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 8, 2019 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. 2019 INTERIM FINANCIAL STATEMENTS SCHEDULE OF INVESTMENT PORTFOLIO (unaudited) (in $000s) RBC QUBE CANADIAN EQUITY FUND June 30, 2019 Fair % of Net Fair % of Net Holdings Security Cost Value Assets Holdings Security Cost Value Assets CANADIAN EQUITIES Energy (cont.) Communication Services 698 900 Seven Generations Energy Ltd. $ 5 166 $ 4 487 814 300 BCE Inc. $ 46 682 $ 48 516 1 152 100 Suncor Energy Inc. 47 790 47 063 2 500 Cogeco Communications Inc. 231 235 639 600 TC Energy Corp. 39 773 41 523 270 000 Corus Entertainment Inc., Class B 1 702 1 658 349 936 334 271 18.2 477 400 Quebecor Inc., Class B 12 977 14 890 Financials 491 720 Rogers Communications Inc., 317 560 AGF Management Ltd., Class B 30 811 34 470 Class B 2 276 1 651 813 370 TELUS Corp. 36 281 39 375 486 075 Bank of Montreal 47 872 48 083 128 684 139 144 7.6 547 600 Bank of Nova Scotia 39 849 38 518 Consumer Discretionary 193 400 Brookfield Asset 58 898 BRP Inc. 2 955 2 756 Management Inc., Class A 11 010 12 117 186 900 Gildan Activewear Inc., Class A 9 189 9 472 70 360 Canaccord Genuity Group Inc. 492 422 154 600 Great Canadian Gaming Corp. 7 894 6 864 324 669 Canadian Imperial 337 900 Magna International Inc., Bank of Commerce 37 523 33 434 Class A 21 581 22 018 153 400 Element Fleet Management Corp. 1 412 1 467 128 200 Martinrea International Inc. 1 578 1 392 28 100 Equitable Group Inc. 1 892 2 040 55 500 MTY Food Group Inc. 3 064 3 627 17 800 Fairfax Financial Holdings Ltd. 11 722 11 441 141 100 Restaurant Brands 88 900 First National Financial Corp. 2 542 2 778 International Inc. 11 898 12 850 228 100 Genworth MI Canada Inc. 7 158 9 452 58 159 58 979 3.2 278 600 Home Capital Group Inc. 4 252 5 402 Consumer Staples 2 904 620 Manulife Financial Corporation 67 132 69 130 681 400 Alimentation Couche-Tard Inc. 45 732 56 154 618 548 National Bank of Canada 36 797 38 480 571 300 Empire Co. Ltd., Class A 14 618 18 841 1 300 860 Royal Bank of Canada* 123 144 135 381 293 900 Loblaw Companies Ltd. 18 219 19 706 1 853 843 Toronto-Dominion Bank 125 475 141 856 62 850 The North West Co. Inc. 1 898 1 879 520 548 551 652 29.9 80 467 96 580 5.2 Health Care Energy 187 900 Aurora Cannabis Inc. 2 027 1 928 832 600 ARC Resources Ltd. 7 425 5 337 113 490 Bausch Health Co. Inc. 3 934 3 750 504 900 Birchcliff Energy Ltd. 1 592 1 313 104 900 Canopy Growth Corp. 5 793 5 546 1 900 700 Bonavista Energy Corp. 8 385 930 11 754 11 224 0.6 63 700 Cameco Corp. 870 894 Industrials 966 400 Canadian Natural Resources Ltd. 38 214 34 124 927 000 Aecon Group Inc. 14 822 17 771 523 900 Cenovus Energy Inc. 6 926 6 051 732 800 Air Canada 15 928 29 085 1 107 050 Crescent Point Energy Corp. 6 695 4 794 160 300 Badger Daylighting Ltd. 7 389 7 659 1 458 300 Enbridge Inc. 66 497 68 978 16 000 Boyd Group Income Fund 2 358 2 648 370 400 Encana Corp. 4 732 2 489 396 453 Canadian National Railway Co. 39 155 48 050 171 400 Enerflex Ltd. 2 911 2 922 198 900 Canadian Pacific Railway Ltd. 50 911 61 347 962 900 Enerplus Corp. 13 651 9 485 62 600 Ritchie Bros. Auctioneers Inc. 2 967 2 726 1 059 500 Gibson Energy Inc. 22 853 24 739 658 500 TFI International Inc. 25 846 26 096 396 600 Husky Energy Inc. 6 948 4 922 355 900 Thomson Reuters Corp. 29 638 30 066 99 800 Imperial Oil Ltd. 3 840 3 619 90 285 Toromont Industries Ltd. 6 069 5 604 455 700 Parex Resources Inc. 7 737 9 574 53 950 Waste Connections Inc. 6 319 6 749 640 100 Parkland Fuel Corp. 26 589 26 596 50 900 Westshore Terminals 3 300 Pason Systems Inc. 61 63 Investment Corp. 1 112 1 119 693 900 Pembina Pipeline Corp. 30 359 33 828 56 300 WSP Global Inc. 3 804 4 059 137 700 Peyto Exploration & 206 318 242 979 13.2 Development Corp. 922 540 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 QUBE CANADIAN EQUITY FUND June 30, 2019 Fair % of Net Fair % of Net Holdings Security Cost Value Assets Holdings Security Cost Value Assets Information Technology Utilities 208 400 CGI Inc. $ 19 607 $ 20 982 1 202 900 Algonquin Power & 38 400 Constellation Software Inc. 24 013 47 395 Utilities Corp. $ 19 030 $ 19 090 160 400 Enghouse Systems Ltd. 6 277 5 555 130 100 Atco Ltd., Class I, Non-Voting 5 969 5 743 367 600 Open Text Corp. 19 200 19 865 149 500 Brookfield Infrastructure 50 300 Shopify Inc., Class A 11 877 19 797 Partners LP 7 818 8 391 80 974 113 594 6.2 47 300 Canadian Utilities Ltd., Class A 1 793 1 748 Materials 577 200 Capital Power Corp. 12 090 17 403 611 100 B2Gold Corp. 2 401 2 432 62 800 Hydro One Ltd. 1 347 1 434 377 900 Barrick Gold Corp. 6 113 7 811 877 500 Northland Power Inc. 21 955 22 376 303 214 Canfor Corp. 6 467 3 223 70 002 76 185 4.1 173 300 Canfor Pulp Products Inc. 2 827 1 861 TOTAL CANADIAN EQUITIES 1 695 951 1 834 674 99.6 52 700 Centerra Gold Inc. 501 486 SHORT-TERM INVESTMENTS† 1 827 1 827 0.1 541 100 Detour Gold Corp. 7 110 8 939 TOTAL INVESTMENTS $ 1 697 778 1 836 501 99.7 23 700 Franco-Nevada Corp. 2 592 2 634 OTHER NET ASSETS ATTRIBUTABLE 2 035 100 Kinross Gold Corp. 10 018 10 298 TO HOLDERS OF REDEEMABLE UNITS 5 581 0.3 536 600 Kirkland Lake Gold Ltd. 11 891 30 275 NET ASSETS ATTRIBUTABLE TO 194 400 Labrador Iron Ore Royalty Corp. 6 035 6 808 HOLDERS OF REDEEMABLE UNITS $ 1 842 082 100.0 271 600 Largo Resources Ltd. 678 492 160 108 Methanex Corp. 11 742 9 518 * Investment in related party (see note 8 in the generic notes). 237 129 Norbord Inc. 8 762 7 697 † Short-term investments, which may be made up of treasury bills, commercial paper, term deposits 268 500 Nutrien Ltd. 16 848 18 808 and discount notes, earn interest at a rate of 1.70% and mature on July 2, 2019. 2 075 600 OceanaGold Corp. 7 204 7 431 355 800 Pretium Resources Inc. 4 204 4 657 959 900 Silvercorp Metals Inc. 4 000 3 110 747 800 Teck Resources Ltd., Class B 21 452 22 599 476 100 Torex Gold Resources Inc. 5 956 6 408 31 454 Wesdome Gold Mines Ltd. 135 170 16 700 West Fraser Timber Co. Ltd. 1 153 997 3 992 400 Yamana Gold Inc. 13 660 13 255 151 749 169 909 9.2 Real Estate 158 200 Boardwalk Real Estate Investment Trust 7 601 6 303 18 000 Brookfield Property Partners LP 434 445 241 800 Canadian Apartment Properties Real Estate Investment Trust 9 250 11 693 209 300 Dream Global Real Estate Investment Trust 2 811 2 857 284 800 Dream Office Real Estate Investment Trust 5 866 6 733 143 200 H&R Real Estate Investment Trust 3 272 3 271 4 800 Morguard Corp. 860 899 190 150 Northview Apartment Real Estate Investment Trust 4 120 5 115 284 100 Tricon Capital Group Inc. 3 146 2 841 37 360 40 157 2.2 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 QUBE CANADIAN 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) 2019 2018 (see note 2 in the generic notes) 2019 2018 ASSETS INCOME (see note 3 in the generic notes) Investments at fair value $ 1 836 501 $ 1 623 700 Dividends $ 28 305 $ 23 575 Cash 433 395 Interest for distribution purposes 14 11 Due from investment dealers 75 469 3 097 Income from investment trusts 797 520 Subscriptions receivable 44 35 Derivative income (6) – Dividends receivable, interest accrued Net realized gain (loss) on investments 16 691 14 297 and other assets 5 800 4 896 Change in unrealized gain (loss) on investments 201 170 25 646 TOTAL ASSETS 1 918 247 1 632 123 TOTAL NET GAIN (LOSS) ON LIABILITIES INVESTMENTS AND DERIVATIVES 246 971 64 049 Due to investment dealers 76 040 3 092 Securities lending revenue Redemptions payable 87 58 (see note 7 in the generic notes) 249 104 Distributions payable – 5 Net gain (loss) on foreign cash balances (27) 3 Accounts payable and accrued expenses 38 33 TOTAL OTHER INCOME (LOSS) 222 107 TOTAL LIABILITIES EXCLUDING NET ASSETS TOTAL INCOME (LOSS) 247 193 64 156 ATTRIBUTABLE TO HOLDERS OF EXPENSES (see notes – Fund Specific Information) REDEEMABLE UNITS 76 165 3 188 Management fees 11 – NET ASSETS ATTRIBUTABLE TO HOLDERS Administration fees 180 160 OF REDEEMABLE UNITS (“NAV”) $ 1 842 082 $ 1 628 935 Independent Review Committee costs 1 1 GST/HST 24 20 Investments at cost $ 1 697 778 $ 1 686 147 Transaction costs 849 911 Withholding tax – 1 NAV TOTAL EXPENSES 1 065 1 093 SERIES F $ 5 071 $ 1 194 INCREASE (DECREASE) IN NAV $ 246 128 $ 63 063 SERIES O $ 1 837 011 $ 1 627 741 INCREASE (DECREASE) IN NAV NAV PER UNIT SERIES F $ 295 $ – SERIES F $ 9.74 $ 8.49 SERIES O $ 245 833 $ 63 063 SERIES O $ 12.18 $ 10.58 INCREASE (DECREASE) IN NAV PER UNIT SERIES F $ 0.79 $ – SERIES O $ 1.62 $ 0.47 The accompanying notes are an integral part of these financial statements.