the fund-specific risks. Fund portfolios are reviewed on a regular basis by RBC Life Insurance Company to ensure that the existing asset mix and weightings continue to meet the current and future needs of the Funds.
6. CAPITAL MANAGEMENT
The Funds have no externally imposed capital requirements. The relevant capital movements are disclosed in the Statements of Changes in Net Assets Attributable to Contractholders. To manage risks, the Funds’ Manager uses internal guidelines, maintains a governance structure that oversees each Fund’s investment activities, and monitors compliance with the Fund’s investment strategies, internal guidelines and securities regulations.
7. MANAGEMENT FEES AND INSURANCE FEES
Each Fund pays a management fee and an insurance fee for the management of the Fund and for providing the benefits under the contracts. Management and insurance fees differ by Fund and between Series and are stated as an annualized percentage of the daily fair value of the net assets of the Fund attributed to that Series.
Management fees and insurance fees are calculated and accrued at the end of each valuation date using a daily factor of the annualized management fees and insurance fee percentages. Management fees and insurance fees are reimbursed monthly to the Funds’ Manager.
8. OTHER EXPENSES ABSORBED BY THE MANAGER
Each Fund is responsible for the payment of the fees and expenses related to the operation of that Fund. Such fees and expenses, which are recorded on an accrual basis, include custodian fees, management fees, insurance fees, legal fees, audit fees, operations and administration fees, bank charges, interest, brokerage on securities transactions and all indirect taxes. As the Funds invest solely in units of the underlying mutual funds, the Funds are not subject to transaction costs pertaining to the purchase, sale or redemption of units.
Management fees and other administrative expenses charged to the Funds are subject to the Harmonized Sales Tax (HST) in Ontario, British Columbia, Nova Scotia, New Brunswick and Newfoundland and Labrador. Based on the rules and guidance issued by the Department of Finance, the effective HST rate will reflect the tax rates that are applicable in the Provinces/Territories where the Fund’s contractholders reside. Since each Fund will have contractholders in more than one Province/Territory, the blended rate will be a weighted average based on the tax rate in each Province/Territory and the value of contractholder assets. Therefore the blended rate is likely to be different for each Fund.
9. SALES AND REDEMPTIONS OF UNITS
Units of the Fund series, which are redeemable at the option of the contractholder, do not have any nominal value or par value and the number of units, which may be issued, is unlimited. Units are issued or redeemed on a daily basis at the net asset value per unit next determined after the purchase order or redemption request.
The units of the Funds are classified as financial liabilities under IAS 32 as the Funds are contractually obligated to repurchase or redeem them for cash or another financial asset.
10. FAIR VALUE MEASUREMENT
Investments recorded at fair value on the Funds’ Statements of Financial Position are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels, defined in accordance with IFRS 13 and directly related to the amount of subjectivity associated with inputs to fair valuation of these assets, are as follows:
RBC GUARANTEED INVESTMENT FUNDS Page 74 of 74
Level 1 – Quoted prices are available in active markets for identical investments as of the reporting date. Quoted price for these investments are not adjusted even in situations where a large position and a sale could reasonably impact the quoted price.
Level 2 – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.
Level 3 – Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation.
As at June 30, 2019 and December 31, 2018, the investments in underlying mutual fund by each of the Fund’s are classified as Level 1.
11. RELATED PARTY TRANSACTIONS
During the period ended June 30, 2019 and year ended December 31, 2018, management fees and insurance fees were paid to RBC Life Insurance Company as disclosed in Note 7 and presented separately in the Statement of Comprehensive Income of each Fund. As at June 30, 2019 and December 31, 2018, the management fees and insurance fees payable to RBC Life Insurance Company are included in
accrued expenses in the Statement of Financial Position of each Fund.
The Manager may absorb/waive certain expenses of the Funds. The waiver may be terminated by the Manager at any time in accordance with the Information Folder. Included in Due from RBC Life Insurance Company, in the Statements of Financial Position, are balances of expenses absorbed by the Manager.
For the period ended June 30, 2019 and year ended December 31, 2018, the Funds paid administrative expenses to RBC Investor Services. For the period ended June 30, 2019 and year ended December 31, 2018, the Funds did not pay any expenses to RBC GAM.
12. REVISION TO COMPARATIVE FIGURES
Certain comparative figures on the Statements of Comprehensive Income and Statements of Cash Flow have been revised. Amounts pertaining to capital gain distributions have been reclassified from “Realized gain (loss) on sale of investments” to Distribution from underlying fund”. The impact on the “Net cash provided by (used in) operating activities” is nil.
Comparative figures on the Statements of Comprehensive Income and Statements of Cash Flow have been revised for all funds except for RBC Global Growth and Income GIF.
RBC Insurance®, through its operating entities, including RBC Life Insurance Company, provides a wide range of creditor, life, health, travel, home, auto and reinsurance products to more than five million North American clients. As a leading provider of individual living benefits and life insurance products in Canada, RBC Life Insurance Company offers a comprehensive portfolio of individual and group life and health insurance solutions, including term and universal life insurance, group benefits, disability, critical illness, and long term care insurance as well as segregated funds and payout annuities.
For more information, please visit www.rbcinsurance.com
® / ™ Trademark(s) of Royal Bank of Canada. Used under licence. VPS104515 108295 (10/2019)