Interim Financial Statements the Accompanying Interim Financial Statements Have Not Been Reviewed by the External Auditors of the Funds

MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING

The accompanying financial statements have been prepared by RBC Global Asset Management Inc. (“RBC GAM”) as manager of the RBC GAM Investment Funds (the “Funds”) and approved by the Board of Directors of RBC GAM. We are responsible for the information contained within the financial statements.

We have maintained appropriate procedures and controls to ensure that timely and reliable financial information is produced. The financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) (and they include certain amounts that are based on estimates and judgments). The significant accounting policies, which we believe are appropriate for the Funds, are described in Note 3 to the financial statements.

Damon G. Williams, FSA, FCIA, CFA Heidi Johnston, CPA, CA Chief Executive Officer Chief Financial Officer RBC Global Asset Management Inc. RBC GAM Funds August 9, 2021

Unaudited Interim Financial Statements The accompanying interim financial statements have not been reviewed by the external auditors of the Funds. The external auditors will be auditing the annual financial statements of the Funds in accordance with Canadian generally accepted auditing standards. 2021 INTERIM FINANCIAL STATEMENTS

SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) (in $000s) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

June 30, 2021

Fair % of Net Fair % of Net Holdings Security Cost Value Assets Holdings Security Cost Value Assets INTERNATIONAL EQUITIES Finland Australia 5 318 Fortum OYJ $ 141 $ 182 6 776 AGL Energy Ltd. $ 105 $ 52 2 159 Kesko OYJ 90 99 12 048 APA Group 113 100 97 798 Nordea Bank ABP 975 1 350 5 661 Aristocrat Leisure Ltd. 226 227 1 159 Orion OYJ 70 62 21 032 Aurizon Holdings Ltd. 94 73 3 234 Sampo OYJ 183 184 28 353 Australia & New Zealand 4 658 Wartsila Corp. OYJ 87 86 Banking Group Ltd. 771 742 1 546 1 963 1.0 13 721 BHP Group Ltd. 606 619 France 13 698 BlueScope Steel Ltd. 288 279 7 863 ArcelorMittal 190 300 83 859 Brambles Ltd. 835 892 1 065 Atos SE 102 80 7 989 Coles Group Ltd. 140 127 21 871 AXA S.A. 524 688 17 548 Commonwealth Bank of Australia 1 638 1 629 34 771 BNP Paribas S.A. 2 408 2 705 3 731 CSL Ltd. 1 046 989 2 239 Bouygues S.A. 106 103 4 043 Dexus Real Estate 2 884 Bureau Veritas S.A. 115 113 Investment Trust 35 40 1 580 Capgemini S.A. 377 377 177 818 Fortescue Metals Group Ltd. 1 925 3 851 72 914 Carrefour S.A. 1 787 1 779 76 386 James Hardie Industries Plc., 36 746 Cie de Saint-Gobain 2 991 3 006 Subscription Receipts 3 249 3 213 1 442 Cie Generale des 37 361 Mirvac Group Real Estate Etablissements Michelin 260 285 Investment Trust 99 101 2 462 CNP Assurances 40 52 24 946 Origin Energy Ltd. 99 104 12 288 Credit Agricole S.A. 139 214 153 575 Santos Ltd. 975 1 011 2 817 EssilorLuxottica 645 645 122 702 South32 Ltd. 327 334 1 044 Faurecia 72 64 30 771 Stockland Real Estate 458 Gecina S.A. Real Estate Investment Trust 127 133 Investment Trust 89 87 34 159 Westpac Banking Corporation 849 819 5 534 Groupe Danone 473 483 13 547 15 335 7.5 286 Hermes International 408 517 Austria 781 Kering S.A. 858 848 1 828 OMV AG 61 129 2 266 Klepierre Real Estate 3 168 Erste Bank Der Oesterreichischen Investment Trust 39 72 Sparkassen AG 159 144 2 383 Legrand S.A. 300 313 1 703 Raiffeisen International Bank 2 497 L'Oréal S.A. 1 305 1 382 Holding AG 34 48 2 906 LVMH Louis Vuitton 254 321 0.2 Moet-Hennessy 2 481 2 834 Belgium 15 393 Orange S.A. 229 218 1 961 Ageas 104 135 2 038 Pernod-Ricard S.A. 569 562 6 272 Anheuser-Busch InBev S.A./N.V. 562 560 2 156 Publicis Groupe 105 171 1 603 Proximus 40 38 11 090 Schneider Electric SE 1 961 2 167 7 942 Société Générale 295 291 706 733 0.4 6 365 STMicroelectronics N.V. 334 287 Denmark 24 487 TotalEnergies SE 1 279 1 375 1 483 AP Moller – Maersk A/S 3 646 5 292 1 350 Unibail-Rodamco-Westfield 144 145 1 009 Carlsberg A/S 237 233 5 316 Veolia Environnement 197 199 20 462 Demant A/S 1 367 1 429 6 288 Vivendi S.A. 251 262 2 103 DSV Panalpina A/S 589 609 77 448 Novo Nordisk A/S 6 573 8 036 21 073 22 624 11.0 1 038 Pandora A/S 137 174 Germany 11 941 Allianz SE 3 061 3 694 12 549 15 773 7.7 13 196 Aroundtown S.A. 118 128 12 420 BASF AG 1 008 1 215 10 522 Bayer AG 713 793 3 669 Bayerische Motoren Werke (BMW) AG 481 482

The accompanying notes are an integral part of the financial statements. S C H E D U L O F I N V T M P R ( i n $ 0 s ) SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) (in $000s) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

June 30, 2021

Fair % of Net Fair % of Net Holdings Security Cost Value Assets Holdings Security Cost Value Assets Germany (cont.) Japan (cont.) 6 916 Brenntag SE $ 601 $ 798 4 800 Bridgestone Corp. $ 250 $ 270 300 Carl Zeiss Meditec AG 68 72 2 700 Brother Industries Ltd. 55 67 1 542 Covestro AG 123 124 9 100 Canon Inc. 264 255 51 385 Daimler AG 3 913 5 692 6 800 Chubu Electric Power Co. Inc. 105 103 51 824 Deutsche Bank AG 813 838 1 135 Daifuku Co. Ltd. 168 128 54 310 Deutsche Post AG 3 278 4 585 1 500 Daiichi Sankyo Co. Ltd. 60 40 32 582 Deutsche Telekom AG 796 854 6 300 Daiwa House Industry Co. Ltd. 227 235 2 064 Evonik Industries AG 85 86 9 000 Daiwa Securities Group Inc. 63 61 2 216 Fresenius Medical Care 4 400 Denso Corp. 268 372 AG & Co. KGaA 248 228 32 900 ENEOS Holdings Inc. 149 171 8 861 Fresenius SE 555 573 3 100 Fuji Photo Film Co. 236 284 8 020 GEA Group AG 428 403 1 900 Fujitsu Ltd. 439 441 14 970 HeidelbergCement AG 1 634 1 593 360 Hirose Electric Co. Ltd. 64 65 5 226 Infineon Technologies AG 261 261 9 300 Hitachi Ltd. 417 661 810 KION Group AG 100 107 17 900 Honda Motor Co. Ltd. 648 714 1 047 Lanxess AG 73 89 12 600 Hoya Corp. 2 010 2 066 1 049 Merck KGaA 223 250 2 062 Idemitsu Kosan Co. Ltd. 56 62 924 Scout24 AG 96 97 98 800 Isuzu Motors Ltd. 1 320 1 625 2 283 Volkswagen AG Preference 470 710 3 500 IT Holdings Corp. 109 111 19 146 23 672 11.5 11 700 Itochu Corp. 363 418 Hong Kong 6 000 Japan Exchange Group Inc. 191 166 39 500 BOC Hong Kong Holdings Ltd. 151 166 15 458 Japan Post Holdings Co. Ltd. 155 157 29 000 CK Asset Holdings Ltd. 185 247 2 414 Japan Post Insurance Co. Ltd. 50 55 26 000 CK Hutchison Holdings Ltd. 240 251 22 300 Japan Tobacco Inc. 592 522 14 000 Henderson Land Development 84 82 6 400 JFE Holdings Inc. 121 93 1 700 Jardine Matheson Holdings Ltd. 145 135 5 768 Kajima Corp. 82 91 14 000 New World Development Co. Ltd. 91 90 7 200 Kansai Electric Power Co. Inc. 87 85 13 500 Power Assets Holdings Ltd. 104 103 17 600 KDDI Corporation 666 680 81 369 Techtronic Industries Co. 1 405 1 758 1 891 Keyence Corp. 1 228 1 181 648 734 WH Group Ltd. 738 722 1 600 Kikkoman Corp. 139 131 12 000 Xinyi Glass Holdings Ltd. 58 61 9 200 Kirin Brewery Co. Ltd. 223 223 1 100 Koito Manufacturing CO., Ltd. 97 85 3 201 3 615 1.7 9 500 Komatsu Ltd. 333 292 Israel 1 492 Kurita Water Industries Ltd. 84 89 14 450 Bank Leumi Le-Israel 136 136 2 631 Kyowa Hakko Kogyo Co. Ltd. 116 116 1 100 Check Point Software 800 Lasertec Corp. 162 192 Technologies Ltd. 161 158 3 173 LIXIL Corp. 93 102 11 531 Israel Discount Bank Ltd. 69 68 4 783 M3 Inc. 466 432 366 362 0.2 2 500 Makita Corp. 169 146 Italy 16 600 Marubeni Corp. 162 179 12 409 Assicurazioni Generali S.p.A. 234 309 1 100 Mediceo Paltac Holdings Co. Ltd. 27 26 69 579 CNH Industrial N.V. 1 432 1 431 4 000 Minebea Co. Ltd. 135 131 26 180 ENI S.p.A. 265 396 3 493 MISUMI Group Inc. 142 147 6 700 FinecoBank Banca Fineco S.p.A. 138 145 11 200 Mitsubishi Chemical 7 535 Mediobanca S.p.A. 78 109 Holdings Corp. 111 117 1 919 Moncler S.p.A. 162 161 82 100 Mitsubishi Electric Corp. 1 589 1 477 5 801 Poste Italiane S.p.A. 67 95 2 000 Mitsubishi Gas Chemical Co. Inc. 47 53 16 040 Snam Rete Gas S.p.A. 113 115 4 000 Mitsubishi HC Capital Inc. 22 27 123 468 Telecom Italia S.p.A. 60 76 118 600 Mitsubishi UFJ Financial Group Inc. 634 792 12 983 Tenaris S.A. 185 176 15 100 Mitsui & Co. 343 422 2 734 3 013 1.5 2 040 Mitsui Chemicals Inc. 68 87 Japan 1 060 Miura Co. Ltd. 71 57 1 500 AGC Inc. 87 78 23 700 Mizuho Financial Group Inc. 392 421 18 500 Aisin Corp. 1 009 983 4 900 MS&AD Insurance Group 6 400 Ajinomoto Co. Inc. 206 206 Holdings Inc. 179 176 13 300 Asahi Kasei Corp. 192 181 25 100 Murata Manufacturing Co. Ltd. 2 365 2 370 18 200 Astellas Pharma Inc. 408 393 1 200 Nabtesco Corp. 66 56

June 30, 2021

Fair % of Net Fair % of Net Holdings Security Cost Value Assets Holdings Security Cost Value Assets Japan (cont.) Netherlands (cont.) 2 400 NEC Corp. $ 134 $ 153 4 205 ASML Holding N.V. $ 2 621 $ 3 598 2 900 Nidec Corp. 408 413 69 024 Koninklijke Ahold Delhaize N.V. 2 238 2 548 4 100 Nintendo Co. Ltd. 2 989 2 941 79 754 NN Group N.V. 4 713 4 670 700 Nippon Express Co. Ltd. 69 66 10 069 11 428 5.6 10 600 Nippon Telegraph & Telephone Corp. 316 344 Norway 1 667 Nippon Yusen Kabushiki Kaisha 42 105 9 098 DnB ASA 196 246 20 700 Nitto Denko Corp. 1 946 1 911 152 501 Equinor ASA 3 873 4 002 28 700 Nomura Holdings Inc. 177 181 14 842 Norsk Hydro ASA 117 117 8 000 OJI Paper Co. Ltd. 46 57 7 463 Telenor ASA 162 156 13 200 Omron Corp. 1 292 1 296 1 834 Yara International ASA 116 120 2 540 Ono Pharmaceutical Co. Ltd. 98 70 4 464 4 641 2.2 14 600 Orix Corp. 249 306 Singapore 1 199 Osaka Gas Co. Ltd. 29 28 318 300 Best World International Ltd. 683 – 11 600 Panasonic Corp. 188 166 27 574 CapitaLand Limited 84 94 1 300 Pigeon Corp. 78 45 17 200 DBS Group Holdings Ltd. 418 474 8 400 Renesas Electronics Corp. 112 112 34 000 Oversea-Chinese Banking Corp. 360 376 22 100 Resona Holdings Inc. 100 106 9 500 United Overseas Bank Ltd. 228 227 12 100 Rohm Co. Ltd. 1 277 1 380 33 400 Venture Manufacturing 8 373 Seven & I Holdings Co. Ltd. 340 497 (Singapore) Ltd. 640 592 826 Shimano Inc. 246 244 6 080 Shimizu Corp. 56 58 2 413 1 763 0.9 3 500 Shin-Etsu Chemical Co. Ltd. 753 726 Spain 28 227 Softbank Corp. 443 457 3 462 ACS Actividades de 12 878 SoftBank Group Corp. 1 118 1 113 Construccion y Servicios S.A. 119 115 3 700 Sompo Japan Nipponkoa 68 738 BBVA S.A. 452 529 Holdings Inc. 183 170 2 673 Enagas 76 77 69 129 Sumco Corp. 1 911 2 099 2 707 Endesa S.A. 94 81 27 500 Sumitomo Chemical Co. Ltd. 177 181 1 122 Naturgy Energy Group S.A. 37 36 12 700 Sumitomo Dainippon 4 578 Red Electrica Corp. S.A. 112 105 Pharma Co. Ltd. 287 330 49 401 Telefonica S.A. 308 286 2 655 Sumitomo Metal Mining Co. Ltd. 129 128 1 198 1 229 0.6 11 700 Sumitomo Mitsui Financial Sweden Group Inc. 444 500 3 280 Alfa Laval AB 144 144 3 300 Sumitomo Mitsui Trust Holdings Inc. 134 130 25 354 Atlas Copco AB 1 645 1 930 4 000 Suzuki Motor Co. Ltd. 214 210 1 874 Boliden AB 97 89 1 864 Sysmex Corp. 245 274 71 074 Electrolux AB 2 244 2 442 5 000 T&D Holdings Inc. 65 80 10 249 Epiroc AB 222 289 2 300 Taisei Corp. 95 94 1 786 Evolution AB 225 350 2 847 Takeda Pharmaceutical Co. Ltd. 131 118 23 853 Hexagon AB 371 438 2 000 TDK Corp. 376 300 170 274 Husqvarna AB 2 897 2 805 67 900 The Dai-ichi Life Insurance Co. Ltd. 1 651 1 549 2 250 Investment AB Latour 90 92 1 600 Tokyo Electron Ltd. 710 858 64 732 Lundin Energy AB 2 476 2 845 1 000 Tokyo Gas Co. Ltd. 28 23 13 104 Nibe Industrier AB 144 171 4 000 TOPPAN Inc. 86 80 15 932 Skandinaviska Enskilda Banken 260 255 4 400 Toshiba Corp. 147 236 3 780 Skanska AB 106 124 2 800 Tosoh Corp. 57 60 55 794 SKF AB 1 850 1 763 1 741 Toyota Industries Corp. 148 187 24 918 Telia Co. AB 138 137 20 800 Toyota Motor Corp. 2 184 2 254 12 909 13 874 6.7 1 700 Toyota Tsusho Corp. 66 100 Switzerland 3 745 Yamaha Motor Co. Ltd. 117 126 36 829 ABB Ltd. 1 451 1 551 2 064 ZOZO Inc. 86 87 529 Baloise Holding Ltd. 103 102 42 757 44 315 21.6 5 431 Cie Financiere Richemont S.A. 685 816 Netherlands 25 103 Credit Suisse Group 344 326 20 879 Aegon N.V. 78 108 363 Geberit AG 328 338 2 001 Akzo Nobel N.V. 248 307 2 137 Julius Baer Group Ltd. 176 173 483 ASM International N.V. 171 197 529 Kuehne + Nagel International AG 174 224 7 302 Logitech International S.A. 824 1 099

June 30, 2021

Fair % of Net Holdings Security Cost Value Assets SCHEDULE A Switzerland (cont.) Foreign Exchange Contracts 21 744 Novartis AG $ 2 439 $ 2 459 Unrealized 222 Partners Group Holding AG 372 417 Contracts Maturity Date Gain 1 298 Sika AG 510 527 Bought CAD 2 Sold GBP 1 @ 1.7121 02-Jul-2021 $ – 546 Sonova Holding AG 232 255 Bought CAD 8 Sold GBP 4 @ 1.7125 02-Jul-2021 – 115 Straumann Holding AG 208 227 Bought CAD 1 Sold JPY 1 @ 0.0112 02-Jul-2021 – 324 Swatch Group AG 122 138 Bought CAD 3 Sold JPY 283 @ 0.0112 02-Jul-2021 – 355 Swiss Life Holding 172 214 Bought CAD 4 Sold JPY 333 @ 0.0112 02-Jul-2021 – 3 054 Swiss Re AG 313 342 Bought CAD 12 Sold JPY 1 114 @ 0.0112 02-Jul-2021 – 35 565 UBS Group AG 699 675 Bought CAD 650 Sold SEK 4 478 @ 0.1453 02-Jul-2021 2 2 231 Zurich Insurance Group AG 1 150 1 111 Bought CAD 580 Sold HKD 3 633 @ 0.1597 02-Jul-2021 – 10 302 10 994 5.4 Bought CAD 3 779 Sold GBP 2 202 @ 1.7159 02-Jul-2021 3 United Kingdom Bought CAD 902 Sold DKK 4 548 @ 0.1983 02-Jul-2021 3 13 010 Anglo American Plc. 748 642 Bought CAD 1 753 Sold JPY 156 321 @ 0.0112 02-Jul-2021 8 32 990 Ashtead Group Plc. 2 442 3 040 Bought CAD 5 Sold SGD 5 @ 0.9204 02-Jul-2021 – 40 826 Aviva Plc. 240 284 Bought CAD 1 Sold JPY 1 @ 0.0109 02-Jul-2021 – 29 070 BAE Systems Plc. 254 260 Bought CAD 1 Sold JPY 1 @ 0.0111 02-Jul-2021 – 410 973 Barclays Plc. 889 1 209 Bought CAD 1 Sold JPY 1 @ 0.0111 02-Jul-2021 – 1 529 Berkeley Group Holdings Plc. 113 121 Bought CAD 1 Sold JPY 16 @ 0.0111 02-Jul-2021 – 164 346 BP Plc. 572 893 Bought CAD 1 Sold JPY 16 @ 0.0111 02-Jul-2021 – 23 508 British American Tobacco Plc. 1 024 1 131 Bought CAD 1 Sold JPY 19 @ 0.0111 02-Jul-2021 – 96 244 BT Group Plc. 166 321 Bought CAD 1 Sold JPY 28 @ 0.0111 02-Jul-2021 – 106 493 Entain Plc. 2 054 3 190 Bought CAD 1 Sold JPY 33 @ 0.0111 02-Jul-2021 – 170 203 Evraz Plc. 1 807 1 731 Bought CAD 1 Sold JPY 61 @ 0.0111 02-Jul-2021 – 102 081 Glencore Plc. 530 543 Bought CAD 1 Sold JPY 93 @ 0.0111 02-Jul-2021 – 1 797 Hikma Pharmaceuticals Plc. 83 75 Bought CAD 1 Sold JPY 102 @ 0.0111 02-Jul-2021 – 146 784 Imperial Brands Plc. 5 114 3 923 Bought CAD 1 Sold JPY 109 @ 0.0111 02-Jul-2021 – 14 466 J Sainsbury Plc. 66 67 Bought CAD 2 Sold JPY 143 @ 0.0111 02-Jul-2021 – 3 764 JD Sports Fashion Plc. 53 59 Bought CAD 2 Sold JPY 184 @ 0.0111 02-Jul-2021 – 359 190 Kingfisher Plc. 1 761 2 247 Bought CAD 3 Sold JPY 241 @ 0.0111 02-Jul-2021 – 74 109 Legal & General Group Plc. 245 328 Bought CAD 4 Sold JPY 317 @ 0.0111 02-Jul-2021 – 27 025 M&G Plc. 90 106 Bought CAD 5 Sold JPY 417 @ 0.0111 02-Jul-2021 – 63 413 Melrose Industries Plc. 197 169 Bought CAD 5 Sold JPY 418 @ 0.0111 02-Jul-2021 – 34 728 National Grid Plc. 552 548 Bought CAD 14 Sold JPY 1 260 @ 0.0111 02-Jul-2021 – 5 912 Pearson Plc. 85 84 Bought CAD 15 Sold JPY 1 372 @ 0.0111 02-Jul-2021 – 3 657 Persimmon Plc. 186 186 Bought CAD 28 Sold JPY 2 487 @ 0.0111 02-Jul-2021 – 27 159 Rio Tinto Plc. 1 926 2 780 Bought CAD 51 Sold JPY 4 538 @ 0.0111 02-Jul-2021 – 31 205 Royal Dutch Shell Plc., A Shares 553 775 Bought CAD 53 Sold JPY 4 793 @ 0.0111 02-Jul-2021 – 5 865 St James's Place Plc. 143 149 Bought ILS 357 Sold CAD 136 @ 2.6261 02-Jul-2021 – 507 508 Standard Life Aberdeen Plc. 2 184 2 360 Bought JPY 2 Sold 1 CAD @ 89.7099 02-Jul-2021 – 40 390 The Royal Bank of Scotland Bought CAD 17 Sold GBP 10 @ 1.7093 05-Jul-2021 – Group Plc. 126 141 Bought CAD 34 Sold GBP 20 @ 1.7093 05-Jul-2021 – 24 203 27 362 13.3 $ 16 TOTAL INTERNATIONAL EQUITIES 183 437 203 017 99.0 SHORT-TERM INVESTMENTS* 1 942 1 943 0.9 Unrealized TOTAL INVESTMENTS 185 379 204 960 99.9 Contracts Maturity Date Loss UNREALIZED GAIN ON FOREIGN Bought AUD 3 735 Sold CAD 3 477 @ 1.0742 02-Jul-2021 $ (5) EXCHANGE CONTRACTS (SCHEDULE A) – 16 – Bought CHF 1 631 Sold CAD 2 194 @ 0.7433 02-Jul-2021 (9) UNREALIZED LOSS ON FOREIGN Bought EUR 303 Sold CAD 447 @ 0.6781 02-Jul-2021 (1) EXCHANGE CONTRACTS (SCHEDULE A) – (24) – Bought NOK 11 073 Sold CAD 1 602 @ 6.9108 02-Jul-2021 (9) TOTAL PORTFOLIO $ 185 379 204 952 99.9 $ (24) OTHER NET ASSETS ATTRIBUTABLE TO TOTAL FOREIGN EXCHANGE $ (8) HOLDERS OF REDEEMABLE UNITS 273 0.1 NET ASSETS ATTRIBUTABLE TO All counterparties have a credit rating of at least A. HOLDERS OF REDEEMABLE UNITS $ 205 225 100.0 * Short-term investments, which may be made up of treasury bills, commercial paper, term deposits and discount notes, earn interest at rates ranging from 0.08% to 0.17% and mature on July 2, 2021.

The accompanying notes are an integral part of the financial statements. S C H E D U L O F I N V T M P R ( i n $ 0 s ) FINANCIAL STATEMENTS (unaudited) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

Statements of Financial Position (unaudited) Statements of Comprehensive Income (unaudited) (in $000s except per unit amounts) (in $000s except per unit amounts)

June 30 December 31 For the periods ended June 30 (see note 2 in the generic notes) 2021 2020 (see note 2 in the generic notes) 2021 2020 ASSETS INCOME (see note 3 in the generic notes) Investments at fair value $ 204 960 $ 219 173 Dividends $ 4 141 $ 4 227 Cash 645 74 Interest for distribution purposes 1 4 Due from investment dealers 18 797 178 Income from investment trusts 15 56 Subscriptions receivable 20 180 Derivative income (12) (226) Unrealized gain on foreign exchange contracts 16 2 Net realized gain (loss) on investments 13 082 (13 405) Dividends receivable, interest accrued Change in unrealized gain (loss) on investments (1 308) (23 443) and other assets 226 238 TOTAL NET GAIN (LOSS) ON TOTAL ASSETS 224 664 219 845 INVESTMENTS AND DERIVATIVES 15 919 (32 787) LIABILITIES Securities lending revenue Due to investment dealers 18 934 – (see note 7 in the generic notes) 31 56 Redemptions payable 165 101 Net gain (loss) on foreign cash balances (2) 133 Unrealized loss on foreign exchange contracts 24 – TOTAL OTHER INCOME (LOSS) 29 189 Accounts payable and accrued expenses 316 342 TOTAL INCOME (LOSS) 15 948 (32 598) TOTAL LIABILITIES EXCLUDING NET ASSETS EXPENSES (see notes – Fund Specific Information) ATTRIBUTABLE TO HOLDERS OF Management fees 1 629 1 725 REDEEMABLE UNITS 19 439 443 Administration fees 149 172 NET ASSETS ATTRIBUTABLE TO HOLDERS Independent Review Committee costs 1 1 OF REDEEMABLE UNITS (“NAV”) $ 205 225 $ 219 402 GST/HST 173 185 Transaction costs 270 156 Investments at cost $ 185 379 $ 198 294 Withholding tax 459 543 TOTAL EXPENSES 2 681 2 782 NAV INCREASE (DECREASE) IN NAV $ 13 267 $ (35 380) SERIES A $ 147 389 $ 158 562 INCREASE (DECREASE) IN NAV ADVISOR SERIES $ – $ – SERIES A $ 9 316 $ (25 667) SERIES D $ 11 303 $ 12 447 ADVISOR SERIES $ – $ (396) SERIES F $ 34 979 $ 36 825 SERIES D $ 766 $ (1 973) SERIES I $ 1 577 $ 1 476 SERIES F $ 2 369 $ (5 544) SERIES O $ 9 977 $ 10 092 SERIES I $ 101 $ (216) NAV PER UNIT SERIES O $ 715 $ (1 584) SERIES A $ 10.47 $ 9.86 INCREASE (DECREASE) IN NAV PER UNIT ADVISOR SERIES $ – $ – SERIES A $ 0.62 $ (1.43) SERIES D $ 10.62 $ 9.96 ADVISOR SERIES $ – $ (1.41) SERIES F $ 9.82 $ 9.20 SERIES D $ 0.68 $ (1.42) SERIES I $ 11.51 $ 10.77 SERIES F $ 0.64 $ (1.26) SERIES O $ 9.43 $ 8.79 SERIES I $ 0.74 $ (1.44) SERIES O $ 0.66 $ (1.26)

The accompanying notes are an integral part of these financial statements. FINANCIAL STATEMENTS (unaudited) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

Statements of Cash Flow (unaudited) (in $000s)

For the periods ended June 30 (see note 2 in the generic notes) 2021 2020 CASH FLOWS FROM OPERATING ACTIVITIES Increase (decrease) in NAV $ 13 267 $ (35 380) ADJUSTMENTS TO RECONCILE NET CASH PROVIDED BY (USED IN) OPERATIONS Interest for distribution purposes – – Non-cash dividends (12) – Non-cash distributions from underlying funds – – Net realized loss (gain) on investments (13 082) 13 405 Change in unrealized loss (gain) on investments 1 308 23 443 (Increase) decrease in accrued receivables 12 171 Increase (decrease) in accrued payables (26) (112) (Increase) decrease in margin accounts – – Cost of investments purchased* (318 404) (362 054) Proceeds from sale and maturity of investments* 344 728 384 822 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 27 791 24 295 CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of redeemable units* 2 680 3 833 Cash paid on redemption of redeemable units* (29 900) (28 018) Distributions paid to holders of redeemable units – – NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES $ (27 220) $ (24 185) Net increase (decrease) in cash for the period 571 110 Cash (bank overdraft), beginning of period 74 175 CASH (BANK OVERDRAFT), END OF PERIOD $ 645 $ 285

Interest received (paid)† $ 1 $ 4 Income from investment trusts received (paid)†‡ $ 10 $ 54 Dividends received (paid)†‡ $ 3 686 $ 3 858

* Excludes in-kind transactions. † Classified as part of operating activities. ‡ Net of withholding taxes, if applicable.

The accompanying notes are an integral part of these financial statements. FINANCIAL STATEMENTS (unaudited) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

Statements of Changes in NAV (unaudited) (in $000s)

For the periods ended June 30 Series A Advisor Series Series D Series F (see note 2 in the generic notes) 2021 2020 2021 2020 2021 2020 2021 2020 NAV AT BEGINNING OF PERIOD $ 158 562 $ 196 189 $ – $ 2 935 $ 12 447 $ 15 730 $ 36 825 $ 43 817 INCREASE (DECREASE) IN NAV 9 316 (25 667) – (396) 766 (1 973) 2 369 (5 544) Early redemption fees – – – – – – – – Proceeds from redeemable units issued 1 304 1 938 – 63 330 536 2 470 3 281 Reinvestments of distributions to holders of redeemable units – – – – – – – – Redemption of redeemable units (21 793) (19 762) – (242) (2 240) (2 277) (6 685) (6 258) NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS (20 489) (17 824) – (179) (1 910) (1 741) (4 215) (2 977) Distributions from net income – – – – – – – – Distributions from net gains – – – – – – – – Distributions from capital – – – – – – – – TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS – – – – – – – – NET INCREASE (DECREASE) IN NAV (11 173) (43 491) – (575) (1 144) (3 714) (1 846) (8 521) NAV AT END OF PERIOD $ 147 389 $ 152 698 $ – $ 2 360 $ 11 303 $ 12 016 $ 34 979 $ 35 296

For the periods ended June 30 Series I Series O Total (see note 2 in the generic notes) 2021 2020 2021 2020 2021 2020 NAV AT BEGINNING OF PERIOD $ 1 476 $ 1 684 $ 10 092 $ 12 397 $ 219 402 $ 272 752 INCREASE (DECREASE) IN NAV 101 (216) 715 (1 584) 13 267 (35 380) Early redemption fees – – – – – – Proceeds from redeemable units issued – – 745 1 009 4 849 6 827 Reinvestments of distributions to holders of redeemable units – – – – – – Redemption of redeemable units – (1) (1 575) (2 464) (32 293) (31 004) NET INCREASE (DECREASE) FROM REDEEMABLE UNIT TRANSACTIONS – (1) (830) (1 455) (27 444) (24 177) Distributions from net income – – – – – – Distributions from net gains – – – – – – Distributions from capital – – – – – – TOTAL DISTRIBUTIONS TO HOLDERS OF REDEEMABLE UNITS – – – – – – NET INCREASE (DECREASE) IN NAV 101 (217) (115) (3 039) (14 177) (59 557) NAV AT END OF PERIOD $ 1 577 $ 1 467 $ 9 977 $ 9 358 $ 205 225 $ 213 195

The accompanying notes are an integral part of these financial statements. NOTES TO FINANCIAL STATEMENTS – FUND SPECIFIC INFORMATION (unaudited) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

June 30, 2021

Effective June 26, 2020, Advisor Series units were capped and June 30 December 31 were re-designated as Series A units effective August 4, 2020. Currency 2021 2020 Singapore dollar 0.9 1.0 Series I units have been capped and are no longer available United States dollar 0.5 0.2 for purchase by new investors effective June 30, 2016. Existing Israeli new shekel 0.1 0.1 Total 99.5 99.1 investors who hold Series I units of the Fund can continue to make additional investments into this series. As at June 30, 2021, if the Canadian dollar had strengthened or weakened by 5% in relation to the above currencies, with General information (see note 1 in the generic notes) all other factors kept constant, the Fund’s NAV may have The investment objective of the Fund is to provide long-term decreased or increased, respectively, by approximately 5.0% total returns composed of capital growth and current income (December 31, 2020 – 5.0%). In practice, actual results could from investments outside North America. differ from this sensitivity analysis and the difference could be material. Financial instrument risk and capital management (see note 5 in the generic notes) Other price risk (% impact on NAV) Concentration risk (%) In light of current market volatility related to COVID‑19, The table below summarizes the Fund’s investment exposure management has applied 10% for other price risk sensitivity. (after consideration of derivative products, if any) as at: The table below shows the impact of a 10% change in the June 30 December 31 broad-based index (noted below) on the Fund’s NAV, using a Investment mix 2021 2020 36-month historical correlation of data of the Fund’s return Japan 21.6 28.4 and the index, with all other factors kept constant, as at: United Kingdom 13.3 14.2 Germany 11.5 12.0 June 30 December 31 France 11.0 7.5 2021 2020 Denmark 7.7 6.0 MSCI EAFE Total Return Net Index (CAD) + or - 11.6 + or - 11.4 Australia 7.5 6.1 Since historical correlation may not be representative of Sweden 6.7 5.5 future correlation, actual results could differ from this Netherlands 5.6 5.4 Switzerland 5.4 5.4 sensitivity analysis and the difference could be material. Norway 2.2 1.2 Fair value hierarchy ($000s except % amounts) Other Countries 6.5 7.3 Cash/Other 1.0 1.0 (see note 3 in the generic notes) Total 100.0 100.0 The following is a summary of the inputs used as of June 30, 2021 and December 31, 2020. Currency risk (% of NAV) June 30, 2021 Level 1 Level 2 Level 3 Total The table below summarizes the Fund’s net exposure (after Equities 158 202 859 – 203 017 hedging, if any) to currency risk as at: Underlying funds – – – –

June 30 December 31 Fixed-income Currency 2021 2020 and debt securities – – – – Euro 31.1 28.2 Short-term investments – 1 943 – 1 943 Japanese yen 21.6 28.4 Derivatives – assets – 16 – 16 Pound sterling 13.3 14.2 Derivatives – liabilities – (24) – (24) Danish krone 7.7 6.0 Total financial instruments 158 204 794 – 204 952 Australian dollar 7.5 6.1 % of total portfolio 0.1 99.9 – 100.0 Swedish krona 7.4 6.0 Swiss franc 5.4 5.5 Norwegian krone 2.3 1.2 Hong Kong dollar 1.7 2.2

Please see the generic notes at the back of the financial statements. NOTES TO FINANCIAL STATEMENTS – FUND SPECIFIC INFORMATION (unaudited) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

June 30, 2021

December 31, 2020 Level 1 Level 2 Level 3 Total Redeemable units (000s) Equities 332 216 892 – 217 224 There is no limitation on the number of units available for Underlying funds – – – – issue. Units are purchased and redeemed at the NAV per unit. Fixed-income and debt securities – – – – For the periods ended June 30 Short-term investments – 1 949 – 1 949 (see note 2 in the generic notes) 2021 2020 Derivatives – assets – 2 – 2 Series A Derivatives – liabilities – – – – Opening units 16 077 19 175 Total financial instruments 332 218 843 – 219 175 Issued number of units 128 217 % of total portfolio 0.2 99.8 – 100.0 Reinvested number of units – – Redeemed number of units (2 124) (2 142) For the periods ended June 30, 2021 and December 31, 2020, Ending number of units 14 081 17 250 there were no transfers of financial instruments between Advisor Series Level 1, Level 2 and Level 3. Opening units – 291 Issued number of units – 6 Management fees and administration fees Reinvested number of units – – (see note 8 in the generic notes) Redeemed number of units – (27) Ending number of units – 270 Management fees and administration fees of each series Series D of the Fund are payable to RBC GAM and calculated at the Opening units 1 250 1 522 following annual percentages, before GST/HST, of the daily Issued number of units 32 59 NAV of each series of the Fund. Reinvested number of units – – Redeemed number of units (217) (243) Management fees Administration fees* Ending number of units 1 065 1 338 Series A 1.85% 0.15% Series F Advisor Series 1.85% 0.15% Opening units 4 003 4 591 Series D 1.10% 0.15% Issued number of units 257 376 Series F 0.85% 0.15% Reinvested number of units – – Series I 0.75% 0.02% Redeemed number of units (697) (717) Series O n/a† 0.02% Ending number of units 3 563 4 250 * Effective March 1, 2020, the administration fees for Series A units were reduced to 0.15% from 0.20%. Series I † Series O unitholders pay a negotiated management fee directly to RBC GAM for Opening units 137 151 investment-counselling services. Issued number of units – – Reinvested number of units – – Investments by related parties Redeemed number of units – – ($000s except unit amounts) Ending number of units 137 151 Royal Bank of Canada, or one of its subsidiaries, held the Series O following investments in the Fund as at: Opening units 1 148 1 359 Issued number of units 81 133 June 30 December 31 Reinvested number of units – – 2021 2020 Redeemed number of units (171) (320) Units held Ending number of units 1 058 1 172 Series O 954 954 Value of all units 9 8

Taxes ($000s) (see note 6 in the generic notes) The non-capital and capital losses as at December 31, 2020 for the Fund were approximately:

Capital losses 551 062 Non-capital losses –

Please see the generic notes at the back of the financial statements. NOTES TO FINANCIAL STATEMENTS – FUND SPECIFIC INFORMATION (unaudited) RBC O’SHAUGHNESSY INTERNATIONAL EQUITY FUND

June 30, 2021

Transaction costs ($000s except %) Offsetting financial assets and liabilities ($000s) Transaction costs, including brokerage commissions, in (see note 3 in the generic notes) consideration of portfolio transactions for the periods ended: The following is a summary of the amounts for which

June 30 June 30 the Fund has a legal right to offset in the event of default, 2021 2020 insolvency or bankruptcy. “Net amount” represents the $ % $ % impact to the Fund if all set-off rights were to be exercised. Total transaction costs 270 100 156 100 Related-party brokerage commissions* – – – – June 30, 2021 Assets Liabilities † Commission arrangements – – – – Gross amounts – assets (liabilities) 16 (23) * See note 8 in the generic notes. Amounts set-off in the † Commission arrangements are part of commission amounts paid to dealers. The Fund uses Statements of Financial Position – – commission arrangements (formerly known as “soft dollars”) for research and/or order execution goods and services. Net amounts presented in the Statements of Financial Position 16 (23) Securities lending revenue ($000s except %) Related amounts not set-off (16) 16 (see note 7 in the generic notes) Collateral (received) pledged – – Net amount – (7) Fair value of securities on loan and collateral received as at:

June 30 June 30 December 31, 2020 Assets Liabilities 2021 2020 Fair value of securities loaned 12 921 28 601 Gross amounts – assets (liabilities) 2 – Fair value of collateral received 13 179 29 174 Amounts set-off in the Statements of Financial Position – – The table below provides a reconciliation of the gross revenue Net amounts presented in the Statements of Financial Position 2 – generated from the securities lending transactions of the Fund Related amounts not set-off – – to the securities lending revenue disclosed in the Statements of Collateral (received) pledged – – Comprehensive Income. Net amount 2 –

June 30 June 30 2021 2020 $ % $ % Gross revenue 41 100 74 100 RBC IS (paid) (10) (25) (18) (25) Tax withheld – – – – Fund revenue 31 75 56 75

Please see the generic notes at the back of the financial statements. GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

1. The Funds Series I units have no sales charges, have lower fees than The Funds (“Fund” or “Funds”) are open-ended mutual Series F units, Series FT5 units and Series FT8 units and fund trusts governed by the laws of the Province of Ontario are only available to investors who invest and maintain or British Columbia. RBC GAM is the manager and portfolio the required minimum balance and who have accounts manager of the Funds and its head office is located at with dealers who have signed a fee-based agreement with 155 Wellington Street West, 22nd Floor, Toronto, Ontario. RBC GAM. RBC GAM is also the trustee of those Funds governed by the Series N units are only available to related funds. laws of the Province of Ontario. These financial statements were approved for issuance by the Board of Directors of Series O units are only available to large private or RBC GAM on August 9, 2021. institutional investors or dealers. No management fees are payable by the Funds in respect to Series O units. The Funds may issue an unlimited number of units in some Unitholders pay a negotiated fee directly to RBC GAM for or all of Series A, Advisor Series, Advisor T5 Series, Series T5, investment-counselling services. Series T8, Series H, Series D, Series DZ, Series F, Series FT5, Series FT8, Series I, Series N and Series O. 2. Financial period

Advisor Series units and Advisor T5 Series units were The information provided in these financial statements and available to all investors through authorized dealers with an notes thereto is as at June 30, 2021 and December 31, 2020, as initial sales charge or low-load sales charge option. Effective applicable, and for the six-month periods ended June 30, 2021 August 4, 2020, such Advisor Series and Advisor T5 Series and June 30, 2020, as applicable, except for Funds or series were re-designated as Series A and Series T5, respectively. established during either period, in which case the information For certain of the Funds, Advisor Series units and Advisor T5 for the Fund, or series, is provided for the period from the start Series units are available with a deferred sales charge option. date as described in the Notes to Financial Statements – Fund Under the initial sales charge option, investors pay a sales Specific Information of the Fund. charge ranging from 0% to 5% of the amount invested. 3. Summary of significant accounting policies Under the deferred sales charge or low-load sales charge These financial statements have been prepared in accordance option, sales charges may be applicable, as described in the with International Financial Reporting Standards (“IFRS”) Simplified Prospectus. and in accordance with International Accounting Standard Series T5 units and Series T8 units have no sales charges and (“IAS”) 34 – Interim Financial Reporting, as issued by the are available to all investors through authorized dealers. International Accounting Standards Board (“IASB”). The significant accounting policies of the Funds are as follows: Series H units have no sales charges, have lower fees than Series A units and are only available to investors who invest Classification and Measurement of Financial Assets, and maintain the required minimum balance through Liabilities and Derivatives Each of the Funds classifies authorized dealers. its investment portfolio based on the business model for managing the portfolio and the contractual cash flow Series D units and Series DZ units have no sales charges characteristics. The investment portfolio of financial assets and have lower fees than Series A units. Series D units and and liabilities is managed and performance is evaluated on Series DZ units may be available to investors who have a fair value basis. The contractual cash flows of the Funds’ accounts with RBC Direct Investing Inc., Phillips, Hager & debt securities that are solely principal and interest are North Investment Funds Ltd. (“PH&N IF”) or certain other neither held for the purpose of collecting contractual cash authorized dealers (primarily discount brokers). flows nor held both for collecting contractual cash flows Series F units, Series FT5 units and Series FT8 units have no and for sale. The collection of contractual cash flows is only sales charges and have lower fees than Series A units. Series F incidental to achieving the Funds’ business model objectives. units, Series FT5 units and Series FT8 units are only available Consequently, all investments are measured at fair value to investors who have fee-based accounts with their dealer. through profit and loss (“FVTPL”). Derivative assets and liabilities are also measured at FVTPL. GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

The Funds’ obligation for net assets attributable to holders The Funds do not consolidate their investment in underlying of redeemable units represents a financial liability and is funds but account for these investments at fair value. The measured at the redemption amount, which approximates manager has determined that the Funds are investment fair value as of the reporting date. All other financial assets entities in accordance with IFRS 10 Consolidated Financial and liabilities are measured at amortized cost. Statements, since the Funds meet the following criteria:

Offsetting Financial Assets and Liabilities In the normal (i) The Funds obtain capital from one or more investors for course of business, the Funds may enter into various the purpose of providing those investors with investment International Swaps and Derivatives Association master management services, netting agreements or other similar arrangements with (ii) The Funds commit to their investors that their business certain counterparties that allow for related amounts to purpose is to invest funds solely for the returns from be offset in certain circumstances, such as bankruptcy or capital appreciation, investment income or both, and termination of contracts. Offsetting information, where applicable, is presented in the Notes to Financial (iii) The Funds measure and evaluate the performance of Statements – Fund Specific Information. substantially all of their investments on a fair value basis.

Classification of Redeemable Units The Funds have multiple Therefore, the fair value of investments in the underlying features across the different series of the Funds. Consequently, funds is included in the Schedule of Investment Portfolio the Funds’ outstanding redeemable units are classified as and included in “Investments at fair value” in the Funds’ financial liabilities in accordance with the requirements of Statements of Financial Position. The change in fair value IAS 32 Financial Instruments: Presentation. of the investment held in the underlying funds is included in “Change in unrealized gain (loss) on investments” in the Unconsolidated Structured Entities The Funds may invest in Statements of Comprehensive Income. other Funds and exchange-traded funds (“ETFs”) managed by the manager or an affiliate of the manager (“sponsored Certain Funds may invest in mortgage-related or other funds”) and may invest in other funds and ETFs managed asset-backed securities. These securities include commercial by unaffiliated entities (“unsponsored funds”); collectively, mortgage-backed securities, asset-backed securities, “underlying funds.” The underlying funds are determined to collateralized debt obligations and other securities that be unconsolidated structured entities, as decision making directly or indirectly represent a participation in, or are in the underlying fund is not governed by the voting rights securitized by and payable from, mortgage loans on real or other similar rights held by the Fund. The investments property. Mortgage-related securities are created from in underlying funds are subject to the terms and conditions pools of residential or commercial mortgage loans while of the offering documents of the respective underlying asset-backed securities are created from many types of funds and are susceptible to market price risk arising from assets, including auto loans, credit card receivables, home uncertainties about future values of those underlying funds. equity loans and student loans. The Funds account for these The underlying funds’ objectives are generally to achieve investments at fair value. The fair value of such securities, as long-term capital appreciation and/or current income by disclosed in the Schedule of Investment Portfolio, represents investing in a portfolio of securities and other funds in line the maximum exposure to losses at that date. with each of their documented investment strategies. The Determination of Fair Value The fair value of a financial underlying funds apply various investment strategies to instrument is the amount at which the financial instrument accomplish their respective investment objectives. could be exchanged in an arm’s-length transaction between The underlying funds finance their operations by issuing knowledgeable and willing parties under no compulsion to redeemable units which are puttable at the unitholder’s act. In determining fair value, a three-tier hierarchy based on option, and entitle the unitholder to a proportional stake in inputs is used to value the Funds’ financial instruments. the respective underlying funds’ NAV. The hierarchy of inputs is summarized below: GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

Level 1 – quoted prices (unadjusted) in active markets for Options purchased and options written (sold) are recorded identical assets or liabilities; as investments in the Statements of Financial Position. These investments are reported at fair value in the Statements of Level 2 – inputs other than quoted prices included in Financial Position, and unrealized gain or loss at the close Level 1 that are observable for the asset or liability, either of business on each valuation date is recorded in “Change in directly (i.e., as prices) or indirectly (i.e., derived from prices), unrealized gain (loss) on investments” in the Statements of including broker quotes, vendor prices and vendor fair value Comprehensive Income. factors; and When an option is exercised and the underlying securities Level 3 – inputs for the asset or liability that are not based on are acquired or delivered, the acquisition cost or sale observable market data (unobservable inputs). proceeds are adjusted by the amount of the premium. Changes in valuation methods may result in transfers into or When an option is closed the Fund will realize a gain or out of an investment’s assigned level. loss equal to the difference between the premium and the cost to close the position. When an option expires, gains or The three-tier hierarchy of investments and derivatives is losses are realized equivalent to the amount of premiums included in Notes to Financial Statements – Fund Specific received or paid, respectively. The net realized gains (losses) Information. on written and purchased options are included in the Investments and derivatives are recorded at fair value, which Statements of Comprehensive Income in “Net realized gain is determined as follows: (loss) on investments.”

Equities – Common shares and preferred shares are valued at Warrants – Warrants are valued using a recognized option the closing price recorded by the security exchange on which pricing model, which includes factors such as the terms of the security is principally traded. In circumstances where the the warrant, time value of money and volatility inputs that are closing price is not within the bid-ask spread, management will significant to such valuation. determine the points within the bid-ask spread that are most Forward Contracts – Forward contracts are valued at the gain or representative of the fair value. loss that would arise as a result of closing the position at the Fixed-Income and Debt Securities – Bonds, mortgage-backed valuation date. The receivable/payable on forward contracts securities, loans, debentures and other debt securities are is recorded separately in the Statements of Financial Position. valued at the mid price quoted by major dealers or independent Any unrealized gain or loss at the close of business on each valuation date is recorded as “Change in unrealized gain (loss) pricing vendors in such securities. on investments” and realized gain or loss on foreign exchange NHA-approved mortgages are valued at an amount, which contracts is included in “Derivative income” in the Statements produces a yield equivalent to the prevailing rate of return on of Comprehensive Income. mortgages of similar type and term. Total Return Swaps – A total return swap is an agreement by Short-Term Investments – Short-term investments are valued at which one party makes payments based on a set rate, either cost plus accrued interest, which approximates fair value. fixed or variable, while the other party makes payments based Options – Options give the purchaser the right, but not the on the return of an underlying asset, which includes both the obligation, to buy (call) or sell (put) an underlying security income it generates and any capital gains. Total return swap or financial instrument at an agreed exercise or strike price contracts are marked to market daily based upon quotations during the specified period or on a specified date. from the market makers and the change in value, if any, is recorded in “Change in unrealized gain (loss) on investments” Listed options are valued at the closing price on the recognized in the Statements of Comprehensive Income. When the swap exchange on which the option is traded. In circumstances contract is terminated early, the Fund records a realized where the closing price is not within the bid-ask spread, gain or loss equal to the difference between the current net management will determine the points within the present value and the executed net present value in “Derivative bid-ask spread that are most representative of the fair value. income” in the Statements of Comprehensive Income. GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

Unrealized gains and losses are recorded as “Receivable on to determine the fair value of foreign securities traded in open swap contracts” or “Payable on open swap contracts” countries outside of North America daily to avoid stale prices in the Statements of Financial Position, as applicable. The and to take into account, among other things, any significant risks of total return swap contracts include changes in market events occurring after the close of a foreign market. conditions and the possible inability of the counterparty to Management also has procedures where the Funds primarily fulfill its obligations under the agreement. employ a market-based approach, which may use related Futures Contracts – Futures contracts entered into by the or comparable assets or liabilities, NAV per unit (for Funds are financial agreements to purchase or sell a financial exchange-traded funds), recent transactions, market instrument at a contracted price on a specified future date. multiples, book values and other relevant information for However, the Funds do not intend to purchase or sell the the investment to determine its fair value. The Funds may financial instrument on the settlement date; rather, they also use an income-based valuation approach in which intend to close out each futures contract before settlement the anticipated future cash flows of the investment are by entering into equal, but offsetting, futures contracts. discounted to calculate fair value. Discounts may also be Futures contracts are valued at the gain or loss that would applied due to the nature or duration of any restrictions arise as a result of closing the position at the valuation date. on the disposition of the investments, but only if they arise Any gain or loss at the close of business on each valuation as a feature of the instrument itself. Due to the inherent date is recorded as “Derivative income” in the Statements uncertainty of valuations of such investments, the fair values of Comprehensive Income. The receivable/payable on may differ significantly from the values that would have been futures contracts is recorded separately in the Statements of used had an active market existed. Financial Position. All security valuation techniques are periodically reviewed Credit Default Swap Contracts – Credit default swaps are by the Valuation Committee (“VC”) of the manager and are agreements between a protection buyer and protection approved by the manager. The VC provides oversight of the seller. The protection buyer pays a periodic fee in exchange Funds’ valuation policies and procedures. for a payment by the protection seller contingent on the Cash Cash is comprised of cash and deposits with banks and occurrence of a credit event, such as a default, bankruptcy is recorded at amortized cost. The carrying amount of cash or restructuring, with respect to a referenced entity. approximates its fair value because it is short term in nature. Periodic fees paid or received are recorded as “Interest for distribution purposes” in the Statements of Comprehensive Margin Margin accounts represent margin deposits held with Income. When the contract is terminated or expires, the brokers in respect of derivatives contracts. payments received or paid are recorded as “Derivative Functional Currency The Funds, with the exceptions below, income” in the Statements of Comprehensive Income. have their subscriptions, redemptions and performance Credit default swap contracts are valued based on quotations denominated in Canadian dollars and, consequently, the from independent sources. Canadian dollar is the functional currency for the Funds. Underlying Funds – Underlying funds that are not exchange- Phillips, Hager & North $U.S. Money Market Fund, traded funds are valued at their respective NAV per unit RBC $U.S. Money Market Fund, RBC Premium $U.S. Money from fund companies on the relevant valuation dates and Market Fund, RBC $U.S. Short-Term Government Bond Fund, underlying funds that are exchange-traded funds are valued RBC $U.S. Short-Term Corporate Bond Fund, RBC $U.S. at market close on the relevant valuation dates. Global Bond Fund, RBC $U.S. Investment Grade Corporate Bond Fund, RBC $U.S. High Yield Bond Fund, RBC $U.S. Fair Valuation of Investments – The Funds have procedures Strategic Income Bond Fund, BlueBay $U.S. Global Investment to determine the fair value of securities and other financial Grade Corporate Bond Fund (Canada), BlueBay $U.S. Global instruments for which market prices are not readily available High Yield Bond Fund (Canada), BlueBay Emerging Markets or which may not be reliably priced. Procedures are in place Bond Fund (Canada), BlueBay Emerging Markets Local Currency Bond Fund (Canada), BlueBay Emerging Markets Corporate Bond Fund, RBC $U.S. Core Bond Pool, RBC $U.S. Core Plus Bond Pool, RBC U.S. Monthly Income Fund GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021 and RBC $U.S. Global Balanced Portfolio (collectively, the Increase (Decrease) in NAV per Unit Increase (decrease) in “USD Funds”) have their subscriptions, redemptions and NAV per unit in the Statements of Comprehensive Income performance denominated in U.S. dollars and, consequently, represents the increase (decrease) in net assets attributable to the U.S. dollar is the functional currency for these Funds. holders of redeemable units by series, divided by the average units outstanding per series during the period. Foreign Exchange The value of investments and other assets and liabilities in foreign currencies is translated Early Redemption Fees Early redemption fees (short-term into Canadian dollars (U.S. dollars in the case of the USD trading fees) are paid directly to a Fund and are designed Funds) at the rate of exchange on each valuation date. to deter excessive trading and its associated costs. With the Gains/losses on foreign cash balances are included in “Net exception of money market funds, a Fund may apply a fee gain (loss) on foreign cash balances” in the Statements of of 2% of the current value of units if the unitholder redeems Comprehensive Income. Purchases and sales of investments, or switches out units within seven days of purchasing income and expenses are translated at the rate of exchange or previously switching into a Fund. These amounts are prevailing on the respective dates of such transactions. included in the Statements of Changes in NAV. Realized foreign exchange gains/losses on spot and forward Foreign Currencies The following is a list of abbreviations currency contracts are included in “Derivative income” in the used in the Schedule of Investment Portfolio: Statements of Comprehensive Income. AUD – Australian dollar KZT – Kazakhstan tenge Valuation of Series A different NAV is calculated for each BRL – Brazilian real MXN – Mexican peso series of units of a Fund. The NAV of a particular series of CAD – Canadian dollar MYR – Malaysian ringgit units is computed by calculating the value of the series’ CHF – Swiss franc NOK – Norwegian krone CLP – Chilean peso NZD – New Zealand dollar proportionate share of the assets and liabilities of the Fund CNH/CNY – Chinese renminbi PEN – Peruvian nuevo sol common to all series less the liabilities of the Fund attributable COP – Colombian peso PHP – Philippine peso only to that series. Expenses directly attributable to a series CZK – Czech koruna PLN – Polish zloty DKK – Danish krone RON – Romanian leu are charged to that series. Other expenses are allocated DOP – Dominican peso RUB – Russian ruble proportionately to each series based upon the relative NAV of EUR – Euro SEK – Swedish krona each series. Expenses are accrued daily. GBP – Pound sterling SGD – Singapore dollar HKD – Hong Kong dollar THB – Thailand baht Investment Transactions Investment transactions are HUF – Hungarian forint TRY – Turkish new lira accounted for as of the trade date. Transaction costs, such as IDR – Indonesian rupiah TWD – New Taiwan dollar ILS – Israeli new shekel USD – United States dollar brokerage commissions, incurred by the Funds are recorded INR – Indian rupee UYU – Uruguay peso in the Statements of Comprehensive Income for the period. JPY – Japanese yen ZAR – South African rand The unrealized gain and loss on investments is the difference KRW – South Korean won between fair value and average cost for the period. The basis 4. Critical accounting judgments and estimates of determining the cost of portfolio assets, and realized and unrealized gains and losses on investments, is average The preparation of financial statements requires the use cost which does not include amortization of premiums or of judgment in applying the Funds’ accounting policies discounts on fixed-income and debt securities with the and making estimates and assumptions about the future. exception of zero coupon bonds. The following discusses the most significant accounting judgments and estimates that management has made in Income Recognition Dividend income is recognized on the preparing the financial statements. ex-dividend date and interest for distribution purposes is coupon interest recognized on an accrual basis and/or Fair value measurement of securities not quoted in an active market imputed interest on zero coupon bonds. “Income from The Funds have established policies and control procedures investment trusts” includes income from underlying funds that are intended to ensure these estimates are well and other trusts. Any premiums paid or discounts received controlled, independently reviewed and consistently applied on the purchase of zero coupon bonds are amortized. Interest from period to period. The estimates of the value of the payments made by the Funds to counterparties on the Funds’ assets and liabilities are believed to be appropriate as payable leg of derivative contracts are recorded as “Interest at the reporting date. expense” in the Statements of Comprehensive Income. GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

The Funds may hold financial instruments that are not quoted Credit risk in active markets. Note 3 discusses the policies used by Credit risk is the risk that a loss could arise from a security management for the estimates used in determining fair value. issuer or counterparty not being able to meet its financial obligations. The carrying amount of investments and other 5. Financial instrument risk and capital management assets represents the maximum credit risk exposure as RBC GAM is responsible for managing each Fund’s disclosed in a Fund’s Statements of Financial Position. The capital, which is its NAV and consists primarily of Funds measure credit risk and expected credit losses using its financial instruments. probability of default, exposure at default and loss given A Fund’s investment activities expose it to a variety of default. Management considers both historical analysis and financial risks. RBC GAM seeks to minimize potential adverse forward-looking information in determining any expected effects of these risks on a Fund’s performance by employing credit loss. All other receivables, amounts due from brokers, professional, experienced portfolio managers, daily monitoring cash and short-term deposits are held with counterparties of the Fund’s holdings and market events, diversifying its with a credit rating of AA/Aa or higher. Management investment portfolio within the constraints of its investment considers the probability of default to be close to zero as objectives and, in some cases, periodically hedging certain risk the counterparties have a strong capacity to meet their exposures through the use of derivatives. To assist in managing contractual obligations in the near term. As a result, no risks, RBC GAM also uses internal guidelines, maintains a loss allowance has been recognized based on 12-month governance structure that oversees each Fund’s investment expected credit losses as any such impairment would be activities and monitors compliance with the Fund’s investment wholly insignificant to the Funds. The fair value of fixed- strategies, internal guidelines and securities regulations. income and debt securities includes a consideration of the creditworthiness of the debt issuer. Credit risk exposure The financial markets experienced significant volatility to over-the-counter derivative instruments is based on a as a result of the developing COVID‑19 global pandemic. Fund’s unrealized gain on the contractual obligations with The effects of the pandemic and its impact on individual the counterparty. Credit risk exposure is mitigated for those companies, nations and the market in general can not Funds participating in a securities lending program (see necessarily be foreseen at the present time and may have an note 7). RBC GAM monitors each Fund’s credit exposure and adverse impact on the financial performance of the Funds. The counterparty ratings daily. impact of the pandemic may be short-term or may last for an extended period of time. Concentration risk Concentration risk arises as a result of net financial Financial instrument risk, as applicable to a Fund, is disclosed instrument exposures to the same category, such as in its Notes to Financial Statements – Fund Specific Information. geographical region, asset type, industry sector or market These risks include a Fund’s direct risks and pro rata exposure to segment. Financial instruments in the same category have the risks of underlying funds, as applicable. similar characteristics and may be affected similarly by Liquidity risk changes in economic or other conditions. Liquidity risk is the possibility that investments in a Fund Interest rate risk cannot be readily converted into cash when required. A Fund Interest rate risk is the risk that the fair value of a Fund’s is exposed to daily cash redemptions of redeemable units. interest-bearing investments will fluctuate due to changes Liquidity risk is managed by investing the majority of a Fund’s in market interest rates. The value of fixed-income and debt assets in investments that are traded in an active market and securities, such as bonds, debentures, mortgages or other that can be readily disposed. In accordance with securities income-producing securities, is affected by interest rates. regulations, a Fund must maintain at least 90% of its assets in Generally, the value of these securities increases if interest liquid investments. In addition, a Fund aims to retain sufficient rates fall and decreases if interest rates rise. cash and cash equivalent positions to maintain liquidity, and has the ability to borrow up to 5% of its NAV for the purpose of funding redemptions. All non-derivative financial liabilities, other than redeemable units, are due within 90 days. GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

Currency risk 7. Securities lending revenue Currency risk is the risk that the value of investments Certain of the Funds lend portfolio securities from time denominated in currencies, other than the functional to time in order to earn additional income. Income currency of a Fund, will fluctuate due to changes in foreign from securities lending is included in the Statements of exchange rates. The value of investments denominated in a Comprehensive Income of a Fund. Each such Fund will have currency other than the functional currency is affected by entered into a securities lending program with its custodian, changes in the value of the functional currency in relation RBC Investor Services Trust (“RBC IS”). The aggregate market to the value of the currency in which the investment is value of all securities loaned by a Fund cannot exceed 50% denominated. When the value of the functional currency falls of the assets of a Fund. The Fund receives collateral, with an in relation to foreign currencies, then the value of the foreign approved credit rating of at least A, of at least 102% of the investments rises. When the value of the functional currency value of securities on loan. The Fund is indemnified by RBC IS rises, the value of the foreign investments falls. The currency for any collateral credit or market loss. As such, the credit risk risk as disclosed in the Fund Specific Information in the associated with securities lending is considered minimal. Notes to Financial Statements represents the monetary and 8. Administrative and other non-monetary foreign exchange exposure of a Fund. related-party transactions Other price risk Manager and Portfolio Manager Other price risk is the risk that the value of financial RBC GAM is an indirect wholly owned subsidiary of instruments will fluctuate as a result of changes in market Royal Bank of Canada (“Royal Bank”). RBC GAM is the prices (other than those arising from interest rate or currency manager and portfolio manager of the Funds. RBC GAM is risk), whether caused by factors specific to an individual responsible for the Funds’ day-to-day operations, provides investment, its issuer, or all factors affecting all instruments investment advice and portfolio management services to the traded in a market or market segment. Funds and appoints distributors for the Funds. RBC GAM is paid a management fee by the Funds as compensation 6. Taxes for its services. The management fee is calculated and The Funds qualify as open-ended mutual fund trusts or unit accrued daily as a percentage of the NAV of each series trusts under the Income Tax Act (Canada). In general, the of units of the Funds. No management fees are paid by Funds are subject to income tax; however, no income tax the Funds with respect to Series O units. Unitholders of is payable on net income and/or net realized capital gains Series O units pay a negotiated fee directly to RBC GAM for which are distributed to unitholders. Since the Funds do investment-counselling services. not record income taxes, the tax benefit of capital and non-capital losses has not been reflected in the Statements The Funds pay a fixed administration fee to RBC GAM. The of Financial Position as a deferred income tax asset. In fixed administration fee is calculated and accrued daily as a addition, for mutual fund trusts, income taxes payable on percentage of the NAV of each series of units of the Funds. net realized capital gains are refundable on a formula basis RBC GAM in turn pays certain operating expenses of the when units of the Funds are redeemed. It is the intention of Funds. These expenses include regulatory filing fees and the Funds to pay out all net income and realized capital gains other day-to-day operating expenses including, but not each year so that the Funds will not be subject to income limited to, recordkeeping, accounting and fund valuation taxes. Accordingly, no provision for income taxes is recorded. costs, custody fees, audit and legal fees and the costs of preparing and distributing annual and interim reports, Capital losses are available to be carried forward indefinitely prospectuses, statements and investor communications. and applied against future capital gains. Non-capital losses may be carried forward to reduce future taxable income for Notwithstanding the fixed administration fee, the Funds up to 20 years. also pay certain operating expenses directly, including the costs related to the Independent Review Committee of the Funds, and the cost of any new government or regulatory requirements introduced and any borrowing costs (collectively, “other fund costs”), and taxes (including, but GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021 not limited to, GST/HST). Effective January 1, 2020, RBC Sub-Advisors GAM, not the Funds, is responsible for the costs related to RBC Global Asset Management (U.S.) Inc. is the sub-advisor for: annual fees, meeting fees and reimbursement for expenses to RBC $U.S. Short-Term Government Bond Fund members of the Independent Review Committee. The Funds RBC $U.S. Short-Term Corporate Bond Fund will continue to be responsible for paying any Independent (for the underlying fund) Review Committee costs that are not related to annual fees, RBC Bond Fund (for a portion of the Fund) meeting fees and reimbursement for expenses to members RBC $U.S. Investment Grade Corporate Bond Fund of the Independent Review Committee. Other fund costs RBC Global Corporate Bond Fund (for a portion of the Fund) are allocated proportionately to each series based upon the RBC U.S. Monthly Income Fund (for a portion of the Fund) relative NAV of each series. RBC GAM may, in some years RBC U.S. Mid-Cap Growth Equity Fund and in certain cases, absorb a portion of operating expenses. RBC U.S. Mid-Cap Growth Equity Currency Neutral Fund The decision to absorb the operating expenses is reviewed RBC U.S. Mid-Cap Value Equity Fund annually and determined at the discretion of RBC GAM, RBC U.S. Small-Cap Core Equity Fund without notice to unitholders. RBC U.S. Small-Cap Value Equity Fund Certain Funds may invest in units of other Funds managed Phillips, Hager & North U.S. Multi-Style All-Cap Equity Fund by RBC GAM or its affiliates (“underlying funds”). A Fund will RBC Global Asset Management (UK) Limited is the not invest in units of an underlying fund if the Fund would be sub-advisor for: required to pay any management or incentive fees in respect RBC Short-Term Global Bond Fund (for a portion of the Fund) of that investment that a reasonable person would believe RBC Bond Fund (for a portion of the Fund) duplicates a fee payable by the underlying fund for the same RBC Global Bond Fund (for a portion of the Fund) service. To the extent a Fund invests in underlying funds RBC $U.S. Global Bond Fund (for a portion of the Fund) managed by RBC GAM or its affiliates, the fees and expenses RBC Global Corporate Bond Fund (for a portion of the Fund) payable by the underlying funds are in addition to the fees RBC Global High Yield Bond Fund (for a portion of the Fund) and expenses payable by the Fund. However, a Fund may RBC Emerging Markets Bond Fund (for a portion of the Fund) only invest in one or more underlying funds provided that no RBC U.S. Monthly Income Fund (for a portion of the Fund) management fees or incentive fees are payable that would RBC Balanced Fund (for a portion of the Fund) duplicate a fee payable by the underlying fund for the same RBC Global Balanced Fund (for a portion of the Fund) service. The Fund’s ownership interest in underlying funds RBC International Dividend Growth Fund is disclosed in the Notes to Financial Statements – Fund RBC International Equity Fund (for the European equity Specific Information. portion of the Fund) RBC GAM or its affiliates may earn fees and spreads in RBC International Equity Currency Neutral Fund (for the connection with various services provided to, or transactions European equity portion of the underlying fund) with, the Funds, such as banking, brokerage, securities RBC European Dividend Fund lending, foreign exchange and derivatives transactions. RBC European Equity Fund RBC GAM or its affiliates may earn a foreign exchange RBC European Mid-Cap Equity Fund spread when unitholders switch between series of funds RBC Emerging Markets Multi-Strategy Equity Fund denominated in different currencies. The Funds also (for the underlying funds) maintain bank accounts and overdraft provisions with Royal RBC Emerging Markets Dividend Fund Bank for which Royal Bank may earn a fee. Affiliates of RBC Emerging Markets Equity Fund RBC GAM that provide services to the Funds in the course RBC Emerging Markets Equity Focus Fund of their normal business, all of which are wholly owned RBC Emerging Markets Small-Cap Equity Fund subsidiaries of Royal Bank of Canada, are discussed below. RBC Global Dividend Growth Fund RBC Global Dividend Growth Currency Neutral Fund RBC Global Equity Fund RBC Global Equity Focus Fund RBC Global Equity Focus Currency Neutral Fund (for the underlying fund) GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

RBC Global Equity Leaders Fund Trustee RBC Vision Balanced Fund (for a portion of the Fund) RBC GAM is the trustee for the Funds governed by the laws RBC Vision Fossil Fuel Free Emerging Markets Equity Fund of the Province of Ontario. RBC IS is the trustee for the Funds RBC Vision Global Equity Fund governed by the laws of the Province of British Columbia. RBC Vision Fossil Fuel Free Global Equity Fund The trustee holds title to the Funds’ property on behalf of Phillips, Hager & North Overseas Equity Fund the unitholders. The trustee earns a fee, which is paid by the Phillips, Hager & North Global Equity Fund manager from the fixed administration fee paid by the Funds.

RBC Global Asset Management (Asia) Limited is the Distributors sub-advisor for: RBC GAM, Royal Mutual Funds Inc., RBC Direct Investing Inc., RBC Balanced Fund (for the Asian equity portion of the Fund) RBC Dominion Securities Inc. and PH&N IF are principal RBC Global Balanced Fund (for the Asian equity portion distributors of, or may distribute certain series of units of, the of the Fund) Funds. Dealers receive an ongoing commission based on RBC International Dividend Growth Fund (for the Asian the total value of their clients’ Series A, Advisor Series, equity portion of the Fund) Advisor T5 Series, Series T5, Series T8, Series H and RBC International Equity Fund (for the Asian equity Series D units. portion of the Fund) Custodian RBC International Equity Currency Neutral Fund (for the RBC IS is the custodian and holds the assets of the Funds. Asian equity portion of the underlying fund) RBC IS earns a fee as the custodian, which is paid by the RBC Asian Equity Fund (for the underlying funds) manager from the fixed administration fee paid by the Funds. RBC Asia Pacific ex-Japan Equity Fund RBC China Equity Fund Registrars RBC Japanese Equity Fund RBC GAM, RBC IS or Royal Bank (or a combination thereof) RBC Vision Balanced Fund (for the Asian equity portion of are the registrars of the Funds and keep records of who owns the Fund) the units of the Funds. The registrars also process orders and BlueBay Asset Management LLP is the sub-advisor for: issue account statements. The registrars earn a fee, which is BlueBay Global Monthly Income Bond Fund paid by the manager from the fixed administration fee paid BlueBay Global Sovereign Bond Fund (Canada) by the Funds. BlueBay Global Investment Grade Corporate Bond Brokers and Dealers Fund (Canada) The Funds have established or may establish standard BlueBay $U.S. Global Investment Grade Corporate Bond brokerage agreements and dealing agreements at Fund (Canada) market rates with related parties such as RBC Dominion BlueBay European High Yield Bond Fund (Canada) Securities Inc., RBC Capital Markets, LLC, RBC Europe BlueBay Global High Yield Bond Fund (Canada) Limited, NBC Securities Inc. and Royal Bank of Canada. BlueBay $U.S. Global High Yield Bond Fund (Canada) BlueBay Emerging Markets Bond Fund (Canada) Securities Lending Agent BlueBay Emerging Markets Local Currency Bond To the extent a Fund may engage in securities lending Fund (Canada) transactions, RBC IS may act as the Fund’s securities lending BlueBay Emerging Markets Corporate Bond Fund agent. Any revenue earned on such securities lending is split BlueBay Global Convertible Bond Fund (Canada) between the Fund and the securities lending agent. BlueBay Global Alternative Bond Fund (Canada) Other Related-Party Transactions The sub-advisors earn a fee which is calculated and accrued Pursuant to applicable securities legislation, the Funds daily as a percentage of the NAV of each series of units of the relied on the standing instructions from the Independent Funds. The sub-advisors are paid by the manager from the Review Committee with respect to one or more of the management fee paid by the Funds. following transactions: GENERIC NOTES TO FINANCIAL STATEMENTS (unaudited) (also see Fund Specific Information)

June 30, 2021

Related-Party Trading Activities (a) trades in securities of Royal Bank;

(b) investments in the securities of issuers for which a related-party dealer acted as an underwriter during the distribution of such securities and the 60-day period following the conclusion of such distribution of the underwritten securities to the public;

(c) purchases of equity and debt securities from or sales of equity or debt securities to a related-party dealer, where it acted as principal; and

Inter-Fund Trading (d) purchases or sales of securities of an issuer from or to another investment fund or managed account managed by RBC GAM.

The applicable standing instructions require that Related-Party Trading Activities and Inter-Fund Trading be conducted in accordance with RBC GAM policy and that RBC GAM advise the Independent Review Committee of a material breach of any standing instruction. RBC GAM policy requires that an investment decision in respect of Related-Party Trading Activities (i) is made free from any influence of Royal Bank or its associates or affiliates and without taking into account any consideration relevant to Royal Bank or its affiliates or associates, (ii) represents the business judgment of the portfolio manager, uninfluenced by considerations other than the best interests of the Funds, (iii) is in compliance with RBC GAM policies and procedures, and (iv) achieves a fair and reasonable result for the Funds. RBC GAM policy requires that an investment decision in respect of Inter-Fund Trading is in the best interests of each Fund.